Evaxion Biotech A/S (EVAX) 20-F 31 Mar 22 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-39950
Entity Registrant Name	Evaxion Biotech A/S
Entity Incorporation, State or Country Code	G7
Entity Address, Address Line One	Dr. Neergaards Vej 5f
Entity Address, City or Town	Hoersholm
Entity Address, Postal Zip Code	DK-2970
Entity Address, Country	DK
Title of 12(b) Security	American Depositary Shares, each representingone ordinary share, nominal value DKK 1 per share
Trading Symbol	EVAX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Accounting Standard	International Financial Reporting Standards
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	23,203,808
Entity Ex Transition Period	false
Entity Central Index Key	0001828253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	EY Godkendt Revisionspartnerselskab
Auditor Firm ID	1757
Auditor Location	Denmark
Business contact
Document Information [Line Items]
Entity Address, Address Line One	Dr. Neergaards
Entity Address, City or Town	Hoersholm
Entity Address, Postal Zip Code	DK-2970
City Area Code	45
Local Phone Number	53 53 18 50
Contact Personnel Name	Lars Staal Wegner
Entity Address, Country	DK

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	$ 19,583	$ 10,902	$ 8,216
General and administrative	6,251	5,666	2,647
Total operating expenses	25,834	16,568	10,863
Operating loss	(25,834)	(16,568)	(10,863)
Finance income	2,039	216	65
Finance expenses	(915)	(223)	(1,222)
Net loss before tax	(24,710)	(16,575)	(12,020)
Income tax benefit	178	1,557	825
Net loss for the year	(24,532)	(15,018)	(11,195)
Net loss attributable to shareholders of Evaxion Biotech A/S	(24,532)	(15,018)	(11,195)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods: (net of tax)
Exchange differences on translation of foreign operations	(83)	(18)
Exchange rate adjustments of investments in subsidiaries	93
Tax on other comprehensive income, income/(expense)	(5)
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	(1,547)	412	2
Other comprehensive loss for the period, net of tax	(1,542)	394	2
Total comprehensive loss	(26,074)	(14,624)	(11,193)
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S	$ (26,074)	$ (14,624)	$ (11,193)
Basic earnings (loss) per share	$ (1.26)	$ (0.97)	$ (0.81)
Diluted earnings (loss) per share	$ (1.12)	$ (0.97)	$ (0.81)

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Interim Statements of Financial Position $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Non-current assets
Intangible assets	$ 93	$ 100
Deferred tax assets		262
Property and equipment, net	5,174	221
Government grants receivable		194
Leasehold deposits	191	238
Total non-current assets	5,458	1,015
Current assets
Prepayments and other receivables	1,138	1,553
Deferred offering costs		1,729
Government grants receivable	563	418
Tax receivables	838	1,416
Cash and cash equivalents	32,166	5,834
Total current assets	34,705	10,950
TOTAL ASSETS	40,163	11,965
EQUITY AND LIABILITIES
Share capital	3,755	2,648
Other reserves	79,114	31,669
Accumulated deficit	(50,432)	(27,279)
Total equity	32,437	7,038
Non-current liabilities
Lease liabilities, non-current	2,206
Loan from lessor, non-current	1,044
Provisions	153
Total non-current liabilities	3,403
Current liabilities
Lease liabilities	314	20
Loan from lessor, current	126
Trade payables	2,848	3,673
Other payables	1,035	1,234
Total current liabilities	4,323	4,927
Total liabilities	7,726	4,927
TOTAL EQUITY AND LIABILITIES	$ 40,163	$ 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 Dec. 31, 2018	kr 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					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					(15,018)	(15,018)
Other comprehensive income				395		395
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
Net loss for the year					(24,532)	(24,532)
Other comprehensive income				(1,537)		(1,537)
Tax effect on OCI items				(5)		(5)
Share-based compensation					1,379	1,379
Issuance of shares for cash		1,107	56,502			57,609
Transaction costs			(7,515)			(7,515)
Equity at Dec. 31, 2021	kr 23,204	$ 3,755	$ 80,430	$ (1,316)	$ (50,432)	$ 32,437

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net loss for the year	$ (24,532)	$ (15,018)	$ (11,195)
Adjustments for non-cash items	541	1,583	2,945
Interest received			9
Interest paid	(25)	(30)	(39)
Income taxes received	846	812	688
Cash flow from operating activities before changes in working capital	(23,170)	(12,653)	(7,592)
Cash flow from changes in working capital:
Changes in net working capital	1,237	215	573
Net cash used in operating activities	(21,933)	(12,438)	(7,019)
Investing activities:
Investment in intangible assets	(60)	(35)
Purchase of property and equipment	(1,300)	(149)	(61)
Payment of non-current financial assets - leasehold deposits	30	(209)	(7)
Net (cash used in)/ provided by investing activities	(1,330)	(393)	(68)
Financing activities:
Proceeds from issuance of shares and exercise of warrants, less underwriter discounts	53,854	9,019	9,442
Transaction costs related to issuance of shares	(3,760)	(128)	(13)
Proceeds from issuance of convertible debt instruments			152
Repayment of loan from lessor	(63)
Leasing installments	(226)	(74)	(73)
Net cash provided by financing activities	49,805	8,817	9,508
Net (decrease)/increase in cash and cash equivalents	26,542	(4,014)	2,421
Cash and cash equivalents at January 1	5,834	9,559	7,433
Exchange rate adjustments on cash and cash equivalents	(210)	288	(295)
Cash and cash equivalents at December 31	32,166	5,834	$ 9,559
Non-cash investing and financing activities
Capitalized intangible assets included in trade payables		$ 60
Acquisition of property and equipment included in trade payables	$ 90

General Company Information

General Company Information	12 Months Ended
	Dec. 31, 2021
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 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. 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. Through the IPO, the Company sold 3,000,000 ADSs, each of which represents one ordinary share, at a price to the public of $10.00 per ADS. The Company received net proceeds of $25.3 million from the IPO, after deducting the underwriting discounts and commissions and offering expenses. Upon the completion of the IPO, authorized share capital consists of 3,000,000 shares of ordinary shares, par value DKK 1 per share. On November 9, 2021, the Company completed a follow-on public offering through which we issued and sold 3,942,856 ADSs, each of which represents one ordinary share, at a price to the public of $7.00 per ADS. The shares issued were inclusive of the 514,285 ADSs issued to the underwriters pursuant to the full exercise of their option to purchase additional shares on November 5, 2021. The Company received aggregate net proceeds of $24.9 million from the follow-on public offering, which includes the funds received for the additional shares issued to the underwriters, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the follow-on public offering, the Company’s registered, issued, and outstanding share capital was nominal DKK 23,141,524. At year end, due to warrant exercise, the outstanding share capital was nominal DKK 23,203,808. The consolidated financial statements of Evaxion Biotech and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2021, were approved, and authorized for issuance, by the Board of Directors on March 31, 2022. 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 net proceeds secured through its recent IPO and follow-on public offering, together with access to its EIB loan, of which the Company has already received the proceeds from tranche no. 1 of €7 million on February 17, 2022, and the current cash on hand will allow the Company to meet its liabilities as they fall due for at least 12 months from the issuance of this Form 20-F. 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 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 has closely been monitoring the impact of COVID-19. The Company’s top priority remained the health and safety of its staff and the patients in the studies. The Company maintains compliance with government and health authorities. 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, 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 limited, 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	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	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. Management has assessed the impact of new or amended and revised accounting standards and interpretations (IFRSs) issued by the IASB and IFRSs endorsed by the European Union effective on or after January 1, 2021. It is assessed that application of amendments effective from January 1, 2021 has not had a material impact on the consolidated financial statements for 2021. Furthermore, Management does not anticipate any significant impact on future periods from the adoption of these amendments. 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, AUD for Australia, and USD for the United States. 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. Reclassifications of prior period presentation Certain items in prior year consolidated financial statements have been reclassified to conform to the current period’s presentation. Basis of consolidation The audited consolidated financial statements of the Company comprise the Statement of Financial Position as of December 31, 2021 and 2020, and the Statement of Comprehensive Loss for the twelve months ended December 31, 2021, 2020 and 2019. 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 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. 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 timing of the expense recognition of these costs, in which case, they are reflected in the financial statements as either prepaid- or accrued expenses. 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 development 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 granted before December 2020 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. Warrants granted during 2021 are valued using a black-scholes share option pricing model. 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 Accounting for joint operations - MSD International GmbH and MSD International Business GmbH The Company has entered into a collaboration agreement with MSD International GmbH and MSD International Business GmbH (jointly ‘MSD’). Under the arrangement, the Company will share its clinical trial in which the Company’s compound and MSD’s compound is dosed in combination. In determining the accounting treatment for these types of arrangements, the Company carefully evaluates the relationship between the two parties in order to determine whether the arrangement is, in substance, a collaboration arrangement between the two parties (to be accounted for in accordance with IFRS 11, Joint Arrangements), or rather, a vendor-customer contract (to be accounted for in accordance with IFRS 15, Revenue from Contracts with Customers). Management has determined that MSD does not meet the definition of a customer under IFRS 15. Consequently, the arrangement is classified as a collaboration arrangement and is accounted for as a joint operation in accordance with IFRS 11 resulting in the recognition of the Company’s own income and expense and assets and liabilities, respectively. 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. Accruals for uncertain tax positions and/or valuation of government grant receivables require management to make judgments of potential exposures. Accruals for uncertain tax positions and/or valuation of government grant receivables are measured using either the most likely amount or the expected value amount, depending on which method the entity expects to better predict the resolution of the uncertainty. Tax benefits are not recognized unless the tax positions will probably be accepted by the tax authorities. This is based upon management’s interpretation of applicable laws and regulations and the expectation of how the tax authority will resolve the matter. Once considered probable of not being accepted, management reviews each material tax benefit and reflects the effect of the uncertainty in determining the related taxable amounts. 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, 2021 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. 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 initial public offering (“IPO”) in February 2021, were deferred and were 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. Leasehold improvements and Loan from lessor The Company’s lease contract comprises funding for the customization of the premises to the Company’s specific needs. The payment is determined based on the actual costs incurred for the customization, a repayment period of 8 years and an interest rate of 6% per annum. The Company has assessed whether this is a lease component, or a leasehold improvement funded by the lessor. We have considered the following factors: 1. Which party designed the customization 2. Which party had the right to direct changes to the work 3. Who is taking on the economic risk of the cost price of the work A third party has designed the project according to the Company’s instructions, and the Company had the right to direct changes to the work during the construction period. Further, the Company has the full economic risk of the work due to 1 :1 linkage between construction costs and payments to the lessor. Consequently, the Company has assessed that the customization is a leasehold improvement funded by the lessor and accordingly presented a leasehold improvement and a corresponding liability for the loan from the lessor. 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, net. 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 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 Leasehold improvements ​ 11 years ​ Other equipment 5 – 10 years ​ Impairment of non-financial assets Assets are tested for impairment annually, or 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 Provisions Provisions are recognized when we have an existing legal or constructive obligation as a result of events occurring prior to or on the balance sheet date, and it is probable that the utilization of economic resources will be required to settle the obligation. Provisions are measured as the best estimate of the expense necessary to settle the obligation at the balance sheet date. Provisions that are estimated to mature after more than one year after the balance sheet date are measured at their present values, using a discount rate based on the Company’s risk adjusted incremental borrowing rate. 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 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, 2021 and 2020. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost. Trade Payables Trade payables and accruals relate to the Group’s purchase of products and services from various vendors in the normal course of business. 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 20. 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 and intragroup receivables forming part of the net investments in our group enterprises. Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment representing 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, 2021 and have not been adopted for these financial statements: ● 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.

