Evaxion Biotech A/S (EVAX) F-1 26 Oct 21 Registration statement (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2021
Document and Entity Information
Entity Registrant Name	Evaxion Biotech A/S
Entity Central Index Key	0001828253
Document Type	F-1
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false

Statements of Comprehensive Los

Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 5,111		$ 2,570		$ 9,004	$ 5,080	$ 10,902	$ 8,216	$ 3,729
General and administrative	1,915		1,372		3,197	2,153	5,666	2,647	1,898
Total operating expenses	7,026		3,942		12,201	7,233	16,568	10,863	5,627
Operating loss	7,026		3,942		12,201	7,233	16,568	10,863	5,627
Finance income	33		6		1,005	22	216	65	76
Finance expenses	(495)				(792)	(4)	(223)	(1,222)	(719)
Net loss before tax	(7,488)		(3,936)		(11,988)	(7,215)	(16,575)	(12,020)	(6,270)
Income taxes	(669)		(296)		(1,076)	(476)	(1,557)	(825)	(735)
Net loss for the period	(6,819)	$ (4,093)	(3,640)	$ (3,099)	(10,912)	(6,739)	(15,018)	(11,195)	(5,535)
Net loss attributable to shareholders of Evaxion Biotech A/S	(6,819)		(3,640)		(10,912)	(6,739)	(15,018)	(11,195)	(5,535)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations	(57)		(10)		(28)	(10)	(18)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax):
Exchange differences on currency translation to presentation currency	474		109		(284)	(71)	413	2	(15)
Other comprehensive loss for the period, net of tax	423		99		(312)	(81)	395	2	(15)
Total comprehensive loss	(6,396)		(3,541)		(11,224)	(6,820)	(14,623)	(11,193)	(5,550)
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S	$ (6,396)		$ (3,541)		$ (11,224)	$ (6,820)	$ (14,623)	$ (11,193)	$ (5,550)
Loss per share - basic and diluted	$ (0.36)		$ (0.24)		$ (0.59)	$ (0.44)	$ (0.97)	$ (0.81)	$ (0.43)

Statements of Financial Positio

Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Intangible assets	$ 100
Deferred tax assets	262
Property and equipment, net	221	$ 101
Government grants receivables	194
Leasehold deposits	238	25
Total non-current assets	1,015	126
Current assets
Prepayments and other receivables	1,971	575
Deferred offering costs	1,729
Tax receivables	1,416	824
Cash and cash equivalents	5,834	9,559
Total current assets	10,950	10,958
TOTAL ASSETS	11,965	11,084
EQUITY AND LIABILITIES
Share capital	2,648	2,481
Other reserves	31,669	22,693
Accumulated deficit	(27,279)	(15,812)
Total equity	7,038	9,362
Current liabilities
Lease liabilities	20	36
Trade payables	2,646	646
Other payables	2,261	1,040
Total current liabilities	4,927	1,722
Total liabilities	4,927	1,722
TOTAL EQUITY AND LIABILITIES	$ 11,965	$ 11,084

Statements of Changes in Equity

Statements of Changes in Equity kr in Thousands, $ in Thousands	Share capitalDKK (kr)	Share capitalUSD ($)	Share premiumUSD ($)	Foreign currency translation reserveUSD ($)	Accumulated deficitUSD ($)	USD ($)
Equity at December 31, 2017		$ 117	$ 6,102	$ (156)	$ (3,513)	$ 2,550
Bonus share issuance		1,996	(1,996)
Equity at Dec. 31, 2017	kr 12,917	2,113	4,106	(156)	(3,513)	2,550
Net loss for the year					(5,535)	(5,535)
Other comprehensive income				(15)		(15)
Share-based compensation expenses					2,069	2,069
Equity at Dec. 31, 2018	12,917	2,113	4,106	(171)	(6,979)	(931)
Net loss for the year					(11,195)	(11,195)
Other comprehensive income				2		2
Share-based compensation expenses					2,362	2,362
Issuance of shares for cash		181	9,261			9,442
Transaction costs			(13)			(13)
Settlement of convertible debt instruments		187	9,508			9,695
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the year					(3,099)	(3,099)
Share-based compensation expenses					680	680
Equity at Mar. 31, 2020		2,481	22,862	(349)	(18,231)	6,763
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the year						(6,739)
Other comprehensive income						(81)
Equity at Jun. 30, 2020		2,481	22,862	(250)	(21,376)	3,717
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the year					(15,018)	(15,018)
Other comprehensive income				395		395
Share-based compensation expenses					3,551	3,551
Issuance of shares for cash		167	8,853			9,020
Transaction costs			(272)			(272)
Equity at Dec. 31, 2020	16,198	2,648	31,443	226	(27,279)	7,038
Equity at Mar. 31, 2020		2,481	22,862	(349)	(18,231)	6,763
Net loss for the year					(3,640)	(3,640)
Other comprehensive income						99
Share-based compensation expenses					495	495
Equity at Jun. 30, 2020		2,481	22,862	(250)	(21,376)	3,717
Equity at Dec. 31, 2020	16,198	2,648	31,443	226	(27,279)	7,038
Net loss for the year					(4,093)	(4,093)
Share-based compensation expenses					294	294
Issuance of shares for cash		484	29,516			30,000
Transaction costs			(4,705)			(4,705)
Equity at Mar. 31, 2021		3,132	56,254	(509)	(31,078)	27,799
Equity at Dec. 31, 2020	16,198	2,648	31,443	226	(27,279)	7,038
Net loss for the year						(10,912)
Other comprehensive income						(312)
Equity at Jun. 30, 2021	19,198	3,132	56,254	(86)	(37,471)	21,829
Equity at Mar. 31, 2021		3,132	56,254	(509)	(31,078)	27,799
Net loss for the year					(6,819)	(6,819)
Other comprehensive income						423
Share-based compensation expenses					426	426
Equity at Jun. 30, 2021	kr 19,198	$ 3,132	$ 56,254	$ (86)	$ (37,471)	$ 21,829

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net loss for the year	$ (10,912)	$ (6,739)	$ (15,018)	$ (11,195)	$ (5,535)
Adjustments for non-cash items	(908)	735	1,583	2,945	2,123
Interest received				9	2
Interest paid	3		30	39	15
Income taxes received		812	812	688	453
Cash flow from operating activities before changes in working capital	(11,823)	(5,192)	(12,653)	(7,592)	(2,972)
Cash flow from changes in working capital:
Changes in net working capital	300	(61)	215	573	981
Net cash used in operating activities	(11,523)	(5,253)	(12,438)	(7,019)	(1,991)
Investing activities:
Investment in intangible assets	(60)	(35)	(35)
Purchase of property, plant and equipment	(792)	(74)	(149)	(61)	(7)
Changes in non-current financial assets - leasehold deposits			(209)	(7)	13
Net cash used in investing activities	(822)	(126)	(393)	(68)	6
Financing activities:
Proceeds from issuance of shares	27,900		9,020	9,442	1,092
Transaction costs related to issuance of shares	(2,605)		(128)	(13)
Proceeds from issuance of convertible debt instruments				152	7,998
Leasing installments	(78)	(36)	(74)	(73)	(63)
Net cash provided by/ (used in) financing activities	25,217	(36)	8,818	9,508	9,027
Net increase/ (decrease) in cash and cash equivalents	12,872	(5,415)	(4,013)	2,421	7,042
Cash and cash equivalents at January 1	5,834	9,559	9,559	7,433	468
Exchange rate adjustments on cash and cash equivalents	93	(59)	288	(295)	(77)
Cash and cash equivalents at June 30	$ 18,799	$ 4,085	5,834	$ 9,559	$ 7,433
Non-cash investing and financing activities
Capitalized intangible assets included in other payables			$ 60

General Company Information

General Company Information	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
General Company Information
General Company Information	Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is an artificial intelligence (“AI”)-immunology platform company that uses its proprietary AI technology, engineering expertise and drug development know-how to simulate the human immune system and generate predictive models to identify and develop immunotherapies for patients in the global market. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hørsholm, Denmark. On February 5, 2021, the Company completed an initial public offering which resulted in the listing of American Depositary Shares, or ADSs, representing the Company's ordinary shares, under the symbol "EVAX" in the United States on The Nasdaq Capital Market. The unaudited condensed consolidated interim financial statements of Evaxion Biotech and its subsidiary (collectively, the “Group”) for the three and six months ended June 30, 2020 and 2021, were approved, and authorized for issuance, by the Audit Committee of the board of directors on August 10, 2021. Liquidity We anticipate incurring additional losses until such time, if ever, we can complete our research and development (“R&D”) activities and obtain an out-licensing partnership for our product candidates and generate revenues from such product candidates. Substantial additional financing will be needed by us to fund our operations and to continue development of our product candidates. We expect to finance cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. We may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of current shareholders could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of the current shareholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, licenses and other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable and/or may reduce the value of our ordinary shares. Failure to raise capital or enter into such other arrangements when needed could have a negative impact on financial conditions and our ability to pursue our business plans and strategies. If we are unable to raise additional capital when needed, we could be forced to delay, limit, reduce or terminate our product candidate development or grant rights to develop and market our product candidates.	Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is an artificial intelligence (“AI”)-immunology platform company that uses its proprietary AI technology, engineering expertise and drug development know-how to simulate the human immune system and generate predictive models to identify and develop efficacious immunotherapies for patients in the global market. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Denmark. On February 5, 2021, the Company completed an initial public offering (“IPO”), which resulted in the listing of American Depository Shares (“ADS”) representing the company’s ordinary shares, under the symbol “EVAX” in the United States on the NASDAQ Capital Market. The Company received total proceeds of approximately $27.9 million from the IPO, after deducting the underwriting discount of $2.1 million. Upon the completion of the IPO, authorized share capital consists of 3,000,000 shares of ordinary shares, par value DKK 1 per share. The consolidated financial statements of Evaxion Biotech and its subsidiary (collectively, the “Group”) for the year ended December 31, 2020, were approved, and authorized for issuance, by the Board of Directors on March 30, 2021. Basis of Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Based on the Company’s current cash on hand, proceeds secured through its recent IPO, together with access to its EIB loan will allow the Company to meet its liabilities as they fall due for at least 12 months from December 31, 2020. Thus, these consolidated financial statements are prepared on a going concern basis of accounting. Emerging Growth Company Status Evaxion is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company has elected to take advantage of specified reduced reporting and regulatory requirements in contrast to those otherwise applicable generally to public companies. This provision includes the exemption from the auditor attestation requirement in the assessment of the Company’s internal control over financial reporting pursuant to Section 404 the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. Evaxion will remain an emerging growth company until the earliest of (i) the last day of the first fiscal year (a) following the fifth anniversary of the completion of the global offering, (b) in which its annual gross revenue totals at least $1.07 billion or (c) when the Company is deemed to be a large accelerated filer, which means the market value of the Company’s ordinary shares that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (ii) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. COVID 19 In December 2019, a novel strain of coronavirus (“COVID-19”) was reported in Wuhan, China and on March 11, 2020 the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has resulted in a widespread health crisis and numerous disease control measures being taken to limit its spread. As the pandemic unfolds throughout the world, the healthcare systems of the countries in which the Company is conducting its studies have experienced great disruption. Governments have instituted quarantining and mandated business and school closures. Travel has been severely restricted. The Company is closely monitoring the potential impact of COVID-19 on the 2021 financial results and cashflows and beyond. The Company’s top priority remains the health and safety of its staff and the patients in the studies. The Company maintains compliance with government and health authorities. Additionally, we have adapted the way in which we work to ensure we are doing our part in reducing transmission of COVID 19. The Company has worked closely with laboratories and investigators to ensure safe continuation and working requirements of our ongoing research activities and human clinical trials. The Company has not experienced a materially negative impact from COVID 19. As of December 31, 2020, the impact of the COVID-19 pandemic continues to unfold. As events continue to evolve and additional information becomes available, our estimates may change materially in the future. While business travel has been suspended, the Company has remained active and effective in the process of raising capital with institutional investors by conducting key meetings on a virtual basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 2 of the audited financial statements as of and for the year ended December 31, 2020. As of January 1, 2021, the following accounting policy in respect of foreign currency translation is now relevant: Intragroup receivables to foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future are treated as part of the net investment, and the gain or loss on foreign currency translation of such receivables is recognized in other comprehensive income and classified as part of the foreign currency translation reserve. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property and equipment. Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties ​ Shorter of lease term and useful life of the asset Other equipment ​ 3 –  6 years ​ Note 2. Summary of Significant Accounting Policies (Continued) Reclassifications of prior period presentation Certain items in prior year condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at June 30, 2021 and have not been adopted for these financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts— Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16 Property, Plant and Equipment, proceeds before intended use (January 1, 2022) ● Annual Improvements 2018-2020 (January 1, 2022) ● Amendment to IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies (January 1, 2023) ● Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (January 1, 2023) ● Amendments to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond June 30, 2021 (April 1, 2021) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.	Note 2. Summary of Significant Accounting Policies Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB. The Company adopted IFRS in 2019 and applied it from the beginning of the period preceding adoption, starting on January 1, 2018. The financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group's financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The company’s functional currency is DKK for Denmark and AUD for Australia. The financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated. Basis of consolidation The audited consolidated financial statements comprise the financial statements of the Company for the twelve months ended December 31, 2020, 2019 and 2018. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the audited consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of the control. All intra-Group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Retrospective effect of share split and bonus share issuance All share and per share data, including that related to warrants, in the consolidated financial statements give retroactive effect to a 2:1 share split and a bonus issue of shares in the ratio of 17:1 of the Company’s authorized, issued and outstanding ordinary shares, which was effective on January 4, 2021, with the corresponding impacts on both share capital and share premium also retroactively recognized. Currency translation of foreign operations Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction. Translation of foreign operations Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income. Research and development expenses Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms. The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, in which case, they are reflected in the financial statements as expense, prepaid expense or accrued expense. The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical research activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization. Contract Research Organizations expenses and related prepayments and accruals Substantial portions of the Company’s clinical studies are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively, the “CROs”). The CROs generally bill monthly or quarterly for services performed. For studies, the Company accrues expenses based upon estimated percentage of work completed. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received. CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations. Intellectual property The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization. Income from government grants The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits. General and administrative expenses General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead. Share-based payments The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to accumulated deficit. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest. For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms. For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided. Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company's ordinary shares. Since the warrants are exercisable for nominal consideration, the warrants are valued using the fair value of the Company's ordinary shares on grant date less the exercise consideration. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company's ordinary share on the warrant grant date. Post-employment benefit costs The Company contributes to a defined contribution plan covering eligible employees. The contribution amount is based upon a fixed percentage of employee compensation and such contributions are expensed as incurred. Accounting for joint operations – Southern Denmark University The Company enters into agreements from time to time that may be subject to the requirements of IFRS 11, Joint Arrangements Southern Denmark University Finance Income Finance income is comprised primarily of foreign currency gains. Finance Expense Finance expense is comprised primarily of changes in fair value of the Company’s convertible debt instruments and interest on the Company’s lease liability. Income tax The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the statement of comprehensive loss, except to the extent that it relates to items recognized in equity. Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants. Deferred taxes Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation. Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2019 and 2020, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed. The Company recognizes deferred income tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the statements of financial position. Tax receivables Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction. Deferred offering costs Offering costs, consisting of legal, accounting, printer and filing fees directly attributable to the issuance of new shares relating to the Company’s planned initial public offering (“IPO”), are deferred and will be offset against proceeds from the IPO upon the effectiveness of the offering. Deferred offering costs recorded as of December 31, 2020 were $1.7 million. Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property, plant and equipment (see Note 13). Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; ● variable lease payments (linked to an index or interest rate); ● expected payments under residual value guarantees; ● the exercise price of purchase options, where exercise is reasonably certain; ● lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and ● penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option. The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). Intangible assets The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met. The capitalized assets are amortized over their useful lives, which are determined on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the license or similar development agreement. Amortization commences only once the necessary regulatory and marketing approval has been received for the product candidates to which they relate. To date, the Company has not received any regulatory and marketing approval for any of its product candidates. Consequently, the Company did not recognize any amortization expense for its intangible assets. Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties Shorter of lease term and useful life of the asset Other equipment 3 – 6 years ​ Impairment of non-financial assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. (i) Non-derivative financial assets Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses. The Company holds the following categories of non-derivative financial assets: Receivables Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment. Prepayments include expenditures related to future financial periods and are measured at amortized cost Cash and cash equivalents Cash and cash equivalents are entirely comprised of cash held in banks at December 31, 2020 and 2019. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost. Other Payables Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance. Debt Debt is comprised of debt agreements that are carried at amortized cost using the effective interest method. (iii) Derivative financial liabilities Convertible debt instruments During 2018, the Company issued two convertible debt instruments which are determined to be financial instruments. As required by IAS 32 and IFRS 9, these instruments were separated into their components: debt, and embedded derivatives related to the conversion features, early settlement mechanism and change of control prepayment provision. The Company elected the fair value option and accounts for both the debt and the embedded derivatives as a single instrument that is measured at fair value. Details of the significant inputs and assumptions into the fair values of these instruments are provided in Note 19. Cash and cash equivalents Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less. The Company does not have any cash equivalents for the years ended December 31, 2020 and 2019. Segment Information An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any revenue and there are no material non-current assets attributable to countries other than Denmark. Shareholders’ Equity The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1. Other Reserves includes the share premium comprising the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as translation reserves. Translation reserves include exchange rate adjustments of equity investments in our group enterprises. Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the profit or loss, arising from our warrant programs. Loss Per Share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution. Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2020 and have not been adopted for these financial statements: ● Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date to be confirmed) ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts – Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16, Property, plant and equipment, proceeds before intended use (January 1, 2022) ● Amendment to IFRS 16 Leases Covid 19- Related Rent Concessions (June 1 2020) ● Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform phase 2 (January 1, 2021) ● Annual Improvements 2018-2020 (January 1, 2022) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.

First-Time Adoption of IFRS TLG

First-Time Adoption of IFRS TLG	12 Months Ended
	Dec. 31, 2020
First-Time Adoption of IFRS
First-Time Adoption of IFRS	Note 3. First-Time Adoption of IFRS IFRS 1 – First-time adoption of IFRS Impact of initial application of IFRS 1 – first-time adoption of International Financial Reporting Standards The Company adopted IFRS as issued by IASB in the accompanying financial statements. The figures for 2019 and 2018 in the statements of comprehensive loss have been prepared in accordance with IFRS as issued by the IASB. The disclosures required by IFRS 1, First-Time Adoption of IFRS

Significant Accounting Judgemen

Significant Accounting Judgements, Estimates, and Assumptions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Significant Accounting Judgements, Estimates, and Assumptions
Significant Accounting Judgements, Estimates, and Assumptions	Note 3. Significant Accounting Judgements, Estimates, and Assumptions In the application of our accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting judgments and estimation uncertainties that are required in the annual consolidated financial statements, and therefore, should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020. Note 3. Significant Accounting Judgements, Estimates, and Assumptions (Continued) Significant accounting estimates made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated interim financial statements relate to share-based compensation. See Note 5 below for additional information regarding stock-based compensation. There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates.	Note 4. Significant Accounting Judgements, Estimates, and Assumptions The preparation of the consolidated financial statements in conformity with IFRS as issued by the IASB requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The critical accounting policies which involve significant estimates, assumptions or judgements, the actual outcome of which could have a material impact on the Company’s results and financial position outlined below, are as follows: Share-based compensation Management determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards is determined at the date of grant using generally accepted valuation techniques or valuation based on the Company’s fundraising events. Assumptions are made and judgments are used in applying valuation techniques. These assumptions and judgments include estimating the fair value for the underlying Ordinary share on the warrant grant date, as well as the likelihood of liquidity events such as IPOs. Such judgments and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates as well as the term applied to the expense recognition. Due to the fact that the exercise price is insignificant compared to fair value of the warrants, the warrants have virtually no time value, and consequently, fair value has been determined as the difference between the share price and the exercise price. Refer to Note 8 for further detail surrounding share-based compensation. We refer to note 2 for a summary of significant accounting policies for further discussion.

Financial Instruments and Risk

Financial Instruments and Risk Management	12 Months Ended
	Dec. 31, 2020
Financial Instruments and Risk Management
Financial Instruments and Risk Management	Note 5. Financial Instruments and Risk Management Financial risk management and risk management framework In terms of financial risks, the Company has exposure to liquidity risk and market risk comprising foreign exchange risk. This note presents information about the Company’s exposure to each of the above risks together with the Company’s objectives, policies and processes for measuring and managing risks. The Company’s Board of Directors monitors each of these risks on a regular basis and implements policies as and when they are required. Details of the current risk management policies are provided below. Liquidity risk The exposure to liquidity risk primarily relates to the risk of failure to meet the Company’s obligations when they become due, which could happen if current assets are not enough to cover the amount of short-term liabilities. The Company has been dependent on its shareholders to fund its operations. The Company’s ability to continue as a going concern is dependent on its ability to raise financing to enable it to complete its product development and clinical trials. Management has determined that there is not substantial doubt about the Company’s ability to continue as a going concern for one year from the latest balance sheet date. As of December 31, 2020 and December 31, 2019, our available liquidity, comprised of cash and cash equivalents, was $5.8 million and $9.6 million, respectively and our total equity was $7.0 million and $9.4 million, respectively. On February 9, 2021, we completed our initial public offering through which we issued and sold 3,000,000 ADSs, each of which represents one ordinary share, at a price to the public of $10.00 per ADS. We received aggregate net proceeds of $25.4 million from the initial public offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the initial public offering, our registered, issued , and outstanding share capital was nominal DKK 19,198,668 divided into 19,198,668 ordinary shares of DKK 1 each. We expect that the net proceeds from our initial public offering and our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months subsequent to our initial public offering. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to their reputation. The following are the contractual undiscounted outflows associated with the Company’s financial liabilities in the current and prior year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (USD in thousands) ​ ​ Carrying Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ cash flows ​ <1 year ​ 1  –  5 years ​ >5 years ​ Total Lease liabilities ​ $ 20 ​ $ 20 ​ $ 20 ​ $ — ​ $ — ​ $ 20 Trade payables ​ 2,646 ​ 2,646 ​ 2,646 ​ — ​ — ​ 2,646 Other payables ​ 180 ​ 180 ​ 180 ​ — ​ — ​ 180 Total ​ $ 2,846 ​ $ 2,846 ​ $ 2,846 ​ $ — ​ $ — ​ $ 2,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ (USD in thousands) ​ ​ Carrying Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ cash flows ​ <1 year ​ 1 – 5 years ​ >5 years ​ Total Lease liabilities ​ $ 36 ​ $ 55 ​ $ 55 ​ $ — ​ $ — ​ $ 55 Trade payables ​ ​ 646 ​ ​ 646 ​ ​ 646 ​ ​ — ​ ​ — ​ ​ 646 Other payables ​ 177 ​ 177 ​ 177 ​ — ​ — ​ 177 Total ​ $ 859 ​ $ 878 ​ $ 878 ​ $ — ​ $ — ​ $ 878 ​ The financial liabilities include estimated or contractual interest rate payments. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The type of market risk that impacts the Company is currency risk. The Company does not currently have any loans or holdings that have variable interest rate. Accordingly, the Company is not exposed to material interest rate risk. Foreign risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The primary exposure derives from the Company’s operating expenses paid in foreign currencies, mainly USD and Australian dollars. This exposure is known as transaction exposure. Any reasonable or likely movements in foreign exchange rates would not have a material impact on the Company’s operating results. The Company’s policy for managing foreign currency risks is to convert cash received from financing activities to currencies consistent with the Company’s expected cash outflows. Credit Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument, leading to a financial loss for the Company. The Company’s exposure to credit risk is limited to deposits with banks with high credit ratings. Accordingly, the Company does not have material credit risk and no provision for credit risk is recognized. Capital The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Company raises capital from the issue of equity, grants or convertible loan notes. On a regular basis, management receives financial and operational performance reports that enable management to assess the adequacy of resources on hand and the Company’s liquidity position to determine future financing needs. Fair values Financial instruments measured at fair value in the statements of financial position are grouped into three levels of fair value hierarchy. This grouping is determined based on the lowest level of significant inputs used in fair value measurement, as follows: 1. Level I – quoted prices in active markets for identical assets or liabilities. 2. Level II – inputs other than quoted prices included within Level I that are observable for the instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 3. Level III – inputs for instrument that are not based on observable market data (unobservable inputs). There were no financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 and 2019. Convertible debt instruments The Company’s convertible debt instruments are Level III financial instruments and are carried at fair value through profit and loss. The convertible debt instruments were valued based on the present value of a probability weighting of the mutually exclusive settlement alternatives. Key inputs for this valuation were: (i) the exchange rate between USD and DKK, (ii) the discount rate on the issuance, (iii) the probability of a qualifying financing event and (iv) the Company’s share price. The most significant assumptions used in the valuation were the: Company’s share price, the probability of a qualifying financing event, the discount rate and the USD to DKK exchange rate. An increase or decrease in the key input ranging from 10 percent, depending on the input analyzed, would not result in a material change in the fair value of the convertible debt instruments. There were transfers into out any classification See Note 19 for the change in fair value of convertible debt during the year ended December 31, 2019.