First-Time Adoption of IFRS

First-Time Adoption of IFRS	12 Months Ended
	Dec. 31, 2021
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 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	12 Months Ended
	Dec. 31, 2021
Significant Accounting Judgements, Estimates, and Assumptions
Significant Accounting Judgements, Estimates, and Assumptions	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. Prior to the Company’s IPO completed in February 2021, 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. ​ Subsequent to the Company’s IPO completed in February 2021, 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. Refer to Note 8 for further detail surrounding share-based compensation. ​ Leasehold Improvements and Loan from Lessor ​ A significant judgment was made in respect of determining whether customization of leased premises forms part of the lease or is a leasehold improvement funded by the lessor. See the section “Leasehold improvements and Loan from lessor” in Note 2. There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates.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, 2021
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, 2021 and December 31, 2020, our available liquidity, comprised of cash and cash equivalents, was $32.2 million and $5.8 million, respectively and our total equity was $32.4 million and $7.0 million, respectively. On February 5, 2021, the Company 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 $25.3 million from the initial public offering, after deducting the underwriting discounts and commissions and 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. On November 9, 2021, we completed a follow-on public offering through which we issued and sold 3,942,856 ADSs, each of which represents one ordinary share, at a price to the public of $7.00 per ADS. The shares issued were inclusive of the 514,285 ADSs issued to the underwriters pursuant to the full exercise of their option to purchase additional shares on November 5, 2021. We received aggregate net proceeds of $24.9 million from the follow-on public offering, which includes the funds received for the additional shares issued to the underwriters, after deducting the underwriting discounts and commissions and offering expenses payable by us. Upon the completion of the follow-on public offering, the Company’s registered, issued , and outstanding share capital was nominal DKK 23,141,524. At year end, due to warrant exercise, the outstanding share capital was nominal DKK 23,203,808. We expect that the net proceeds from our initial public offering, our cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months subsequent to the issuance of this annual report. 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, 2021 ​ ​ (USD in thousands) ​ ​ Carrying ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ cash flows ​ <1 year ​ 1 – 5 years ​ >5 years ​ Total Loan from lessor (1) ​ $ 1,170 ​ $ 1,458 ​ $ 192 ​ $ 769 ​ $ 497 ​ $ 1,458 Lease liabilities ​ 2,520 ​ 3,698 ​ 326 ​ 1,223 ​ 2,149 ​ 3,698 Trade payables ​ ​ 2,848 ​ 2,848 ​ 2,848 ​ — ​ — ​ 2,848 Provisions ​ ​ 153 ​ ​ 153 ​ ​ — ​ ​ — ​ ​ 153 ​ ​ 153 Other payables ​ 46 ​ ​ 46 ​ ​ 46 ​ ​ — ​ ​ — ​ ​ 46 Total ​ $ 6,737 ​ $ 8,203 ​ $ 3,412 ​ $ 1,992 ​ $ 2,799 ​ $ 8,203 ​ (1) The loan amount as of December 31, 2021 is still subject to possible minor adjustment. Further information is provided in Note 17. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 3,673 ​ ​ 3,673 ​ ​ 3,673 ​ ​ — ​ ​ — ​ ​ 3,673 Other payables ​ 180 ​ 180 ​ 180 ​ — ​ — ​ 180 Total ​ $ 3,873 ​ $ 3,873 ​ $ 3,873 ​ $ — ​ $ — ​ $ 3,873 ​ 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 currency 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 risk 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 management 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, 2021 and 2020. 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 20 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, 2021
Operating Activities
Operating Activities	Note 6. Operating Activities Research and Development Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (6,794) ​ $ (3,337) ​ $ (2,586) Share-based compensation expenses ​ (1,051) ​ ​ (1,496) ​ ​ (1,021) Depreciation ​ (273) ​ ​ (92) ​ ​ (65) External expenses ​ (11,465) ​ ​ (5,977) ​ ​ (4,544) Total research and development expenses ​ $ (19,583) ​ $ (10,902) ​ $ (8,216) ​ During the years ended December 31, 2021, 2020 and 2019, the Company recognized $0.3 million, $0.8 million and $0.5 million, respectively, related to government grants as a reduction of research and development expenses. General and Administrative Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (1,824) ​ $ (1,098) ​ $ (517) Share-based compensation expenses ​ ​ (328) ​ ​ (1,912) ​ ​ (1,341) Professional and other fees ​ ​ (4,028) ​ ​ (2,644) ​ ​ (773) Depreciation ​ ​ (71) ​ ​ (12) ​ ​ (16) Total general and administrative expenses ​ $ (6,251) ​ $ (5,666) ​ $ (2,647) ​

Employees and Employee-Related

Employees and Employee-Related Costs	12 Months Ended
	Dec. 31, 2021
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 directors, during the year was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 Average number of full-time employees 53 ​ 33 ​ 25 Number of employees at end of period: ​ ​ ​ ​ Denmark and United States 61 ​ 35 ​ 31 Total employees, at end of period 61 ​ 35 ​ 31 ​ Employee Costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Wages and salaries ​ $ 6,909 ​ $ 4,016 ​ $ 2,819 Cash bonus ​ ​ 668 ​ ​ — ​ ​ — Share-based compensation expenses ​ ​ 1,379 ​ ​ 3,408 ​ 2,362 Defined contribution plans ​ ​ 649 ​ ​ 206 ​ 96 Other social security expenses ​ ​ 28 ​ ​ 17 ​ 12 Other staff expenses ​ ​ 364 ​ ​ 196 ​ 176 Total ​ $ 9,997 ​ $ 7,843 ​ $ 5,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Total Employee costs classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ $ 7,845 ​ $ 4,833 ​ $ 3,607 General and administrative expenses ​ ​ 2,152 ​ ​ 3,010 ​ 1,858 Total ​ $ 9,997 ​ $ 7,843 ​ $ 5,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Non-management employee benefit expenses classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ $ 6,414 ​ $ 4,009 ​ $ 2,590 General and administrative expenses ​ ​ 836 ​ ​ 611 ​ 668 Total ​ $ 7,250 ​ $ 4,620 ​ $ 3,258 ​ Remuneration to the Board of Directors and Executive Management ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (USD in thousands) Remuneration to the Executive Management: ​ ​ ​ ​ ​ Wages and salaries ​ $ 1,833 ​ $ 1,298 ​ $ 900 Share-based compensation expenses ​ ​ 514 ​ ​ 1,566 ​ 956 Total ​ ​ 2,347 ​ ​ 2,864 ​ 1,856 Remuneration to the Board of Directors: ​ ​ ​ ​ ​ ​ ​ Wages and salaries ​ ​ 313 ​ ​ — ​ ​ — Share-based compensation expenses ​ ​ 87 ​ ​ 359 ​ 351 Total ​ ​ 400 ​ ​ 359 ​ 351 Remuneration to the Board of Directors and Executive Management classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ ​ 1,431 ​ ​ 824 ​ 1,017 General and administrative expenses ​ ​ 1,316 ​ ​ 2,399 ​ 1,190 Total ​ $ 2,747 ​ $ 3,223 ​ $ 2,207 ​ The Executive Management was comprised of four members in January 2019 and expanded again to five members in October 2019, of which one member resigned in 2020 and one other member resigned in 2021. It was expanded to 5 members again in 2021.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2021
Share-Based Payments
Share-Based Payments	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 2021 vest gradually over 36 months after grant date or in the case of warrants to the Board of Directors vest immediately. 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 2021 and 2020 expire on December 31, 2032 and 2031, respectively. For the years ended December 31, 2021, 2020 and 2019, the number of warrants outstanding as a percentage of outstanding ordinary shares was 11.8%, 13.8% and 13.5%, respectively. In the second quarter of 2021, the Company granted 62,147 warrants to its Chief Medical Officer (“CMO”) which vest over 36 months . In 2019, the Company granted 150,660 warrants to its Chief Financial Officer (“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 ​ Remaining ​ ​ Number of ​ Exercise ​ Contractual ​ warrants Price/Share Life (years) Warrants granted as at December 31, 2018 ​ 1,674,324 ​ DKK 1 ​ 18 Warrants granted (1) ​ 257,832 ​ DKK 1 ​ 17 Warrants granted as at December 31, 2019 1,932,156 DKK 1 17 Warrants granted ​ 363,168 DKK 1 11 Warrants forfeited ​ (45,216) ​ DKK 1 ​ 16 Warrants cancelled ​ (22,032) ​ DKK 1 ​ 16 Warrants granted as at December 31, 2020 ​ 2,228,076 ​ DKK 1 ​ 15 Warrants granted during 2021 (2) ​ 63,802 DKK 1 10 Warrants granted December 2021 ​ 523,599 ​ USD 5.38 ​ 10 Warrants exercised ​ (62,284) (3) DKK 1 ​ ​ Warrants forfeited ​ (10,178) ​ 1 ​ ​ Warrants cancelled ​ (10,397) ​ 1 ​ ​ Warrants granted as at December 31, 2021 ​ 2,732,618 ​ DKK 7.53 (4) 13 Warrants exercisable as at December 31, 2019 ​ — ​ — ​ — Warrants exercisable as at December 31, 2020 ​ — ​ — ​ — Warrants exercisable as at December 31, 2021 2,072,122 ​ ​ (1) ​ (2) Of which 62,147 warrants were legally granted in June 2021 and the remaining 1,655 warrants were legally granted in December 2020. ​ (3) The share price at the exercise date was USD 5.59. (4) December 31, 2021 USD-end rate used. ​ During 2019 employees, external consultants, executive management and board members became contractually entitled to warrants that was rectified on December 17, 2020: ● 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. ● In June 2021, 62,147 were granted to a member of Executive Management. Fair value at grant date amounted to $0.4 million. ● During 2021, an aggregate of 523,599 warrants attributable to 2021 entitlements were granted to employees, member of our board of directors and executive management. Of the warrants 22,916 were granted to our board of directors vested immediately. The warrants granted to employees and executive management vest over 36 months . Fair value at grant date amounted to $1.5 million. ● For the year ended December 31, 2019 the Company had 22,032 outstanding warrants to SDU employees and recognized an immaterial amount of expense for these warrants 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. ● A member of the executive board terminated his employment contract as of October, 2021 but no granted warrants remained unvested as of that date. Share-based compensation expenses included in the statements of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Research and development expenses ​ $ 1,051 ​ $ 1,496 ​ $ 1,021 General and administrative expenses ​ ​ 328 ​ ​ 1,912 ​ 1,341 Total ​ $ 1,379 ​ $ 3,408 ​ $ 2,362 ​ In 2020 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 until December 2021 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. Subsequent to the Company’s initial public offering completed in February 2021, 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 was 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. The following assumptions have been applied for the warrants issued in December 2021: ​ ​ ​ ​ ​ ​ Expected term (in years) ​ 6.5 ​ Risk-free interest rate ​ 1.34 ​ Expected volatility ​ 85.0 % Share price ​ $ 4.20 ​ ​ The exercise price of the warrants issued in June 2021 was DKK 1 and consequently, the warrants have virtually no time value. Therefore, fair value of the warrants has been determined as the intrinsic value based on a share price of $6.24. 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, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) 20.91 701,356 1 15 Grant (September 2017) 28.71 617,184 1 15 Grant (December 2017) 28.71 122,040 1 15 Grant (during 2018) 37.05 174,564 1 15 Grant (February 2019) 42.57 7,956 1 15 Grant (September 2019) 56.35 54,000 1 15 Grant (October 2019) 56.97 150,660 1 15 Grant (December 2020) 56.75 317,457 1 9 Grant (April 2021) 45.31 1,655 1 10 Grant (June 2021) 40.86 62,147 1 10 Grant (December 2021) ​ 19.22 ​ 523,599 ​ USD 5.38 ​ 10 Granted at December 31, 2021 2,732,618 Warrants exercisable at December 31, 2021 ​ ​ — ​ ​ ​ ​ ​ 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 Board of Directors and Executive Management holding of share awards for the years ended December 31, 2019, 2020 and 2021 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants held when ​ ​ ​ ​ ​ ​ ​ Warrants held when ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ becoming or leaving ​ ​ ​ ​ ​ ​ ​ becoming or leaving ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ ​ ​ December 31, Number of warrants held 2018 Granted 2019 of management Granted Forfeited 2020 of management Granted Exercised Forfeited 2021 Thomas William Wylonis(former) 1 ​ 342,612 ​ — ​ 342,612 ​ (369,252) ​ 26,640 ​ — ​ 369,252 ​ — ​ — ​ — ​ — ​ 369,252 Steven Projan ​ 23,436 ​ — ​ 23,436 ​ — ​ 18,612 ​ — ​ 42,048 ​ — ​ 4,583 ​ — ​ — ​ 46,631 Roberto Prego 19,800 — 19,800 — 14,364 ​ — ​ 34,164 ​ — ​ 4,583 ​ — ​ — ​ 38,747 Joann Suzich(former) 7 — — — — 10,260 ​ — ​ 10,260 ​ — ​ — ​ — ​ — ​ 10,260 Marianne Søgaard 2 ​ — ​ — ​ — ​ 65,952 ​ 28,368 ​ — ​ 94,320 ​ — ​ 9,167 ​ — ​ — ​ 103,487 Helen Boudreau (former) 3 — ​ — ​ — ​ — ​ 5,436 ​ — ​ 5,436 ​ — ​ — ​ (5,436) ​ — ​ — Kim Bjørnstrup (former) 4 — ​ — ​ — ​ (5,868) ​ 5,868 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Lars Holtug ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 4,583 ​ — ​ — ​ 4,583 Board of Directors in total 385,848 — 385,848 (309,168) 109,548 ​ — ​ 555,480 ​ — ​ 22,916 ​ (5,436) ​ — ​ 572,960 Lars Aage Staal Wegner 844,416 — 844,416 — 7,668 ​ — ​ 852,084 ​ — ​ 64,167 ​ — ​ — ​ 916,251 Birgitte Rønø ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 29,376 ​ 45,000 ​ — ​ — ​ 74,376 Thomas Bogenrieder (former) 5 4,356 45,216 49,572 (4,356) — ​ (45,216) ​ 4,356 ​ — ​ — ​ — ​ — ​ 4,356 Erik Heegaard ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 97,564 ​ — ​ — ​ 97,564 Glenn S. Vraniak (former) 6 ​ — 150,660 150,660 — — ​ — ​ 150,660 ​ — ​ — ​ — ​ — ​ 150,660 Executive Management in total ​ 848,772 195,876 1,044,648 (4,356) 7,668 ​ (45,216) ​ 1,007,100 ​ 29,376 ​ 206,731 ​ — ​ — ​ 1,243,207 (1) Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Director 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 to May 25, 2021. (4) Board member from June 30, 2020 to November 4, 2020. (5) Part of Executive Management until March 31, 2020. (6) Mr. Vraniak resigned as the Chief Financial Officer of the Company effective November 1, 2021. (7) Board member until May 25, 2021.

Financial Income and Expenses

Financial Income and Expenses	12 Months Ended
	Dec. 31, 2021
Financial Income and Expenses
Financial Income and Expenses	Note 9. Financial Income and Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Financial income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income, bank ​ $ — ​ $ — ​ $ 8 Interest income, other ​ ​ — ​ ​ — ​ 1 Foreign exchange gains ​ ​ 2,039 ​ ​ 216 ​ 56 Total financial income ​ ​ 2,039 ​ ​ 216 ​ 65 Financial expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ (5) ​ ​ (29) ​ (36) Changes in fair value of convertible debt instruments ​ ​ — ​ ​ — ​ (1,183) Interest expenses, lease liabilities ​ ​ (123) ​ ​ — ​ (3) Interest, loan from lessor ​ ​ (31) ​ ​ — ​ ​ — Foreign exchange losses ​ ​ (756) ​ ​ (194) ​ — Total financial expenses ​ ​ (915) ​ ​ (223) ​ (1,222) Net financial items ​ $ 1,124 ​ $ (7) ​ $ (1,157) ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 10. Income Taxes (a) Analysis of charge/(credit) for the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Income tax expense/(benefit) ​ $ (178) ​ $ (1,557) ​ $ (825) Total income taxes for the year ​ $ (178) ​ $ (1,557) ​ $ (825) ​ On December 31, 2021, the Company had tax loss carry-forwards in Denmark of $9.5 million (2020: $3.8 million in Denmark; 2019: $1.3 million in Denmark) for income tax purposes, all of which can be carried forward infinitely according to Danish Corporate Income Tax Act. As of December 31, 2021, the Company did not have any tax loss carry-forwards in any other tax jurisdictions. 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, ​ ​ 2021 2020 2019 ​ Statutory corporate income tax rate in Denmark 22 % 22 % 22 % Difference in corporate income tax rate in subsidiaries ​ — % — ​ — ​ Non-deductible income / (expenses) — % (1) % (5) % Non-taxable income / (expenses) ​ — % 1 % — ​ Additional tax deduction R&D expenses ​ 6 % 3 % — ​ Tax credit research and development expenditures (4) % 9 % 7 % Change in deferred tax asset not capitalized (23) % (25) % (17) % Total effective tax rate 1 % 9 % 7 % ​ (c) Deferred tax in the statements of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Deferred Tax Positions: ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ 2,118 ​ $ 4,289 ​ $ 3,034 Loss carry forward ​ ​ 9,530 ​ ​ 3,759 ​ 1,270 Research and development expenditures ​ ​ — ​ ​ 262 ​ ​ — Other items ​ ​ (98) ​ ​ (6) ​ ​ (34) Valuation allowance on deferred tax assets ​ ​ (11,550) ​ ​ (8,042) ​ (4,270) 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 are tax deductible in 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, 2021
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 2021, 2020 and 2019, the dilutive potential shares are anti-dilutive for the earnings per share calculation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (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 ​ $ (24,532) ​ $ (15,018) ​ $ (11,195) Weighted-average number of ordinary shares outstanding ​ ​ 19,493,143 ​ ​ 15,434,758 ​ 13,892,314 Loss per share before and after dilution ​ $ (1.26) ​ $ (0.97) ​ $ (0.81) ​ 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, ​ 2021 2020 2019 Warrants 2,732,618 ​ 2,228,076 ​ 2,059,128 ​

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2021
Intangible assets
Intangible assets	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 I/IIa 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 years ended December 31, 2021 and 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. ​ The Company did not recognize any amortization expense for the years ended December 31, 2021, and 2020 as the asset has not been put in use. ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ ​ ​ Assets ​ Total ​ ​ (USD in thousands) Cost at December 31, 2020 ​ $ 100 ​ $ 100 Additions during the year ​ — ​ — Exchange rate adjustments ​ (7) ​ (7) Cost at December 31, 2021 ​ 93 ​ 93 Amortization at December 31, 2020 ​ — ​ — Amortization for the year ​ — ​ — Exchange rate adjustment ​ — ​ — Amortization at December 31, 2021 ​ — ​ — Carrying amount at December 31, 2021 ​ $ 93 ​ $ 93 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021
Property, Plant and Equipment
Property, Plant and Equipment	Note 13. Property and Equipment, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Leasehold ​ ​ ​ ​ ​ Property Equipment Improvements Total ​ ​ (USD in thousands) Cost at December 31, 2020 ​ $ 257 ​ $ 263 ​ $ — ​ $ 520 Additions during the year ​ 2,891 ​ 1,025 ​ 1,634 ​ 5,550 Disposals during the year ​ ​ (244) ​ ​ — ​ ​ — ​ ​ (244) Exchange rate adjustments ​ (148) ​ (63) ​ (67) ​ (278) Cost at December 31, 2021 ​ 2,756 ​ 1,225 ​ 1,567 ​ 5,548 Depreciation at December 31, 2020 ​ $ (237) ​ $ (62) ​ $ — ​ $ (299) Depreciation for the year ​ (179) ​ (105) ​ (59) ​ (343) Depreciation reversed on disposals during the year ​ ​ 244 ​ ​ — ​ ​ — ​ ​ 244 Exchange rate adjustment ​ 17 ​ 6 ​ 1 ​ 24 Depreciation at December 31, 2021 ​ (155) ​ (161) ​ (58) ​ (374) Carrying amount at December 31, 2021 ​ $ 2,601 ​ $ 1,064 ​ $ 1,509 ​ $ 5,174 Carrying amount of right-of-use assets at December 31, 2021 ​ $ 2,601 ​ $ — ​ $ — ​ $ 2,601 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ (62) ​ (299) Carrying amount at December 31, 2020 ​ $ 20 ​ $ 201 ​ $ 221 Carrying amount of right-of-use assets at December 31, 2020 ​ $ 20 ​ $ — ​ $ 20 ​ Depreciation included in the statement of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Research and development ​ $ 270 ​ $ 90 ​ $ 64 General and administrative ​ ​ 73 ​ ​ 15 ​ 16 Total depreciation included in the statement of comprehensive loss ​ $ 343 ​ $ 105 ​ $ 80 Total accumulated depreciation of right-of-use assets at December 31, ​ $ 557 ​ $ 236 ​ $ 145 ​

Prepayments and other receivabl

Prepayments and other receivables	12 Months Ended
	Dec. 31, 2021
Prepayments and other receivables
Prepayments and other receivables	Note 14. Prepayments and other receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (USD in thousands) VAT receivables ​ $ 387 ​ $ 376 Prepayments ​ 638 ​ 1,175 Other receivables ​ 113 ​ 2 Total prepayments and other receivables ​ $ 1,138 ​ $ 1,553 ​

Other Payables

Other Payables	12 Months Ended
	Dec. 31, 2021
Other Payables
Other Payables	Note 15. Other Payables ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (USD in thousands) Employee cost liabilities ​ $ 989 ​ $ 1,054 Other liabilities ​ 46 ​ 180 Total other payables ​ $ 1,035 ​ $ 1,234 ​

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents
Cash and Cash Equivalents	Note 16. Cash and Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (USD in thousands) Cash and cash equivalents ​ $ 32,166 ​ $ 5,834 Total cash and cash equivalents ​ $ 32,166 ​ $ 5,834 ​ Cash and cash equivalents consist mainly of cash on deposit with banks. Changes in Net Working Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Changes in receivables and tax receivables ​ $ 1,863 ​ $ (2,501) ​ $ (337) Changes in trade payables ​ ​ (647) ​ ​ 1,798 ​ 507 Changes in other payables ​ ​ 21 ​ ​ 918 ​ 403 Changes in net working capital ​ $ 1,237 ​ $ 215 ​ $ 573 ​ 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, ​ 2021 2020 2019 ​ ​ (USD in thousands) Income taxes ​ $ (178) ​ $ (1,557) ​ $ (825) Tax credit schemes accounted for as grants ​ ​ (12) ​ ​ (510) ​ ​ — Depreciation ​ ​ 344 ​ ​ 105 ​ 81 Interest income ​ ​ — ​ ​ — ​ (9) Interest expense ​ ​ 159 ​ ​ 30 ​ 39 Share-based compensation expenses ​ ​ 1,379 ​ ​ 3,408 ​ 2,362 Acquisition of property, plant and equipment ​ ​ (90) ​ ​ — ​ ​ — Change in fair value of convertible debt instruments ​ ​ — ​ ​ — ​ 1,183 Other adjustments: Other adjustments, primarily exchange rate adjustments ​ ​ (1,061) ​ ​ 107 ​ 114 Total adjustments for non-cash items ​ $ 541 ​ $ 1,583 ​ $ 2,945 ​ Reconciliation of Liabilities from Financing Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Exchange rate ​ December 31, (USD in thousands) 2020 Cash flows interest Additions adjustment 2021 Lease liabilities ​ $ 20 ​ $ (226) ​ $ 123 ​ $ 2,731 ​ $ (128) ​ $ 2,520 Loan from lessor ​ ​ — ​ ​ — ​ ​ 31 ​ ​ 1,269 ​ ​ (130) ​ ​ 1,170 Provisions ​ ​ — ​ ​ — ​ ​ — ​ ​ 161 ​ ​ (8) ​ ​ 153 Total liabilities from financing activities ​ $ 20 ​ $ (226) ​ $ 154 ​ $ 4,161 ​ $ (266) ​ $ 3,843 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 17. Leases 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, 2019,2020 and 2021, 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 of the 839 square meters of office space was February 1, 2021 and the lease continues for a term of 10 years from that date. The commencement date for the additional laboratory space was August 13, 2021 and the lease continues for a term of 10 years with a subsequent 12-month cancellation notice period. The lease agreement contains an early termination provision which would trigger a termination fee of $2.7 million. The initial monthly payment is expected to be between $28,000 and $30,000, which consists of $12,000 for the office space, and is expected to be between $16,000 and $18,000 for the laboratory space. Through-out the term, the lease is subject to annual increases ranging from two to four percent on the annual lease payment amount. The Company had one operating lease in Copenhagen, Denmark as of December 31, 2020. 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, 2021, 2020 and 2019, 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, 2020 ​ $ 20 ​ $ 20 Additions ​ 2,891 ​ 2,731 Depreciation ​ (179) ​ — Interest Expense ​ — ​ 123 Payments ​ — ​ (226) Translation ​ (131) ​ (128) At December 31, 2021 ​ $ 2,601 ​ $ 2,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ The total cash outflow for leases was $0.2 million in 2021, and $0.2 million in 2020. ​ Loan from Lessor ​ In addition to the ordinary lease payments, the Company obtained financing from DTU Science Park A/S (“DTU”) for rebuilding the laboratory facility and engineering building to match the Company’s needs. The Company will repay the $1.3 million financing at a fixed interest rate of 6% over 8 years . If the lease is terminated due to default by the Company before the outstanding balance, including interest accrued, has been repaid, the remaining balance is due immediately. The finance liability is recorded at costs, which approximates fair value at the time of issuance. As of December 31, 2021, the Company is still in discussions with DTU on the actual costs incurred. ​ As a result of the finance structure this amount is not included as Purchase of property and equipment within the consolidated statements of cash flows. The leasehold improvements recognized will be subject for adjustment when the actual costs incurred are made available from DTU. ​ The following table sets forth the finance liability (in thousands): ​ ​ ​ ​ ​ December 31, ​ ​ 2021 Loan from lessor $ 1,170 Total Loan from lessor 1,170 Less: Loan from lessor, current portion (126) Total Loan from lessor, net of current portion $ 1,044 ​

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	Note 18. Debt In August 2020, we executed a loan agreement, or the EIB Loan Agreement, with the European Investment Bank, or EIB, for a principal amount of €20.0 million, divided into three tranches of €7.0 million, €6.0 million and €7.0 million on the EIB Loan. Under the EIB Loan Agreement, the EIB Loan tranche balances are due six years from their respective disbursement dates. For all tranches, EIB is entitled to an aggregate of 1,047,744 cash settled warrants with an exercise price of 1 DKK per warrant. The 351,036 warrants attributable to the first tranche of €7.0 million were incorporated in the articles of association on December 17, 2020. As of December 31, 2021, the Company initiated the draw down of the first tranche of the EIB Loan Agreement amounting to €7.0 million. The Company received the first tranche of €7.0 million on February 17, 2022.