Operating Activities

Operating Activities	12 Months Ended
	Dec. 31, 2020
Operating Activities
Operating Activities	Note 6. Operating Activities Research and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (3,337) ​ $ (2,586) ​ $ (1,756) Share-based compensation expenses ​ (1,496) ​ ​ (1,021) ​ (896) Depreciation ​ (92) ​ ​ (65) ​ (59) External expenses ​ (5,977) ​ ​ (4,544) ​ (1,018) Total research and development expenses ​ $ (10,902) ​ $ (8,216) ​ $ (3,729) ​ During the years ended December 31, 2020, 2019 and 2018, the Company recognized $0.8 million, $0.5 million and $0.6 million, respectively, related to government grants as a reduction of research and development expenses. General and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (1,098) ​ $ (517) ​ $ (190) Share-based compensation expenses ​ ​ (1,912) ​ ​ (1,341) ​ (1,173) Professional and other fees ​ ​ (2,644) ​ ​ (773) ​ (520) Depreciation ​ ​ (12) ​ ​ (16) ​ (15) Total general and administrative expenses ​ $ (5,666) ​ $ (2,647) ​ $ (1,898) ​

Employees and Employee-Related

Employees and Employee-Related Costs	12 Months Ended
	Dec. 31, 2020
Employees and Employee-Related Costs
Employees and Employee-Related Costs	Note 7. Employees and Employee-Related Costs The number of employees, including executive and non-executive directs, during the year was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 Average number of full-time employees 33 ​ 25 18 Number of employees at end of period: ​ ​ ​ ​ Denmark and United States 35 ​ 31 20 Total employees, at end of period 35 ​ 31 20 ​ Employee Costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Wages and salaries ​ $ 4,016 ​ $ 2,819 ​ $ 1,733 Share-based compensation expenses ​ ​ 3,408 ​ 2,362 ​ 2,069 Defined contribution plans ​ ​ 206 ​ 96 ​ 70 Other social security expenses ​ ​ 17 ​ 12 ​ 10 Other staff expenses ​ ​ 196 ​ 176 ​ 133 Total ​ $ 7,843 ​ $ 5,465 ​ $ 4,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2020 2019 2018 ​ ​ (USD in thousands) Total Employee costs classified as: ​ ​ ​ Research and development expenses ​ $ 4,833 ​ $ 3,607 ​ $ 2,652 General and administrative expenses ​ 3,010 ​ 1,858 ​ 1,363 Total ​ $ 7,843 ​ $ 5,465 ​ $ 4,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Non-management employee benefit expenses classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ $ 4,009 ​ $ 2,590 $ 1,686 General and administrative expenses ​ ​ 611 ​ 668 26 Total ​ $ 4,620 ​ $ 3,258 $ 1,712 ​ Remuneration to the Board of Directors and Executive Management ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 ​ ​ (USD in thousands) Remuneration to the Executive Management: ​ ​ ​ ​ ​ Wages and salaries ​ $ 1,298 ​ $ 900 ​ $ 621 Share-based compensation expenses ​ ​ 1,566 ​ 956 ​ 1,157 Total ​ ​ 2,864 ​ 1,856 ​ 1,778 Remuneration to the Board of Directors: ​ ​ ​ ​ ​ Share-based compensation expenses ​ ​ 359 ​ 351 ​ 525 Total ​ ​ 359 ​ 351 ​ 525 Remuneration to the Board of Directors and Executive Management classified as: ​ ​ ​ ​ ​ Research and development expenses ​ ​ 824 ​ 1,017 ​ 965 General and administrative expenses ​ ​ 2,399 ​ 1,190 ​ 1,338 Total ​ $ 3,223 ​ $ 2,207 ​ $ 2,303 ​ The Executive Management was comprised of three members during 2018. This was expanded to four members in January 2019 and expanded again to five members in October 2019, of which one member resigned in 2020.

Share-Based Payments

Share-Based Payments	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-Based Payments
Share-Based Payments	Note 5. Share-Based Payments Warrant Program and Amendments The Company’s Articles of Association allow for the granting of equity compensation, in the form of equity settled warrants, to employees, consultants and Scientific Advisory Board members who provide services similar to employees, members of executive management, and the board of directors. The warrants granted in 2018 or prior become exercisable upon an exit event, which triggers an immediate vesting, or at any time as determined by the board of directors in accordance with the terms of the plan. The warrants granted in 2020 vest either gradually over 36 months or vest immediately. Vested warrants granted in 2020 are exercisable in certain exercise windows beginning in the second half of the year of 2021. Warrants granted up until 2019 expire on December 31, 2036. Warrants granted in 2020 expire on December 31, 2031. For the six months ended June 30, 2021 and 2020, the number of warrants as a percentage of outstanding ordinary shares was 11.8% and 12.3%, respectively. On January 4, 2021, the Company effected its Stock Split which also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. In accordance with the anti-dilution provisions of the warrant agreements, the number of warrants was increased by a ratio of 36 to 1 and the exercise price was decreased from DKK 2 to 1 DKK. Accordingly, information related to the Company’s warrants, have been retroactively adjusted to reflect the stock split and the bonus shares for all periods presented. Note 5. Share-Based Payments (Continued) The following schedule specifies the granted warrants: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Exercise ​ ​ Number of ​ Price/Share ​ ​ warrants ​ (DKK) Warrants granted as at December 31, 2019 1,932,156 1 Warrants granted — 1 Warrants forfeited (45,216) 1 Warrants cancelled (22,032) 1 Warrants granted as at June 30, 2020 1,864,908 1 Warrants exercisable as at June 30, 2020 — — ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Exercise ​ ​ Number of ​ Price/Share ​ ​ warrants ​ (DKK) Warrants granted as at December 31, 2020 2,228,076 1 Warrants granted 63,809 1 Warrants forfeited (7,566) 1 Warrants cancelled (10,404) 1 Warrants granted as at June 30, 2021 2,273,915 1 Warrants exercisable as at June 30, 2021 —  — ​ Employees will be entitled to receive a number of warrants based on the individual employee’s grade and performance for 2021. The warrants will be granted in December 2021 at the share price equal to the fair market value thereof on the date of grant and will vest monthly over 36 months beginning January 1, 2022. For the three months ended June 30, 2020 and 2021, a service cost of $0.5 million and $0.4 million has been recognized in this period for warrants that were granted in previous periods and not fully vested as of the beginning of this period, and a proportion of the cost related to warrants expected to be granted in December 2020 and 2021, respectively. For the six months ended June 30, 2020 and 2021, a service cost of $1.2 million and $0.7 million has been recognized in this period for warrants that were granted in previous periods and not fully vested as of the beginning of this period, and a proportion of the cost related to warrants expected to be granted in December 2020 and 2021, respectively. Subsequent to the Company’s initial public offering completed in February 2021 ("IPO"), determining the initial fair value and subsequent accounting for equity awards require significant judgment regarding expected life and volatility of an equity award; however, as a public listed company there is objective evidence of the fair value of an ordinary share on the date an equity award is granted. Due to the fact that as of 2021, warrants will be granted at the share price on the date of grant, fair value comprises a time value which is significantly affected by the expected life and estimated volatility. The expected life of a warrant is based on the assumption that the holder will not exercise until after the equity award is fully vested. Actual exercise patterns may differ from the assumption used herein. The estimated volatility is based on peer group data and reflects the assumption that the historical volatility over a period similar to the life of the warrant is indicative of future trends, which may not necessarily be the actual outcome. The peer group consists of listed companies that management believes are similar to the Company in respect to industry and stage of development. Even with objective evidence of the fair value of an ordinary share, small changes in any other individual assumption or in combination with other assumptions could have resulted in significantly different valuations.	Note 8. Share-Based Payments Warrant Program and Amendments The Company’s Articles of Association allow for the granting of equity compensation, in the form of equity settled warrants, to employees, consultants and Scientific Advisory Board members who provide services similar to employees, members of executive management, and the board of directors. The warrants granted in 2018 or before become exercisable upon an exit event, which triggers an immediate vesting, or at any time as determined by the board of directors in accordance with the terms of the plan. The warrants granted in 2020 vest either gradually over 36 months or vest immediately. Vested warrants granted in 2020 are exercisable in certain exercise windows beginning in the second half of the year of 2021. Warrants granted up until 2019 expire on December 31, 2036. Warrants granted in 2020 expire on December 31, 2031. For the years ended December 31, 2020, 2019 and 2018, the number of warrants as a percentage of outstanding ordinary shares was 13.8%, 13.5% and 12.9%, respectively. In 2019, the Company granted 150,660 warrants to its Chief Financial Offer (“CFO”) which were exercisable upon an exit event. In December 2020, the terms of the warrants issued to the Company’s CFO were amended to no longer comprise exercisability upon an exit event. Consequently, these warrants did not vest upon the IPO in February 2021 and will vest in accordance with the vesting schedule for warrants granted in 2020. On January 4, 2021, the Company’s board of directors and shareholders approved (i) a 2-for-1 stock split of its issued and outstanding ordinary shares and (ii) a bonus share issuance in the ratio of 17-for-1 of its issued and outstanding ordinary shares. The stock split also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. In accordance with the anti-dilution provisions of the warrant agreements, the number of warrants was increased by a ratio of 36 and the exercise price was decreased from DKK 2 to 1 DKK. Accordingly, information related to the Company’s warrants, have been retroactively adjusted to reflect the stock split and the bonus shares for all periods presented. The following schedule specifies the granted warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Exercise ​ Remaining ​ ​ Number of ​ Price/Share ​ Contractual ​ warrants (DKK) Life (years) Warrants granted as at January 1, 2018* ​ 1,481,796 ​ DKK 1 ​ 19 Warrants granted** ​ 192,528 ​ 1 ​ 18 Warrants granted as at December 31, 2018 ​ 1,674,324 ​ 1 ​ 18 Warrants granted** ​ 257,832 ​ 1 ​ 17 Warrants granted as at December 31, 2019 1,932,156 1 17 Warrants granted ​ 363,168 1 11 Warrants forfeited ​ (45,216) ​ 1 ​ 16 Warrants cancelled ​ (22,032) ​ 1 ​ 16 Warrants granted as at December 31, 2020 ​ 2,228,076 ​ DKK 1 ​ 15 Warrants exercisable as at December 31, 2019 ​ — ​ — ​ — Warrants exercisable as at December 31, 2020 — — — * In the articles of association 1,532,952 warrants have been granted, which is in excess of the 1,481,796 warrants due to resignations and forfeitures. ** The warrants are not incorporated in the articles of association. Rectification conducted in October 2020. During 2019 and 2018 employees, external consultants, executive management and board members became contractually entitled to warrants that was rectified on December 17, 2020: ● In December 2018, 99,216 warrants granted to employees and consultants who provide services similar to employees. 32,904 warrants vested immediately and 66,312 warrants vest from December 2020  – December 2022. Fair value at grant date amounted to $0.6 million. ● In December 2018, 3,888 warrants granted to executive management. The warrants vested immediately. Fair value at grant date amounted to an immaterial amount. ● In December 2018, 89,424 warrants granted to board of directors. The warrants vested immediately. Fair value at grant date amounted to $0.5 million. ● In January 2019, 45,216 warrants granted to a member of executive management. They vest from December 2020 – December 2022. Fair value at grant date amounted to $0.3 million. ● In February 2019, 7,956 warrants granted to an employee. They vest from December 2020  –  December 2022. Fair value at grant date amounted to $0.1 million. ● In September 2019, 54,000 warrants granted to an employee. The warrants vested immediately. Fair value at grant date amount to $0.5 million. ● In October 2019, 150,660 warrants granted to a member of executive management. The warrants vest annually over 3 years . Fair value at grant date amounted to $1.3 million. ● In December 2020, an aggregate of 126,972 warrants attributable to 2019 entitlements were granted to employees, members of our board of directors and consultants who provide similar services as employees. 63,612 warrants vested immediately and 63,360 warrants vest monthly over three years from January 2020  –  December 2022. Fair value at grant date amounted to $1.2 million. ● In December 2020, an aggregate of 236,196 warrants attributable to 2020 entitlements were granted to employees, members of our board of directors and consultants who provide similar services as employees. Of the warrants granted, 120,888 warrants vested immediately and 115,308 warrants vest monthly over three years from January 2020  –  December 2022. Fair value at grant date amounted to $2.3 million. ● For the years ended December 31, 2019 and 2018, the Company had 22,032 outstanding warrants to SDU employees and recognized an immaterial amount of expense for these warrants in each period as research and development expenses in the statement of comprehensive loss. In September 2020, the Company terminated its existing agreement with SDU for business reasons. Under the terms of the SDU agreement, the Company did not incur a termination penalty and has no further obligations under this agreement. ● A member of the executive board terminated his employment contract as of April 30, 2020 and forfeited his right to 45,216 unvested warrants. Share-based compensation expenses included in the statements of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Research and development expenses ​ $ 1,496 ​ $ 1,021 ​ $ 896 General and administrative expenses ​ ​ 1,912 ​ 1,341 ​ 1,173 Total ​ $ 3,408 ​ $ 2,362 ​ $ 2,069 ​ Further, an amount of $0.1 million related to warrants issued as compensation for arranging investors to subscribe for shares has been recognized in equity as a share-based compensation expense related to the capital increase. Determination of Fair Value of Warrants The warrants issued under the share-based payment arrangement are exercisable for nominal consideration compared to the fair value of the shares resulting in virtually no time value. The Company values these warrants based on the intrinsic value of the shares measured as the difference between the fair value of the Company’s Ordinary shares and the warrant exercise price. Due to the highly specialized nature of services provided by consultants who provide services similar to those provided by employees of the Company, transactions with those consultants are measured at fair value of the equity instruments granted. Under the share-based payment arrangement, there is no protection against capital increases at a discount and dividend distribution. However, dividends are not likely to be distributed and there is generally no reason to raise new capital at below the current share price. On this basis, the Company has assessed that it is generally appropriate to assume that no such transactions will take place during the holding period. When issuing warrants in 2018, convertible bonds with a potential dilutive effect were outstanding, and fair value was adjusted to reflect this potential dilution. The stock split and bonus share issuance executed on January 4, 2021 resulted in a dilution of the warrant holders due to the increase of the exercise price compared to the pre stock split and bonus share issue. For warrants granted on December 17, 2020, the fair value was adjusted to reflect this dilution. For other grants, no such adjustment has been made. The fair values of the warrants are measured with reference to the share price of the underlying share. Up until December 2020, this share value was determined using the value established in different financing transactions with unrelated parties. In each of these transactions, the relative ownership of the Company was changed, and a share value was established using these fund-raising transactions. The fair values of warrants are estimated using a linear interpolation in USD of the share value on grant date based on the value established on capital event dates before and after the grant date. For warrants granted in December 2020, the Probability-Weighted Expected Return Method (“PWERM”) was applied, based on the weighted value of the share in a stay private scenario and an IPO scenario. 40% weight was put to the stay private scenario applying a share price equal to the share price of USD 8.89 at the November 2020 capital increase and 60% weight was put to the IPO scenario applying the mid-price of the indicative IPO price range of USD 11.00 available on the balance sheet. A 10% lack of marketability discount (DLOM) was applied to the IPO price. Warrants granted prior to December 2020 are exercisable only upon an exit event or upon the Board of Director’s decisions, which is a post vesting restriction. Since the warrants granted prior to 2020 do not expire until December 31, 2036, Management considers it highly unlikely that the warrants will not become exercisable and no downward adjustment to reflect the risk of the warrant not becoming exercisable is made to the fair value of the warrants. During 2020, the Company revised the estimated date of an IPO exit event to occur in February 2021. As of December 31, 2019, the estimated IPO exit event was December 2021. As a result of this change in estimate, the Company recognized an acceleration of expense of $0.8 million for the year ended December 31, 2020. Amendments to Warrants As discussed above, the terms of the warrant granted to the company’s CFO were amended to no longer comprise an accelerated vesting upon an exit clause. This is considered a non-beneficial change, and consequently the accelerated vesting upon an exit event clause is deemed to continue to exist. For warrants to which the employees became entitled in 2019 but were not granted until December 2020, the Company recognized stock-based compensation expenses during the year ended December 31, 2019 and the interim period ended September 30, 2020, based on the terms expected to apply for these awards. Management expected the terms to be similar to the terms applicable to warrants granted up until 2018, including the accelerated vesting upon an exit clause. However, these warrants were granted subjected to a vesting schedule up to three years and did not allow for immediate vesting upon an exit event. Because the warrants were not granted until December 2020, the Company recognized the difference in expenses as a change in accounting estimate and not a modification of existing awards. As a result of this change in the accounting estimate, the share-based payment expense for 2020 was reduced by $0.4 million. The following schedule specifies the outstanding warrants as at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per warrant ​ ​ ​ Average ​ Remaining ​ ​ grant ​ Number of ​ exercise price ​ term to ​ ​ date fair value ​ warrants ​ per warrant ​ maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) ​ 20.91 ​ 712,332 ​ 1 ​ 16 Grant (April 2017) ​ 24.05 ​ 13,896 ​ 1 ​ 16 Grant (September 2017) 28.71 617,184 1 16 Grant (December 2017) 28.71 127,044 1 16 Grant (during 2018) 37.05 181,836 1 16 Grant (February 2019) 42.57 7,956 1 16 Grant (September 2019) ​ 56.35 ​ 54,000 ​ 1 ​ 16 Grant (October 2019) ​ 56.97 ​ 150,660 ​ 1 ​ 16 Grant (December 2020) ​ 56.75 ​ 363,168 ​ 1 ​ 11 Granted at December 31, 2020 ​ ​ ​ 2,228,076 ​ 1 ​ 15 Warrants exercisable at December 31, 2020 ​ — ​ ​ ​ The following schedule specifies the outstanding warrants as at December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per warrant ​ ​ ​ Average ​ Remaining ​ ​ grant ​ Number of ​ exercise price ​ term to ​ ​ date fair value ​ warrants ​ per warrant ​ maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) ​ 20.91 ​ 712,332 ​ 1 ​ 17 Grant (April 2017) ​ 24.05 ​ 13,896 ​ 1 ​ 17 Grant (September 2017) ​ 28.71 ​ 617,184 ​ 1 ​ 17 Grant (December 2017) ​ 28.71 ​ 138,384 ​ 1 ​ 17 Grant (during 2018)(1)** ​ 37.05 ​ 192,528 ​ 1 ​ 17 Grant (January 2019)(1)** 37.05 45,216 1 17 Grant (February 2019)** 42.57 7,956 1 17 Grant (September 2019)** 56.35 54,000 1 17 Grant (October 2019)** 56.97 150,660 1 17 Granted at December 31, 2019 ​ 1,932,156 1 17 Warrants exercisable at December 31, 2019 ​ — ​ ​ (1) Awards valued on December 31, 2018 and January 1, 2019, respectively. ** The warrants are not incorporated in the articles of association. Rectification was conducted in December 2020. The following schedule specifies the outstanding warrants as at December 31, 2018: ​ ​ ​ Per warrant ​ Average ​ Remaining ​ ​ ​ ​ grant ​ Number of ​ exercise price ​ term to ​ ​ date fair value ​ warrants ​ per warrant ​ maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 712,332 1 18 Grant (April 2017) 24.05 13,896 1 18 Grant (September 2017) 28.71 617,184 1 18 Grant (December 2017) 28.71 138,384 1 18 Grant (during 2018)** 37.05 192,528 1 18 Granted at December 31, 2018 ​ ​ 1,674,324 1 18 Warrants exercisable at December 31, 2018 ​ ​ ​ — ​ ​ ​ ​ ** The warrants are not incorporated in the articles of association. Rectification will be conducted in December 2020. The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2018, 2019 and 2020 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants held ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ when becoming ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ or leaving ​ ​ ​ ​ ​ ​ Number of ​ January 1, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ December 31, warrants held 2018 Granted 2018 Granted 2019 of management Granted Forfeited 2020 Thomas William Wylonis (1) ​ 293,364 ​ 49,248 ​ 342,612 ​ — ​ 342,612 ​ (369,252) ​ 26,640 ​ — ​ — Steven Projan ​ — ​ 23,436 ​ 23,436 ​ — ​ 23,436 ​ — ​ 18,612 ​ — ​ 42,048 Roberto Prego 7,416 12,384 19,800 — 19,800 ​ — ​ 14,364 ​ — ​ 34,164 Joann Suzich — — — — — ​ — ​ 10,260 ​ — ​ 10,260 Marianne Søgaard (2) ​ — ​ — ​ — ​ — ​ — ​ 65,952 ​ 28,368 ​ — ​ 94,320 Helen Boudreau( 3) — ​ — ​ — ​ — ​ — ​ — ​ 5,436 ​ — ​ 5,436 Kim Bjørnstrup (former) (4) — ​ — ​ — ​ — ​ — ​ (5,868) ​ 5,868 ​ — ​ — Board of Directors in total 300,780 85,068 385,848 — 385,848 ​ (309,168) ​ 109,548 ​ — ​ 186,228 Lars Aage Staal Wegner 840,528 3,888 844,416 — 844,416 ​ — ​ 7,668 ​ — ​ 852,084 Thomas Bogenrieder (former) (5) 4,356 — 4,356 45,216 49,572 ​ (4,356) ​ — ​ (45,216) ​ — Glenn S. Vraniak ​ — — — 150,660 150,660 ​ — ​ — ​ — ​ 150,660 Executive Management in total ​ 844,884 3,888 848,772 195,876 1,044,648 ​ (4,356) ​ 7,668 ​ (45,216) ​ 1,002,744 (1) Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Directors position. (2) As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position. (3) Board member from June 30, 2020. (4) Board member from June 30, 2020 to November 4, 2020. (5) Board member until March 31, 2020.

Financial Income and Expenses

Financial Income and Expenses	12 Months Ended
	Dec. 31, 2020
Financial Income and Expenses
Financial Income and Expenses	Note 9. Financial Income and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Financial income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income, bank ​ $ — ​ $ 8 ​ $ 2 Interest income, other ​ ​ — ​ 1 ​ — Foreign exchange gains ​ ​ 216 ​ 56 ​ 74 Total financial income ​ ​ 216 ​ 65 ​ 76 Financial expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ (29) ​ (36) ​ (10) Changes in fair value of convertible debt instruments ​ ​ — ​ (1,183) ​ (684) Interest expenses, lease liabilities ​ ​ (3) ​ (4) ​ ​ Foreign exchange losses ​ ​ (194) ​ — ​ (21) Total financial expenses ​ ​ (223) ​ (1,222) ​ (719) Net financial items ​ $ (7) ​ $ (1,157) ​ $ (643) ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	Note 10. Income Taxes (a) Analysis of charge/(credit) for the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Income tax expense/(benefit) ​ $ (1,557) ​ $ (825) ​ $ (735) Total income taxes for the year ​ $ (1,557) ​ $ (825) ​ $ (735) ​ On December 31, 2020, the Company had tax loss carry-forwards in Denmark of $3.8 million (2019: $1.3 million; 2018: $0.1 million) for income tax purposes, all of which can be carried forward infinitely according to Danish Corporate Income Tax Act. The benefit from income taxes for each year includes a tax credit for research and development expenditures at the applicable tax rate under the Danish Tax Assessment Act and Australian tax legislation, respectively. (b) Reconciliation of effective tax rate to Danish statutory tax rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 ​ Statutory corporate income tax rate in Denmark 22 % 22 % 22 % Non-deductible income / (expenses) (1) % (5) % (10) % Non-taxable income / (expenses) ​ 1 % — ​ — ​ Additional tax deduction R&D expenses ​ 3 % — ​ — ​ Tax credit research and development expenditures 9 % 7 % 12 % Change in deferred tax asset not capitalized (25) % (17) % (12) % Total effective tax rate 9 % 7 % 12 % ​ (c) Deferred tax in the statements of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Deferred Tax Positions: ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ 4,289 ​ $ 3,034 ​ $ 1,463 Loss carry forward ​ ​ 3,759 ​ 1,270 ​ 136 Research and development expenditures ​ ​ 262 ​ ​ — ​ ​ — Other items ​ ​ (6) ​ ​ (34) ​ ​ 48 Valuation allowance on deferred tax assets ​ ​ (8,042) ​ (4,270) ​ (1,647) Total capitalized ​ $ 262 ​ $ — ​ $ — ​ Deferred tax attributable to research and development expenditures relates to development costs recognized as an expense in the consolidated financial statements in 2020 and tax deductible in 2021. The costs are eligible costs under the Australian tax credit regime and the company therefore expects that the deferred tax assets will be realized through a tax refund for 2021. Under Danish tax legislation, the value of warrants to employees is income tax exempt subject to meeting certain conditions. The value of income tax exempt warrants is not tax deductible for the issuer. There is currently uncertainty in respect of the extent to which the conditions for being tax exempt are met and consequently the extent to which a tax deduction will be available for the company. Consequently, the deferred tax asset disclosed above is subject to uncertainty and there is a risk that the amount disclosed above is not tax deductible in full.