Capital Structure and Financial

Capital Structure and Financial Matters	12 Months Ended
	Dec. 31, 2021
Capital Structure and Financial Matters
Capital Structure and Financial Matters	Note 19. 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 third quarter of 2020 “bridging round” of capital with outside investors have a total amount of $144,022. In February 2021, we completed our IPO through which we issued and sold 3,000,000 American Depositary Shares, or 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 $25.3 million from the IPO, after deducting the underwriting discounts and commissions and offering expenses. Upon the completion of the IPO, our registered, issued, and outstanding share capital was nominal DKK 19,198,668. In November 2021, we completed a follow-on public offering through which we issued and sold 3,942,856 ADSs, each of which represents one ordinary share, at a price to the public of $7.00 per ADS. The shares issued were inclusive of the 514,285 ADSs issued to the underwriters pursuant to the full exercise of their option to purchase additional shares on November 5, 2021. The Company received aggregate net proceeds of $24.9 million from the follow-on public offering, which includes the funds received for the additional shares issued to the underwriters, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the follow-on public offering, the Company’s registered, issued , and outstanding share capital was nominal DKK 23,141,524. At year end, due to warrant exercise, the outstanding share capital was nominal DKK 23,203,808. The following are changes in the Company’s share capital for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ Ordinary Shares (DKK in thousands) 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 Capital increase at February 9, 2021 (for initial public offering) ​ 3,000,000 ​ 3,000 Capital increase at November 9, 2021 (for follow-on offering) 3,942,856 3,943 Capital increase November 2021 (exercised warrants) ​ 62,284 ​ 63 Share capital, December 31, 2021 23,203,808 23,204 ​ The Company’s share capital consists of the following ordinary shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 ​ ​ (USD in thousands) Authorized, issued and fully paid ​ ​ ​ ​ ​ ​ 23,203,808 (2020: 16,198,668) ordinary shares of DKK 1 each (2020: ordinary shares of DKK 1 each) ​ $ 3,755 ​ $ 2,648 ​ ​ $ 3,755 ​ $ 2,648 ​ 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 2021 2020 2019 Niels Iversen Møller ​ 4,292,604 ​ 4,292,604 ​ 4,292,604 Andreas Holm Mattsson 4,163,832 ​ 4,163,832 ​ 4,163,832 Lars Aage Staal Wegner 182,124 ​ 182,124 ​ 182,124 Executive Management in total 8,638,560 ​ 8,638,560 ​ 8,638,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2021 2020 2019 Roberto Prego 310,248 ​ 310,248 ​ 310,248 Thomas William Wylonis (former) — ​ 485,676 ​ 481,860 Marianne Søgaard ​ 41,652 ​ 41,652 ​ — Steven Projan 27,288 ​ 27,288 ​ 11,736 Board of Directors in total 379,188 ​ 864,864 ​ 803,844 ​

Convertible Debt Instruments

Convertible Debt Instruments	12 Months Ended
	Dec. 31, 2021
Debt
Convertible Debt Instruments	Note 20. 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 year ended December 31, 2019: ​ ​ ​ ​ ​ ​ Convertible loans ​ ​ (USD in thousands) 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	Note 21. Related Party Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (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) 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%) ​ $ — ​ $ — ​ $ — ​ 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, 2021, 2020 and 2019.

Contractual Obligations

Contractual Obligations	12 Months Ended
	Dec. 31, 2021
Contractual Obligations
Contractual Obligations	Note 22. 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. Contractual obligations At December 31, 2021, the Company had the following contractual commitments which fall due as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ (USD in thousands) ​ ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ cash flows ​ ​ <1 ear ​ ​ 1 – 2 years ​ ​ 2 – 5 years ​ ​ >5 years ​ ​ Total Purchase obligations ​ $ 72 ​ $ 72 ​ $ — ​ $ — ​ $ — ​ $ 72 Total ​ $ 72 ​ $ 72 ​ $ — ​ $ — ​ $ — ​ $ 72 ​ The Company has purchase obligations of $72 thousand due to CRO’s and a nominal amount due system provider as of December 31, 2021. 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 ear 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.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2021
Provisions
Provisions	Note 23. Provisions The Company is required to restore the lease premises of its office and laboratory space in Hørsholm, Denmark to its original condition at the end of the lease term. A provision is recognized for the present value using a discount rate based on the Company’s risk adjusted incremental borrowing rate of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalized as part of the cost of leasehold improvements and are amortized over the lease term. Changes in the provision balance during the year ended December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ Provisions ​ ​ (USD in ​ ​ thousands) Carrying amount at January 1, 2021 ​ $ — Provision recognized ​ 161 Additions ​ — Utilization of provision ​ — Change in the provision ​ — Currency adjustment ​ (8) Carrying amount at December 31, 2021 ​ $ 153 ​

Fees to auditors

Fees to auditors	12 Months Ended
	Dec. 31, 2021
Fees to auditors
Fees to auditors	Note 24. 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, 2021 and 2020. This note was prepared in accordance with the requirements of the Danish Financial Statements Act: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ (USD in thousands) Audit fees $ 177 $ 308 Audit related fees ​ 108 ​ 119 Other fees ​ 328 ​ 253 Total fees ​ $ 613 ​ $ 680 ​ 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	12 Months Ended
	Dec. 31, 2021
Events After the Reporting Period
Events After the Reporting Period	Note 25. Events After the Reporting Period EIB Loan Drawdown As of December 31, 2021, the Company initiated the draw down of the first tranche of the EIB Loan Agreement amounting to €7.0 million. The Company received the first tranche of €7.0 million on February 17, 2022. Executive Management Agreements The Company entered into agreements to hire executives in its Chief Operating Officer and Chief Financial Officer roles subsequent to the date of this annual report. The Chief Operating Officer joined the Company on March 14, 2022 and the Chief Financial Officer is expected to join the Company in August 2022. Russia’s Invasion of Ukraine On February 24, 2022, Russia invaded Ukraine creating a global conflict. The resulting conflict and retaliatory measures by the global community have created global security concerns, including the possibility of expanded regional or global conflict, which have had, and are likely to continue to have, short-term and more likely longer-term adverse impacts on Ukraine and Europe and around the globe. Potential ramifications include disruption of the supply chain including research activities and complications with the conduct of ongoing and future clinical trials of our product candidates, including patient enrollment. The Company relies on global networks of contract research organizations and clinical trial sites to enroll patients, Delays in research activities or in the conduct of our clinical trials could increase associated costs and, depending upon the duration of any delays, require us to find alternative suppliers at additional expense. In addition, the conflict between Russia and the Ukraine has had significant ramifications on global financial markets, which may adversely impact our ability to raise capital on favorable terms or at all.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Basis of preparation	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. Management has assessed the impact of new or amended and revised accounting standards and interpretations (IFRSs) issued by the IASB and IFRSs endorsed by the European Union effective on or after January 1, 2021. It is assessed that application of amendments effective from January 1, 2021 has not had a material impact on the consolidated financial statements for 2021. Furthermore, Management does not anticipate any significant impact on future periods from the adoption of these amendments. 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, AUD for Australia, and USD for the United States. 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.
Reclassifications of prior period presentation	Reclassifications of prior period presentation Certain items in prior year consolidated financial statements have been reclassified to conform to the current period’s presentation.
Basis of consolidation	Basis of consolidation The audited consolidated financial statements of the Company comprise the Statement of Financial Position as of December 31, 2021 and 2020, and the Statement of Comprehensive Loss for the twelve months ended December 31, 2021, 2020 and 2019. 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.
Currency translation of transactions and balances	Currency translation of 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.
Translation of foreign operations	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 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 timing of the expense recognition of these costs, in which case, they are reflected in the financial statements as either prepaid- or accrued expenses. 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 development 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 granted before December 2020 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. Warrants granted during 2021 are valued using a black-scholes share option pricing model. 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 Accounting for joint operations - MSD International GmbH and MSD International Business GmbH The Company has entered into a collaboration agreement with MSD International GmbH and MSD International Business GmbH (jointly ‘MSD’). Under the arrangement, the Company will share its clinical trial in which the Company’s compound and MSD’s compound is dosed in combination. In determining the accounting treatment for these types of arrangements, the Company carefully evaluates the relationship between the two parties in order to determine whether the arrangement is, in substance, a collaboration arrangement between the two parties (to be accounted for in accordance with IFRS 11, Joint Arrangements), or rather, a vendor-customer contract (to be accounted for in accordance with IFRS 15, Revenue from Contracts with Customers). Management has determined that MSD does not meet the definition of a customer under IFRS 15. Consequently, the arrangement is classified as a collaboration arrangement and is accounted for as a joint operation in accordance with IFRS 11 resulting in the recognition of the Company’s own income and expense and assets and liabilities, respectively.
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	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. Accruals for uncertain tax positions and/or valuation of government grant receivables require management to make judgments of potential exposures. Accruals for uncertain tax positions and/or valuation of government grant receivables are measured using either the most likely amount or the expected value amount, depending on which method the entity expects to better predict the resolution of the uncertainty. Tax benefits are not recognized unless the tax positions will probably be accepted by the tax authorities. This is based upon management’s interpretation of applicable laws and regulations and the expectation of how the tax authority will resolve the matter. Once considered probable of not being accepted, management reviews each material tax benefit and reflects the effect of the uncertainty in determining the related taxable amounts.
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, 2021 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	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.
Deferred offering costs	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 initial public offering (“IPO”) in February 2021, were deferred and were 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	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. Leasehold improvements and Loan from lessor The Company’s lease contract comprises funding for the customization of the premises to the Company’s specific needs. The payment is determined based on the actual costs incurred for the customization, a repayment period of 8 years and an interest rate of 6% per annum. The Company has assessed whether this is a lease component, or a leasehold improvement funded by the lessor. We have considered the following factors: 1. Which party designed the customization 2. Which party had the right to direct changes to the work 3. Who is taking on the economic risk of the cost price of the work A third party has designed the project according to the Company’s instructions, and the Company had the right to direct changes to the work during the construction period. Further, the Company has the full economic risk of the work due to 1 :1 linkage between construction costs and payments to the lessor. Consequently, the Company has assessed that the customization is a leasehold improvement funded by the lessor and accordingly presented a leasehold improvement and a corresponding liability for the loan from the lessor. 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, net. 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 Leasehold improvements ​ 11 years ​ Other equipment 5 – 10 years
Impairment of non-financial assets	Impairment of non-financial assets Assets are tested for impairment annually, or 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
Provisions	Provisions Provisions are recognized when we have an existing legal or constructive obligation as a result of events occurring prior to or on the balance sheet date, and it is probable that the utilization of economic resources will be required to settle the obligation. Provisions are measured as the best estimate of the expense necessary to settle the obligation at the balance sheet date. Provisions that are estimated to mature after more than one year after the balance sheet date are measured at their present values, using a discount rate based on the Company’s risk adjusted incremental borrowing rate.
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 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, 2021 and 2020. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost. Trade Payables Trade payables and accruals relate to the Group’s purchase of products and services from various vendors in the normal course of business. 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 20.
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	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 and intragroup receivables forming part of the net investments in our group enterprises. Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment representing the corresponding entries to the share-based payment recognized in the profit or loss, arising from our warrant programs.
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.
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 December 31, 2021 and have not been adopted for these financial statements: ● 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
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 Leasehold improvements ​ 11 years ​ Other equipment 5 – 10 years

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Instruments and Risk Management
Schedule of contractual outflows of financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ (USD in thousands) ​ ​ Carrying ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ cash flows ​ <1 year ​ 1 – 5 years ​ >5 years ​ Total Loan from lessor (1) ​ $ 1,170 ​ $ 1,458 ​ $ 192 ​ $ 769 ​ $ 497 ​ $ 1,458 Lease liabilities ​ 2,520 ​ 3,698 ​ 326 ​ 1,223 ​ 2,149 ​ 3,698 Trade payables ​ ​ 2,848 ​ 2,848 ​ 2,848 ​ — ​ — ​ 2,848 Provisions ​ ​ 153 ​ ​ 153 ​ ​ — ​ ​ — ​ ​ 153 ​ ​ 153 Other payables ​ 46 ​ ​ 46 ​ ​ 46 ​ ​ — ​ ​ — ​ ​ 46 Total ​ $ 6,737 ​ $ 8,203 ​ $ 3,412 ​ $ 1,992 ​ $ 2,799 ​ $ 8,203 ​ (1) The loan amount as of December 31, 2021 is still subject to possible minor adjustment. Further information is provided in Note 17. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 3,673 ​ ​ 3,673 ​ ​ 3,673 ​ ​ — ​ ​ — ​ ​ 3,673 Other payables ​ 180 ​ 180 ​ 180 ​ — ​ — ​ 180 Total ​ $ 3,873 ​ $ 3,873 ​ $ 3,873 ​ $ — ​ $ — ​ $ 3,873

Operating Activities (Tables)

Operating Activities (Tables)	12 Months Ended
	Dec. 31, 2021
Operating Activities
Schedule of research and development expense components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (6,794) ​ $ (3,337) ​ $ (2,586) Share-based compensation expenses ​ (1,051) ​ ​ (1,496) ​ ​ (1,021) Depreciation ​ (273) ​ ​ (92) ​ ​ (65) External expenses ​ (11,465) ​ ​ (5,977) ​ ​ (4,544) Total research and development expenses ​ $ (19,583) ​ $ (10,902) ​ $ (8,216)
Schedule of general and administrative expense components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Employee salary and benefit expenses, excluding share-based compensation ​ $ (1,824) ​ $ (1,098) ​ $ (517) Share-based compensation expenses ​ ​ (328) ​ ​ (1,912) ​ ​ (1,341) Professional and other fees ​ ​ (4,028) ​ ​ (2,644) ​ ​ (773) Depreciation ​ ​ (71) ​ ​ (12) ​ ​ (16) Total general and administrative expenses ​ $ (6,251) ​ $ (5,666) ​ $ (2,647)