Basic and Diluted Loss Per Shar

Basic and Diluted Loss Per Share	12 Months Ended
	Dec. 31, 2020
Basic and Diluted Loss Per Share
Basic and Diluted Loss Per Share	Note 11. Basic and Diluted Loss Per Share Basic loss per share is calculated by dividing the net loss attributable for the year to shareholders of Evaxion Biotech A/S by the weighted average number of ordinary shares outstanding during the year. As net losses from continuing operations were recorded in the years 2018, 2019 and 2020, the dilutive potential shares are anti-dilutive for the earnings per share calculation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands, except share amounts and per share amounts) Loss per share before and after dilution ​ ​ ​ ​ ​ Net loss attributable to shareholders of Evaxion Biotech A/S ​ $ (15,018) ​ $ (11,195) ​ $ (5,535) Weighted-average number of ordinary shares outstanding ​ ​ 15,434,758 ​ 13,892,314 ​ 12,917,016 Loss per share before and after dilution ​ $ (0.97) ​ $ (0.81) ​ $ (0.43) ​ The following potential shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purpose of diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 Warrants 2,228,076 ​ 2,059,128 1,674,324 Convertible Debt l — ​ — 302,976 Convertible Debt 2 — ​ — 827,856 ​

Intangible assets TLG

Intangible assets TLG	12 Months Ended
	Dec. 31, 2020
Intangible assets TLG
Intangible assets TLG	Note 12. Intangible Assets ​ In June 2020, the Company entered into a license agreement for the rights to certain intellectual properties. Upon execution of the license agreement, the Company was obligated to make a milestone payment of $35,000. The agreement remains in effect until the Company completes a Phase 1/2a clinical study, after that the Company has an option to extend the agreement for an additional 10-year term. Over the initial term of the agreement, the Company is obligated to make various additional milestone payments based on the progress of developed drug candidates. The Company determined that the milestone payments meet the definition of intangible assets and will be capitalized. During the twelve months ended December 31, 2020, the Company capitalized $35,000 as intangible assets for the acquisition of a non-exclusive technology license. Subject to meeting certain development milestones, additional consideration of up to $320,000 is to be transferred to the seller. Further, $250,000 is to be transferred to the seller upon each regulatory approval of an Evaxion product utilizing the in-licensed technology. As of December 31, 2020, the Company accrued for an additional $60,000 related to the license. The Company did not recognize any amortization expense for the year ended December 31, 2020 as the asset has not been put in use. No intangible assets were recognized in earlier periods as the Company’s expenditures did not qualify for capitalization. ​ During the twelve months ended December 31, 2020, the Company capitalized $60,000 as intangible assets for the acquisition of a non-exclusive technology license from SSI. Subject to successful commercialization of any Evaxion product utilizing the in-licensed technology, Evaxion is required to pay to the seller a royalty on net sales in the low teens. In the event any Evaxion product utilizing the in-licensed technology are commercialized by one of the Company's partners, Evaxion is required to pay to the seller a percentage of any out-licensing revenue earned by the Company or its affiliates. If Evaxion enters into a sublicense agreement with a partner subsequent to the initiation of a Phase 2b clinical trial, Evaxion is required to pay to the seller a percentage of any sublicensing income in an amount in the lower double digit range. If Evaxion enters into a sublicense agreement with a partner subsequent to the initiation of a Phase 3 trial, Evaxion is required to pay to the seller a percentage of any sublicensing income in the lower double digit range. If Evaxion enters into a sublicense agreement with a partner without initiating a Phase 2b trial, Evaxion is required to pay to SSI a percentage of any sublicensing income in the mid double digit range. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ ​ ​ Assets Total ​ ​ (USD in thousands) Cost at December 31, 2019 $ — $ — Additions during the year ​ ​ 95 ​ ​ 95 Exchange rate adjustments ​ ​ 5 ​ ​ 5 Cost at December 31, 2020 ​ ​ 100 ​ ​ 100 Amortization at December 31, 2019 ​ ​ — ​ ​ — Amortization for the year ​ ​ — ​ ​ — Exchange rate adjustment ​ ​ — ​ ​ — Amortization at December 31, 2020 ​ ​ — ​ ​ — Carrying amount at December 31, 2020 $ 100 $ 100 ​

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment
Property, Plant and Equipment	Note 13. Property, Plant and Equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Property Equipment Total ​ ​ (USD in thousands) Cost at December 31, 2019 ​ $ 179 ​ $ 93 ​ $ 272 Additions during the year ​ 55 ​ 149 ​ 204 Exchange rate adjustments ​ 23 ​ 21 ​ 44 Cost at December 31, 2020 ​ 257 ​ 263 ​ 520 Depreciation at December 31, 2019 ​ (144) ​ (27) ​ (171) Depreciation for the year ​ (71) ​ (34) ​ (105) Exchange rate adjustment ​ (22) ​ (1) ​ (23) Depreciation at December 31, 2020 ​ (237) ​ (64) ​ (299) Carrying amount at December 31, 2020 ​ $ 20 ​ $ 201 ​ $ 221 Carrying amount of right-of-use assets at December 31, 2020 ​ $ 20 ​ $ — ​ $ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Property Equipment Total ​ ​ (USD in thousands) Cost at January 1, 2019 ​ $ 171 ​ $ 32 ​ $ 203 Additions during the year ​ 12 ​ 61 ​ 73 Exchange rate adjustments ​ (4) ​ — ​ (4) Cost at December 31, 2019 ​ 179 ​ 93 ​ 272 Depreciation at January 1, 2019 ​ (79) ​ (13) ​ (92) Depreciation for the year ​ (67) ​ (14) ​ (81) Exchange rate adjustment ​ 2 ​ — ​ 2 Depreciation at December 31, 2019 ​ (144) ​ (27) ​ (171) Carrying amount at December 31, 2019 ​ $ 35 ​ $ 66 ​ $ 101 Carrying amount of right-of-use assets at December 31, 2019 ​ $ 35 ​ $ — ​ $ 35 ​ Depreciation included in the statement of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Research and development ​ $ 90 ​ $ 64 ​ $ 58 General and administrative ​ ​ 15 ​ 16 ​ 15 Total depreciation included in the statement of comprehensive loss ​ $ 105 ​ $ 80 ​ $ 73 Total accumulated depreciation of right-of-use assets at December 31, ​ $ 236 ​ $ 145 ​ $ 79 ​

Prepayments and other receivabl

Prepayments and other receivables	12 Months Ended
	Dec. 31, 2020
Prepayments and other receivables
Prepayments and other receivables	Note 14. Prepayments and other receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) VAT receivables ​ $ 376 ​ $ 75 Prepayments ​ 1,175 ​ 451 Prepayments to clinical research organizations ​ 418 ​ 17 Other receivables ​ 2 ​ 32 Total prepayments and other receivables ​ $ 1,971 ​ $ 575 ​

Other Payables

Other Payables	12 Months Ended
	Dec. 31, 2020
Other Payables
Other Payables	Note 15. Other Payables ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Payables to clinical research organizations ​ $ 1,027 ​ $ 588 Employee cost liabilities ​ 1,054 ​ 275 Other liabilities ​ 180 ​ 177 Total other payables ​ $ 2,261 ​ $ 1,040 ​

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents
Cash and Cash Equivalents	Note 16. Cash and Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Cash and cash equivalents ​ $ 5,834 ​ $ 9,559 Total cash and cash equivalents ​ $ 5,834 ​ $ 9,559 ​ Cash and cash equivalents consist mainly of cash on deposit with banks. Changes in Net Working Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 ​ ​ (USD in thousands) Changes in receivables and tax receivables ​ $ (2,501) ​ $ (337) ​ $ 443 Changes in trade payables ​ ​ 1,798 ​ 507 ​ 79 Changes in other payables ​ ​ 918 ​ 403 ​ 459 Changes in net working capital ​ $ 215 ​ $ 573 ​ $ 981 ​ Working capital is defined as current assets (excluding cash) less current liabilities (excluding convertible debt) and measures the net liquid assets the Company has available for the business. Adjustments for non-cash items Adjustments of non-cash items in the statements of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Income taxes ​ $ (1,557) ​ $ (825) ​ $ (735) Tax credit schemes accounted for as grants ​ ​ (510) ​ ​ — ​ ​ — Depreciation and amortization ​ ​ 105 ​ 81 ​ 74 Interest income ​ ​ — ​ (9) ​ (2) Interest expense ​ ​ 30 ​ 39 ​ 15 Share-based compensation expenses ​ ​ 3,408 ​ 2,362 ​ 2,069 Change in fair value of convertible debt instruments ​ ​ — ​ 1,183 ​ 684 Other adjustments: Other adjustments, primarily exchange rate adjustments ​ ​ 107 ​ 114 ​ 18 Total adjustments for non-cash items ​ $ 1,583 ​ $ 2,945 ​ $ 2,123 ​ Reconciliation of Liabilities from Financing Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Exchange rate ​ December 31, (USD in thousands) 2019 Cash flows interest Additions adjustment 2020 Lease liabilities ​ $ 36 ​ $ (74) ​ $ 1 ​ $ 54 ​ $ 3 ​ $ 20 Total liabilities from financing activities ​ $ 36 ​ $ (74) ​ $ 1 ​ $ 54 ​ $ 3 ​ $ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ Accumulated ​ Fair value ​ ​ ​ ​ ​ ​ ​ Exchange rate ​ December 31, (USD in thousands) 2018 Cash flows interest adjustment Additions Conversion adjustment 2019 Lease liabilities ​ $ 99 ​ $ (75) ​ $ 2 ​ $ — ​ $ 12 ​ $ — ​ $ (2) ​ $ 36 Convertible debt instruments ​ 8,569 ​ 152 ​ — ​ 1,183 ​ — ​ (9,695) ​ (209) ​ — Total liabilities from financing activities ​ $ 8,668 ​ $ 77 ​ $ 2 ​ $ 1,183 ​ $ 12 ​ $ (9,695) ​ $ (211) ​ $ 36 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	Note 17. Leases The Company has one operating lease in Copenhagen, Denmark. As a result of the lease accounting of IFRS 16, the Company has capitalized the only right-of-use asset being the domicile lease. Upon implementation on January 1, 2018, the Company has recognized a liability to make lease payments (i.e. the lease liabilities) of $0.2 million and an asset representing the right to use the underlying asset during the lease term (i.e. the right-to-use asset) of $0.2 million. The liability was measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of the standard adoption date of January 1, 2018. The Company applied an incremental borrowing rate of 3.8%. For the years ended December 31, 2018, 2019 and 2020, the expense related to variable lease payments not included in the lease liabilities was immaterial and was recognized in operating expense. In October, 2020 the Company entered into a lease for approximately 1,356 square meters, which is allocated on 839 square meters of office space, and 518 square meters of laboratory space in Hørsholm, Denmark. The commencement date for the lease is February 01, 2021 and will continue for a term of 10 years. The agreement contains an early termination provision which would trigger a termination fee of $2.7 million. The initial monthly payment is $28,800, which consist of $12,000 for the office space, and $16,800 for the laboratory space and through-out the term, the lease is subject to increases ranging from 2-4% on the annual lease payment amount. We also occupied an office space in New York, New York, United States. The terms of the lease agreement included a 13 month occupancy period from January 2, 2020 through January 31, 2021. A termination notice was provided in November 2020 and the lease and occupancy terminated on January 31, 2021. For the years ended December 31, 2020, 2019 and 2018, the expense related to variable lease payments not included in the lease liabilities was immaterial and was recognized in operating expense. Set out below are the carrying amounts of the Company’s right-of-use assets and lease liabilities and the movements during the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-Use Asset Lease liabilities ​ ​ (USD in thousands) At December 31, 2019 $ 35 ​ $ 36 Additions ​ ​ 54 ​ ​ 54 Depreciation ​ ​ (73) ​ ​ — Interest Expense ​ ​ — ​ ​ — Payments ​ ​ 4 ​ ​ (74) Translation ​ ​ — ​ ​ 4 At December 31, 2020 $ 20 ​ $ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-Use Asset Lease liabilities ​ ​ (USD in thousands) At January 1, 2019 ​ $ 92 ​ $ 99 Additions ​ 12 ​ ​ 12 Depreciation ​ (67) ​ ​ — Interest Expense ​ — ​ ​ 2 Payments ​ — ​ ​ (75) Translation ​ (2) ​ ​ (2) At December 31, 2019 $ 35 ​ $ 36 ​ The total cash outflow for leases was $0.2 million in 2020, and $0.0 million in 2019.

Capital Structure and Financial

Capital Structure and Financial Matters	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Capital Structure and Financial Matters
Capital Structure and Financial Matters	Note 6. Capital Structure and Financial Matters Share Capital – Ordinary Shares The following are changes in the Company’s share capital for the period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ ​ Ordinary Shares ​ (DKK in thousands) Share capital, December 31, 2020 16,198,668 16,198 Capital increase at February 9, 2021 for initial public offering 3,000,000 3,000 Share capital, June 30, 2021 19,198,668 19,198 ​	Note 18. Capital Structure and Financial Matters Share Capital – Ordinary Shares Loss of subscribed share capital On December 31, 2018, the Company had lost more than 50% of its subscribed share capital. At the annual general meeting of the shareholders held on March 29, 2019, the Board of Directors gave, in accordance with section 119 of the Danish Companies Act, an account of the Company’s financial position. As part of the account, the Board of Directors stated that in its view, special actions were not required. The share capital of the Company was subsequently re-established through the conversion of the convertible debt instruments and issue of new shares during 2019. Capital transactions In September 2020, the Company issued 745,380 shares of ordinary shares to existing investors in the Company. The purchase price was $8.89 per share for aggregate proceeds of $6.6 million. The Company incurred immaterial issuance costs. The proceeds were received by the Company on September 17, 2020. On August 10, 2020, the Company’s articles of association were amended in connection with the execution of this transaction. The revised articles increased the authorized number of shares the Company can issue by: (i) the 745,380 shares issued in this transaction, as well as (ii) an additional 1,800,000 shares of Common ordinary share at a nominal price of DKK 1, to be issued any time prior to June 1, 2025. The amended articles also allow the Company to issue an additional 1,298,196 of compensatory ordinary share warrants to employees and consultants any time prior to June 1, 2025. In October 2020, we successfully completed part 2 of our “bridging round” of capital with outside investors in the amount of $2.4 million with a purchase price of $8.89 per share from the issuance of 269,136 of our ordinary shares and received the proceeds in November 2020. Transaction costs directly attributable to the Q3 2020 “bridging round” of capital with outside investors have a total amount of $144,022. The following are changes in the Company’s share capital for the years ended December 31, 2018, 2019 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ Ordinary Shares (DKK in thousands) Share capital, January 1, 2018 ​ 12,917,016 ​ 12,917 Share capital, December 31, 2018 12,917,016 12,917 Capital increase at July 17, 2019 (issuance of shares for cash) 997,668 998 Capital increase at July 17, 2019 (conversion of Convertible Debt 1) 302,976 303 Capital increase at July 17, 2019 (conversion of Convertible Debt 2) 848,232 848 Capital increase at December 19, 2019 (issuance of shares for cash) ​ 118,260 ​ 118 Share capital, December 31, 2019 ​ 15,184,152 ​ 15,184 Capital increase at September 17, 2020 (issuance of shares for cash) ​ 745,380 ​ 745 Capital increase at October 15, 2020 (issuance of shares for cash) 269,136 269 Share capital, December 31, 2020 16,198,668 16,198 ​ The Company’s share capital consists of the following ordinary shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Authorized, issued and fully paid ​ ​ ​ ​ ​ ​ 16,198,668 ( 2019 ​ $ 2,648 ​ $ 2,481 ​ ​ $ 2,648 ​ $ 2,481 ​ The Company’s ordinary shares shall confer on the holders thereof the right to receive notice of, attend and vote at general meetings of the Company. Executive Management’s and Board of Director’s holding of shares At December 31, the board of directors and executive management held the following shareholdings in the Company: ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Niels Iversen Møller ​ 4,292,604 ​ 4,292,604 ​ 4,292,352 Andreas Holm Mattsson 4,163,832 ​ 4,163,832 4,163,832 Lars Aage Staal Wegner 182,124 ​ 182,124 181,872 Executive Management in total 8,638,560 ​ 8,638,560 8,638,056 ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Roberto Prego 676,620 ​ 310,248 307,548 Thomas William Wylonis 485,676 ​ 481,860 471,096 Marianne Søgaard ​ 41,652 ​ — ​ — Steven Projan 27,288 ​ 11,736 — Board of Directors in total 1,231,236 ​ 803,844 778,644 ​

Convertible Debt Instruments

Convertible Debt Instruments	12 Months Ended
	Dec. 31, 2020
Convertible Debt Instruments
Convertible Debt Instruments	Note 19. Convertible Debt Instruments During 2018, the Company issued two types of convertible debt instruments, (“Convertible Debt 1”) and one (“Convertible Debt 2”) for total proceeds of $8.0 million, of which $0.1 million was received from related parties, including members of the Board of Directors and Executive Management. The Company originally recorded both debt instruments at fair value as a financial liability and subsequently remeasured the instruments with the change being presented on the statement of comprehensive income for the reporting period. In July 2019, both instruments were converted into ordinary shares as a result of a qualified capital increase triggering a conversion based on the terms of the agreements. The following table summarizes the changes in the convertible debt instruments during the years ended December 31, 2019 and 2018: ​ ​ ​ ​ ​ ​ Convertible loans ​ ​ (USD in thousands) Carrying amount at January 1, 2018 ​ $ — Amount received in 2018 ​ 7,998 Fair value adjustment included in finance expenses ​ 684 Currency adjustment ​ (113) Carrying amount at December 31, 2018 ​ 8,569 Amount received in 2019 ​ 152 Fair value adjustment included in finance expenses ​ 1,183 Currency adjustment ​ (209) Converted to equity during 2019 ​ (9,695) Carrying amount at December 31, 2019 ​ $ — ​ The main terms of Convertible Debt 1 were: ● Term: 12 months from issuance; ● Interest coupon 7.5 percent p.a. accruing over the term of the loan; ● Loan currencies: $0.9 million is USD denominated and $1.0 million is denominated in DKK (DKK 7.1 million); ● Lender conversion option if a capital increase in excess of DKK 9.8 million (or a qualified capital increase event) takes place before maturity. The conversion price is the share price obtained at the qualified capital increase event less a 20 percent discount; ● Repayment in cash of principal + accrued interest at a premium of 50 percent if all shares of the Company are sold; and ● Lender conversion option to a fixed number of shares if the loan has not been repaid or converted under the other settlement terms of the agreement. The main terms of Convertible Debt 2 were: ● Term: Expires on December 31, 2020; ● Interest coupon 7.5 percent p.a. accruing over the term of the loan; ● Loan currencies: $5.4 million is USD denominated and $0.7 million is denominated in DKK (DKK 5.0 million); ● Mandatory conversion if a capital increase in excess of $10.0 million (qualified capital increase) takes place before maturity. The conversion price is the share price obtained less a 5 percent discount if the capital increase take place in 2018, 10 percent if it takes place in 2019 and 20 percent if it takes place in 2020; ● Repayment in cash of principal + accrued interest at a premium of 50% if all shares of the Company are sold; and ● Mandatory conversion at maturity with a conversion price of $160.41 . 10 days before conversion, USD denominated loans will convert into DKK whereas the conversion price remains denominated in USD. Convertible debt instruments were classified as financial liabilities until such time that the Company had an unconditional right to avoid settlement in cash and had no obligation to settle in a variable number of shares. For Convertible Debt 1, the Company did not have an unconditional right to avoid settlement in cash. In addition, Convertible Debt 2 comprised an obligation to settle in a variable number of shares at maturity. Therefore, both convertible debt instruments comprised a debt host instrument. Conversion features comprising a fixed number of the entity’s shares in exchange for a fixed principal in the entity’s functional currency were equity instruments and separated from the debt host contract as the residual between fair value of the contract and fair value of a similar debt instrument without the conversion feature. All other equity conversion features were embedded derivatives. Both convertible debt instruments included a conversion feature resulting in settlement in a variable number of shares. Consequently, none of the instruments comprised an equity component. They included the following non-closely related embedded derivatives: ● At maturity conversion options for Convertible Debt Instrument 1; ● At maturity conversion provisions for Convertible Debt Instrument 2; ● Early settlement mechanism on both issuances through delivery of a variable number of shares at a discounted price; and ● Change of control prepayment provision. Management has designated, due to the existence of non-closely related embedded derivatives, each debt instrument to be carried at fair value through profit or loss. Changes arising from changes in the Company’s own credit risk were recognized in other comprehensive income. The inputs used in the valuation as at December 31, 2018 are detailed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ ​ applied DKK/USD exchange rate ​ ​ 0.154 Discount rate ​ Convertible Debt 1 – 39 % ​ ​ ​ Convertible Debt 2 – 25 % Probability of a qualifying financing event taking place ​ 95 % Evaxion share price $ 207 ​ ​ Sensitivity to changes in fair value as at December 31, 2018 The sensitivity analysis below shows the impact of increasing and decreasing various inputs used in the valuation of the convertible debt instruments. The inputs that were changed were: (i) USD to DKK exchange rate, (ii) discount rate, (iii) probability of qualifying financing event and (iv) the Company’s share price. The following table shows the impact on the statement of comprehensive loss of these changes in the value of the convertible debt instruments as at December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact on ​ Impact on ​ Convertible Debt 1 Convertible Debt 2 ​ ​ (USD in thousands) Exchange rate increased by 5% ​ $ (48) ​ $ (272) Exchange rate decreased by 5% ​ $ 48 ​ $ 272 Discount rate decreased by 3% ​ $ (24) ​ $ (85) Financing Event probability decreased by 25% ​ $ (100) ​ $ (40) Share price increased by 10% ​ $ (10) ​ $ (39) Share price decreased by 10% ​ $ 10 ​ $ 39 ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	Note 20. Related Party Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) The Company’s transactions with other related parties: ​ ​ ​ ​ ​ Transactions with related parties (expenses): ​ ​ ​ ​ ​ Accrued interest on convertible debt instruments issued to members of executive management and board of directors ​ $ — ​ $ (4) ​ $ (4) Balances with related parties at year-end (asset): ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid rent and deposit for a leased property from a related party ​ $ 7 ​ $ — ​ $ — Balances with related parties at year-end (liabilities): ​ ​ ​ ​ ​ Convertible debt instruments issued to members of executive management and board of directors (nominal value plus accrued interest of 7.5%) ​ $ — ​ $ — ​ $ 117 ​ The Company’s related parties are comprised of significant shareholders of the Company, the executive management group, the board of directors and the close members of the family of these persons. The Company has not granted any loans, guarantees, or other commitments to or on behalf of any of the members in the board of directors or executive management. Other than the remuneration and other transactions relating to the board of directors or executive management and capital increases on the same terms as other investors, no other significant transactions have taken place with the board of directors or executive management for the years ended December 31, 2020, 2019 and 2018.

Contingent Liabilities and Cont

Contingent Liabilities and Contractual Obligations	12 Months Ended
	Dec. 31, 2020
Contingent Liabilities and Contractual Obligations
Contingent Liabilities and Contractual Obligations	Note 21. Contingent Liabilities and Contractual Obligations Litigations and investigations The Company is not involved in any pending litigations, claims and investigations that individually and in the aggregate that is expected to have a material impact on the financial position, operating profit or cash flow. The contractual obligations are similarly individually and, in the aggregate, not material to the future financial position, operating profit or cash flow. Contingent liabilities The Company has entered contracts with CROs where different payment schedules apply. The Company has assessed that no bonus payments to CROs should be recognized but there is a contingent liability in regard of the Company’s contract with a CRO of nil Contractual obligations At December 31, 2020, the Company had the following contractual commitments which fall due as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (USD in thousands) ​ ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ cash flows <1 year 1 – 2 years 2 – 5 years >5 years Total Purchase obligations ​ $ 712 ​ $ 712 ​ $ — ​ $ — ​ $ — ​ $ 712 Total ​ $ 712 ​ $ 712 ​ $ — ​ $ — ​ $ — ​ $ 712 ​ The Company has purchase obligations of $0.6 million due to CRO’s and $0.1 million due to university future partners as of December 31, 2020.

Fees to auditors

Fees to auditors	12 Months Ended
	Dec. 31, 2020
Fees to auditors
Fees to auditors	Note 22. Fees to auditors The following table presents the fees to our independent registered public accounting firm, EY Godkendt Revisionspartnerselskab, recognized in general and administrative expenses in the Statement of Profit or Loss for the years ended December 31, 2020 and 2019. This note was prepared in accordance with the requirements of the Danish Financial Statements Act: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ (USD in thousands) Audit fees ​ $ 308 ​ $ 73 Audit related fees ​ 119 ​ — Other fees ​ 253 ​ — Total fees ​ $ 680 ​ $ 73 ​ Audit fees Audit fees consist of fees billed for professional services rendered by EY for the audit of our annual consolidated financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Audit-Related fees Audit-related fees consist of assurance and related services performed by EY that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “Audit-Related fees.” Other fees Other fees consist of services provided by EY for other permitted services, including fees for work performed by EY in connection with the initial public offering.