Employees and Employee-Relate_2

Employees and Employee-Related Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Employees and Employee-Related Costs
Schedule of number of employees	​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 Average number of full-time employees 53 ​ 33 ​ 25 Number of employees at end of period: ​ ​ ​ ​ Denmark and United States 61 ​ 35 ​ 31 Total employees, at end of period 61 ​ 35 ​ 31
Schedule of employee costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Wages and salaries ​ $ 6,909 ​ $ 4,016 ​ $ 2,819 Cash bonus ​ ​ 668 ​ ​ — ​ ​ — Share-based compensation expenses ​ ​ 1,379 ​ ​ 3,408 ​ 2,362 Defined contribution plans ​ ​ 649 ​ ​ 206 ​ 96 Other social security expenses ​ ​ 28 ​ ​ 17 ​ 12 Other staff expenses ​ ​ 364 ​ ​ 196 ​ 176 Total ​ $ 9,997 ​ $ 7,843 ​ $ 5,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Total Employee costs classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ $ 7,845 ​ $ 4,833 ​ $ 3,607 General and administrative expenses ​ ​ 2,152 ​ ​ 3,010 ​ 1,858 Total ​ $ 9,997 ​ $ 7,843 ​ $ 5,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Non-management employee benefit expenses classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ $ 6,414 ​ $ 4,009 ​ $ 2,590 General and administrative expenses ​ ​ 836 ​ ​ 611 ​ 668 Total ​ $ 7,250 ​ $ 4,620 ​ $ 3,258
Schedule of remuneration to the Board of Directors and Executive Management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (USD in thousands) Remuneration to the Executive Management: ​ ​ ​ ​ ​ Wages and salaries ​ $ 1,833 ​ $ 1,298 ​ $ 900 Share-based compensation expenses ​ ​ 514 ​ ​ 1,566 ​ 956 Total ​ ​ 2,347 ​ ​ 2,864 ​ 1,856 Remuneration to the Board of Directors: ​ ​ ​ ​ ​ ​ ​ Wages and salaries ​ ​ 313 ​ ​ — ​ ​ — Share-based compensation expenses ​ ​ 87 ​ ​ 359 ​ 351 Total ​ ​ 400 ​ ​ 359 ​ 351 Remuneration to the Board of Directors and Executive Management classified as: ​ ​ ​ ​ ​ ​ ​ Research and development expenses ​ ​ 1,431 ​ ​ 824 ​ 1,017 General and administrative expenses ​ ​ 1,316 ​ ​ 2,399 ​ 1,190 Total ​ $ 2,747 ​ $ 3,223 ​ $ 2,207

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2021
Share-Based Payments
Schedule of granted warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Average ​ Remaining ​ ​ Number of ​ Exercise ​ Contractual ​ warrants Price/Share Life (years) Warrants granted as at December 31, 2018 ​ 1,674,324 ​ DKK 1 ​ 18 Warrants granted (1) ​ 257,832 ​ DKK 1 ​ 17 Warrants granted as at December 31, 2019 1,932,156 DKK 1 17 Warrants granted ​ 363,168 DKK 1 11 Warrants forfeited ​ (45,216) ​ DKK 1 ​ 16 Warrants cancelled ​ (22,032) ​ DKK 1 ​ 16 Warrants granted as at December 31, 2020 ​ 2,228,076 ​ DKK 1 ​ 15 Warrants granted during 2021 (2) ​ 63,802 DKK 1 10 Warrants granted December 2021 ​ 523,599 ​ USD 5.38 ​ 10 Warrants exercised ​ (62,284) (3) DKK 1 ​ ​ Warrants forfeited ​ (10,178) ​ 1 ​ ​ Warrants cancelled ​ (10,397) ​ 1 ​ ​ Warrants granted as at December 31, 2021 ​ 2,732,618 ​ DKK 7.53 (4) 13 Warrants exercisable as at December 31, 2019 ​ — ​ — ​ — Warrants exercisable as at December 31, 2020 ​ — ​ — ​ — Warrants exercisable as at December 31, 2021 2,072,122 ​ ​ (1) ​ (2) Of which 62,147 warrants were legally granted in June 2021 and the remaining 1,655 warrants were legally granted in December 2020. ​ (3) The share price at the exercise date was USD 5.59. (4) December 31, 2021 USD-end rate used. ​
Schedule of share based compensation included in statements of comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Research and development expenses ​ $ 1,051 ​ $ 1,496 ​ $ 1,021 General and administrative expenses ​ ​ 328 ​ ​ 1,912 ​ 1,341 Total ​ $ 1,379 ​ $ 3,408 ​ $ 2,362
Schedule of assumptions have been applied for the warrants issued	The following assumptions have been applied for the warrants issued in December 2021: ​ ​ ​ ​ ​ ​ Expected term (in years) ​ 6.5 ​ Risk-free interest rate ​ 1.34 ​ Expected volatility ​ 85.0 % Share price ​ $ 4.20 ​
Schedule of outstanding warrants by grant date	The following schedule specifies the outstanding warrants as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) 20.91 701,356 1 15 Grant (September 2017) 28.71 617,184 1 15 Grant (December 2017) 28.71 122,040 1 15 Grant (during 2018) 37.05 174,564 1 15 Grant (February 2019) 42.57 7,956 1 15 Grant (September 2019) 56.35 54,000 1 15 Grant (October 2019) 56.97 150,660 1 15 Grant (December 2020) 56.75 317,457 1 9 Grant (April 2021) 45.31 1,655 1 10 Grant (June 2021) 40.86 62,147 1 10 Grant (December 2021) ​ 19.22 ​ 523,599 ​ USD 5.38 ​ 10 Granted at December 31, 2021 2,732,618 Warrants exercisable at December 31, 2021 ​ ​ — ​ ​ ​ ​ ​ 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.
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, 2019, 2020 and 2021 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants held when ​ ​ ​ ​ ​ ​ ​ Warrants held when ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ becoming or leaving ​ ​ ​ ​ ​ ​ ​ becoming or leaving ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ December 31, ​ as a member ​ ​ ​ ​ ​ ​ ​ December 31, Number of warrants held 2018 Granted 2019 of management Granted Forfeited 2020 of management Granted Exercised Forfeited 2021 Thomas William Wylonis(former) 1 ​ 342,612 ​ — ​ 342,612 ​ (369,252) ​ 26,640 ​ — ​ 369,252 ​ — ​ — ​ — ​ — ​ 369,252 Steven Projan ​ 23,436 ​ — ​ 23,436 ​ — ​ 18,612 ​ — ​ 42,048 ​ — ​ 4,583 ​ — ​ — ​ 46,631 Roberto Prego 19,800 — 19,800 — 14,364 ​ — ​ 34,164 ​ — ​ 4,583 ​ — ​ — ​ 38,747 Joann Suzich(former) 7 — — — — 10,260 ​ — ​ 10,260 ​ — ​ — ​ — ​ — ​ 10,260 Marianne Søgaard 2 ​ — ​ — ​ — ​ 65,952 ​ 28,368 ​ — ​ 94,320 ​ — ​ 9,167 ​ — ​ — ​ 103,487 Helen Boudreau (former) 3 — ​ — ​ — ​ — ​ 5,436 ​ — ​ 5,436 ​ — ​ — ​ (5,436) ​ — ​ — Kim Bjørnstrup (former) 4 — ​ — ​ — ​ (5,868) ​ 5,868 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Lars Holtug ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 4,583 ​ — ​ — ​ 4,583 Board of Directors in total 385,848 — 385,848 (309,168) 109,548 ​ — ​ 555,480 ​ — ​ 22,916 ​ (5,436) ​ — ​ 572,960 Lars Aage Staal Wegner 844,416 — 844,416 — 7,668 ​ — ​ 852,084 ​ — ​ 64,167 ​ — ​ — ​ 916,251 Birgitte Rønø ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 29,376 ​ 45,000 ​ — ​ — ​ 74,376 Thomas Bogenrieder (former) 5 4,356 45,216 49,572 (4,356) — ​ (45,216) ​ 4,356 ​ — ​ — ​ — ​ — ​ 4,356 Erik Heegaard ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 97,564 ​ — ​ — ​ 97,564 Glenn S. Vraniak (former) 6 ​ — 150,660 150,660 — — ​ — ​ 150,660 ​ — ​ — ​ — ​ — ​ 150,660 Executive Management in total ​ 848,772 195,876 1,044,648 (4,356) 7,668 ​ (45,216) ​ 1,007,100 ​ 29,376 ​ 206,731 ​ — ​ — ​ 1,243,207 (1) Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Director 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 to May 25, 2021. (4) Board member from June 30, 2020 to November 4, 2020. (5) Part of Executive Management until March 31, 2020. (6) Mr. Vraniak resigned as the Chief Financial Officer of the Company effective November 1, 2021. (7) Board member until May 25, 2021.

Financial Income and Expenses (

Financial Income and Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Income and Expenses
Schedule of financial income and expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Financial income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income, bank ​ $ — ​ $ — ​ $ 8 Interest income, other ​ ​ — ​ ​ — ​ 1 Foreign exchange gains ​ ​ 2,039 ​ ​ 216 ​ 56 Total financial income ​ ​ 2,039 ​ ​ 216 ​ 65 Financial expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ ​ (5) ​ ​ (29) ​ (36) Changes in fair value of convertible debt instruments ​ ​ — ​ ​ — ​ (1,183) Interest expenses, lease liabilities ​ ​ (123) ​ ​ — ​ (3) Interest, loan from lessor ​ ​ (31) ​ ​ — ​ ​ — Foreign exchange losses ​ ​ (756) ​ ​ (194) ​ — Total financial expenses ​ ​ (915) ​ ​ (223) ​ (1,222) Net financial items ​ $ 1,124 ​ $ (7) ​ $ (1,157)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Income tax expense/(benefit) ​ $ (178) ​ $ (1,557) ​ $ (825) Total income taxes for the year ​ $ (178) ​ $ (1,557) ​ $ (825)
Schedule of reconciliation of effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 ​ Statutory corporate income tax rate in Denmark 22 % 22 % 22 % Difference in corporate income tax rate in subsidiaries ​ — % — ​ — ​ Non-deductible income / (expenses) — % (1) % (5) % Non-taxable income / (expenses) ​ — % 1 % — ​ Additional tax deduction R&D expenses ​ 6 % 3 % — ​ Tax credit research and development expenditures (4) % 9 % 7 % Change in deferred tax asset not capitalized (23) % (25) % (17) % Total effective tax rate 1 % 9 % 7 %
Schedule of deferred tax in the statements of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Deferred Tax Positions: ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ 2,118 ​ $ 4,289 ​ $ 3,034 Loss carry forward ​ ​ 9,530 ​ ​ 3,759 ​ 1,270 Research and development expenditures ​ ​ — ​ ​ 262 ​ ​ — Other items ​ ​ (98) ​ ​ (6) ​ ​ (34) Valuation allowance on deferred tax assets ​ ​ (11,550) ​ ​ (8,042) ​ (4,270) Total capitalized ​ $ — ​ $ 262 ​ $ —

Basic and Diluted Loss Per Sh_2

Basic and Diluted Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Basic and Diluted Loss Per Share
Schedule of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (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 ​ $ (24,532) ​ $ (15,018) ​ $ (11,195) Weighted-average number of ordinary shares outstanding ​ ​ 19,493,143 ​ ​ 15,434,758 ​ 13,892,314 Loss per share before and after dilution ​ $ (1.26) ​ $ (0.97) ​ $ (0.81)
Schedule of potential shares are anti-dilutive and excluded from the weighted average number of shares	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 Warrants 2,732,618 ​ 2,228,076 ​ 2,059,128

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2021
Intangible assets
Intangible assets TLG	​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ ​ ​ Assets ​ Total ​ ​ (USD in thousands) Cost at December 31, 2020 ​ $ 100 ​ $ 100 Additions during the year ​ — ​ — Exchange rate adjustments ​ (7) ​ (7) Cost at December 31, 2021 ​ 93 ​ 93 Amortization at December 31, 2020 ​ — ​ — Amortization for the year ​ — ​ — Exchange rate adjustment ​ — ​ — Amortization at December 31, 2021 ​ — ​ — Carrying amount at December 31, 2021 ​ $ 93 ​ $ 93 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021
Property, Plant and Equipment
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Leasehold ​ ​ ​ ​ ​ Property Equipment Improvements Total ​ ​ (USD in thousands) Cost at December 31, 2020 ​ $ 257 ​ $ 263 ​ $ — ​ $ 520 Additions during the year ​ 2,891 ​ 1,025 ​ 1,634 ​ 5,550 Disposals during the year ​ ​ (244) ​ ​ — ​ ​ — ​ ​ (244) Exchange rate adjustments ​ (148) ​ (63) ​ (67) ​ (278) Cost at December 31, 2021 ​ 2,756 ​ 1,225 ​ 1,567 ​ 5,548 Depreciation at December 31, 2020 ​ $ (237) ​ $ (62) ​ $ — ​ $ (299) Depreciation for the year ​ (179) ​ (105) ​ (59) ​ (343) Depreciation reversed on disposals during the year ​ ​ 244 ​ ​ — ​ ​ — ​ ​ 244 Exchange rate adjustment ​ 17 ​ 6 ​ 1 ​ 24 Depreciation at December 31, 2021 ​ (155) ​ (161) ​ (58) ​ (374) Carrying amount at December 31, 2021 ​ $ 2,601 ​ $ 1,064 ​ $ 1,509 ​ $ 5,174 Carrying amount of right-of-use assets at December 31, 2021 ​ $ 2,601 ​ $ — ​ $ — ​ $ 2,601 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ (62) ​ (299) Carrying amount at December 31, 2020 ​ $ 20 ​ $ 201 ​ $ 221 Carrying amount of right-of-use assets at December 31, 2020 ​ $ 20 ​ $ — ​ $ 20 ​ Depreciation included in the statement of comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Research and development ​ $ 270 ​ $ 90 ​ $ 64 General and administrative ​ ​ 73 ​ ​ 15 ​ 16 Total depreciation included in the statement of comprehensive loss ​ $ 343 ​ $ 105 ​ $ 80 Total accumulated depreciation of right-of-use assets at December 31, ​ $ 557 ​ $ 236 ​ $ 145