Events After the Reporting Peri

Events After the Reporting Period	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Events After the Reporting Period
Events After the Reporting Period	Note 7. Events After the Reporting Period Commencement of research laboratory facility On October 23, 2020, we entered into a lease agreement for 518 square meters of laboratory space in Hørsholm, Denmark commencing on August 13, 2021 for a term of 10 years with a subsequent 12-month cancellation notice period. The initial monthly payment for this laboratory space is expected to be between $16,000 and $18,000 and throughout the term, the lease is subject to annual increases ranging from two to four percent on the annualized lease payment amount. ​ ​	Note 23. Events After the Reporting Period Stock Split On January 4, 2021, the Company’s board of directors and shareholders approved (i) a 2-for-1 stock split of its issued and outstanding ordinary shares and (ii) a bonus share issuance in the ratio of 17-for-1 of its issued and outstanding ordinary shares. The stock split also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. Accordingly, all share and per share data in the accompanying financial statements, and notes thereto, have been retroactively adjusted for all periods presented, as applicable, to give effect to the stock split, the bonus share issuance and the reduction in nominal value of our ordinary shares, with the corresponding impact on share capital and share premium. Retrospective effect has also been given with respect to the share and per share data for the warrants and convertible debt instruments. Initial Public Offering On February 5, 2021, the Company completed its initial public offering through which the Company issued and sold 3,000,000 ADSs, with each ADS representing one ordinary share, at a price per ADS of 10.00. The Company received aggregate net proceeds of approximately $25.4 million from the initial public offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the initial public offering, our registered , issued, and outstanding was nominal DKK 19,198,668 divided into 19,198,668 ordinary shares of DKK 1. New corporate headquarters On February 15, 2021, the Company opened the new corporate headquarters and research laboratory facility located in the DTU Science Park in Hoersholm near Copenhagen, Denmark. ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of preparation	Basis of preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 2 of the audited financial statements as of and for the year ended December 31, 2020. As of January 1, 2021, the following accounting policy in respect of foreign currency translation is now relevant: Intragroup receivables to foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future are treated as part of the net investment, and the gain or loss on foreign currency translation of such receivables is recognized in other comprehensive income and classified as part of the foreign currency translation reserve. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3.	Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB. The Company adopted IFRS in 2019 and applied it from the beginning of the period preceding adoption, starting on January 1, 2018. The financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group's financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The company’s functional currency is DKK for Denmark and AUD for Australia. The financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated.
Basis of consolidation		Basis of consolidation The audited consolidated financial statements comprise the financial statements of the Company for the twelve months ended December 31, 2020, 2019 and 2018. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the audited consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of the control. All intra-Group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Retrospective effect of share split and bonus share issuance		Retrospective effect of share split and bonus share issuance All share and per share data, including that related to warrants, in the consolidated financial statements give retroactive effect to a 2:1 share split and a bonus issue of shares in the ratio of 17:1 of the Company’s authorized, issued and outstanding ordinary shares, which was effective on January 4, 2021, with the corresponding impacts on both share capital and share premium also retroactively recognized.
Deferred offering costs		Translation of foreign operations Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income.
Currency translation of foreign operation		Currency translation of foreign operations Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction.
Research and development expenses		Research and development expenses Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms. The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, in which case, they are reflected in the financial statements as expense, prepaid expense or accrued expense. The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical research activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization.
Contract Research Organizations expenses and related prepayments and accruals		Contract Research Organizations expenses and related prepayments and accruals Substantial portions of the Company’s clinical studies are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively, the “CROs”). The CROs generally bill monthly or quarterly for services performed. For studies, the Company accrues expenses based upon estimated percentage of work completed. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received. CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations.
Intellectual property		Intellectual property The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization.
Income from government grants		Income from government grants The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits.
General and administrative expenses		General and administrative expenses General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead.
Share-based payments		Share-based payments The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to accumulated deficit. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest. For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms. For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided. Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company's ordinary shares. Since the warrants are exercisable for nominal consideration, the warrants are valued using the fair value of the Company's ordinary shares on grant date less the exercise consideration. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company's ordinary share on the warrant grant date.
Post-employment benefit costs		Post-employment benefit costs The Company contributes to a defined contribution plan covering eligible employees. The contribution amount is based upon a fixed percentage of employee compensation and such contributions are expensed as incurred.
Accounting for joint operations - Southern Denmark University		Accounting for joint operations – Southern Denmark University The Company enters into agreements from time to time that may be subject to the requirements of IFRS 11, Joint Arrangements Southern Denmark University
Finance Income		Finance Income Finance income is comprised primarily of foreign currency gains.
Finance Expense		Finance Expense Finance expense is comprised primarily of changes in fair value of the Company’s convertible debt instruments and interest on the Company’s lease liability. Income tax The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the statement of comprehensive loss, except to the extent that it relates to items recognized in equity. Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants.
Deferred taxes		Deferred taxes Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation. Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2019 and 2020, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed. The Company recognizes deferred income tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the statements of financial position. Tax receivables Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Transactions and balances		Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction. Deferred offering costs Offering costs, consisting of legal, accounting, printer and filing fees directly attributable to the issuance of new shares relating to the Company’s planned initial public offering (“IPO”), are deferred and will be offset against proceeds from the IPO upon the effectiveness of the offering. Deferred offering costs recorded as of December 31, 2020 were $1.7 million.
Leases	Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property and equipment.	Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property, plant and equipment (see Note 13). Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; ● variable lease payments (linked to an index or interest rate); ● expected payments under residual value guarantees; ● the exercise price of purchase options, where exercise is reasonably certain; ● lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and ● penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option. The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments).
Intangible assets		Intangible assets The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met. The capitalized assets are amortized over their useful lives, which are determined on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the license or similar development agreement. Amortization commences only once the necessary regulatory and marketing approval has been received for the product candidates to which they relate. To date, the Company has not received any regulatory and marketing approval for any of its product candidates. Consequently, the Company did not recognize any amortization expense for its intangible assets.
Property, plant and equipment	Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties ​ Shorter of lease term and useful life of the asset Other equipment ​ 3 –  6 years	Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties Shorter of lease term and useful life of the asset Other equipment 3 – 6 years
Impairment of non-financial assets		Impairment of non-financial assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not
Financial instruments		Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. (i) Non-derivative financial assets Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses. The Company holds the following categories of non-derivative financial assets: Receivables Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment. Prepayments include expenditures related to future financial periods and are measured at amortized cost Cash and cash equivalents Cash and cash equivalents are entirely comprised of cash held in banks at December 31, 2020 and 2019. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost. Other Payables Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance. Debt Debt is comprised of debt agreements that are carried at amortized cost using the effective interest method. (iii) Derivative financial liabilities Convertible debt instruments During 2018, the Company issued two convertible debt instruments which are determined to be financial instruments. As required by IAS 32 and IFRS 9, these instruments were separated into their components: debt, and embedded derivatives related to the conversion features, early settlement mechanism and change of control prepayment provision. The Company elected the fair value option and accounts for both the debt and the embedded derivatives as a single instrument that is measured at fair value. Details of the significant inputs and assumptions into the fair values of these instruments are provided in Note 19.
Loss Per Share		Loss Per Share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution.
Cash and cash equivalents		Cash and cash equivalents Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less. The Company does not have any cash equivalents for the years ended December 31, 2020 and 2019.
Segment Information		Segment Information An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any revenue and there are no material non-current assets attributable to countries other than Denmark. Shareholders’ Equity The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1. Other Reserves includes the share premium comprising the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as translation reserves. Translation reserves include exchange rate adjustments of equity investments in our group enterprises. Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the profit or loss, arising from our warrant programs. Loss Per Share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution.
Standards issued but not yet effective	Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at June 30, 2021 and have not been adopted for these financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts— Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16 Property, Plant and Equipment, proceeds before intended use (January 1, 2022) ● Annual Improvements 2018-2020 (January 1, 2022) ● Amendment to IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies (January 1, 2023) ● Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (January 1, 2023) ● Amendments to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond June 30, 2021 (April 1, 2021) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.	Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2020 and have not been adopted for these financial statements: ● Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date to be confirmed) ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts – Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16, Property, plant and equipment, proceeds before intended use (January 1, 2022) ● Amendment to IFRS 16 Leases Covid 19- Related Rent Concessions (June 1 2020) ● Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform phase 2 (January 1, 2021) ● Annual Improvements 2018-2020 (January 1, 2022) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of estimated useful lives of assets	​ Assets Useful life Properties ​ Shorter of lease term and useful life of the asset Other equipment ​ 3 –  6 years	​ Assets Useful life Properties Shorter of lease term and useful life of the asset Other equipment 3 – 6 years

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments and Risk Management
Schedule of contractual outflows of financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (USD in thousands) ​ ​ Carrying Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ cash flows ​ <1 year ​ 1  –  5 years ​ >5 years ​ Total Lease liabilities ​ $ 20 ​ $ 20 ​ $ 20 ​ $ — ​ $ — ​ $ 20 Trade payables ​ 2,646 ​ 2,646 ​ 2,646 ​ — ​ — ​ 2,646 Other payables ​ 180 ​ 180 ​ 180 ​ — ​ — ​ 180 Total ​ $ 2,846 ​ $ 2,846 ​ $ 2,846 ​ $ — ​ $ — ​ $ 2,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ (USD in thousands) ​ ​ Carrying Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ cash flows ​ <1 year ​ 1 – 5 years ​ >5 years ​ Total Lease liabilities ​ $ 36 ​ $ 55 ​ $ 55 ​ $ — ​ $ — ​ $ 55 Trade payables ​ ​ 646 ​ ​ 646 ​ ​ 646 ​ ​ — ​ ​ — ​ ​ 646 Other payables ​ 177 ​ 177 ​ 177 ​ — ​ — ​ 177 Total ​ $ 859 ​ $ 878 ​ $ 878 ​ $ — ​ $ — ​ $ 878

Operating Activities (Tables)

Operating Activities (Tables)	12 Months Ended
	Dec. 31, 2020
Operating Activities
Schedule of research and development expense components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (3,337) ​ $ (2,586) ​ $ (1,756) Share-based compensation expenses ​ (1,496) ​ ​ (1,021) ​ (896) Depreciation ​ (92) ​ ​ (65) ​ (59) External expenses ​ (5,977) ​ ​ (4,544) ​ (1,018) Total research and development expenses ​ $ (10,902) ​ $ (8,216) ​ $ (3,729)
Schedule of general and administrative expense components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (1,098) ​ $ (517) ​ $ (190) Share-based compensation expenses ​ ​ (1,912) ​ ​ (1,341) ​ (1,173) Professional and other fees ​ ​ (2,644) ​ ​ (773) ​ (520) Depreciation ​ ​ (12) ​ ​ (16) ​ (15) Total general and administrative expenses ​ $ (5,666) ​ $ (2,647) ​ $ (1,898)

Employees and Employee-Relate_2

Employees and Employee-Related Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Employees and Employee-Related Costs
Schedule of number of employees	​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 Average number of full-time employees 33 ​ 25 18 Number of employees at end of period: ​ ​ ​ ​ Denmark and United States 35 ​ 31 20 Total employees, at end of period 35 ​ 31 20
Schedule of employee costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Wages and salaries ​ $ 4,016 ​ $ 2,819 ​ $ 1,733 Share-based compensation expenses ​ ​ 3,408 ​ 2,362 ​ 2,069 Defined contribution plans ​ ​ 206 ​ 96 ​ 70 Other social security expenses ​ ​ 17 ​ 12 ​ 10 Other staff expenses ​ ​ 196 ​ 176 ​ 133 Total ​ $ 7,843 ​ $ 5,465 ​ $ 4,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2020 2019 2018 ​ ​ (USD in thousands) Total Employee costs classified as: ​ ​ ​ Research and development expenses ​ $ 4,833 ​ $ 3,607 ​ $ 2,652 General and administrative expenses ​ 3,010 ​ 1,858 ​ 1,363 Total ​ $ 7,843 ​ $ 5,465 ​ $ 4,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Non-management employee benefit expenses classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ $ 4,009 ​ $ 2,590 $ 1,686 General and administrative expenses ​ ​ 611 ​ 668 26 Total ​ $ 4,620 ​ $ 3,258 $ 1,712
Schedule of remuneration to the Board of Directors and Executive Management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 ​ ​ (USD in thousands) Remuneration to the Executive Management: ​ ​ ​ ​ ​ Wages and salaries ​ $ 1,298 ​ $ 900 ​ $ 621 Share-based compensation expenses ​ ​ 1,566 ​ 956 ​ 1,157 Total ​ ​ 2,864 ​ 1,856 ​ 1,778 Remuneration to the Board of Directors: ​ ​ ​ ​ ​ Share-based compensation expenses ​ ​ 359 ​ 351 ​ 525 Total ​ ​ 359 ​ 351 ​ 525 Remuneration to the Board of Directors and Executive Management classified as: ​ ​ ​ ​ ​ Research and development expenses ​ ​ 824 ​ 1,017 ​ 965 General and administrative expenses ​ ​ 2,399 ​ 1,190 ​ 1,338 Total ​ $ 3,223 ​ $ 2,207 ​ $ 2,303

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2020
Share-Based Payments
Schedule of share based compensation included in statements of comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Research and development expenses ​ $ 1,496 ​ $ 1,021 ​ $ 896 General and administrative expenses ​ ​ 1,912 ​ 1,341 ​ 1,173 Total ​ $ 3,408 ​ $ 2,362 ​ $ 2,069
Schedule of share based awards to Board of Directors and Executive Management	The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2018, 2019 and 2020 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants held ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ when becoming ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ or leaving ​ ​ ​ ​ ​ ​ Number of ​ January 1, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ December 31, warrants held 2018 Granted 2018 Granted 2019 of management Granted Forfeited 2020 Thomas William Wylonis (1) ​ 293,364 ​ 49,248 ​ 342,612 ​ — ​ 342,612 ​ (369,252) ​ 26,640 ​ — ​ — Steven Projan ​ — ​ 23,436 ​ 23,436 ​ — ​ 23,436 ​ — ​ 18,612 ​ — ​ 42,048 Roberto Prego 7,416 12,384 19,800 — 19,800 ​ — ​ 14,364 ​ — ​ 34,164 Joann Suzich — — — — — ​ — ​ 10,260 ​ — ​ 10,260 Marianne Søgaard (2) ​ — ​ — ​ — ​ — ​ — ​ 65,952 ​ 28,368 ​ — ​ 94,320 Helen Boudreau( 3) — ​ — ​ — ​ — ​ — ​ — ​ 5,436 ​ — ​ 5,436 Kim Bjørnstrup (former) (4) — ​ — ​ — ​ — ​ — ​ (5,868) ​ 5,868 ​ — ​ — Board of Directors in total 300,780 85,068 385,848 — 385,848 ​ (309,168) ​ 109,548 ​ — ​ 186,228 Lars Aage Staal Wegner 840,528 3,888 844,416 — 844,416 ​ — ​ 7,668 ​ — ​ 852,084 Thomas Bogenrieder (former) (5) 4,356 — 4,356 45,216 49,572 ​ (4,356) ​ — ​ (45,216) ​ — Glenn S. Vraniak ​ — — — 150,660 150,660 ​ — ​ — ​ — ​ 150,660 Executive Management in total ​ 844,884 3,888 848,772 195,876 1,044,648 ​ (4,356) ​ 7,668 ​ (45,216) ​ 1,002,744 (1) Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Directors position. (2) As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position. (3) Board member from June 30, 2020. (4) Board member from June 30, 2020 to November 4, 2020. (5) Board member until March 31, 2020.

Financial Income and Expenses (

Financial Income and Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Income and Expenses
Schedule of financial income and expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Financial income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income, bank ​ $ — ​ $ 8 ​ $ 2 Interest income, other ​ ​ — ​ 1 ​ — Foreign exchange gains ​ ​ 216 ​ 56 ​ 74 Total financial income ​ ​ 216 ​ 65 ​ 76 Financial expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ (29) ​ (36) ​ (10) Changes in fair value of convertible debt instruments ​ ​ — ​ (1,183) ​ (684) Interest expenses, lease liabilities ​ ​ (3) ​ (4) ​ ​ Foreign exchange losses ​ ​ (194) ​ — ​ (21) Total financial expenses ​ ​ (223) ​ (1,222) ​ (719) Net financial items ​ $ (7) ​ $ (1,157) ​ $ (643)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes.
Schedule of tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Income tax expense/(benefit) ​ $ (1,557) ​ $ (825) ​ $ (735) Total income taxes for the year ​ $ (1,557) ​ $ (825) ​ $ (735)
Schedule of reconciliation of effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 ​ Statutory corporate income tax rate in Denmark 22 % 22 % 22 % Non-deductible income / (expenses) (1) % (5) % (10) % Non-taxable income / (expenses) ​ 1 % — ​ — ​ Additional tax deduction R&D expenses ​ 3 % — ​ — ​ Tax credit research and development expenditures 9 % 7 % 12 % Change in deferred tax asset not capitalized (25) % (17) % (12) % Total effective tax rate 9 % 7 % 12 %
Schedule of deferred tax in the statements of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Deferred Tax Positions: ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ 4,289 ​ $ 3,034 ​ $ 1,463 Loss carry forward ​ ​ 3,759 ​ 1,270 ​ 136 Research and development expenditures ​ ​ 262 ​ ​ — ​ ​ — Other items ​ ​ (6) ​ ​ (34) ​ ​ 48 Valuation allowance on deferred tax assets ​ ​ (8,042) ​ (4,270) ​ (1,647) Total capitalized ​ $ 262 ​ $ — ​ $ —

Basic and Diluted Loss Per Sh_2

Basic and Diluted Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Basic and Diluted Loss Per Share
Schedule of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands, except share amounts and per share amounts) Loss per share before and after dilution ​ ​ ​ ​ ​ Net loss attributable to shareholders of Evaxion Biotech A/S ​ $ (15,018) ​ $ (11,195) ​ $ (5,535) Weighted-average number of ordinary shares outstanding ​ ​ 15,434,758 ​ 13,892,314 ​ 12,917,016 Loss per share before and after dilution ​ $ (0.97) ​ $ (0.81) ​ $ (0.43)
Schedule of potential shares are anti-dilutive and excluded from the weighted average number of shares	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 Warrants 2,228,076 ​ 2,059,128 1,674,324 Convertible Debt l — ​ — 302,976 Convertible Debt 2 — ​ — 827,856

Intangible assets TLG (Tables)

Intangible assets TLG (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible assets TLG
Intangible assets TLG	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ ​ ​ Assets Total ​ ​ (USD in thousands) Cost at December 31, 2019 $ — $ — Additions during the year ​ ​ 95 ​ ​ 95 Exchange rate adjustments ​ ​ 5 ​ ​ 5 Cost at December 31, 2020 ​ ​ 100 ​ ​ 100 Amortization at December 31, 2019 ​ ​ — ​ ​ — Amortization for the year ​ ​ — ​ ​ — Exchange rate adjustment ​ ​ — ​ ​ — Amortization at December 31, 2020 ​ ​ — ​ ​ — Carrying amount at December 31, 2020 $ 100 $ 100

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Property Equipment Total ​ ​ (USD in thousands) Cost at December 31, 2019 ​ $ 179 ​ $ 93 ​ $ 272 Additions during the year ​ 55 ​ 149 ​ 204 Exchange rate adjustments ​ 23 ​ 21 ​ 44 Cost at December 31, 2020 ​ 257 ​ 263 ​ 520 Depreciation at December 31, 2019 ​ (144) ​ (27) ​ (171) Depreciation for the year ​ (71) ​ (34) ​ (105) Exchange rate adjustment ​ (22) ​ (1) ​ (23) Depreciation at December 31, 2020 ​ (237) ​ (64) ​ (299) Carrying amount at December 31, 2020 ​ $ 20 ​ $ 201 ​ $ 221 Carrying amount of right-of-use assets at December 31, 2020 ​ $ 20 ​ $ — ​ $ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ Property Equipment Total ​ ​ (USD in thousands) Cost at January 1, 2019 ​ $ 171 ​ $ 32 ​ $ 203 Additions during the year ​ 12 ​ 61 ​ 73 Exchange rate adjustments ​ (4) ​ — ​ (4) Cost at December 31, 2019 ​ 179 ​ 93 ​ 272 Depreciation at January 1, 2019 ​ (79) ​ (13) ​ (92) Depreciation for the year ​ (67) ​ (14) ​ (81) Exchange rate adjustment ​ 2 ​ — ​ 2 Depreciation at December 31, 2019 ​ (144) ​ (27) ​ (171) Carrying amount at December 31, 2019 ​ $ 35 ​ $ 66 ​ $ 101 Carrying amount of right-of-use assets at December 31, 2019 ​ $ 35 ​ $ — ​ $ 35 ​ Depreciation included in the statement of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Research and development ​ $ 90 ​ $ 64 ​ $ 58 General and administrative ​ ​ 15 ​ 16 ​ 15 Total depreciation included in the statement of comprehensive loss ​ $ 105 ​ $ 80 ​ $ 73 Total accumulated depreciation of right-of-use assets at December 31, ​ $ 236 ​ $ 145 ​ $ 79

Prepayments and other receiva_2

Prepayments and other receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Prepayments and other receivables
Prepayments and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) VAT receivables ​ $ 376 ​ $ 75 Prepayments ​ 1,175 ​ 451 Prepayments to clinical research organizations ​ 418 ​ 17 Other receivables ​ 2 ​ 32 Total prepayments and other receivables ​ $ 1,971 ​ $ 575

Other Payables (Tables)

Other Payables (Tables)	12 Months Ended
	Dec. 31, 2020
Other Payables
Schedule of other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Payables to clinical research organizations ​ $ 1,027 ​ $ 588 Employee cost liabilities ​ 1,054 ​ 275 Other liabilities ​ 180 ​ 177 Total other payables ​ $ 2,261 ​ $ 1,040

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Cash and cash equivalents ​ $ 5,834 ​ $ 9,559 Total cash and cash equivalents ​ $ 5,834 ​ $ 9,559
Schedule of Changes in net working capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 ​ ​ (USD in thousands) Changes in receivables and tax receivables ​ $ (2,501) ​ $ (337) ​ $ 443 Changes in trade payables ​ ​ 1,798 ​ 507 ​ 79 Changes in other payables ​ ​ 918 ​ 403 ​ 459 Changes in net working capital ​ $ 215 ​ $ 573 ​ $ 981
Schedule of adjustments for non-cash items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Income taxes ​ $ (1,557) ​ $ (825) ​ $ (735) Tax credit schemes accounted for as grants ​ ​ (510) ​ ​ — ​ ​ — Depreciation and amortization ​ ​ 105 ​ 81 ​ 74 Interest income ​ ​ — ​ (9) ​ (2) Interest expense ​ ​ 30 ​ 39 ​ 15 Share-based compensation expenses ​ ​ 3,408 ​ 2,362 ​ 2,069 Change in fair value of convertible debt instruments ​ ​ — ​ 1,183 ​ 684 Other adjustments: Other adjustments, primarily exchange rate adjustments ​ ​ 107 ​ 114 ​ 18 Total adjustments for non-cash items ​ $ 1,583 ​ $ 2,945 ​ $ 2,123
Schedule of reconciliation of liabilities from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Exchange rate ​ December 31, (USD in thousands) 2019 Cash flows interest Additions adjustment 2020 Lease liabilities ​ $ 36 ​ $ (74) ​ $ 1 ​ $ 54 ​ $ 3 ​ $ 20 Total liabilities from financing activities ​ $ 36 ​ $ (74) ​ $ 1 ​ $ 54 ​ $ 3 ​ $ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ Accumulated ​ Fair value ​ ​ ​ ​ ​ ​ ​ Exchange rate ​ December 31, (USD in thousands) 2018 Cash flows interest adjustment Additions Conversion adjustment 2019 Lease liabilities ​ $ 99 ​ $ (75) ​ $ 2 ​ $ — ​ $ 12 ​ $ — ​ $ (2) ​ $ 36 Convertible debt instruments ​ 8,569 ​ 152 ​ — ​ 1,183 ​ — ​ (9,695) ​ (209) ​ — Total liabilities from financing activities ​ $ 8,668 ​ $ 77 ​ $ 2 ​ $ 1,183 ​ $ 12 ​ $ (9,695) ​ $ (211) ​ $ 36

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Schedule of carrying amounts of right-of-use assets and lease liabilities and the movements	​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-Use Asset Lease liabilities ​ ​ (USD in thousands) At December 31, 2019 $ 35 ​ $ 36 Additions ​ ​ 54 ​ ​ 54 Depreciation ​ ​ (73) ​ ​ — Interest Expense ​ ​ — ​ ​ — Payments ​ ​ 4 ​ ​ (74) Translation ​ ​ — ​ ​ 4 At December 31, 2020 $ 20 ​ $ 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-Use Asset Lease liabilities ​ ​ (USD in thousands) At January 1, 2019 ​ $ 92 ​ $ 99 Additions ​ 12 ​ ​ 12 Depreciation ​ (67) ​ ​ — Interest Expense ​ — ​ ​ 2 Payments ​ — ​ ​ (75) Translation ​ (2) ​ ​ (2) At December 31, 2019 $ 35 ​ $ 36

Capital Structure and Financi_2

Capital Structure and Financial Matters (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Capital Structure and Financial Matters
Schedule of changes in the share capital	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ ​ Ordinary Shares ​ (DKK in thousands) Share capital, December 31, 2020 16,198,668 16,198 Capital increase at February 9, 2021 for initial public offering 3,000,000 3,000 Share capital, June 30, 2021 19,198,668 19,198	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ Ordinary Shares (DKK in thousands) Share capital, January 1, 2018 ​ 12,917,016 ​ 12,917 Share capital, December 31, 2018 12,917,016 12,917 Capital increase at July 17, 2019 (issuance of shares for cash) 997,668 998 Capital increase at July 17, 2019 (conversion of Convertible Debt 1) 302,976 303 Capital increase at July 17, 2019 (conversion of Convertible Debt 2) 848,232 848 Capital increase at December 19, 2019 (issuance of shares for cash) ​ 118,260 ​ 118 Share capital, December 31, 2019 ​ 15,184,152 ​ 15,184 Capital increase at September 17, 2020 (issuance of shares for cash) ​ 745,380 ​ 745 Capital increase at October 15, 2020 (issuance of shares for cash) 269,136 269 Share capital, December 31, 2020 16,198,668 16,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Authorized, issued and fully paid ​ ​ ​ ​ ​ ​ 16,198,668 ( 2019 ​ $ 2,648 ​ $ 2,481 ​ ​ $ 2,648 ​ $ 2,481
Schedule of Executive Management's and Board of Director's holding of shares		​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Niels Iversen Møller ​ 4,292,604 ​ 4,292,604 ​ 4,292,352 Andreas Holm Mattsson 4,163,832 ​ 4,163,832 4,163,832 Lars Aage Staal Wegner 182,124 ​ 182,124 181,872 Executive Management in total 8,638,560 ​ 8,638,560 8,638,056 ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Roberto Prego 676,620 ​ 310,248 307,548 Thomas William Wylonis 485,676 ​ 481,860 471,096 Marianne Søgaard ​ 41,652 ​ — ​ — Steven Projan 27,288 ​ 11,736 — Board of Directors in total 1,231,236 ​ 803,844 778,644

Convertible Debt Instruments (T

Convertible Debt Instruments (Tables) - Convertible debt instruments	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Schedule of changes in the convertible debt instruments	​ ​ ​ ​ ​ ​ Convertible loans ​ ​ (USD in thousands) Carrying amount at January 1, 2018 ​ $ — Amount received in 2018 ​ 7,998 Fair value adjustment included in finance expenses ​ 684 Currency adjustment ​ (113) Carrying amount at December 31, 2018 ​ 8,569 Amount received in 2019 ​ 152 Fair value adjustment included in finance expenses ​ 1,183 Currency adjustment ​ (209) Converted to equity during 2019 ​ (9,695) Carrying amount at December 31, 2019 ​ $ —
Schedule of inputs used in the valuation of convertible debt instruments	​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ ​ applied DKK/USD exchange rate ​ ​ 0.154 Discount rate ​ Convertible Debt 1 – 39 % ​ ​ ​ Convertible Debt 2 – 25 % Probability of a qualifying financing event taking place ​ 95 % Evaxion share price $ 207 ​
Schedule of sensitivity analysis of the convertible debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact on ​ Impact on ​ Convertible Debt 1 Convertible Debt 2 ​ ​ (USD in thousands) Exchange rate increased by 5% ​ $ (48) ​ $ (272) Exchange rate decreased by 5% ​ $ 48 ​ $ 272 Discount rate decreased by 3% ​ $ (24) ​ $ (85) Financing Event probability decreased by 25% ​ $ (100) ​ $ (40) Share price increased by 10% ​ $ (10) ​ $ (39) Share price decreased by 10% ​ $ 10 ​ $ 39

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) The Company’s transactions with other related parties: ​ ​ ​ ​ ​ Transactions with related parties (expenses): ​ ​ ​ ​ ​ Accrued interest on convertible debt instruments issued to members of executive management and board of directors ​ $ — ​ $ (4) ​ $ (4) Balances with related parties at year-end (asset): ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid rent and deposit for a leased property from a related party ​ $ 7 ​ $ — ​ $ — Balances with related parties at year-end (liabilities): ​ ​ ​ ​ ​ Convertible debt instruments issued to members of executive management and board of directors (nominal value plus accrued interest of 7.5%) ​ $ — ​ $ — ​ $ 117 ​

Contingent Liabilities and Co_2

Contingent Liabilities and Contractual Obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Contingent Liabilities and Contractual Obligations
Schedule of contractual commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (USD in thousands) ​ ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ cash flows <1 year 1 – 2 years 2 – 5 years >5 years Total Purchase obligations ​ $ 712 ​ $ 712 ​ $ — ​ $ — ​ $ — ​ $ 712 Total ​ $ 712 ​ $ 712 ​ $ — ​ $ — ​ $ — ​ $ 712

Fees to auditors (Tables)

Fees to auditors (Tables)	12 Months Ended
	Dec. 31, 2020
Fees to auditors
Schedule of fees to independent registered public accounting firm	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ (USD in thousands) Audit fees ​ $ 308 ​ $ 73 Audit related fees ​ 119 ​ — Other fees ​ 253 ​ — Total fees ​ $ 680 ​ $ 73

General Company Information (De

General Company Information (Details) $ in Millions	Feb. 05, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 05, 2021kr / sharesshares
IFRS IPO [Member]
Disclosure of General Company Information [line items]
Aggregate proceeds from IPO	$ 27.9
Deduction on underwriting discount	$ 2.1
Ordinary shares authorized on capital | shares			3,000,000
Ordinary shares par value | kr / shares			kr 1
Emerging Growth Company
Disclosure of General Company Information [line items]
Gross revenue total		$ 1,070
Non-affiliates exceeds		700
Issued non-convertible debt securities		$ 1,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounting for joint operation (Details) $ in Millions	Jan. 04, 2021	Dec. 31, 2020USD ($)agreement	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of joint operations [line items]
Number of collaborative agreement | agreement		1
Stock split on bonus issue of shares	2
Stock split from ordinary shares	17
Southern Denmark University collaboration agreement
Disclosure of joint operations [line items]
Compensation cost | $		$ 0.3	$ 0.3	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Deferred offering costs (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Deferred offering costs	$ 265	$ 1,729

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated useful lives of assets (Details) - Other equipment	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	3 years	3 years
Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	6 years	6 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Impairment of non-financial assets (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Summary of Significant Accounting Policies
Impairment loss	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Convertible debt instruments (Details)	12 Months Ended
	Dec. 31, 2018instrument
Summary of Significant Accounting Policies
Number of convertible debt instruments issued	2

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Cash equivalents	$ 0	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Segment (Details)	12 Months Ended
	Dec. 31, 2020segment
Summary of Significant Accounting Policies
Number of segments	1

Financial Instruments and Ris_3

Financial Instruments and Risk Management - Liquidity risk (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Instruments and Risk Management
Cash and cash equivalents	$ 18,799		$ 5,834	$ 4,085		$ 9,559	$ 7,433	$ 468
Equity	$ 21,829	$ 27,799	$ 7,038	$ 3,717	$ 6,763	$ 9,362	$ (931)	$ 2,550

Financial Instruments and Ris_4

Financial Instruments and Risk Management - IPO (Details) kr / shares in Units, $ / shares in Units, $ in Thousands

Feb. 05, 2021USD ($)$ / sharesshares

Oct. 31, 2020USD ($)$ / sharesshares

Sep. 30, 2020USD ($)$ / sharesshares

Dec. 31, 2018USD ($)$ / sharesshares

Jun. 30, 2021USD ($)shares

Mar. 31, 2021USD ($)

Feb. 05, 2021DKK (kr)kr / sharesshares

Dec. 31, 2020USD ($)shares

Dec. 31, 2020kr / shares

Aug. 10, 2020kr / shares

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)shares

Dec. 31, 2019kr / shares

Dec. 31, 2017USD ($)shares

Disclosure of non-adjusting events after reporting period [line items]

Share price | $ / shares

$ 207

Issued shares (in DKK) | $

$ 3,132

$ 2,648

$ 2,481

Outstanding shares (in DKK) | $

$ (931)

$ 21,829

$ 27,799

$ 7,038

$ 3,717

$ 6,763

$ 9,362

$ 2,550

ADS | Initial Public Offering

Disclosure of non-adjusting events after reporting period [line items]

Number of shares issued

3,000,000

Share price | $ / shares

$ 10

Net proceeds | $

$ 25,400

Ordinary shares

Disclosure of non-adjusting events after reporting period [line items]

Number of shares issued

269,136

745,380

Share price | $ / shares

$ 8.89

$ 8.89

Net proceeds | $

$ 2,400

$ 6,600

Number of shares issued (in shares)

12,917,016

19,198,668

16,198,668

15,184,152

12,917,016

Nominal value per share | kr / shares

kr 1

kr 1

kr 1

Ordinary shares | Initial Public Offering

Disclosure of non-adjusting events after reporting period [line items]

Registered shares (in DKK) | kr

kr 19,198,668

Issued shares (in DKK) | kr

19,198,668

Outstanding shares (in DKK) | kr

kr 19,198,668

Shares registered (in shares)

19,198,668

Number of shares issued (in shares)

19,198,668

Shares outstanding (in shares)

19,198,668

Nominal value per share | kr / shares

kr 1

Financial Instruments and Ris_5

Financial Instruments and Risk Management - Contractual undiscounted outflows (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	$ 2,846	$ 859
Contractual cash flow	2,846	878
Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,846	878
Lease liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	20	36
Contractual cash flow	20	55
Lease liabilities | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	20	55
Trade payables
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	2,646	646
Contractual cash flow	2,646	646
Trade payables | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,646	646
Other payables
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	180	177
Contractual cash flow	180	177
Other payables | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	$ 180	$ 177

Financial Instruments and Ris_6

Financial Instruments and Risk Management - Convertible debt instruments (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Financial Instruments and Risk Management
Transfers into Level 3 of fair value hierarchy, assets	$ 0
Transfers into Level 3 of fair value hierarchy, liabilities	0
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 3 of fair value hierarchy, assets	0
Transfers out of Level 3 of fair value hierarchy, liabilities	$ 0

Operating Activities (Details)

Operating Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of expenses by nature [line items]
Share-based compensation expenses	$ (3,408)	$ (2,362)	$ (2,069)
Recognized government grants as a reduction of research and development expenses	800	500	600
Research and development
Disclosure of expenses by nature [line items]
Employee salary and benefit expenses, excluding share-based compensation	(3,337)	(2,586)	(1,756)
Share-based compensation expenses	(1,496)	(1,021)	(896)
Depreciation	(92)	(65)	(59)
External expenses	(5,977)	(4,544)	(1,018)
Total	(10,902)	(8,216)	(3,729)
General and administrative
Disclosure of expenses by nature [line items]
Employee salary and benefit expenses, excluding share-based compensation	(1,098)	(517)	(190)
Share-based compensation expenses	(1,912)	(1,341)	(1,173)
Professional fees	(2,644)	(773)	(520)
Depreciation	(12)	(16)	(15)
Total	$ (5,666)	$ (2,647)	$ (1,898)

Employees and Employee-Relate_3

Employees and Employee-Related Costs - Number of employees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number and average number of employees [abstract]
Average number of full-time employees	33	25	18
Number of employees, including consultants, by country at end of period:	35	31	20
Denmark and United States
Number and average number of employees [abstract]
Number of employees, including consultants, by country at end of period:	35	31	20

Employees and Employee-Relate_4

Employees and Employee-Related Costs - Employee Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of expenses by nature [line items]
Wages and salaries	$ 4,016	$ 2,819	$ 1,733
Share-based compensation expenses	3,408	2,362	2,069
Defined contribution plans	206	96	70
Other social security expenses	17	12	10
Other staff expenses	196	176	133
Total employee costs	7,843	5,465	4,015
Non-management employee benefit expense	4,620	3,258	1,712
Research and development
Disclosure of expenses by nature [line items]
Share-based compensation expenses	1,496	1,021	896
Total employee costs	4,833	3,607	2,652
Non-management employee benefit expense	4,009	2,590	1,686
General and administrative
Disclosure of expenses by nature [line items]
Share-based compensation expenses	1,912	1,341	1,173
Total employee costs	3,010	1,858	1,363
Non-management employee benefit expense	$ 611	$ 668	$ 26

Employees and Employee-Relate_5

Employees and Employee-Related Costs - Board of Directors and Executive Management (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2019employee	Jan. 31, 2019employee	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)employee
Disclosure of transactions between related parties [line items]
Number of members of executive management | employee	5	4			3
Executive management which resigned | employee			1
Board of Directors and Executive Management
Disclosure of transactions between related parties [line items]
Total			$ 3,223	$ 2,207	$ 2,303
Board of Directors and Executive Management | Research and development
Disclosure of transactions between related parties [line items]
Members of executive management			824	1,017	965
Board of Directors and Executive Management | General and administrative
Disclosure of transactions between related parties [line items]
Members of executive management			2,399	1,190	1,338
Executive Management
Disclosure of transactions between related parties [line items]
Wages and salaries			$ 1,298	$ 900	$ 621
Share-based compensation expenses			1,566	956	1,157
Total			2,864	1,856	1,778
Board of Directors
Disclosure of transactions between related parties [line items]
Share-based compensation expenses			359	351	525
Total			$ 359	$ 351	$ 525

Share-Based Payments - Warrants

Share-Based Payments - Warrants (Details)	Jan. 04, 2021kr / shares	Jun. 30, 2021kr / shares	Jun. 30, 2020kr / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Dec. 31, 2018kr / shares	Aug. 10, 2020kr / shares
Share-Based Payments
Warrants as a percentage of outstanding shares		11.80%	12.30%	13.80%	13.50%	12.90%
Warrants granted, price per share				kr 1	kr 1	kr 1
Warrants
Share-Based Payments
Vesting period		36 months		36 months
Warrants granted		63,809		363,168	257,832	192,528
Warrants granted, price per share		kr 1	kr 1
Warrants | CFO
Share-Based Payments
Warrants granted					150,660
Ordinary shares
Share-Based Payments
Nominal value per share				kr 1	kr 1		kr 1
Ordinary shares | Stock Split
Share-Based Payments
Share split ratio	2
Bonus issue share ratio	17
Nominal value per share prior to stock split	kr 2
Nominal value per share	kr 1
Ordinary shares | Warrants | Stock Split
Share-Based Payments
Increase in number of warrants, ratio	36
Warrants granted exercise price, prior to stock split	kr 2
Warrants granted, price per share	kr 1

Share-Based Payments - Schedule

Share-Based Payments - Schedule (Details)	Apr. 30, 2020	Jun. 30, 2021kr / shares	Jun. 30, 2020kr / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Dec. 31, 2018kr / shares	Dec. 31, 2017kr / sharesshares
Weighted Average Exercise Price/Share (DKK)
Warrants granted at beginning of period, price per share			kr 1	kr 1	kr 1
Warrants granted, price per share				1	1	kr 1
Warrants forfeited, price per share				1
Warrants cancelled, price per share				kr 1
Warrants granted at end of period, price per share					kr 1	kr 1
Warrants
Number of warrants outstanding
Warrants granted at beginning of period		2,228,076	1,932,156	1,932,156	1,674,324	1,481,796
Warrants granted		63,809		363,168	257,832	192,528
Warrants forfeited	(45,216)	(7,566)	(45,216)	(45,216)
Warrants cancelled		(10,404)	(22,032)	(22,032)
Warrants granted at end of period		2,273,915	1,864,908	2,228,076	1,932,156	1,674,324	1,481,796
Weighted Average Exercise Price/Share (DKK)
Warrants granted at beginning of period, price per share		kr 1	kr 1	kr 1		kr 1
Warrants granted, price per share		1	1
Warrants forfeited, price per share		1	1
Warrants cancelled, price per share		1	1
Warrants granted at end of period, price per share		kr 1	kr 1	kr 1	kr 1		kr 1
Weighted Average Remaining Contractual Life (years)
Warrants granted, remaining contractual life				15 years	17 years	18 years	19 years
Warrants granted , remaining contractual life				11 years	17 years	18 years
Warrants forfeited , remaining contractual life				16 years
Warrants cancelled , remaining contractual life				16 years
Warrants exercisable, remaining contractual life				0 years	0 years
Other information
Warrants granted, per articles of incorporation | shares							1,532,952
Warrants outstanding		2,273,915	1,864,908	2,228,076	1,932,156	1,674,324	1,481,796

Share-Based Payments - Warran_2

Share-Based Payments - Warrants Rectified (Details) $ in Millions	1 Months Ended						6 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)shares	Oct. 31, 2019USD ($)shares	Sep. 30, 2019USD ($)shares	Feb. 28, 2019USD ($)shares	Jan. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Jun. 30, 2021	Dec. 31, 2020USD ($)	Dec. 31, 2019	Dec. 31, 2018USD ($)	Jun. 30, 2020	Dec. 31, 2017
Employees
Share-Based Payments
Warrants outstanding						22,032			22,032	22,032
Warrants
Share-Based Payments
Number of share options granted in share-based payment arrangement							63,809	363,168	257,832	192,528
Warrants outstanding	2,228,076					1,674,324	2,273,915	2,228,076	1,932,156	1,674,324	1,864,908	1,481,796
Warrants | Employees and consultants
Share-Based Payments
Number of share options granted in share-based payment arrangement						99,216
Warrants granted with immediate vesting						32,904
Warrants Granted With Vesting Over The Next Three Years						66,312
Weighted average fair value at measurement date, share options granted | $						$ 0.6				$ 0.6
Warrants | Employees
Share-Based Payments
Warrants granted with immediate vesting			54,000
Warrants Granted With Vesting Over The Next Three Years				7,956
Weighted average fair value at measurement date, share options granted | $			$ 0.5	$ 0.1
Warrants | Executive Management
Share-Based Payments
Warrants granted with immediate vesting						3,888
Warrants Granted With Vesting Over The Next Three Years		150,660			45,216
Weighted average fair value at measurement date, share options granted | $		$ 1.3			$ 0.3
Service period		3 years
Warrants | Board of Directors
Share-Based Payments
Warrants granted with immediate vesting						89,424
Weighted average fair value at measurement date, share options granted | $						$ 0.5				$ 0.5
2019 warrants entitlements
Share-Based Payments
Number of share options granted in share-based payment arrangement	126,972
Warrants granted with immediate vesting	63,612
Warrants Granted With Vesting Over The Next Three Years	63,360
Weighted average fair value at measurement date, share options granted | $	$ 1.2							$ 1.2
Service period	3 years
2020 warrants entitlements
Share-Based Payments
Number of share options granted in share-based payment arrangement	236,196
Warrants granted with immediate vesting	120,888
Warrants Granted With Vesting Over The Next Three Years	115,308
Weighted average fair value at measurement date, share options granted | $	$ 2.3							$ 2.3
Service period	3 years

Share-Based Payments - Compensa

Share-Based Payments - Compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation
Share-based compensation expenses	$ 3,408	$ 2,362	$ 2,069
Warrants
Share-Based Compensation
Compensation for arranging investors to subscribe for shares	100
Research and development
Share-Based Compensation
Share-based compensation expenses	1,496	1,021	896
General and administrative
Share-Based Compensation
Share-based compensation expenses	$ 1,912	$ 1,341	$ 1,173

Share-Based Payments - Fair val

Share-Based Payments - Fair value of warrants (Details) - Warrants - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Share-Based Payments
Percentage of weightage for private scenario	40.00%
Share price for private scenarioe (USD per share)		$ 8.89
Percentage of weightage for IPO scenario	60.00%
Share price for IPO scenario (USD per share)		$ 11
Lack of marketability discount	10.00%
Acceleration of expense		$ 0.8

Share-Based Payments - Amendmen

Share-Based Payments - Amendments to Warrants (Details) - Warrants - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payments
Vesting period		3 years
Reduction in share based compensation expense due to change in accounting estimate	$ 0.4

Share-Based Payments - Outstand

Share-Based Payments - Outstanding warrants (Details)	12 Months Ended
	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Dec. 31, 2018kr / shares
Share-Based Payments
Average exercise price per warrant	kr 1	kr 1	kr 1
Warrants
Share-Based Payments
Number of warrants outstanding	2,228,076	1,932,156	1,674,324
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	15 years	17 years	18 years
Warrants | Grant December 2016
Share-Based Payments
Per warrant average grant date fair value	kr 20.91	kr 20.91	kr 20.91
Number of warrants outstanding	712,332	712,332	712,332
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Warrants | Grant April 2017
Share-Based Payments
Per warrant average grant date fair value	kr 24.05	kr 24.05	kr 24.05
Number of warrants outstanding	13,896	13,896	13,896
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Warrants | Grant September 2017
Share-Based Payments
Per warrant average grant date fair value	kr 28.71	kr 28.71	kr 28.71
Number of warrants outstanding	617,184	617,184	617,184
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Warrants | Grant December 2017
Share-Based Payments
Per warrant average grant date fair value	kr 28.71	kr 28.71	kr 28.71
Number of warrants outstanding	127,044	138,384	138,384
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Warrants | Granted during 2018
Share-Based Payments
Per warrant average grant date fair value	kr 37.05	kr 37.05	kr 37.05
Number of warrants outstanding	181,836	192,528	192,528
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Warrants | Grant January 2019
Share-Based Payments
Per warrant average grant date fair value		kr 37.05
Number of warrants outstanding		45,216
Average exercise price per warrant		kr 1
Remaining term to maturity		17 years
Warrants | Grant February 2019
Share-Based Payments
Per warrant average grant date fair value	kr 42.57	kr 42.57
Number of warrants outstanding	7,956	7,956
Average exercise price per warrant	kr 1	kr 1
Remaining term to maturity	16 years	17 years
Warrants | Grant September 2019
Share-Based Payments
Per warrant average grant date fair value	kr 56.35	kr 56.35
Number of warrants outstanding	54,000	54,000
Average exercise price per warrant	kr 1	kr 1
Remaining term to maturity	16 years	17 years
Warrants | Grant October 2019
Share-Based Payments
Per warrant average grant date fair value	kr 56.97	kr 56.97
Number of warrants outstanding	150,660	150,660
Average exercise price per warrant	kr 1	kr 1
Remaining term to maturity	16 years	17 years
Warrants | Grant December 2020
Share-Based Payments
Per warrant average grant date fair value	kr 56.75
Number of warrants outstanding	363,168
Average exercise price per warrant	kr 1
Remaining term to maturity	11 years

Share-Based Payments - Key Mana

Share-Based Payments - Key Management Holdings (Details)	Nov. 25, 2020	Jun. 30, 2020	Dec. 31, 2020shares	Dec. 31, 2019	Dec. 31, 2018
Warrants
Share-Based Payments
Warrants granted at beginning of period			1,932,156	1,674,324
Warrants granted at end of period			2,228,076	1,932,156	1,674,324
Board of Directors
Share-Based Payments
Warrants granted	26,964	252
Board of Directors | Warrants
Share-Based Payments
Warrants granted at beginning of period			385,848	385,848	300,780
Warrants granted			109,548		85,068
Warrants held when becoming a member of management			(309,168)
Warrants granted at end of period			186,228	385,848	385,848
Thomas William Wylonis | Warrants
Share-Based Payments
Warrants granted at beginning of period			342,612	342,612	293,364
Warrants granted			26,640		49,248
Warrants held when becoming a member of management			(369,252)
Warrants granted at end of period				342,612	342,612
Steven Projan | Warrants
Share-Based Payments
Warrants granted at beginning of period			23,436	23,436
Warrants granted			18,612		23,436
Warrants granted at end of period			42,048	23,436	23,436
Roberto Prego | Warrants
Share-Based Payments
Warrants granted at beginning of period			19,800	19,800	7,416
Warrants granted			14,364		12,384
Warrants granted at end of period			34,164	19,800	19,800
Joann Suzich | Warrants
Share-Based Payments
Warrants granted at beginning of period
Warrants granted			10,260
Warrants granted at end of period			10,260
Marianne Sgaard | Warrants
Share-Based Payments
Warrants granted at beginning of period
Warrants granted			28,368
Warrants held when becoming a member of management			65,952
Warrants granted at end of period			94,320
Helen Boudreau | Warrants
Share-Based Payments
Warrants granted at beginning of period
Warrants granted			5,436
Warrants granted at end of period			5,436
Kim Bjrnstrup (former | Warrants
Share-Based Payments
Warrants granted			5,868
Warrants held when becoming a member of management			(5,868)
Executive Management | Warrants
Share-Based Payments
Warrants granted at beginning of period			1,044,648	848,772	844,884
Warrants granted			7,668	195,876	3,888
Warrants held when becoming a member of management			(4,356)
Forfeited			45,216
Warrants granted at end of period			1,002,744	1,044,648	848,772
Lars Aage Staal Wegner | Warrants
Share-Based Payments
Warrants granted at beginning of period			844,416	844,416	840,528
Warrants granted			7,668		3,888
Warrants granted at end of period			852,084	844,416	844,416
Thomas Bogenrieder | Warrants
Share-Based Payments
Warrants granted at beginning of period			49,572	4,356	4,356
Warrants granted				45,216
Warrants held when becoming a member of management			(4,356)
Forfeited			45,216
Warrants granted at end of period				49,572	4,356
Glenn S. Vraniak | Warrants
Share-Based Payments
Warrants granted at beginning of period			150,660
Warrants granted				150,660
Warrants granted at end of period			150,660	150,660

Financial Income and Expenses_2

Financial Income and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income:
Interest income, bank						$ 8	$ 2
Interest income, other						1
Foreign exchange gains					$ 216	56	74
Total financial income	$ 33	$ 6	$ 1,005	$ 22	216	65	76
Finance expenses:
Interest expenses					(29)	(36)	(10)
Changes in fair value of convertible debt instruments						(1,183)	(684)
Interest expenses, lease liabilities					(3)	(4)
Foreign exchange losses					(194)		(21)
Total financial expenses	$ (495)		$ (792)	$ (4)	(223)	(1,222)	(719)
Net financial items					$ (7)	$ (1,157)	$ (643)

Income Taxes - Analysis of char

Income Taxes - Analysis of charge/(credit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income taxes	$ (669)	$ (296)	$ (1,076)	$ (476)	$ (1,557)	$ (825)	$ (735)
Total income taxes for the year	$ (669)	$ (296)	$ (1,076)	$ (476)	(1,557)	(825)	(735)
Operating tax loss carry-forwards					$ 3,800	$ 1,300	$ 100

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of effective tax rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of effective tax rate to Danish statutory tax rate
Statutory corporate income tax rate in Denmark	22.00%	22.00%	22.00%
Non-deductible income / (expenses)	(1.00%)	(5.00%)	(10.00%)
Non-taxable income / (expenses)	1.00%
Additional tax deduction R&D expenses	3.00%
Tax credit research and development expenditures	9.00%	7.00%	12.00%
Change in deferred tax asset not capitalized	(25.00%)	(17.00%)	(12.00%)
Total effective tax rate	9.00%	7.00%	12.00%

Income Taxes - Deferred tax (De

Income Taxes - Deferred tax (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	$ 262
Gross | Warrants
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	4,289	$ 3,034	$ 1,463
Gross | Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	3,759	1,270	136
Gross | Research and development expenditures
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	262
Gross | Other items
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	(6)	(34)	48
Valuation allowance
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	$ (8,042)	$ (4,270)	$ (1,647)

Basic and Diluted Loss Per Sh_3

Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic and Diluted Loss Per Share
Net loss attributable to shareholders of Evaxion Biotech A/S					$ (15,018)	$ (11,195)	$ (5,535)
Weighted-average number of ordinary shares outstanding					15,434,758	13,892,314	12,917,016
Loss per share before and after dilution	$ (0.36)	$ (0.24)	$ (0.59)	$ (0.44)	$ (0.97)	$ (0.81)	$ (0.43)

Basic and Diluted Loss Per Sh_4

Basic and Diluted Loss Per Share - Anti-dilutive shares (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares	2,228,076	2,059,128	1,674,324
Convertible Debt 1
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares			302,976
Convertible Debt 2
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares			827,856

Intangible assets - Paragraph (

Intangible assets - Paragraph (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
DisclosureOfIntangibleAssetsLineItems
Additional accrual related license agreement		$ 60,000
Technology-based intangible assets [member]
DisclosureOfIntangibleAssetsLineItems
License agreement on milestone payment	$ 35,000
Additional option to extend agreement term	10 years
Capitalized intangible assets		35,000
Additional consideration	$ 320,000
Amount to be transferred upon each regulatory approval of a product	$ 250,000
Technology-based intangible assets [member] | SSI
DisclosureOfIntangibleAssetsLineItems
Capitalized intangible assets		$ 60,000

Intangible assets - Table (Deta

Intangible assets - Table (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
DisclosureOfIntangibleAssetsLineItems
December 31, 2020	$ 100
Cost
DisclosureOfIntangibleAssetsLineItems
Additions during the year	95
Exchange rate adjustments	5
December 31, 2020	$ 100

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	$ 101
Balance end of year	221	$ 101
Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	35
Balance end of year	20	35
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	35
Balance end of year	20	35
Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	66
Balance end of year	201	66
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	272	203
Additions during the year	204	73
Exchange rate adjustments	44	(4)
Balance end of year	520	272
Cost | Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	179	171
Additions during the year	55	12
Exchange rate adjustments	23	(4)
Balance end of year	257	179
Cost | Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	93	32
Additions during the year	149	61
Exchange rate adjustments	21
Balance end of year	263	93
Accumulated Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(171)	(92)
Depreciation for the year	(105)	(81)
Exchange rate adjustments	(23)	2
Balance end of year	(299)	(171)
Accumulated Depreciation | Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(144)	(79)
Depreciation for the year	(71)	(67)
Exchange rate adjustments	(22)	2
Balance end of year	(237)	(144)
Accumulated Depreciation | Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(145)	(79)
Balance end of year	(236)	(145)
Accumulated Depreciation | Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(27)	(13)
Depreciation for the year	(34)	(14)
Exchange rate adjustments	(1)
Balance end of year	$ (64)	$ (27)

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2021
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	$ (221)	$ (101)		$ (2,076)
Operating Expense
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	105	80	$ 73
Research and development
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	90	64	58
General and administrative
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	15	16	15
Accumulated Depreciation
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	105	81
Total property, plant and equipment	299	171	92
Property
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	(20)	(35)
Property | Accumulated Depreciation
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	71	67
Total property, plant and equipment	237	144	79
Right-of-use assets
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	(20)	(35)
Right-of-use assets | Accumulated Depreciation
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	$ 236	$ 145	$ 79

Prepayments and other receiva_3

Prepayments and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepayments and other receivables
VAT receivables	$ 376	$ 75
Prepayments	1,175	451
Prepayments to clinical research organizations	418	17
Other receivables	2	32
Total receivables	$ 1,971	$ 575