Prepayments and other receiva_2

Prepayments and other receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Prepayments and other receivables
Prepayments and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (USD in thousands) VAT receivables ​ $ 387 ​ $ 376 Prepayments ​ 638 ​ 1,175 Other receivables ​ 113 ​ 2 Total prepayments and other receivables ​ $ 1,138 ​ $ 1,553

Other Payables (Tables)

Other Payables (Tables)	12 Months Ended
	Dec. 31, 2021
Other Payables
Schedule of other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (USD in thousands) Employee cost liabilities ​ $ 989 ​ $ 1,054 Other liabilities ​ 46 ​ 180 Total other payables ​ $ 1,035 ​ $ 1,234

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (USD in thousands) Cash and cash equivalents ​ $ 32,166 ​ $ 5,834 Total cash and cash equivalents ​ $ 32,166 ​ $ 5,834
Schedule of changes in net working capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Changes in receivables and tax receivables ​ $ 1,863 ​ $ (2,501) ​ $ (337) Changes in trade payables ​ ​ (647) ​ ​ 1,798 ​ 507 Changes in other payables ​ ​ 21 ​ ​ 918 ​ 403 Changes in net working capital ​ $ 1,237 ​ $ 215 ​ $ 573
Schedule of adjustments for non-cash items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (USD in thousands) Income taxes ​ $ (178) ​ $ (1,557) ​ $ (825) Tax credit schemes accounted for as grants ​ ​ (12) ​ ​ (510) ​ ​ — Depreciation ​ ​ 344 ​ ​ 105 ​ 81 Interest income ​ ​ — ​ ​ — ​ (9) Interest expense ​ ​ 159 ​ ​ 30 ​ 39 Share-based compensation expenses ​ ​ 1,379 ​ ​ 3,408 ​ 2,362 Acquisition of property, plant and equipment ​ ​ (90) ​ ​ — ​ ​ — Change in fair value of convertible debt instruments ​ ​ — ​ ​ — ​ 1,183 Other adjustments: Other adjustments, primarily exchange rate adjustments ​ ​ (1,061) ​ ​ 107 ​ 114 Total adjustments for non-cash items ​ $ 541 ​ $ 1,583 ​ $ 2,945
Schedule of reconciliation of liabilities from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Exchange rate ​ December 31, (USD in thousands) 2020 Cash flows interest Additions adjustment 2021 Lease liabilities ​ $ 20 ​ $ (226) ​ $ 123 ​ $ 2,731 ​ $ (128) ​ $ 2,520 Loan from lessor ​ ​ — ​ ​ — ​ ​ 31 ​ ​ 1,269 ​ ​ (130) ​ ​ 1,170 Provisions ​ ​ — ​ ​ — ​ ​ — ​ ​ 161 ​ ​ (8) ​ ​ 153 Total liabilities from financing activities ​ $ 20 ​ $ (226) ​ $ 154 ​ $ 4,161 ​ $ (266) ​ $ 3,843 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2020 ​ $ 20 ​ $ 20 Additions ​ 2,891 ​ 2,731 Depreciation ​ (179) ​ — Interest Expense ​ — ​ 123 Payments ​ — ​ (226) Translation ​ (131) ​ (128) At December 31, 2021 ​ $ 2,601 ​ $ 2,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Schedule of finance liability	​ ​ ​ ​ ​ December 31, ​ ​ 2021 Loan from lessor $ 1,170 Total Loan from lessor 1,170 Less: Loan from lessor, current portion (126) Total Loan from lessor, net of current portion $ 1,044

Capital Structure and Financi_2

Capital Structure and Financial Matters (Tables)	12 Months Ended
	Dec. 31, 2021
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, 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 Capital increase at February 9, 2021 (for initial public offering) ​ 3,000,000 ​ 3,000 Capital increase at November 9, 2021 (for follow-on offering) 3,942,856 3,943 Capital increase November 2021 (exercised warrants) ​ 62,284 ​ 63 Share capital, December 31, 2021 23,203,808 23,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 ​ ​ (USD in thousands) Authorized, issued and fully paid ​ ​ ​ ​ ​ ​ 23,203,808 (2020: 16,198,668) ordinary shares of DKK 1 each (2020: ordinary shares of DKK 1 each) ​ $ 3,755 ​ $ 2,648 ​ ​ $ 3,755 ​ $ 2,648
Schedule of Executive Management's and Board of Director's holding of shares	​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2021 2020 2019 Niels Iversen Møller ​ 4,292,604 ​ 4,292,604 ​ 4,292,604 Andreas Holm Mattsson 4,163,832 ​ 4,163,832 ​ 4,163,832 Lars Aage Staal Wegner 182,124 ​ 182,124 ​ 182,124 Executive Management in total 8,638,560 ​ 8,638,560 ​ 8,638,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ordinary shares owned 2021 2020 2019 Roberto Prego 310,248 ​ 310,248 ​ 310,248 Thomas William Wylonis (former) — ​ 485,676 ​ 481,860 Marianne Søgaard ​ 41,652 ​ 41,652 ​ — Steven Projan 27,288 ​ 27,288 ​ 11,736 Board of Directors in total 379,188 ​ 864,864 ​ 803,844

Convertible Debt Instruments (T

Convertible Debt Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Convertible debt instruments
Disclosure of detailed information about borrowings [line items]
Schedule of changes in the convertible debt instruments	​ ​ ​ ​ ​ ​ Convertible loans ​ ​ (USD in thousands) 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 ​ $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (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) 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%) ​ $ — ​ $ — ​ $ — ​

Contractual Obligations (Tables

Contractual Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Contractual Obligations
Schedule of contractual commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ (USD in thousands) ​ ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ cash flows ​ ​ <1 ear ​ ​ 1 – 2 years ​ ​ 2 – 5 years ​ ​ >5 years ​ ​ Total Purchase obligations ​ $ 72 ​ $ 72 ​ $ — ​ $ — ​ $ — ​ $ 72 Total ​ $ 72 ​ $ 72 ​ $ — ​ $ — ​ $ — ​ $ 72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ (USD in thousands) ​ ​ Contractual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ cash flows <1 ear 1 – 2 years 2 – 5 years >5 years Total Purchase obligations ​ $ 712 ​ $ 712 ​ $ — ​ $ — ​ $ — ​ $ 712 Total ​ $ 712 ​ $ 712 ​ $ — ​ $ — ​ $ — ​ $ 712

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2021
Provisions
Schedule of change in provisions.	​ ​ ​ ​ ​ ​ Provisions ​ ​ (USD in ​ ​ thousands) Carrying amount at January 1, 2021 ​ $ — Provision recognized ​ 161 Additions ​ — Utilization of provision ​ — Change in the provision ​ — Currency adjustment ​ (8) Carrying amount at December 31, 2021 ​ $ 153

Fees to auditors (Tables)

Fees to auditors (Tables)	12 Months Ended
	Dec. 31, 2021
Fees to auditors
Schedule of fees to independent registered public accounting firm	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ (USD in thousands) Audit fees $ 177 $ 308 Audit related fees ​ 108 ​ 119 Other fees ​ 328 ​ 253 Total fees ​ $ 613 ​ $ 680

General Company Information (De

General Company Information (Details) kr / shares in Units, $ / shares in Units, $ in Thousands, € in Millions

Nov. 09, 2021USD ($)$ / sharesshares

Nov. 05, 2021shares

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

Nov. 30, 2021$ / shares

Feb. 28, 2021USD ($)$ / sharesshares

Dec. 31, 2021USD ($)

Feb. 17, 2022EUR (€)

Feb. 14, 2022EUR (€)

Dec. 31, 2021DKK (kr)

Nov. 09, 2021DKK (kr)

Feb. 28, 2021DKK (kr)

Feb. 05, 2021kr / sharesshares

Dec. 31, 2020USD ($)

General Company Information

Share capital

$ 3,755

kr 23,203,808

$ 2,648

Borrowings

1,170

ADS

General Company Information

Net proceeds

$ 24,900

Tranche 1

General Company Information

Borrowings | €

€ 7

Tranche 1 | EIB Loan Agreement

General Company Information

Borrowings | €

€ 7

IPO

General Company Information

Aggregate proceeds from IPO

$ 25,300

Ordinary shares authorized on capital | shares

3,000,000

3,000,000

Nominal value per share | kr / shares

kr 1

IPO | ADS

General Company Information

Nominal value per share | $ / shares

$ 10

Number of shares issued | shares

3,000,000

3,000,000

Share purchase price | $ / shares

$ 10

Net proceeds

$ 25,300

Share capital | kr

kr 19,198,668

Follow-on public offering

General Company Information

Share capital | kr

kr 23,141,524

Follow-on public offering | ADS

General Company Information

Number of shares issued | shares

3,942,856

Share purchase price | $ / shares

$ 7

$ 7

Underwriters | ADS

General Company Information

Number of shares issued | shares

514,285

Emerging Growth Company

General Company Information

Gross revenue total

1,070,000

Non-affiliates exceeds

700,000

Issued non-convertible debt securities

$ 1,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Retrospective effect of share split and bonus share issuance (Details)	Jan. 04, 2021
Summary of Significant Accounting Policies
Stock split on bonus issue of shares	2
Bonus share issuance	17

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounting for joint operation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Southern Denmark University collaboration agreement
Disclosure of joint operations [line items]
Compensation cost	$ 0.3	$ 0.3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Offering Costs (Details) $ in Thousands	Dec. 31, 2020USD ($)
Summary of Significant Accounting Policies
Deferred offering costs	$ 1,729

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leasehold improvements and Loan from lessor (Details)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Repayment loan, term	8 years
Loan, interest rate	6.00%
Correlation between construction costs and payments to lessor	100.00%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Estimated useful lives of assets (Details)	12 Months Ended
	Dec. 31, 2021
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	11 years
Other equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	5 years
Other equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	10 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Impairment of non-financial assets (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Summary of Significant Accounting Policies
Impairment loss	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Cash equivalents	$ 0	$ 0

Summary of Significant Accou_11

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 Accou_12

Summary of Significant Accounting Policies - Segment (Details)	12 Months Ended
	Dec. 31, 2021segment
Summary of Significant Accounting Policies
Number of operating business segments	1

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Loss Per Share (Details)	Jan. 04, 2021
Summary of Significant Accounting Policies
Stock split on bonus issue of shares	2
Bonus share issuance	17

Financial Instruments and Ris_3

Financial Instruments and Risk Management - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments and Risk Management
Cash and cash equivalents	$ 32,166	$ 5,834	$ 9,559	$ 7,433
Equity	$ 32,437	$ 7,038	$ 9,362	$ (931)

Financial Instruments and Ris_4

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

Nov. 09, 2021USD ($)$ / sharesshares

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

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

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

Dec. 31, 2021DKK (kr)kr / sharesshares

Dec. 31, 2021USD ($)shares

Nov. 09, 2021DKK (kr)kr / sharesshares

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

Dec. 31, 2020USD ($)shares

Dec. 31, 2020kr / shares

Aug. 10, 2020kr / shares

Dec. 31, 2019USD ($)shares

Dec. 31, 2018USD ($)shares

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

Issued share capital (in DKK)

kr 23,203,808

$ 3,755

$ 2,648

Outstanding share capital (in DKK) | $

$ 32,437

$ 7,038

$ 9,362

$ (931)

ADS

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

Net proceeds | $

$ 24,900

ADS | Initial Public Offering

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

Number of shares issued

3,942,856

3,000,000

Price per share | $ / shares

$ 7

$ 10

Net proceeds | $

$ 24,900

$ 25,300

Number of shares issued (in shares)

514,285

Ordinary Shares, nominal value of DKK 1 per share

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

Number of shares issued

269,136

745,380

Price per share | $ / shares

$ 8.89

$ 8.89

Net proceeds | $

$ 2,400

$ 6,600

Number of shares issued (in shares)