Other Payables (Details)

Other Payables (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Payables
Payables to clinical research organizations		$ 1,027	$ 588
Employee cost liabilities		1,054	275
Other liabilities		180	177
Total other payables	$ 3,113	$ 2,261	$ 1,040

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents
Cash and cash equivalents		$ 5,834		$ 9,559
Total cash and cash equivalents	$ 18,799	$ 5,834	$ 4,085	$ 9,559	$ 7,433	$ 468

Cash and Cash Equivalents Chang

Cash and Cash Equivalents Changes in Net Working Capital (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from (used in) operating activities [abstract]
Changes in receivables and tax receivables			$ (2,501)	$ (337)	$ 443
Changes in trade payables			(1,798)	(507)	(79)
Changes in other payables			(918)	(403)	(459)
Changes in net working capital	$ 300	$ (61)	$ 215	$ 573	$ 981

Cash and Cash Equivalents - Adj

Cash and Cash Equivalents - Adjustments for non-cash items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Adjustments to reconcile profit (loss) [abstract]
Income taxes	$ (1,557)	$ (825)	$ (735)
Tax credit schemes accounted for as grants	(510)
Depreciation and amortization	105	81	74
Interest income		(9)	(2)
Interest expense	30	39	15
Share-based compensation expenses	3,408	2,362	2,069
Change in fair value of convertible debt instruments		1,183	684
Other adjustments, primarily exchange rate adjustments	107	114	18
Total adjustments for non-cash items	$ 1,583	$ 2,945	$ 2,123

Cash and Cash Equivalents - Rec

Cash and Cash Equivalents - Reconciliation of Liabilities from Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year	$ 36	$ 8,668
Cash flows	(74)	77
Accumulated interest	1	2
Fair value Adjustment		1,183
Additions	54	12
Conversion		(9,695)
Exchange rate adjustment	3	(211)
Balance end of year	20	36
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year	36	99
Cash flows	(74)	(75)
Accumulated interest	1	2
Additions	54	12
Exchange rate adjustment	3	(2)
Balance end of year	$ 20	36
Convertible debt instruments
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year		8,569
Cash flows		152
Fair value Adjustment		1,183
Conversion		(9,695)
Exchange rate adjustment		$ (209)

Leases (Details)

Leases (Details)	1 Months Ended
	Oct. 31, 2020USD ($)m²	Dec. 31, 2020USD ($)lease	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2018USD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Lease liabilities		$ 20,000	$ 36,000	$ 99,000
Right-to-use asset		$ 20,000	$ 35,000	$ 92,000
Copenhagen, Denmark
Disclosure of quantitative information about right-of-use assets [line items]
Number of leases | lease		1
Hrsholm, Denmark
Disclosure of quantitative information about right-of-use assets [line items]
Lease space | m²	1,356
Lease term	10 years
Lease termination fee	$ 2,700,000
Lease monthly payment	$ 28,800
Hrsholm, Denmark | Office space
Disclosure of quantitative information about right-of-use assets [line items]
Lease space | m²	839
Lease monthly payment	$ 12,000
Hrsholm, Denmark | Laboratory space
Disclosure of quantitative information about right-of-use assets [line items]
Lease space | m²	518
Lease monthly payment	$ 16,800
Hrsholm, Denmark | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of increase in annual lease payment	2.00%
Hrsholm, Denmark | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of increase in annual lease payment	4.00%
New York, United States
Disclosure of quantitative information about right-of-use assets [line items]
Lease term	13 months
IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Lease liabilities					$ 200,000
Right-to-use asset					$ 200,000
Incremental borrowing rate					3.80%

Leases - Movements in Right-of-

Leases - Movements in Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Cash outflow for leases	$ 200	$ 0
Right-of-Use Asset
Balance beginning of year	35	92
Additions	54	12
Depreciation	(73)	(67)
Payments	4
Translation		(2)
Balance end of year	20	35
Lease liabilities
Balance beginning of year	36	99
Additions	54	12
Interest expense		2
Payments	(74)	(75)
Translation	4	(2)
Balance end of year	$ 20	$ 36

Capital Structure and Financi_3

Capital Structure and Financial Matters - Loss of subscribed share capital (Details)	Dec. 31, 2018
Capital Structure and Financial Matters
Minimum percentage of lost subscribed share capital	50.00%

Capital Structure and Financi_4

Capital Structure and Financial Matters - Capital transactions (Details)	Aug. 10, 2020kr / sharesshares	Oct. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018$ / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares
Disclosure of classes of share capital [line items]
Share purchase price | $ / shares								$ 207
Payments for share issue costs | $					$ 2,605,000	$ 128,000	$ 13,000
Ordinary shares
Disclosure of classes of share capital [line items]
Ordinary shares issued		269,136	745,380
Share purchase price | $ / shares		$ 8.89	$ 8.89
Aggregate proceeds | $		$ 2,400,000	$ 6,600,000
Increase in authorized number of shares	745,380
Additional increase in authorized number of shares	1,800,000
Nominal value per share | kr / shares	kr 1								kr 1	kr 1
Additional number of ordinary share warrants allowed to issue	1,298,196
Payments for share issue costs | $				$ 144,022

Capital Structure and Financi_5

Capital Structure and Financial Matters - Changes in Share Capital (Details) kr in Thousands, $ in Thousands	Oct. 15, 2020DKK (kr)shares	Sep. 17, 2020DKK (kr)shares	Dec. 19, 2019DKK (kr)shares	Jul. 17, 2019DKK (kr)shares	Mar. 31, 2021USD ($)shares	Dec. 31, 2020DKK (kr)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019DKK (kr)shares	Dec. 31, 2019USD ($)shares
Disclosure of classes of share capital [line items]
Equity | $					$ 7,038		$ 9,362		$ (931)
Issuance of shares for cash | $					30,000		9,020		9,442
Settlement of convertible debt instruments | $									9,695
Equity | $					27,799		7,038		9,362
Share capital
Disclosure of classes of share capital [line items]
Equity					2,648	kr 15,184	2,481	kr 12,917	2,113
Issuance of shares for cash	kr 269	kr 745	kr 118	kr 998	484		167		181
Settlement of convertible debt instruments | $									187
Equity					$ 3,132	kr 16,198	$ 2,648	kr 15,184	$ 2,481
Share capital | Convertible Debt 1
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments | kr				303
Share capital | Convertible Debt 2
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments | kr				kr 848
Ordinary shares
Disclosure of classes of share capital [line items]
Share capital, shares, beginning of year | shares					16,198,668	15,184,152	15,184,152	12,917,016	12,917,016
Issuance of shares for cash, shares | shares	269,136	745,380	118,260	997,668
Share capital, shares, end of the period | shares						16,198,668	16,198,668	15,184,152	15,184,152
Ordinary shares | Convertible Debt 1
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments, shares | shares				302,976
Ordinary shares | Convertible Debt 2
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments, shares | shares				848,232

Capital Structure and Financi_6

Capital Structure and Financial Matters - Share Capital (Details) kr / shares in Units, kr in Thousands, $ in Thousands	Jun. 30, 2021DKK (kr)shares	Jun. 30, 2021USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2020DKK (kr)kr / sharesshares	Dec. 31, 2020USD ($)shares	Aug. 10, 2020kr / shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019DKK (kr)kr / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018DKK (kr)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017DKK (kr)shares	Dec. 31, 2017USD ($)shares
Disclosure of classes of share capital [line items]
Share capital | $		$ 21,829	$ 27,799		$ 7,038		$ 3,717	$ 6,763		$ 9,362		$ (931)		$ 2,550
Share capital
Disclosure of classes of share capital [line items]
Share capital	kr 19,198	$ 3,132	$ 3,132	kr 16,198	$ 2,648		$ 2,481	$ 2,481	kr 15,184	$ 2,481	kr 12,917	$ 2,113	kr 12,917	$ 2,113
Ordinary shares
Disclosure of classes of share capital [line items]
Allotted, called up and fully paid shares | shares	19,198,668	19,198,668		16,198,668	16,198,668				15,184,152	15,184,152	12,917,016	12,917,016	12,917,016	12,917,016
Nominal value per share | kr / shares				kr 1		kr 1			kr 1

Capital Structure and Financi_7

Capital Structure and Financial Matters - Shareholdings by Directors and Executive Management (Details) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Executive Management
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	8,638,560	8,638,560	8,638,056
Niels Iversen Mller
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	4,292,604	4,292,604	4,292,352
Andreas Holm Mattsson
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	4,163,832	4,163,832	4,163,832
Lars Aage Staal Wegner
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	182,124	182,124	181,872
Board of Directors
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	1,231,236	803,844	778,644
Roberto Prego
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	676,620	310,248	307,548
Thomas William Wylonis
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	485,676	481,860	471,096
Marianne Sgaard
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	41,652
Steven Projan
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	27,288	11,736

Convertible Debt Instruments -

Convertible Debt Instruments - Issuance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)instrument
Convertible Debt Instruments
Types of convertible debt instruments issued | instrument		2
Proceeds from issuance of convertible debt instruments	$ 152	$ 7,998
Convertible debt instruments
Convertible Debt Instruments
Proceeds from issuance of convertible debt instruments		8,000
Convertible debt instruments | Board of Directors and Executive Management
Convertible Debt Instruments
Proceeds from issuance of convertible debt instruments		$ 100

Convertible Debt Instruments _2

Convertible Debt Instruments - Summary of Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Borrowings [abstract]
Carrying amount at beginning of year	$ 8,569
Proceeds from issuance of convertible debt instruments	152	$ 7,998
Fair value adjustment included in finance expenses	1,183	684
Currency adjustment	(209)	(113)
Converted to equity	$ (9,695)
Carrying amount at end of year		$ 8,569

Convertible Debt Instruments _3

Convertible Debt Instruments - Terms of Convertible Debt (Details) $ / shares in Units, kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2018DKK (kr)
Convertible debt instruments
Convertible Debt Instruments
Interest coupon	7.50%	7.50%
Convertible Debt 1
Convertible Debt Instruments
Term	12 months
Interest coupon	7.50%	7.50%
Capital increase threshold for loan conversion | kr		kr 9.8
Discount on share price to be applied when calculating conversion price	20.00%	20.00%
Premium to be applied in prepayment terms	50.00%
Convertible Debt 1 | USD
Convertible Debt Instruments
Loan	$ 0.9
Convertible Debt 1 | DKK
Convertible Debt Instruments
Loan	$ 1	kr 7.1
Convertible Debt 2
Convertible Debt Instruments
Interest coupon	7.50%	7.50%
Capital increase threshold for loan conversion	$ 10
Premium to be applied in prepayment terms	50.00%
Mandatory conversion price at maturity | $ / shares	$ 160.41
Period before conversion during which loans denominated in foreign currency will convert into functional currency loan	10 days
Convertible Debt 2 | Qualified capital increase occurs in year of loan issuance
Convertible Debt Instruments
Discount on share price to be applied when calculating conversion price	5.00%	5.00%
Convertible Debt 2 | Qualified capital increase occurs in year following the loan issuance
Convertible Debt Instruments
Discount on share price to be applied when calculating conversion price	10.00%	10.00%
Convertible Debt 2 | Qualified capital increase occurs in two years following the loan issuance
Convertible Debt Instruments
Discount on share price to be applied when calculating conversion price	20.00%	20.00%
Convertible Debt 2 | USD
Convertible Debt Instruments
Loan	$ 5.4
Convertible Debt 2 | DKK
Convertible Debt Instruments
Loan	$ 0.7	kr 5

Convertible Debt Instruments _4

Convertible Debt Instruments - Valuation Inputs (Details)	12 Months Ended
	Dec. 31, 2018$ / shares
Disclosure of detailed information about borrowings [line items]
Exchange rate	0.154
Share price	$ 207
Convertible debt instruments | Probability of a qualifying financing event taking place
Disclosure of detailed information about borrowings [line items]
Unobservable input, liabilities	95
Convertible Debt 1 | Discount rate
Disclosure of detailed information about borrowings [line items]
Unobservable input, liabilities	39
Convertible Debt 2 | Discount rate
Disclosure of detailed information about borrowings [line items]
Unobservable input, liabilities	25

Convertible Debt Instruments _5

Convertible Debt Instruments - Sensitivity (Details) $ in Thousands	Dec. 31, 2018USD ($)
Exchange rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible increase in input	5.00%
Percentage of reasonably possible decrease in input	5.00%
Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible decrease in input	3.00%
Probability of a qualifying financing event taking place
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible decrease in input	25.00%
Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible increase in input	10.00%
Percentage of reasonably possible decrease in input	10.00%
Convertible Debt 1 | Exchange rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	$ (48)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	48
Convertible Debt 1 | Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(24)
Convertible Debt 1 | Probability of a qualifying financing event taking place
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(100)
Convertible Debt 1 | Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	(10)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	10
Convertible Debt 2 | Exchange rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	(272)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	272
Convertible Debt 2 | Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(85)
Convertible Debt 2 | Probability of a qualifying financing event taking place
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(40)
Convertible Debt 2 | Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	(39)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	$ 39

Related Party Transactions (Det

Related Party Transactions (Details) - Convertible debt instruments - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Accrued interest on convertible debt instruments issued to members of executive management and board of directors		$ (4)	$ (4)
Prepaid rent and deposit for a leased property from a related party	$ 7
Convertible debt instruments issued to members of executive management and board of directors			$ 117
Interest rate			7.50%

Contingent Liabilities and Co_3

Contingent Liabilities and Contractual Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Contracts with CROs
Contingent liabilities
Contingent liability	$ 0	$ 0.2

Contingent Liabilities and Co_4

Contingent Liabilities and Contractual Obligations - Contractual Commitments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Contractual obligations
Contractual commitments	$ 712
Less than one year
Contractual obligations
Contractual commitments	712
Purchase obligations
Contractual obligations
Contractual commitments	712
Purchase obligations | Less than one year
Contractual obligations
Contractual commitments	712
Purchase obligations | CRO's
Contractual obligations
Contractual commitments	600
Purchase obligations | University future partners
Contractual obligations
Contractual commitments	$ 100

Fees to auditors (Details)

Fees to auditors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fees to auditors
Audit fees	$ 308	$ 73
Audit related fees	119
Other fees	253
Total fees	$ 680	$ 73

Events After the Reporting Pe_2

Events After the Reporting Period - Stock Split (Details) - Ordinary shares	Jan. 04, 2021kr / shares	Dec. 31, 2020kr / shares	Aug. 10, 2020kr / shares	Dec. 31, 2019kr / shares
Disclosure of non-adjusting events after reporting period [line items]
Nominal value per share		kr 1	kr 1	kr 1
Stock Split
Disclosure of non-adjusting events after reporting period [line items]
Share split ratio	2
Bonus issue share ratio	17
Nominal value per share prior to stock split	kr 2
Nominal value per share	kr 1

Events After the Reporting Pe_3

Events After the Reporting Period - IPO (Details) kr / shares in Units, $ / shares in Units, $ in Thousands

Feb. 05, 2021USD ($)$ / sharesshares

Oct. 31, 2020USD ($)$ / sharesshares

Sep. 30, 2020USD ($)$ / sharesshares

Dec. 31, 2018USD ($)$ / sharesshares

Jun. 30, 2021USD ($)shares

Mar. 31, 2021USD ($)

Feb. 05, 2021DKK (kr)kr / sharesshares

Dec. 31, 2020USD ($)shares

Dec. 31, 2020kr / shares

Aug. 10, 2020kr / shares

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)shares

Dec. 31, 2019kr / shares

Dec. 31, 2017USD ($)shares

Disclosure of non-adjusting events after reporting period [line items]

Share price | $ / shares

$ 207

Issued shares (in DKK) | $

$ 3,132

$ 2,648

$ 2,481

Outstanding shares (in DKK) | $

$ (931)

$ 21,829

$ 27,799

$ 7,038

$ 3,717

$ 6,763

$ 9,362

$ 2,550

ADS | Initial Public Offering

Disclosure of non-adjusting events after reporting period [line items]

Number of shares issued

3,000,000

Share price | $ / shares

$ 10

Net proceeds | $

$ 25,400

Ordinary shares

Disclosure of non-adjusting events after reporting period [line items]

Number of shares issued

269,136

745,380

Share price | $ / shares

$ 8.89

$ 8.89

Net proceeds | $

$ 2,400

$ 6,600

Number of shares issued (in shares)

12,917,016

19,198,668

16,198,668

15,184,152

12,917,016

Nominal value per share | kr / shares

kr 1

kr 1

kr 1

Ordinary shares | Initial Public Offering

Disclosure of non-adjusting events after reporting period [line items]

Registered shares (in DKK) | kr

kr 19,198,668

Issued shares (in DKK) | kr

19,198,668

Outstanding shares (in DKK) | kr

kr 19,198,668

Shares registered (in shares)

19,198,668

Number of shares issued (in shares)

19,198,668

Shares outstanding (in shares)

19,198,668

Nominal value per share | kr / shares

kr 1

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 5,111		$ 2,570		$ 9,004	$ 5,080	$ 10,902	$ 8,216	$ 3,729
General and administrative	1,915		1,372		3,197	2,153	5,666	2,647	1,898
Total operating expenses	7,026		3,942		12,201	7,233	16,568	10,863	5,627
Operating loss	(7,026)		(3,942)		(12,201)	(7,233)	(16,568)	(10,863)	(5,627)
Finance income	33		6		1,005	22	216	65	76
Finance expenses	(495)				(792)	(4)	(223)	(1,222)	(719)
Net loss before tax	(7,488)		(3,936)		(11,988)	(7,215)	(16,575)	(12,020)	(6,270)
Income tax benefit	669		296		1,076	476	1,557	825	735
Net loss for the period	(6,819)	$ (4,093)	(3,640)	$ (3,099)	(10,912)	(6,739)	(15,018)	(11,195)	(5,535)
Net loss attributable to shareholders of Evaxion Biotech A/S	(6,819)		(3,640)		(10,912)	(6,739)	(15,018)	(11,195)	(5,535)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	(57)		(10)		(28)	(10)	(18)
Tax on other comprehensive income	6	$ (6)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Exchange differences on currency translation to presentation currency	474		109		(284)	(71)	413	2	(15)
Other comprehensive loss for the period, net of tax	423		99		(312)	(81)	395	2	(15)
Total comprehensive loss	(6,396)		(3,541)		(11,224)	(6,820)	(14,623)	(11,193)	(5,550)
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S	$ (6,396)		$ (3,541)		$ (11,224)	$ (6,820)	$ (14,623)	$ (11,193)	$ (5,550)
Loss per share - basic and diluted	$ (0.36)		$ (0.24)		$ (0.59)	$ (0.44)	$ (0.97)	$ (0.81)	$ (0.43)

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	$ 97	$ 100
Deferred tax assets	252	262
Property and equipment	2,076	221
Government grants receivable	549	194
Tax receivables	1,058
Leasehold deposits	200	238
Total non-current assets	4,232	1,015
Current assets
Prepayments and other receivables	1,971	1,553
Deferred offering costs	265	1,729
Government grants receivable	421	418
Tax receivables	1,376	1,416
Cash and cash equivalents	18,799	5,834
Total current assets	23,425	10,950
TOTAL ASSETS	27,657	11,965
EQUITY AND LIABILITIES
Share capital	3,132	2,648
Other reserves	56,168	31,669
Accumulated deficit	(37,471)	(27,279)
Total equity	21,829	7,038
Non-current liabilities
Lease liabilities	974
Provisions	53
Total non-current liabilities	1,027
Current liabilities
Lease liabilities	136	20
Trade payables	1,552	2,646
Other payables	3,113	2,261
Total current liabilities	4,801	4,927
Total liabilities	5,828	4,927
TOTAL EQUITY AND LIABILITIES	$ 27,657	$ 11,965

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Interim Statements of Changes in Equity kr in Thousands, $ in Thousands	Share capitalDKK (kr)	Share capitalUSD ($)	Share premiumUSD ($)	Foreign currency translation reserveUSD ($)	Accumulated deficitUSD ($)	USD ($)
Equity at December 31, 2020		$ 117	$ 6,102	$ (156)	$ (3,513)	$ 2,550
Bonus share issuance		1,996	(1,996)
Equity at Dec. 31, 2017	kr 12,917	2,113	4,106	(156)	(3,513)	2,550
Net loss for the period					(5,535)	(5,535)
Share-based compensation					2,069	2,069
Equity at Dec. 31, 2018	12,917	2,113	4,106	(171)	(6,979)	(931)
Net loss for the period					(11,195)	(11,195)
Share-based compensation					2,362	2,362
Issuance of shares for cash		181	9,261			9,442
Transaction costs			(13)			(13)
Settlement of convertible debt instruments		187	9,508			9,695
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the period					(3,099)	(3,099)
Other comprehensive income				(180)		(180)
Share-based compensation					680	680
Equity at Mar. 31, 2020		2,481	22,862	(349)	(18,231)	6,763
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the period						(6,739)
Equity at Jun. 30, 2020		2,481	22,862	(250)	(21,376)	3,717
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the period					(15,018)	(15,018)
Share-based compensation					3,551	3,551
Issuance of shares for cash		167	8,853			9,020
Transaction costs			(272)			(272)
Equity at Dec. 31, 2020	16,198	2,648	31,443	226	(27,279)	7,038
Equity at Mar. 31, 2020		2,481	22,862	(349)	(18,231)	6,763
Net loss for the period					(3,640)	(3,640)
Other comprehensive income				99		99
Share-based compensation					495	495
Equity at Jun. 30, 2020		2,481	22,862	(250)	(21,376)	3,717
Equity at Dec. 31, 2020	16,198	2,648	31,443	226	(27,279)	7,038
Net loss for the period					(4,093)	(4,093)
Other comprehensive income				(729)		(729)
Tax effects on other comprehensive income				(6)		(6)
Share-based compensation					294	294
Issuance of shares for cash		484	29,516			30,000
Transaction costs			(4,705)			(4,705)
Equity at Mar. 31, 2021		3,132	56,254	(509)	(31,078)	27,799
Equity at Dec. 31, 2020	16,198	2,648	31,443	226	(27,279)	7,038
Net loss for the period						(10,912)
Equity at Jun. 30, 2021	19,198	3,132	56,254	(86)	(37,471)	21,829
Equity at Mar. 31, 2021		3,132	56,254	(509)	(31,078)	27,799
Net loss for the period					(6,819)	(6,819)
Other comprehensive income				417		417
Tax effects on other comprehensive income				6		6
Share-based compensation					426	426
Equity at Jun. 30, 2021	kr 19,198	$ 3,132	$ 56,254	$ (86)	$ (37,471)	$ 21,829

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net loss for the period	$ (10,912)	$ (6,739)
Adjustments for non-cash items	(908)	735
Income taxes received		812
Interest paid	(3)
Cash flow from operating activities before changes in working capital	(11,823)	(5,192)
Cash flow from changes in working capital:
Changes in net working capital	300	(61)
Net cash used in operating activities	(11,523)	(5,253)
Investing activities:
Investment in intangible assets	(60)	(35)
Purchase of property and equipment	(792)	(74)
Receipt (payment) of non-current financial assets - leasehold deposits	30	(17)
Net cash used in investing activities	(822)	(126)
Financing activities:
Proceeds from issuance of shares	27,900
Transaction costs related to issuance of shares	(2,605)
Leasing installments	(78)	(36)
Net cash provided by/ (used in) financing activities	25,217	(36)
Net increase/ (decrease) in cash and cash equivalents	12,872	(5,415)
Cash and cash equivalents at January 1	5,834	9,559
Exchange rate adjustments on cash and cash equivalents	93	(59)
Cash and cash equivalents at June 30	$ 18,799	$ 4,085

General Company Information_2

General Company Information	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
General Company Information
General Company Information	Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is an artificial intelligence (“AI”)-immunology platform company that uses its proprietary AI technology, engineering expertise and drug development know-how to simulate the human immune system and generate predictive models to identify and develop immunotherapies for patients in the global market. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hørsholm, Denmark. On February 5, 2021, the Company completed an initial public offering which resulted in the listing of American Depositary Shares, or ADSs, representing the Company's ordinary shares, under the symbol "EVAX" in the United States on The Nasdaq Capital Market. The unaudited condensed consolidated interim financial statements of Evaxion Biotech and its subsidiary (collectively, the “Group”) for the three and six months ended June 30, 2020 and 2021, were approved, and authorized for issuance, by the Audit Committee of the board of directors on August 10, 2021. Liquidity We anticipate incurring additional losses until such time, if ever, we can complete our research and development (“R&D”) activities and obtain an out-licensing partnership for our product candidates and generate revenues from such product candidates. Substantial additional financing will be needed by us to fund our operations and to continue development of our product candidates. We expect to finance cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. We may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of current shareholders could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of the current shareholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, licenses and other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable and/or may reduce the value of our ordinary shares. Failure to raise capital or enter into such other arrangements when needed could have a negative impact on financial conditions and our ability to pursue our business plans and strategies. If we are unable to raise additional capital when needed, we could be forced to delay, limit, reduce or terminate our product candidate development or grant rights to develop and market our product candidates.	Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is an artificial intelligence (“AI”)-immunology platform company that uses its proprietary AI technology, engineering expertise and drug development know-how to simulate the human immune system and generate predictive models to identify and develop efficacious immunotherapies for patients in the global market. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Denmark. On February 5, 2021, the Company completed an initial public offering (“IPO”), which resulted in the listing of American Depository Shares (“ADS”) representing the company’s ordinary shares, under the symbol “EVAX” in the United States on the NASDAQ Capital Market. The Company received total proceeds of approximately $27.9 million from the IPO, after deducting the underwriting discount of $2.1 million. Upon the completion of the IPO, authorized share capital consists of 3,000,000 shares of ordinary shares, par value DKK 1 per share. The consolidated financial statements of Evaxion Biotech and its subsidiary (collectively, the “Group”) for the year ended December 31, 2020, were approved, and authorized for issuance, by the Board of Directors on March 30, 2021. Basis of Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Based on the Company’s current cash on hand, proceeds secured through its recent IPO, together with access to its EIB loan will allow the Company to meet its liabilities as they fall due for at least 12 months from December 31, 2020. Thus, these consolidated financial statements are prepared on a going concern basis of accounting. Emerging Growth Company Status Evaxion is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company has elected to take advantage of specified reduced reporting and regulatory requirements in contrast to those otherwise applicable generally to public companies. This provision includes the exemption from the auditor attestation requirement in the assessment of the Company’s internal control over financial reporting pursuant to Section 404 the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. Evaxion will remain an emerging growth company until the earliest of (i) the last day of the first fiscal year (a) following the fifth anniversary of the completion of the global offering, (b) in which its annual gross revenue totals at least $1.07 billion or (c) when the Company is deemed to be a large accelerated filer, which means the market value of the Company’s ordinary shares that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (ii) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. COVID 19 In December 2019, a novel strain of coronavirus (“COVID-19”) was reported in Wuhan, China and on March 11, 2020 the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has resulted in a widespread health crisis and numerous disease control measures being taken to limit its spread. As the pandemic unfolds throughout the world, the healthcare systems of the countries in which the Company is conducting its studies have experienced great disruption. Governments have instituted quarantining and mandated business and school closures. Travel has been severely restricted. The Company is closely monitoring the potential impact of COVID-19 on the 2021 financial results and cashflows and beyond. The Company’s top priority remains the health and safety of its staff and the patients in the studies. The Company maintains compliance with government and health authorities. Additionally, we have adapted the way in which we work to ensure we are doing our part in reducing transmission of COVID 19. The Company has worked closely with laboratories and investigators to ensure safe continuation and working requirements of our ongoing research activities and human clinical trials. The Company has not experienced a materially negative impact from COVID 19. As of December 31, 2020, the impact of the COVID-19 pandemic continues to unfold. As events continue to evolve and additional information becomes available, our estimates may change materially in the future. While business travel has been suspended, the Company has remained active and effective in the process of raising capital with institutional investors by conducting key meetings on a virtual basis.

Summary of Significant Accou_11

Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 2 of the audited financial statements as of and for the year ended December 31, 2020. As of January 1, 2021, the following accounting policy in respect of foreign currency translation is now relevant: Intragroup receivables to foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future are treated as part of the net investment, and the gain or loss on foreign currency translation of such receivables is recognized in other comprehensive income and classified as part of the foreign currency translation reserve. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property and equipment. Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties ​ Shorter of lease term and useful life of the asset Other equipment ​ 3 –  6 years ​ Note 2. Summary of Significant Accounting Policies (Continued) Reclassifications of prior period presentation Certain items in prior year condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at June 30, 2021 and have not been adopted for these financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts— Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16 Property, Plant and Equipment, proceeds before intended use (January 1, 2022) ● Annual Improvements 2018-2020 (January 1, 2022) ● Amendment to IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies (January 1, 2023) ● Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (January 1, 2023) ● Amendments to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond June 30, 2021 (April 1, 2021) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.	Note 2. Summary of Significant Accounting Policies Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB. The Company adopted IFRS in 2019 and applied it from the beginning of the period preceding adoption, starting on January 1, 2018. The financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group's financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The company’s functional currency is DKK for Denmark and AUD for Australia. The financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated. Basis of consolidation The audited consolidated financial statements comprise the financial statements of the Company for the twelve months ended December 31, 2020, 2019 and 2018. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the audited consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of the control. All intra-Group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Retrospective effect of share split and bonus share issuance All share and per share data, including that related to warrants, in the consolidated financial statements give retroactive effect to a 2:1 share split and a bonus issue of shares in the ratio of 17:1 of the Company’s authorized, issued and outstanding ordinary shares, which was effective on January 4, 2021, with the corresponding impacts on both share capital and share premium also retroactively recognized. Currency translation of foreign operations Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction. Translation of foreign operations Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income. Research and development expenses Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms. The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, in which case, they are reflected in the financial statements as expense, prepaid expense or accrued expense. The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical research activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization. Contract Research Organizations expenses and related prepayments and accruals Substantial portions of the Company’s clinical studies are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively, the “CROs”). The CROs generally bill monthly or quarterly for services performed. For studies, the Company accrues expenses based upon estimated percentage of work completed. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received. CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations. Intellectual property The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization. Income from government grants The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits. General and administrative expenses General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead. Share-based payments The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to accumulated deficit. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest. For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms. For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided. Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company's ordinary shares. Since the warrants are exercisable for nominal consideration, the warrants are valued using the fair value of the Company's ordinary shares on grant date less the exercise consideration. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company's ordinary share on the warrant grant date. Post-employment benefit costs The Company contributes to a defined contribution plan covering eligible employees. The contribution amount is based upon a fixed percentage of employee compensation and such contributions are expensed as incurred. Accounting for joint operations – Southern Denmark University The Company enters into agreements from time to time that may be subject to the requirements of IFRS 11, Joint Arrangements Southern Denmark University Finance Income Finance income is comprised primarily of foreign currency gains. Finance Expense Finance expense is comprised primarily of changes in fair value of the Company’s convertible debt instruments and interest on the Company’s lease liability. Income tax The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the statement of comprehensive loss, except to the extent that it relates to items recognized in equity. Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants. Deferred taxes Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation. Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2019 and 2020, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed. The Company recognizes deferred income tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the statements of financial position. Tax receivables Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction. Deferred offering costs Offering costs, consisting of legal, accounting, printer and filing fees directly attributable to the issuance of new shares relating to the Company’s planned initial public offering (“IPO”), are deferred and will be offset against proceeds from the IPO upon the effectiveness of the offering. Deferred offering costs recorded as of December 31, 2020 were $1.7 million. Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property, plant and equipment (see Note 13). Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; ● variable lease payments (linked to an index or interest rate); ● expected payments under residual value guarantees; ● the exercise price of purchase options, where exercise is reasonably certain; ● lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and ● penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option. The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). Intangible assets The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met. The capitalized assets are amortized over their useful lives, which are determined on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the license or similar development agreement. Amortization commences only once the necessary regulatory and marketing approval has been received for the product candidates to which they relate. To date, the Company has not received any regulatory and marketing approval for any of its product candidates. Consequently, the Company did not recognize any amortization expense for its intangible assets. Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties Shorter of lease term and useful life of the asset Other equipment 3 – 6 years ​ Impairment of non-financial assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. (i) Non-derivative financial assets Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses. The Company holds the following categories of non-derivative financial assets: Receivables Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment. Prepayments include expenditures related to future financial periods and are measured at amortized cost Cash and cash equivalents Cash and cash equivalents are entirely comprised of cash held in banks at December 31, 2020 and 2019. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost. Other Payables Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance. Debt Debt is comprised of debt agreements that are carried at amortized cost using the effective interest method. (iii) Derivative financial liabilities Convertible debt instruments During 2018, the Company issued two convertible debt instruments which are determined to be financial instruments. As required by IAS 32 and IFRS 9, these instruments were separated into their components: debt, and embedded derivatives related to the conversion features, early settlement mechanism and change of control prepayment provision. The Company elected the fair value option and accounts for both the debt and the embedded derivatives as a single instrument that is measured at fair value. Details of the significant inputs and assumptions into the fair values of these instruments are provided in Note 19. Cash and cash equivalents Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less. The Company does not have any cash equivalents for the years ended December 31, 2020 and 2019. Segment Information An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any revenue and there are no material non-current assets attributable to countries other than Denmark. Shareholders’ Equity The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1. Other Reserves includes the share premium comprising the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as translation reserves. Translation reserves include exchange rate adjustments of equity investments in our group enterprises. Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the profit or loss, arising from our warrant programs. Loss Per Share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution. Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2020 and have not been adopted for these financial statements: ● Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date to be confirmed) ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts – Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16, Property, plant and equipment, proceeds before intended use (January 1, 2022) ● Amendment to IFRS 16 Leases Covid 19- Related Rent Concessions (June 1 2020) ● Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform phase 2 (January 1, 2021) ● Annual Improvements 2018-2020 (January 1, 2022) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.

Significant Accounting Judgem_2

Significant Accounting Judgements, Estimates, and Assumptions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Significant Accounting Judgements, Estimates, and Assumptions
Significant Accounting Judgements, Estimates, and Assumptions	Note 3. Significant Accounting Judgements, Estimates, and Assumptions In the application of our accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting judgments and estimation uncertainties that are required in the annual consolidated financial statements, and therefore, should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020. Note 3. Significant Accounting Judgements, Estimates, and Assumptions (Continued) Significant accounting estimates made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated interim financial statements relate to share-based compensation. See Note 5 below for additional information regarding stock-based compensation. There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates.	Note 4. Significant Accounting Judgements, Estimates, and Assumptions The preparation of the consolidated financial statements in conformity with IFRS as issued by the IASB requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The critical accounting policies which involve significant estimates, assumptions or judgements, the actual outcome of which could have a material impact on the Company’s results and financial position outlined below, are as follows: Share-based compensation Management determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards is determined at the date of grant using generally accepted valuation techniques or valuation based on the Company’s fundraising events. Assumptions are made and judgments are used in applying valuation techniques. These assumptions and judgments include estimating the fair value for the underlying Ordinary share on the warrant grant date, as well as the likelihood of liquidity events such as IPOs. Such judgments and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates as well as the term applied to the expense recognition. Due to the fact that the exercise price is insignificant compared to fair value of the warrants, the warrants have virtually no time value, and consequently, fair value has been determined as the difference between the share price and the exercise price. Refer to Note 8 for further detail surrounding share-based compensation. We refer to note 2 for a summary of significant accounting policies for further discussion.

Significant Events in the Repor

Significant Events in the Reporting Period	6 Months Ended
	Jun. 30, 2021
Significant Events in the Reporting Period
Significant Events in the Reporting Period	Note 4. Significant Events in the Reporting Period Impact from COVID-19 The Company is closely monitoring the potential impact of COVID-19 on the 2021 financial results and cash flows and beyond. The Company’s top priority remains the health and safety of its staff and the patients in the studies. The Company maintains compliance with government and health authorities. Additionally, we have adapted the way in which we work to ensure we are doing our part in reducing transmission of COVID-19. The Company has worked closely with laboratories and investigators to ensure safe continuation and working requirements of our ongoing research activities and human clinical trials. The Company has not experienced a materially negative impact from COVID-19. As of June 30, 2021, the impact of the COVID-19 pandemic continues to unfold. As events continue to evolve and additional information becomes available, our estimates may change materially in the future. While business travel has been suspended, the Company has remained active and effective in the process of raising capital with institutional investors by conducting key meetings on a virtual basis.

Share-Based Payments_2

Share-Based Payments	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-Based Payments
Share-Based Payments	Note 5. Share-Based Payments Warrant Program and Amendments The Company’s Articles of Association allow for the granting of equity compensation, in the form of equity settled warrants, to employees, consultants and Scientific Advisory Board members who provide services similar to employees, members of executive management, and the board of directors. The warrants granted in 2018 or prior become exercisable upon an exit event, which triggers an immediate vesting, or at any time as determined by the board of directors in accordance with the terms of the plan. The warrants granted in 2020 vest either gradually over 36 months or vest immediately. Vested warrants granted in 2020 are exercisable in certain exercise windows beginning in the second half of the year of 2021. Warrants granted up until 2019 expire on December 31, 2036. Warrants granted in 2020 expire on December 31, 2031. For the six months ended June 30, 2021 and 2020, the number of warrants as a percentage of outstanding ordinary shares was 11.8% and 12.3%, respectively. On January 4, 2021, the Company effected its Stock Split which also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. In accordance with the anti-dilution provisions of the warrant agreements, the number of warrants was increased by a ratio of 36 to 1 and the exercise price was decreased from DKK 2 to 1 DKK. Accordingly, information related to the Company’s warrants, have been retroactively adjusted to reflect the stock split and the bonus shares for all periods presented. Note 5. Share-Based Payments (Continued) The following schedule specifies the granted warrants: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Exercise ​ ​ Number of ​ Price/Share ​ ​ warrants ​ (DKK) Warrants granted as at December 31, 2019 1,932,156 1 Warrants granted — 1 Warrants forfeited (45,216) 1 Warrants cancelled (22,032) 1 Warrants granted as at June 30, 2020 1,864,908 1 Warrants exercisable as at June 30, 2020 — — ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Exercise ​ ​ Number of ​ Price/Share ​ ​ warrants ​ (DKK) Warrants granted as at December 31, 2020 2,228,076 1 Warrants granted 63,809 1 Warrants forfeited (7,566) 1 Warrants cancelled (10,404) 1 Warrants granted as at June 30, 2021 2,273,915 1 Warrants exercisable as at June 30, 2021 —  — ​ Employees will be entitled to receive a number of warrants based on the individual employee’s grade and performance for 2021. The warrants will be granted in December 2021 at the share price equal to the fair market value thereof on the date of grant and will vest monthly over 36 months beginning January 1, 2022. For the three months ended June 30, 2020 and 2021, a service cost of $0.5 million and $0.4 million has been recognized in this period for warrants that were granted in previous periods and not fully vested as of the beginning of this period, and a proportion of the cost related to warrants expected to be granted in December 2020 and 2021, respectively. For the six months ended June 30, 2020 and 2021, a service cost of $1.2 million and $0.7 million has been recognized in this period for warrants that were granted in previous periods and not fully vested as of the beginning of this period, and a proportion of the cost related to warrants expected to be granted in December 2020 and 2021, respectively. Subsequent to the Company’s initial public offering completed in February 2021 ("IPO"), determining the initial fair value and subsequent accounting for equity awards require significant judgment regarding expected life and volatility of an equity award; however, as a public listed company there is objective evidence of the fair value of an ordinary share on the date an equity award is granted. Due to the fact that as of 2021, warrants will be granted at the share price on the date of grant, fair value comprises a time value which is significantly affected by the expected life and estimated volatility. The expected life of a warrant is based on the assumption that the holder will not exercise until after the equity award is fully vested. Actual exercise patterns may differ from the assumption used herein. The estimated volatility is based on peer group data and reflects the assumption that the historical volatility over a period similar to the life of the warrant is indicative of future trends, which may not necessarily be the actual outcome. The peer group consists of listed companies that management believes are similar to the Company in respect to industry and stage of development. Even with objective evidence of the fair value of an ordinary share, small changes in any other individual assumption or in combination with other assumptions could have resulted in significantly different valuations.	Note 8. Share-Based Payments Warrant Program and Amendments The Company’s Articles of Association allow for the granting of equity compensation, in the form of equity settled warrants, to employees, consultants and Scientific Advisory Board members who provide services similar to employees, members of executive management, and the board of directors. The warrants granted in 2018 or before become exercisable upon an exit event, which triggers an immediate vesting, or at any time as determined by the board of directors in accordance with the terms of the plan. The warrants granted in 2020 vest either gradually over 36 months or vest immediately. Vested warrants granted in 2020 are exercisable in certain exercise windows beginning in the second half of the year of 2021. Warrants granted up until 2019 expire on December 31, 2036. Warrants granted in 2020 expire on December 31, 2031. For the years ended December 31, 2020, 2019 and 2018, the number of warrants as a percentage of outstanding ordinary shares was 13.8%, 13.5% and 12.9%, respectively. In 2019, the Company granted 150,660 warrants to its Chief Financial Offer (“CFO”) which were exercisable upon an exit event. In December 2020, the terms of the warrants issued to the Company’s CFO were amended to no longer comprise exercisability upon an exit event. Consequently, these warrants did not vest upon the IPO in February 2021 and will vest in accordance with the vesting schedule for warrants granted in 2020. On January 4, 2021, the Company’s board of directors and shareholders approved (i) a 2-for-1 stock split of its issued and outstanding ordinary shares and (ii) a bonus share issuance in the ratio of 17-for-1 of its issued and outstanding ordinary shares. The stock split also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. In accordance with the anti-dilution provisions of the warrant agreements, the number of warrants was increased by a ratio of 36 and the exercise price was decreased from DKK 2 to 1 DKK. Accordingly, information related to the Company’s warrants, have been retroactively adjusted to reflect the stock split and the bonus shares for all periods presented. The following schedule specifies the granted warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Exercise ​ Remaining ​ ​ Number of ​ Price/Share ​ Contractual ​ warrants (DKK) Life (years) Warrants granted as at January 1, 2018* ​ 1,481,796 ​ DKK 1 ​ 19 Warrants granted** ​ 192,528 ​ 1 ​ 18 Warrants granted as at December 31, 2018 ​ 1,674,324 ​ 1 ​ 18 Warrants granted** ​ 257,832 ​ 1 ​ 17 Warrants granted as at December 31, 2019 1,932,156 1 17 Warrants granted ​ 363,168 1 11 Warrants forfeited ​ (45,216) ​ 1 ​ 16 Warrants cancelled ​ (22,032) ​ 1 ​ 16 Warrants granted as at December 31, 2020 ​ 2,228,076 ​ DKK 1 ​ 15 Warrants exercisable as at December 31, 2019 ​ — ​ — ​ — Warrants exercisable as at December 31, 2020 — — — * In the articles of association 1,532,952 warrants have been granted, which is in excess of the 1,481,796 warrants due to resignations and forfeitures. ** The warrants are not incorporated in the articles of association. Rectification conducted in October 2020. During 2019 and 2018 employees, external consultants, executive management and board members became contractually entitled to warrants that was rectified on December 17, 2020: ● In December 2018, 99,216 warrants granted to employees and consultants who provide services similar to employees. 32,904 warrants vested immediately and 66,312 warrants vest from December 2020  – December 2022. Fair value at grant date amounted to $0.6 million. ● In December 2018, 3,888 warrants granted to executive management. The warrants vested immediately. Fair value at grant date amounted to an immaterial amount. ● In December 2018, 89,424 warrants granted to board of directors. The warrants vested immediately. Fair value at grant date amounted to $0.5 million. ● In January 2019, 45,216 warrants granted to a member of executive management. They vest from December 2020 – December 2022. Fair value at grant date amounted to $0.3 million. ● In February 2019, 7,956 warrants granted to an employee. They vest from December 2020  –  December 2022. Fair value at grant date amounted to $0.1 million. ● In September 2019, 54,000 warrants granted to an employee. The warrants vested immediately. Fair value at grant date amount to $0.5 million. ● In October 2019, 150,660 warrants granted to a member of executive management. The warrants vest annually over 3 years . Fair value at grant date amounted to $1.3 million. ● In December 2020, an aggregate of 126,972 warrants attributable to 2019 entitlements were granted to employees, members of our board of directors and consultants who provide similar services as employees. 63,612 warrants vested immediately and 63,360 warrants vest monthly over three years from January 2020  –  December 2022. Fair value at grant date amounted to $1.2 million. ● In December 2020, an aggregate of 236,196 warrants attributable to 2020 entitlements were granted to employees, members of our board of directors and consultants who provide similar services as employees. Of the warrants granted, 120,888 warrants vested immediately and 115,308 warrants vest monthly over three years from January 2020  –  December 2022. Fair value at grant date amounted to $2.3 million. ● For the years ended December 31, 2019 and 2018, the Company had 22,032 outstanding warrants to SDU employees and recognized an immaterial amount of expense for these warrants in each period as research and development expenses in the statement of comprehensive loss. In September 2020, the Company terminated its existing agreement with SDU for business reasons. Under the terms of the SDU agreement, the Company did not incur a termination penalty and has no further obligations under this agreement. ● A member of the executive board terminated his employment contract as of April 30, 2020 and forfeited his right to 45,216 unvested warrants. Share-based compensation expenses included in the statements of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Research and development expenses ​ $ 1,496 ​ $ 1,021 ​ $ 896 General and administrative expenses ​ ​ 1,912 ​ 1,341 ​ 1,173 Total ​ $ 3,408 ​ $ 2,362 ​ $ 2,069 ​ Further, an amount of $0.1 million related to warrants issued as compensation for arranging investors to subscribe for shares has been recognized in equity as a share-based compensation expense related to the capital increase. Determination of Fair Value of Warrants The warrants issued under the share-based payment arrangement are exercisable for nominal consideration compared to the fair value of the shares resulting in virtually no time value. The Company values these warrants based on the intrinsic value of the shares measured as the difference between the fair value of the Company’s Ordinary shares and the warrant exercise price. Due to the highly specialized nature of services provided by consultants who provide services similar to those provided by employees of the Company, transactions with those consultants are measured at fair value of the equity instruments granted. Under the share-based payment arrangement, there is no protection against capital increases at a discount and dividend distribution. However, dividends are not likely to be distributed and there is generally no reason to raise new capital at below the current share price. On this basis, the Company has assessed that it is generally appropriate to assume that no such transactions will take place during the holding period. When issuing warrants in 2018, convertible bonds with a potential dilutive effect were outstanding, and fair value was adjusted to reflect this potential dilution. The stock split and bonus share issuance executed on January 4, 2021 resulted in a dilution of the warrant holders due to the increase of the exercise price compared to the pre stock split and bonus share issue. For warrants granted on December 17, 2020, the fair value was adjusted to reflect this dilution. For other grants, no such adjustment has been made. The fair values of the warrants are measured with reference to the share price of the underlying share. Up until December 2020, this share value was determined using the value established in different financing transactions with unrelated parties. In each of these transactions, the relative ownership of the Company was changed, and a share value was established using these fund-raising transactions. The fair values of warrants are estimated using a linear interpolation in USD of the share value on grant date based on the value established on capital event dates before and after the grant date. For warrants granted in December 2020, the Probability-Weighted Expected Return Method (“PWERM”) was applied, based on the weighted value of the share in a stay private scenario and an IPO scenario. 40% weight was put to the stay private scenario applying a share price equal to the share price of USD 8.89 at the November 2020 capital increase and 60% weight was put to the IPO scenario applying the mid-price of the indicative IPO price range of USD 11.00 available on the balance sheet. A 10% lack of marketability discount (DLOM) was applied to the IPO price. Warrants granted prior to December 2020 are exercisable only upon an exit event or upon the Board of Director’s decisions, which is a post vesting restriction. Since the warrants granted prior to 2020 do not expire until December 31, 2036, Management considers it highly unlikely that the warrants will not become exercisable and no downward adjustment to reflect the risk of the warrant not becoming exercisable is made to the fair value of the warrants. During 2020, the Company revised the estimated date of an IPO exit event to occur in February 2021. As of December 31, 2019, the estimated IPO exit event was December 2021. As a result of this change in estimate, the Company recognized an acceleration of expense of $0.8 million for the year ended December 31, 2020. Amendments to Warrants As discussed above, the terms of the warrant granted to the company’s CFO were amended to no longer comprise an accelerated vesting upon an exit clause. This is considered a non-beneficial change, and consequently the accelerated vesting upon an exit event clause is deemed to continue to exist. For warrants to which the employees became entitled in 2019 but were not granted until December 2020, the Company recognized stock-based compensation expenses during the year ended December 31, 2019 and the interim period ended September 30, 2020, based on the terms expected to apply for these awards. Management expected the terms to be similar to the terms applicable to warrants granted up until 2018, including the accelerated vesting upon an exit clause. However, these warrants were granted subjected to a vesting schedule up to three years and did not allow for immediate vesting upon an exit event. Because the warrants were not granted until December 2020, the Company recognized the difference in expenses as a change in accounting estimate and not a modification of existing awards. As a result of this change in the accounting estimate, the share-based payment expense for 2020 was reduced by $0.4 million. The following schedule specifies the outstanding warrants as at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per warrant ​ ​ ​ Average ​ Remaining ​ ​ grant ​ Number of ​ exercise price ​ term to ​ ​ date fair value ​ warrants ​ per warrant ​ maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) ​ 20.91 ​ 712,332 ​ 1 ​ 16 Grant (April 2017) ​ 24.05 ​ 13,896 ​ 1 ​ 16 Grant (September 2017) 28.71 617,184 1 16 Grant (December 2017) 28.71 127,044 1 16 Grant (during 2018) 37.05 181,836 1 16 Grant (February 2019) 42.57 7,956 1 16 Grant (September 2019) ​ 56.35 ​ 54,000 ​ 1 ​ 16 Grant (October 2019) ​ 56.97 ​ 150,660 ​ 1 ​ 16 Grant (December 2020) ​ 56.75 ​ 363,168 ​ 1 ​ 11 Granted at December 31, 2020 ​ ​ ​ 2,228,076 ​ 1 ​ 15 Warrants exercisable at December 31, 2020 ​ — ​ ​ ​ The following schedule specifies the outstanding warrants as at December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per warrant ​ ​ ​ Average ​ Remaining ​ ​ grant ​ Number of ​ exercise price ​ term to ​ ​ date fair value ​ warrants ​ per warrant ​ maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) ​ 20.91 ​ 712,332 ​ 1 ​ 17 Grant (April 2017) ​ 24.05 ​ 13,896 ​ 1 ​ 17 Grant (September 2017) ​ 28.71 ​ 617,184 ​ 1 ​ 17 Grant (December 2017) ​ 28.71 ​ 138,384 ​ 1 ​ 17 Grant (during 2018)(1)** ​ 37.05 ​ 192,528 ​ 1 ​ 17 Grant (January 2019)(1)** 37.05 45,216 1 17 Grant (February 2019)** 42.57 7,956 1 17 Grant (September 2019)** 56.35 54,000 1 17 Grant (October 2019)** 56.97 150,660 1 17 Granted at December 31, 2019 ​ 1,932,156 1 17 Warrants exercisable at December 31, 2019 ​ — ​ ​ (1) Awards valued on December 31, 2018 and January 1, 2019, respectively. ** The warrants are not incorporated in the articles of association. Rectification was conducted in December 2020. The following schedule specifies the outstanding warrants as at December 31, 2018: ​ ​ ​ Per warrant ​ Average ​ Remaining ​ ​ ​ ​ grant ​ Number of ​ exercise price ​ term to ​ ​ date fair value ​ warrants ​ per warrant ​ maturity Outstanding program (DKK) outstanding (DKK) (years) Grant (December 2016) 20.91 712,332 1 18 Grant (April 2017) 24.05 13,896 1 18 Grant (September 2017) 28.71 617,184 1 18 Grant (December 2017) 28.71 138,384 1 18 Grant (during 2018)** 37.05 192,528 1 18 Granted at December 31, 2018 ​ ​ 1,674,324 1 18 Warrants exercisable at December 31, 2018 ​ ​ ​ — ​ ​ ​ ​ ** The warrants are not incorporated in the articles of association. Rectification will be conducted in December 2020. The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2018, 2019 and 2020 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants held ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ when becoming ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ or leaving ​ ​ ​ ​ ​ ​ Number of ​ January 1, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ December 31, warrants held 2018 Granted 2018 Granted 2019 of management Granted Forfeited 2020 Thomas William Wylonis (1) ​ 293,364 ​ 49,248 ​ 342,612 ​ — ​ 342,612 ​ (369,252) ​ 26,640 ​ — ​ — Steven Projan ​ — ​ 23,436 ​ 23,436 ​ — ​ 23,436 ​ — ​ 18,612 ​ — ​ 42,048 Roberto Prego 7,416 12,384 19,800 — 19,800 ​ — ​ 14,364 ​ — ​ 34,164 Joann Suzich — — — — — ​ — ​ 10,260 ​ — ​ 10,260 Marianne Søgaard (2) ​ — ​ — ​ — ​ — ​ — ​ 65,952 ​ 28,368 ​ — ​ 94,320 Helen Boudreau( 3) — ​ — ​ — ​ — ​ — ​ — ​ 5,436 ​ — ​ 5,436 Kim Bjørnstrup (former) (4) — ​ — ​ — ​ — ​ — ​ (5,868) ​ 5,868 ​ — ​ — Board of Directors in total 300,780 85,068 385,848 — 385,848 ​ (309,168) ​ 109,548 ​ — ​ 186,228 Lars Aage Staal Wegner 840,528 3,888 844,416 — 844,416 ​ — ​ 7,668 ​ — ​ 852,084 Thomas Bogenrieder (former) (5) 4,356 — 4,356 45,216 49,572 ​ (4,356) ​ — ​ (45,216) ​ — Glenn S. Vraniak ​ — — — 150,660 150,660 ​ — ​ — ​ — ​ 150,660 Executive Management in total ​ 844,884 3,888 848,772 195,876 1,044,648 ​ (4,356) ​ 7,668 ​ (45,216) ​ 1,002,744 (1) Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Directors position. (2) As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position. (3) Board member from June 30, 2020. (4) Board member from June 30, 2020 to November 4, 2020. (5) Board member until March 31, 2020.