23,203,808

23,203,808

16,198,668

15,184,152

12,917,016

Nominal value per share | kr / shares

kr 1

kr 1

kr 1

Ordinary Shares, nominal value of DKK 1 per share | Initial Public Offering

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

Registered share capital (in DKK) | kr

kr 23,141,524

kr 19,198,668

Issued share capital (in DKK) | kr

23,141,524

19,198,668

Outstanding share capital (in DKK) | kr

kr 23,141,524

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 23,203,808

kr 1

Financial Instruments and Ris_5

Financial Instruments and Risk Management - Contractual undiscounted outflows (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	$ 6,737	$ 3,873
Contractual cash flow	8,203	3,873
Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	3,412	3,873
1-5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	1,992
Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,799
Loan From Lessor
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	1,170
Contractual cash flow	1,458
Loan From Lessor | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	192
Loan From Lessor | 1-5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	769
Loan From Lessor | Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	497
Lease liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	2,520	20
Contractual cash flow	3,698	20
Lease liabilities | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	326	20
Lease liabilities | 1-5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	1,223
Lease liabilities | Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,149
Trade payables
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	2,848	3,673
Contractual cash flow	2,848	3,673
Trade payables | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,848	3,673
Provision
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	153
Contractual cash flow	153
Provision | Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	153
Other payables
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	46	180
Contractual cash flow	46	180
Other payables | Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	$ 46	$ 180

Financial Instruments and Ris_6

Financial Instruments and Risk Management - Convertible debt instruments (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of expenses by nature [line items]
Share-based compensation expenses	$ (1,379)	$ (3,408)	$ (2,362)
Recognized government grants as a reduction of research and development expenses	300	800	500
Research and development
Disclosure of expenses by nature [line items]
Employee salary and benefit expenses, excluding share-based compensation	(6,794)	(3,337)	(2,586)
Share-based compensation expenses	(1,051)	(1,496)	(1,021)
Depreciation	(273)	(92)	(65)
External expenses	(11,465)	(5,977)	(4,544)
Total	(19,583)	(10,902)	(8,216)
General and administrative
Disclosure of expenses by nature [line items]
Employee salary and benefit expenses, excluding share-based compensation	(1,824)	(1,098)	(517)
Share-based compensation expenses	(328)	(1,912)	(1,341)
Professional fees	(4,028)	(2,644)	(773)
Depreciation	(71)	(12)	(16)
Total	$ (6,251)	$ (5,666)	$ (2,647)

Employees and Employee-Relate_3

Employees and Employee-Related Costs - Number of employees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number and average number of employees [abstract]
Average number of full-time employees	53	33	25
Number of employees, including consultants, by country at end of period:	61	35	31
Denmark and United States
Number and average number of employees [abstract]
Number of employees, including consultants, by country at end of period:	61	35	31

Employees and Employee-Relate_4

Employees and Employee-Related Costs - Employee Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of expenses by nature [line items]
Wages and salaries	$ 6,909	$ 4,016	$ 2,819
Cash bonus	668
Share-based compensation expenses	1,379	3,408	2,362
Defined contribution plans	649	206	96
Other social security expenses	28	17	12
Other staff expenses	364	196	176
Total employee costs	9,997	7,843	5,465
Non-management employee benefit expense	7,250	4,620	3,258
Research and development
Disclosure of expenses by nature [line items]
Share-based compensation expenses	1,051	1,496	1,021
Total employee costs	7,845	4,833	3,607
Non-management employee benefit expense	6,414	4,009	2,590
General and administrative
Disclosure of expenses by nature [line items]
Share-based compensation expenses	328	1,912	1,341
Total employee costs	2,152	3,010	1,858
Non-management employee benefit expense	$ 836	$ 611	$ 668

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, 2021USD ($)employee	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)
Disclosure of transactions between related parties [line items]
Number of members of executive management | employee	5	4	5
Executive management which resigned | employee			1	1
Board of Directors and Executive Management
Disclosure of transactions between related parties [line items]
Total			$ 2,747	$ 3,223	$ 2,207
Board of Directors and Executive Management | Research and development
Disclosure of transactions between related parties [line items]
Members of executive management			1,431	824	1,017
Board of Directors and Executive Management | General and administrative
Disclosure of transactions between related parties [line items]
Members of executive management			1,316	2,399	1,190
Executive Management
Disclosure of transactions between related parties [line items]
Wages and salaries			$ 1,833	$ 1,298	$ 900
Share-based compensation expenses			514	1,566	956
Total			2,347	2,864	1,856
Board of Directors
Disclosure of transactions between related parties [line items]
Wages and salaries			313
Share-based compensation expenses			87	359	351
Total			$ 400	$ 359	$ 351

Share-Based Payments - Warrants

Share-Based Payments - Warrants (Details)	Jan. 04, 2021kr / shares	Dec. 31, 2021kr / shares	Jun. 30, 2021	Dec. 31, 2020kr / shares	Jun. 30, 2021	Dec. 31, 2021kr / shares$ / shares	Dec. 31, 2021kr / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Aug. 10, 2020kr / shares
Share-Based Payments
Warrants as a percentage of outstanding shares						11.80%	11.80%	13.80%	13.50%
Warrants.
Share-Based Payments
Vesting period					36 months	36 months	36 months	36 months
Warrants granted		523,599	62,147	1,655	62,147	63,802	63,802	363,168	257,832
Warrants granted, price per share | (per share)						$ 5.38	kr 1	kr 1	kr 1
Warrants. | CFO
Share-Based Payments
Warrants granted									150,660
Ordinary Shares, nominal value of DKK 1 per share
Share-Based Payments
Nominal value per share		kr 1		kr 1		$ 1	kr 1	kr 1		kr 1
Ordinary Shares, nominal value of DKK 1 per share | 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, nominal value of DKK 1 per share | 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 of Warrants (Details)	Apr. 30, 2020	Dec. 31, 2021kr / shares	Jun. 30, 2021	Dec. 31, 2020kr / shares	Jun. 30, 2021	Dec. 31, 2021kr / shares$ / shares	Dec. 31, 2021kr / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares	Dec. 31, 2018kr / shares
Weighted Average Exercise Price/Share (DKK)
Warrants cancelled, price per share							kr 1
Warrants exercisable, price per share		kr 1				kr 1	kr 1
Warrants.
Number of warrants outstanding
Warrants granted at beginning of period						2,228,076	2,228,076	1,932,156	1,674,324
Warrants granted		523,599	62,147	1,655	62,147	63,802	63,802	363,168	257,832
Warrants forfeited	(45,216)					(10,178)	(10,178)	(45,216)
Exercised						(62,284)	(62,284)
Warrants cancelled						(10,397)	(10,397)	(22,032)
Warrants granted at end of period		2,732,618		2,228,076		2,732,618	2,732,618	2,228,076	1,932,156	1,674,324
Warrants exercisable		(2,072,122)				(2,072,122)	(2,072,122)
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 | (per share)						kr 5.38	1	1	1
Warrants forfeited, price per share								1
Warrants cancelled, price per share								1
Warrants granted at end of period, price per share		kr 7.53		kr 1			7.53	kr 1	kr 1	kr 1
Warrants exercisable, price per share		kr 1				kr 1	kr 1
Weighted Average Remaining Contractual Life (years)
Warrants granted, remaining contractual life						10 years	10 years	15 years	17 years	18 years
Warrants granted , remaining contractual life						13 years	13 years	11 years	17 years
Warrants forfeited , remaining contractual life						0 years	0 years	16 years
Warrants cancelled , remaining contractual life						0 years	0 years	16 years
Warrants exercisable, remaining contractual life						0 years	0 years	0 years	0 years
Other information
Price per share | $ / shares						kr 5.59

Share-Based Payments - Warran_2

Share-Based Payments - Warrants Rectified (Details) $ in Millions	1 Months Ended								3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Oct. 31, 2021	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)shares	Oct. 31, 2019USD ($)shares	Sep. 30, 2019USD ($)shares	Feb. 28, 2019USD ($)shares	Jan. 31, 2019USD ($)shares	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019	Dec. 31, 2018
Employees
Share-Based Payments
Warrants outstanding												22,032	22,032
Warrants.
Share-Based Payments
Number of share options granted in share-based payment arrangement	523,599		62,147	1,655					62,147	63,802	363,168	257,832
Warrants outstanding	2,732,618			2,228,076						2,732,618	2,228,076	1,932,156	1,674,324
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
Number of share options granted in share-based payment arrangement		0	62,147							523,599
Warrants granted with immediate vesting										22,916
Warrants Granted With Vesting Over The Next Three Years					150,660			45,216
Weighted average fair value at measurement date, share options granted | $	$ 1.5		$ 0.4		$ 1.3			$ 0.3	$ 0.4	$ 1.5
Service period					3 years					36 months
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation
Share-based compensation expenses	$ 1,379	$ 3,408	$ 2,362
Warrants.
Share-Based Compensation
Compensation for arranging investors to subscribe for shares	100
Research and development
Share-Based Compensation
Share-based compensation expenses	1,051	1,496	1,021
General and administrative
Share-Based Compensation
Share-based compensation expenses	$ 328	$ 1,912	$ 1,341

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, 2021	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 - Assumpti

Share-Based Payments - Assumptions of Warrants (Details) - Warrants.	1 Months Ended		12 Months Ended
	Jun. 30, 2021$ / shares	Jun. 30, 2021kr / shares	Dec. 31, 2021Y$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected term (in years) | Y			6.5
Risk-free interest rate			1.34%
Expected volatility			85.00%
Share price			$ 4.20
Exercise price of the warrants issued | kr / shares		kr 1
Share price	$ 6.24

Share-Based Payments - Amendmen

Share-Based Payments - Amendments to Warrants (Details) - Warrants $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
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, 2021kr / shares	Dec. 31, 2021$ / shareskr / shares	Dec. 31, 2020kr / shares	Dec. 31, 2019kr / shares
Share-Based Payments
Warrants exercisable, price per share	kr 1	kr 1
Warrants
Share-Based Payments
Number of warrants outstanding	2,732,618	2,732,618	2,228,076	1,932,156
Average exercise price per warrant			kr 1	kr 1
Remaining term to maturity			15 years	17 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	701,356	701,356	712,332	712,332
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 years
Warrants | Grant April 2017
Share-Based Payments
Per warrant average grant date fair value			kr 24.05	kr 24.05
Number of warrants outstanding			13,896	13,896
Average exercise price per warrant			kr 1	kr 1
Remaining term to maturity			16 years	17 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	617,184
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 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	122,040	122,040	127,044	138,384
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 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	174,564	174,564	181,836	192,528
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 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	kr 42.57
Number of warrants outstanding	7,956	7,956	7,956	7,956
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 years
Warrants | Grant September 2019
Share-Based Payments
Per warrant average grant date fair value	kr 56.35		kr 56.35	kr 56.35
Number of warrants outstanding	54,000	54,000	54,000	54,000
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 years
Warrants | Grant October 2019
Share-Based Payments
Per warrant average grant date fair value	kr 56.97		kr 56.97	kr 56.97
Number of warrants outstanding	150,660	150,660	150,660	150,660
Average exercise price per warrant	kr 1		kr 1	kr 1
Remaining term to maturity	15 years	15 years	16 years	17 years
Warrants | Grant December 2020
Share-Based Payments
Per warrant average grant date fair value	kr 56.75		kr 56.75
Number of warrants outstanding	317,457	317,457	363,168
Average exercise price per warrant	kr 1		kr 1
Remaining term to maturity	9 years	9 years	11 years
Warrants | Grant April 2021
Share-Based Payments
Per warrant average grant date fair value	kr 45.31
Number of warrants outstanding	1,655	1,655
Average exercise price per warrant	kr 1
Remaining term to maturity	10 years	10 years
Warrants | Grant June 2021
Share-Based Payments
Per warrant average grant date fair value	kr 40.86
Number of warrants outstanding	62,147	62,147
Average exercise price per warrant	kr 1
Remaining term to maturity	10 years	10 years
Warrants | Grant December 2021
Share-Based Payments
Per warrant average grant date fair value	kr 19.22
Number of warrants outstanding	523,599	523,599
Average exercise price per warrant | $ / shares		kr 5.38
Remaining term to maturity	10 years	10 years