Capital Structure and Financi_8

Capital Structure and Financial Matters	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Capital Structure and Financial Matters
Capital Structure and Financial Matters	Note 6. Capital Structure and Financial Matters Share Capital – Ordinary Shares The following are changes in the Company’s share capital for the period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ ​ Ordinary Shares ​ (DKK in thousands) Share capital, December 31, 2020 16,198,668 16,198 Capital increase at February 9, 2021 for initial public offering 3,000,000 3,000 Share capital, June 30, 2021 19,198,668 19,198 ​	Note 18. Capital Structure and Financial Matters Share Capital – Ordinary Shares Loss of subscribed share capital On December 31, 2018, the Company had lost more than 50% of its subscribed share capital. At the annual general meeting of the shareholders held on March 29, 2019, the Board of Directors gave, in accordance with section 119 of the Danish Companies Act, an account of the Company’s financial position. As part of the account, the Board of Directors stated that in its view, special actions were not required. The share capital of the Company was subsequently re-established through the conversion of the convertible debt instruments and issue of new shares during 2019. Capital transactions In September 2020, the Company issued 745,380 shares of ordinary shares to existing investors in the Company. The purchase price was $8.89 per share for aggregate proceeds of $6.6 million. The Company incurred immaterial issuance costs. The proceeds were received by the Company on September 17, 2020. On August 10, 2020, the Company’s articles of association were amended in connection with the execution of this transaction. The revised articles increased the authorized number of shares the Company can issue by: (i) the 745,380 shares issued in this transaction, as well as (ii) an additional 1,800,000 shares of Common ordinary share at a nominal price of DKK 1, to be issued any time prior to June 1, 2025. The amended articles also allow the Company to issue an additional 1,298,196 of compensatory ordinary share warrants to employees and consultants any time prior to June 1, 2025. In October 2020, we successfully completed part 2 of our “bridging round” of capital with outside investors in the amount of $2.4 million with a purchase price of $8.89 per share from the issuance of 269,136 of our ordinary shares and received the proceeds in November 2020. Transaction costs directly attributable to the Q3 2020 “bridging round” of capital with outside investors have a total amount of $144,022. The following are changes in the Company’s share capital for the years ended December 31, 2018, 2019 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ Ordinary Shares (DKK in thousands) Share capital, January 1, 2018 ​ 12,917,016 ​ 12,917 Share capital, December 31, 2018 12,917,016 12,917 Capital increase at July 17, 2019 (issuance of shares for cash) 997,668 998 Capital increase at July 17, 2019 (conversion of Convertible Debt 1) 302,976 303 Capital increase at July 17, 2019 (conversion of Convertible Debt 2) 848,232 848 Capital increase at December 19, 2019 (issuance of shares for cash) ​ 118,260 ​ 118 Share capital, December 31, 2019 ​ 15,184,152 ​ 15,184 Capital increase at September 17, 2020 (issuance of shares for cash) ​ 745,380 ​ 745 Capital increase at October 15, 2020 (issuance of shares for cash) 269,136 269 Share capital, December 31, 2020 16,198,668 16,198 ​ The Company’s share capital consists of the following ordinary shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Authorized, issued and fully paid ​ ​ ​ ​ ​ ​ 16,198,668 ( 2019 ​ $ 2,648 ​ $ 2,481 ​ ​ $ 2,648 ​ $ 2,481 ​ The Company’s ordinary shares shall confer on the holders thereof the right to receive notice of, attend and vote at general meetings of the Company. Executive Management’s and Board of Director’s holding of shares At December 31, the board of directors and executive management held the following shareholdings in the Company: ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Niels Iversen Møller ​ 4,292,604 ​ 4,292,604 ​ 4,292,352 Andreas Holm Mattsson 4,163,832 ​ 4,163,832 4,163,832 Lars Aage Staal Wegner 182,124 ​ 182,124 181,872 Executive Management in total 8,638,560 ​ 8,638,560 8,638,056 ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Roberto Prego 676,620 ​ 310,248 307,548 Thomas William Wylonis 485,676 ​ 481,860 471,096 Marianne Søgaard ​ 41,652 ​ — ​ — Steven Projan 27,288 ​ 11,736 — Board of Directors in total 1,231,236 ​ 803,844 778,644 ​

Events After the Reporting Pe_4

Events After the Reporting Period	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Events After the Reporting Period
Events After the Reporting Period	Note 7. Events After the Reporting Period Commencement of research laboratory facility On October 23, 2020, we entered into a lease agreement for 518 square meters of laboratory space in Hørsholm, Denmark commencing on August 13, 2021 for a term of 10 years with a subsequent 12-month cancellation notice period. The initial monthly payment for this laboratory space is expected to be between $16,000 and $18,000 and throughout the term, the lease is subject to annual increases ranging from two to four percent on the annualized lease payment amount. ​ ​	Note 23. Events After the Reporting Period Stock Split On January 4, 2021, the Company’s board of directors and shareholders approved (i) a 2-for-1 stock split of its issued and outstanding ordinary shares and (ii) a bonus share issuance in the ratio of 17-for-1 of its issued and outstanding ordinary shares. The stock split also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. Accordingly, all share and per share data in the accompanying financial statements, and notes thereto, have been retroactively adjusted for all periods presented, as applicable, to give effect to the stock split, the bonus share issuance and the reduction in nominal value of our ordinary shares, with the corresponding impact on share capital and share premium. Retrospective effect has also been given with respect to the share and per share data for the warrants and convertible debt instruments. Initial Public Offering On February 5, 2021, the Company completed its initial public offering through which the Company issued and sold 3,000,000 ADSs, with each ADS representing one ordinary share, at a price per ADS of 10.00. The Company received aggregate net proceeds of approximately $25.4 million from the initial public offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the initial public offering, our registered , issued, and outstanding was nominal DKK 19,198,668 divided into 19,198,668 ordinary shares of DKK 1. New corporate headquarters On February 15, 2021, the Company opened the new corporate headquarters and research laboratory facility located in the DTU Science Park in Hoersholm near Copenhagen, Denmark. ​ ​

Summary of Significant Accou_12

Summary of Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of preparation	Basis of preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 2 of the audited financial statements as of and for the year ended December 31, 2020. As of January 1, 2021, the following accounting policy in respect of foreign currency translation is now relevant: Intragroup receivables to foreign operations for which settlement is neither planned nor likely to occur in the foreseeable future are treated as part of the net investment, and the gain or loss on foreign currency translation of such receivables is recognized in other comprehensive income and classified as part of the foreign currency translation reserve. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3.	Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB. The Company adopted IFRS in 2019 and applied it from the beginning of the period preceding adoption, starting on January 1, 2018. The financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group's financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The company’s functional currency is DKK for Denmark and AUD for Australia. The financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated.
Basis of consolidation		Basis of consolidation The audited consolidated financial statements comprise the financial statements of the Company for the twelve months ended December 31, 2020, 2019 and 2018. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the audited consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of the control. All intra-Group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Retrospective effect of share split and bonus share issuance		Retrospective effect of share split and bonus share issuance All share and per share data, including that related to warrants, in the consolidated financial statements give retroactive effect to a 2:1 share split and a bonus issue of shares in the ratio of 17:1 of the Company’s authorized, issued and outstanding ordinary shares, which was effective on January 4, 2021, with the corresponding impacts on both share capital and share premium also retroactively recognized.
Deferred offering costs		Translation of foreign operations Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income.
Currency translation of foreign operation		Currency translation of foreign operations Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction.
Research and development expenses		Research and development expenses Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms. The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, in which case, they are reflected in the financial statements as expense, prepaid expense or accrued expense. The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical research activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization.
Contract Research Organizations expenses and related prepayments and accruals		Contract Research Organizations expenses and related prepayments and accruals Substantial portions of the Company’s clinical studies are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively, the “CROs”). The CROs generally bill monthly or quarterly for services performed. For studies, the Company accrues expenses based upon estimated percentage of work completed. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received. CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations.
Intellectual property		Intellectual property The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization.
Income from government grants		Income from government grants The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits.
General and administrative expenses		General and administrative expenses General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead.
Share-based payments		Share-based payments The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to accumulated deficit. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest. For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms. For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided. Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company's ordinary shares. Since the warrants are exercisable for nominal consideration, the warrants are valued using the fair value of the Company's ordinary shares on grant date less the exercise consideration. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company's ordinary share on the warrant grant date.
Post-employment benefit costs		Post-employment benefit costs The Company contributes to a defined contribution plan covering eligible employees. The contribution amount is based upon a fixed percentage of employee compensation and such contributions are expensed as incurred.
Accounting for joint operations - Southern Denmark University		Accounting for joint operations – Southern Denmark University The Company enters into agreements from time to time that may be subject to the requirements of IFRS 11, Joint Arrangements Southern Denmark University
Finance Income		Finance Income Finance income is comprised primarily of foreign currency gains.
Finance Expense		Finance Expense Finance expense is comprised primarily of changes in fair value of the Company’s convertible debt instruments and interest on the Company’s lease liability. Income tax The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the statement of comprehensive loss, except to the extent that it relates to items recognized in equity. Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants.
Deferred taxes		Deferred taxes Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation. Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2019 and 2020, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed. The Company recognizes deferred income tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the statements of financial position. Tax receivables Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Transactions and balances		Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction. Deferred offering costs Offering costs, consisting of legal, accounting, printer and filing fees directly attributable to the issuance of new shares relating to the Company’s planned initial public offering (“IPO”), are deferred and will be offset against proceeds from the IPO upon the effectiveness of the offering. Deferred offering costs recorded as of December 31, 2020 were $1.7 million.
Right-of-use assets	Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property and equipment.	Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements. The Company’s right-of-use assets are presented within property, plant and equipment (see Note 13). Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; ● variable lease payments (linked to an index or interest rate); ● expected payments under residual value guarantees; ● the exercise price of purchase options, where exercise is reasonably certain; ● lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and ● penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option. The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments).
Intangible assets		Intangible assets The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met. The capitalized assets are amortized over their useful lives, which are determined on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the license or similar development agreement. Amortization commences only once the necessary regulatory and marketing approval has been received for the product candidates to which they relate. To date, the Company has not received any regulatory and marketing approval for any of its product candidates. Consequently, the Company did not recognize any amortization expense for its intangible assets.
Property and equipment	Property and equipment Property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties ​ Shorter of lease term and useful life of the asset Other equipment ​ 3 –  6 years	Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows: ​ Assets Useful life Properties Shorter of lease term and useful life of the asset Other equipment 3 – 6 years
Impairment of non-financial assets		Impairment of non-financial assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not
Financial instruments		Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments. (i) Non-derivative financial assets Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses. The Company holds the following categories of non-derivative financial assets: Receivables Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment. Prepayments include expenditures related to future financial periods and are measured at amortized cost Cash and cash equivalents Cash and cash equivalents are entirely comprised of cash held in banks at December 31, 2020 and 2019. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost. Other Payables Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance. Debt Debt is comprised of debt agreements that are carried at amortized cost using the effective interest method. (iii) Derivative financial liabilities Convertible debt instruments During 2018, the Company issued two convertible debt instruments which are determined to be financial instruments. As required by IAS 32 and IFRS 9, these instruments were separated into their components: debt, and embedded derivatives related to the conversion features, early settlement mechanism and change of control prepayment provision. The Company elected the fair value option and accounts for both the debt and the embedded derivatives as a single instrument that is measured at fair value. Details of the significant inputs and assumptions into the fair values of these instruments are provided in Note 19.
Loss Per Share		Loss Per Share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution.
Cash and cash equivalents		Cash and cash equivalents Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less. The Company does not have any cash equivalents for the years ended December 31, 2020 and 2019.
Segment Information		Segment Information An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any revenue and there are no material non-current assets attributable to countries other than Denmark. Shareholders’ Equity The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1. Other Reserves includes the share premium comprising the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as translation reserves. Translation reserves include exchange rate adjustments of equity investments in our group enterprises. Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the profit or loss, arising from our warrant programs. Loss Per Share The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution.
Reclassifications of prior period presentation	Note 2. Summary of Significant Accounting Policies (Continued) Reclassifications of prior period presentation Certain items in prior year condensed consolidated financial statements have been reclassified to conform to the current period’s presentation.
Standards issued but not yet effective	Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at June 30, 2021 and have not been adopted for these financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts— Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16 Property, Plant and Equipment, proceeds before intended use (January 1, 2022) ● Annual Improvements 2018-2020 (January 1, 2022) ● Amendment to IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies (January 1, 2023) ● Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (January 1, 2023) ● Amendments to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond June 30, 2021 (April 1, 2021) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.	Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2020 and have not been adopted for these financial statements: ● Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date to be confirmed) ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023) ● Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts – Cost of Fulfilling a Contract (January 1, 2022) ● Amendments to IAS 16, Property, plant and equipment, proceeds before intended use (January 1, 2022) ● Amendment to IFRS 16 Leases Covid 19- Related Rent Concessions (June 1 2020) ● Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform phase 2 (January 1, 2021) ● Annual Improvements 2018-2020 (January 1, 2022) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.

Summary of Significant Accou_13

Summary of Significant Accounting Policies (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of estimated useful lives of assets	​ Assets Useful life Properties ​ Shorter of lease term and useful life of the asset Other equipment ​ 3 –  6 years	​ Assets Useful life Properties Shorter of lease term and useful life of the asset Other equipment 3 – 6 years

Share-Based Payments (Tables)_2

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2020
Share-Based Payments
Schedule of share based compensation included in statements of comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2020 2019 2018 ​ ​ (USD in thousands) Research and development expenses ​ $ 1,496 ​ $ 1,021 ​ $ 896 General and administrative expenses ​ ​ 1,912 ​ 1,341 ​ 1,173 Total ​ $ 3,408 ​ $ 2,362 ​ $ 2,069
Schedule of share based awards to Board of Directors and Executive Management	The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2018, 2019 and 2020 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants held ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ when becoming ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ or leaving ​ ​ ​ ​ ​ ​ Number of ​ January 1, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ December 31, warrants held 2018 Granted 2018 Granted 2019 of management Granted Forfeited 2020 Thomas William Wylonis (1) ​ 293,364 ​ 49,248 ​ 342,612 ​ — ​ 342,612 ​ (369,252) ​ 26,640 ​ — ​ — Steven Projan ​ — ​ 23,436 ​ 23,436 ​ — ​ 23,436 ​ — ​ 18,612 ​ — ​ 42,048 Roberto Prego 7,416 12,384 19,800 — 19,800 ​ — ​ 14,364 ​ — ​ 34,164 Joann Suzich — — — — — ​ — ​ 10,260 ​ — ​ 10,260 Marianne Søgaard (2) ​ — ​ — ​ — ​ — ​ — ​ 65,952 ​ 28,368 ​ — ​ 94,320 Helen Boudreau( 3) — ​ — ​ — ​ — ​ — ​ — ​ 5,436 ​ — ​ 5,436 Kim Bjørnstrup (former) (4) — ​ — ​ — ​ — ​ — ​ (5,868) ​ 5,868 ​ — ​ — Board of Directors in total 300,780 85,068 385,848 — 385,848 ​ (309,168) ​ 109,548 ​ — ​ 186,228 Lars Aage Staal Wegner 840,528 3,888 844,416 — 844,416 ​ — ​ 7,668 ​ — ​ 852,084 Thomas Bogenrieder (former) (5) 4,356 — 4,356 45,216 49,572 ​ (4,356) ​ — ​ (45,216) ​ — Glenn S. Vraniak ​ — — — 150,660 150,660 ​ — ​ — ​ — ​ 150,660 Executive Management in total ​ 844,884 3,888 848,772 195,876 1,044,648 ​ (4,356) ​ 7,668 ​ (45,216) ​ 1,002,744 (1) Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Directors position. (2) As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position. (3) Board member from June 30, 2020. (4) Board member from June 30, 2020 to November 4, 2020. (5) Board member until March 31, 2020.

Capital Structure and Financi_9

Capital Structure and Financial Matters (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Capital Structure and Financial Matters
Schedule of changes in the share capital	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ ​ Ordinary Shares ​ (DKK in thousands) Share capital, December 31, 2020 16,198,668 16,198 Capital increase at February 9, 2021 for initial public offering 3,000,000 3,000 Share capital, June 30, 2021 19,198,668 19,198	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ Ordinary Shares (DKK in thousands) Share capital, January 1, 2018 ​ 12,917,016 ​ 12,917 Share capital, December 31, 2018 12,917,016 12,917 Capital increase at July 17, 2019 (issuance of shares for cash) 997,668 998 Capital increase at July 17, 2019 (conversion of Convertible Debt 1) 302,976 303 Capital increase at July 17, 2019 (conversion of Convertible Debt 2) 848,232 848 Capital increase at December 19, 2019 (issuance of shares for cash) ​ 118,260 ​ 118 Share capital, December 31, 2019 ​ 15,184,152 ​ 15,184 Capital increase at September 17, 2020 (issuance of shares for cash) ​ 745,380 ​ 745 Capital increase at October 15, 2020 (issuance of shares for cash) 269,136 269 Share capital, December 31, 2020 16,198,668 16,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 ​ ​ (USD in thousands) Authorized, issued and fully paid ​ ​ ​ ​ ​ ​ 16,198,668 ( 2019 ​ $ 2,648 ​ $ 2,481 ​ ​ $ 2,648 ​ $ 2,481
Schedule of Executive Management's and Board of Director's holding of shares		​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Niels Iversen Møller ​ 4,292,604 ​ 4,292,604 ​ 4,292,352 Andreas Holm Mattsson 4,163,832 ​ 4,163,832 4,163,832 Lars Aage Staal Wegner 182,124 ​ 182,124 181,872 Executive Management in total 8,638,560 ​ 8,638,560 8,638,056 ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2020 2019 2018 Roberto Prego 676,620 ​ 310,248 307,548 Thomas William Wylonis 485,676 ​ 481,860 471,096 Marianne Søgaard ​ 41,652 ​ — ​ — Steven Projan 27,288 ​ 11,736 — Board of Directors in total 1,231,236 ​ 803,844 778,644

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Estimated useful lives of assets (Details) - Other equipment	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	3 years	3 years
Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	6 years	6 years

Share-Based Payments - Warran_3

Share-Based Payments - Warrants (Details) $ in Millions	Jan. 04, 2021kr / shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021kr / shares	Jun. 30, 2021USD ($)	Jun. 30, 2020kr / shares	Jun. 30, 2020USD ($)	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Dec. 31, 2018kr / shares	Aug. 10, 2020kr / shares
Share-Based Payments
Warrants as a percentage of outstanding shares					11.80%		12.30%	13.80%	13.50%	12.90%
Warrants granted, price per share								kr 1	kr 1	kr 1
Warrants
Share-Based Payments
Vesting period					36 months			36 months
Warrants granted, price per share				kr 1		kr 1
Estimated fair value of warrants | $		$ 0.5	$ 0.4		$ 1.2		$ 0.7
Ordinary shares
Share-Based Payments
Nominal value per share								kr 1	kr 1		kr 1
Ordinary shares | Stock Split
Share-Based Payments
Share split ratio	2
Bonus issue share ratio	17
Nominal value per share prior to stock split	kr 2
Nominal value per share	kr 1
Ordinary shares | Warrants | Stock Split
Share-Based Payments
Increase in number of warrants, ratio	36
Warrants granted exercise price, prior to stock split	kr 2
Warrants granted, price per share	kr 1

Share-Based Payments - Schedu_2

Share-Based Payments - Schedule of Warrants (Details)	Apr. 30, 2020	Jun. 30, 2021kr / shares	Jun. 30, 2020kr / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Dec. 31, 2018kr / shares	Dec. 31, 2017kr / sharesshares
Weighted Average Exercise Price/Share (DKK)
Warrants granted at beginning of period, price per share			kr 1	kr 1	kr 1
Warrants granted, price per share				1	1	kr 1
Warrants forfeited, price per share				1
Warrants cancelled, price per share				kr 1
Warrants granted at end of period, price per share					kr 1	kr 1
Warrants
Number of warrants outstanding
Warrants granted at beginning of period		2,228,076	1,932,156	1,932,156	1,674,324	1,481,796
Warrants granted		63,809		363,168	257,832	192,528
Warrants forfeited	(45,216)	(7,566)	(45,216)	(45,216)
Warrants cancelled		(10,404)	(22,032)	(22,032)
Warrants granted at end of period		2,273,915	1,864,908	2,228,076	1,932,156	1,674,324	1,481,796
Weighted Average Exercise Price/Share (DKK)
Warrants granted at beginning of period, price per share		kr 1	kr 1	kr 1		kr 1
Warrants granted, price per share		1	1
Warrants forfeited, price per share		1	1
Warrants cancelled, price per share		1	1
Warrants granted at end of period, price per share		kr 1	kr 1	kr 1	kr 1		kr 1
Weighted Average Remaining Contractual Life (years)
Warrants granted, remaining contractual life				15 years	17 years	18 years	19 years
Warrants granted , remaining contractual life				11 years	17 years	18 years
Warrants forfeited , remaining contractual life				16 years
Warrants cancelled , remaining contractual life				16 years
Warrants exercisable, remaining contractual life				0 years	0 years
Other information
Warrants granted, per articles of incorporation | shares							1,532,952

Capital Structure and Financ_10

Capital Structure and Financial Matters - Changes in Share Capital (Details) kr in Thousands, $ in Thousands	Oct. 15, 2020shares	Sep. 17, 2020shares	Dec. 19, 2019shares	Jul. 17, 2019DKK (kr)shares	Jun. 30, 2021DKK (kr)shares	Jun. 30, 2021USD ($)shares	Dec. 31, 2019DKK (kr)shares	Dec. 31, 2019USD ($)shares
Capital Structure and Financial Matters
Equity | $						$ 7,038		$ (931)
Settlement of convertible debt instruments | $								9,695
Equity | $						21,829		9,362
Share capital
Capital Structure and Financial Matters
Equity					kr 16,198	2,648	kr 12,917	2,113
Settlement of convertible debt instruments | $								187
Equity					19,198	$ 3,132	kr 15,184	$ 2,481
Share capital | Initial Public Offering
Capital Structure and Financial Matters
Capital increase at February 9, 2021 for initial public offering | kr					kr 3,000
Share capital | Convertible Debt 1
Capital Structure and Financial Matters
Settlement of convertible debt instruments | kr				kr 303
Share capital | Convertible Debt 2
Capital Structure and Financial Matters
Settlement of convertible debt instruments | kr				kr 848
Ordinary shares
Capital Structure and Financial Matters
Share capital, shares, beginning of year					16,198,668	16,198,668	12,917,016	12,917,016
Issuance of shares for cash, shares	269,136	745,380	118,260	997,668
Share capital, shares, end of the period					19,198,668	19,198,668	15,184,152	15,184,152
Ordinary shares | Initial Public Offering
Capital Structure and Financial Matters
Capital increase at February 9, 2021 for initial public offering, shares					3,000,000	3,000,000
Ordinary shares | Convertible Debt 1
Capital Structure and Financial Matters
Settlement of convertible debt instruments, shares				302,976
Ordinary shares | Convertible Debt 2
Capital Structure and Financial Matters
Settlement of convertible debt instruments, shares				848,232

Events After the Reporting Pe_5

Events After the Reporting Period (Details) - Hrsholm, Denmark	Aug. 13, 2021USD ($)m²	Oct. 31, 2020USD ($)m²
Disclosure of non-adjusting events after reporting period [line items]
Lease space | m²		1,356
Lease term		10 years
Lease monthly payment		$ 28,800
Minimum
Disclosure of non-adjusting events after reporting period [line items]
Percentage of increase in annual lease payment		2.00%
Maximum
Disclosure of non-adjusting events after reporting period [line items]
Percentage of increase in annual lease payment		4.00%
Commencement of research laboratory facility lease
Disclosure of non-adjusting events after reporting period [line items]
Lease space | m²	518
Lease term	10 years
Notice period for cancellation	12 months
Commencement of research laboratory facility lease | Minimum
Disclosure of non-adjusting events after reporting period [line items]
Lease monthly payment	$ 16,000
Percentage of increase in annual lease payment	2.00%
Commencement of research laboratory facility lease | Maximum
Disclosure of non-adjusting events after reporting period [line items]
Lease monthly payment	$ 18,000
Percentage of increase in annual lease payment	4.00%