Share-Based Payments - Key Mana

Share-Based Payments - Key Management Holdings (Details)	Nov. 25, 2020	Jun. 30, 2020	Dec. 31, 2021shares	Dec. 31, 2020shares	Dec. 31, 2019
Warrants
Share-Based Payments
Warrants granted at beginning of period			2,228,076	1,932,156
Warrants granted at end of period			2,732,618	2,228,076	1,932,156
Board of Directors
Share-Based Payments
Warrants granted	26,964	252
Board of Directors | Warrants
Share-Based Payments
Warrants granted at beginning of period			555,480	385,848	385,848
Warrants granted			22,916	109,548
Warrants held when becoming a member of management				(309,168)
Exercised			(5,436)
Warrants granted at end of period			572,960	555,480	385,848
Thomas William Wylonis | Warrants
Share-Based Payments
Warrants granted at beginning of period			369,252	342,612	342,612
Warrants granted				26,640
Warrants held when becoming a member of management				(369,252)
Warrants granted at end of period			369,252	369,252	342,612
Steven Projan | Warrants
Share-Based Payments
Warrants granted at beginning of period			42,048	23,436	23,436
Warrants granted			4,583	18,612
Warrants granted at end of period			46,631	42,048	23,436
Roberto Prego | Warrants
Share-Based Payments
Warrants granted at beginning of period			34,164	19,800	19,800
Warrants granted			4,583	14,364
Warrants granted at end of period			38,747	34,164	19,800
Joann Suzich | Warrants
Share-Based Payments
Warrants granted at beginning of period			10,260
Warrants granted				10,260
Warrants granted at end of period			10,260	10,260
Marianne Sgaard | Warrants
Share-Based Payments
Warrants granted at beginning of period			94,320
Warrants granted			9,167	28,368
Warrants held when becoming a member of management				65,952
Warrants granted at end of period			103,487	94,320
Helen Boudreau | Warrants
Share-Based Payments
Warrants granted at beginning of period			5,436
Warrants granted				5,436
Exercised			(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)
Lars Holtug | Warrants
Share-Based Payments
Warrants granted			4,583
Warrants granted at end of period			4,583
Executive Management | Warrants
Share-Based Payments
Warrants granted at beginning of period			1,007,100	1,044,648	848,772
Warrants granted			206,731	7,668	195,876
Warrants held when becoming a member of management			29,376	(4,356)
Forfeited				(45,216)
Warrants granted at end of period			1,243,207	1,007,100	1,044,648
Lars Aage Staal Wegner | Warrants
Share-Based Payments
Warrants granted at beginning of period			852,084	844,416	844,416
Warrants granted			64,167	7,668
Warrants granted at end of period			916,251	852,084	844,416
Birgitte Rn | Warrants
Share-Based Payments
Warrants granted			45,000
Warrants held when becoming a member of management			29,376
Warrants granted at end of period			74,376
Thomas Bogenrieder | Warrants
Share-Based Payments
Warrants granted at beginning of period			4,356	49,572	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			4,356	4,356	49,572
Erik Heegaard | Warrants
Share-Based Payments
Warrants granted			97,564
Warrants granted at end of period			97,564
Glenn S. Vraniak | Warrants
Share-Based Payments
Warrants granted at beginning of period			150,660	150,660
Warrants granted					150,660
Warrants granted at end of period			150,660	150,660	150,660

Financial Income and Expenses_2

Financial Income and Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance income:
Interest income, bank			$ 8
Interest income, other			1
Foreign exchange gains	$ 2,039	$ 216	56
Total financial income	2,039	216	65
Finance expenses:
Interest expenses	(5)	(29)	(36)
Changes in fair value of convertible debt instruments			(1,183)
Interest expenses, lease liabilities	(123)		(3)
Interest, loan from lessor	(31)
Foreign exchange losses	(756)	(194)
Total financial expenses	(915)	(223)	(1,222)
Net financial items	$ 1,124	$ (7)	$ (1,157)

Income Taxes - Analysis of char

Income Taxes - Analysis of charge(credit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Income tax benefit	$ (178)	$ (1,557)	$ (825)
Total income taxes for the year	(178)	(1,557)	(825)
Operating tax loss carry-forwards	$ 9,500	$ 3,800	$ 1,300

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of effective tax rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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%)
Non-taxable income / (expenses)		1.00%
Additional tax deduction R&D expenses	6.00%	3.00%
Tax credit research and development expenditures	(4.00%)	9.00%	7.00%
Change in deferred tax asset not capitalized	(23.00%)	(25.00%)	(17.00%)
Total effective tax rate	1.00%	9.00%	7.00%

Income Taxes - Deferred tax (De

Income Taxes - Deferred tax (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 2,118	4,289	$ 3,034
Gross | Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	9,530	3,759	1,270
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	(98)	(6)	(34)
Valuation allowance
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	$ (11,550)	$ (8,042)	$ (4,270)

Basic and Diluted Loss Per Sh_3

Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic and Diluted Loss Per Share
Net loss attributable to shareholders of Evaxion Biotech A/S	$ (24,532)	$ (15,018)	$ (11,195)
Weighted-average number of ordinary shares outstanding	19,493,143	15,434,758	13,892,314
Loss per share before and after dilution	$ (1.26)	$ (0.97)	$ (0.81)

Basic and Diluted Loss Per Sh_4

Basic and Diluted Loss Per Share - Anti-dilutive shares (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Warrants.
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares	2,732,618	2,228,076	2,059,128

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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DisclosureOfIntangibleAssetsLineItems
December 31, 2020	$ 100
December 31, 2021	93	$ 100
Cost
DisclosureOfIntangibleAssetsLineItems
December 31, 2020	100
Additions during the year		95
Exchange rate adjustments	(7)	5
December 31, 2021	93	100
Accumulated depreciation and amortisation [member]
DisclosureOfIntangibleAssetsLineItems
December 31, 2020	0
Exchange rate adjustments
Amortization for the year
December 31, 2021		$ 0

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	$ 221
Balance end of year	5,174	$ 221
Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	20
Balance end of year	2,601	20
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	20
Balance end of year	2,601	20
Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	201
Balance end of year	1,064	201
Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Balance end of year	1,509
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	520	272
Additions during the year	5,550	204
Disposals during the year	(244)
Exchange rate adjustments	(278)	44
Balance end of year	5,548	520
Cost | Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	257	179
Additions during the year	2,891	55
Disposals during the year	(244)
Exchange rate adjustments	(148)	23
Balance end of year	2,756	257
Cost | Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	263	93
Additions during the year	1,025	149
Exchange rate adjustments	(63)	21
Balance end of year	1,225	263
Cost | Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Additions during the year	1,634
Exchange rate adjustments	(67)
Balance end of year	1,567
Accumulated Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(299)	(171)
Depreciation for the year	(343)	(105)
Depreciation reversed on disposals	244
Exchange rate adjustments	24	(23)
Balance end of year	(374)	(299)
Accumulated Depreciation | Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(237)	(144)
Depreciation for the year	(179)	(71)
Depreciation reversed on disposals	244
Exchange rate adjustments	17	(22)
Balance end of year	(155)	(237)
Accumulated Depreciation | Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(236)	(145)
Balance end of year	(557)	(236)
Accumulated Depreciation | Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(62)	(27)
Depreciation for the year	(105)	(34)
Exchange rate adjustments	6	(1)
Balance end of year	(161)	$ (62)
Accumulated Depreciation | Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Depreciation for the year	(59)
Exchange rate adjustments	1
Balance end of year	$ (58)

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	$ (5,174)	$ (221)
Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation	343	105
Total property, plant and equipment	374	299	$ 171
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	(5,548)	(520)	(272)
Operating Expense
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation	343	105	80
Research and development
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation	270	90	64
General and administrative
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation	73	15	16
Property
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	(2,601)	(20)
Property | Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation	179	71
Total property, plant and equipment	155	237	144
Property | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	(2,756)	(257)	(179)
Right-of-use assets
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	(2,601)	(20)
Right-of-use assets | Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Total property, plant and equipment	$ 557	$ 236	$ 145

Prepayments and other receiva_3

Prepayments and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepayments and other receivables
VAT receivables	$ 387	$ 376
Prepayments	638	1,175
Other receivables	113	2
Total receivables	$ 1,138	$ 1,553

Other Payables (Details)

Other Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Payables
Employee cost liabilities	$ 989	$ 1,054
Other liabilities	46	180
Total other payables	$ 1,035	$ 1,234

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents
Cash and cash equivalents	$ 32,166	$ 5,834
Total cash and cash equivalents	$ 32,166	$ 5,834	$ 9,559	$ 7,433

Cash and Cash Equivalents - Cha

Cash and Cash Equivalents - Changes in Net Working Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from (used in) operating activities [abstract]
Changes in receivables and tax receivables	$ 1,863	$ (2,501)	$ (337)
Changes in trade payables	(647)	1,798	507
Changes in other payables	21	918	403
Changes in net working capital	$ 1,237	$ 215	$ 573

Cash and Cash Equivalents - Adj

Cash and Cash Equivalents - Adjustments for non-cash items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Adjustments to reconcile profit (loss) [abstract]
Income taxes	$ (178)	$ (1,557)	$ (825)
Tax credit schemes accounted for as grants	(12)	(510)
Depreciation and amortization	344	105	81
Interest income			(9)
Interest expense	159	30	39
Share-based compensation expenses	1,379	3,408	2,362
Acquisition of property, plant and equipment	(90)
Change in fair value of convertible debt instruments			1,183
Other adjustments, primarily exchange rate adjustments	(1,061)	107	114
Total adjustments for non-cash items	$ 541	$ 1,583	$ 2,945

Cash and Cash Equivalents - Rec

Cash and Cash Equivalents - Reconciliation of Liabilities from Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year	$ 20	$ 36
Cash flows	(226)	(74)
Accumulated interest	154	1
Additions	4,161	54
Exchange rate adjustment	(266)	3
Balance end of year	3,843	20
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year	20	36
Cash flows	(226)	(74)
Accumulated interest	123	1
Additions	2,731	54
Exchange rate adjustment	(128)	3
Balance end of year	2,520	$ 20
Loan From Lessor
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Cash flows
Accumulated interest	31
Additions	1,269
Exchange rate adjustment	(130)
Balance end of year	1,170
Provision
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Cash flows
Additions	161
Exchange rate adjustment	(8)
Balance end of year	$ 153

Leases (Details)

Leases (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2020USD ($)m²	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2018USD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Lease liabilities		$ 2,520,000	$ 20,000	$ 36,000
Right-to-use asset		$ 2,601,000	$ 20,000	$ 35,000
Repayment loan, term		8 years
Fixed interest rate
Disclosure of quantitative information about right-of-use assets [line items]
Repayment of lease liability	$ 1,300,000
Borrowing Interest Rates	6
Repayment loan, term	8 years
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
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
Hrsholm, Denmark | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Lease monthly payment	$ 28,000
Percentage of increase in annual lease payment	2.00%
Hrsholm, Denmark | Minimum | Laboratory space
Disclosure of quantitative information about right-of-use assets [line items]
Lease monthly payment	$ 16,000
Hrsholm, Denmark | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Lease monthly payment	$ 30,000
Percentage of increase in annual lease payment	4.00%
Hrsholm, Denmark | Maximum | Laboratory space
Disclosure of quantitative information about right-of-use assets [line items]
Lease monthly payment	$ 18,000
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, 2021	Dec. 31, 2020
Leases
Cash outflow for leases	$ 200	$ 200
Right-of-Use Asset
Balance beginning of year	20	35
Additions	2,891	54
Depreciation	(179)	(73)
Payments		4
Translation	(131)
Balance end of year	2,601	20
Lease liabilities
Balance beginning of year	20	36
Additions	2,731	54
Interest expense	123
Payments	(226)	(74)
Translation	(128)	4
Balance end of year	$ 2,520	$ 20

Leases - Summary of finance lia

Leases - Summary of finance liability (Details) $ in Thousands	Dec. 31, 2021USD ($)
Disclosure of financial liabilities [abstract]
Loan from lessor	$ 1,170
Total Loan from lessor	1,170
Less: Loan from lessor, current portion	(126)
Total Loan from lessor, net of current portion	$ 1,044

Debt (Details)

Debt (Details) € in Millions	1 Months Ended
	Aug. 31, 2020EUR (€)kr / sharesshares	Feb. 17, 2022EUR (€)	Dec. 31, 2021EUR (€)	Aug. 31, 2021loan	Dec. 17, 2020EUR (€)
Disclosure of detailed information about borrowings [line items]
Cash settled warrants | shares	1,047,744
EIB Loan Agreement
Disclosure of detailed information about borrowings [line items]
Principal amount	€ 20		€ 7
Number of tranches | loan				3
Debt instrument term	6 years
Exercise price per warrant | kr / shares	€ 1
Warrants attributable to debt | shares	351,036
EIB Loan Agreement | Tranche 1
Disclosure of detailed information about borrowings [line items]
Principal amount	€ 7	€ 7	€ 7		€ 7
EIB Loan Agreement | Tranche 2
Disclosure of detailed information about borrowings [line items]
Principal amount	6
EIB Loan Agreement | Tranche 3
Disclosure of detailed information about borrowings [line items]
Principal amount	€ 7

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)

Nov. 09, 2021USD ($)$ / sharesshares

Nov. 05, 2021shares

Feb. 05, 2021$ / sharesshares

Aug. 10, 2020kr / sharesshares

Nov. 30, 2021USD ($)$ / sharesshares

Feb. 28, 2021USD ($)$ / sharesshares

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

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

Sep. 30, 2020USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)shares

Dec. 31, 2019USD ($)shares

Dec. 31, 2021DKK (kr)kr / sharesshares

Dec. 31, 2021USD ($)shares

Nov. 30, 2021DKK (kr)shares

Nov. 09, 2021DKK (kr)

Feb. 28, 2021DKK (kr)

Feb. 05, 2021kr / shares

Dec. 31, 2020kr / shares

Dec. 31, 2018USD ($)shares

Disclosure of classes of share capital [line items]

Payments for share issue costs | $

$ 3,760,000

$ 128,000

$ 13,000

Registered, issued, and outstanding share capital

2,648,000

kr 23,203,808

$ 3,755,000

Share capital | $

$ 7,038,000

$ 9,362,000

$ 32,437,000

$ (931,000)

IPO

Disclosure of classes of share capital [line items]

Nominal value per share | kr / shares

kr 1

Follow-on public offering

Disclosure of classes of share capital [line items]

Registered, issued, and outstanding share capital | kr

kr 23,141,524

Ordinary Shares, nominal value of DKK 1 per share

Disclosure of classes of share capital [line items]

Ordinary shares issued | shares

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 | shares

745,380

Additional increase in authorized number of shares | 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 | shares

1,298,196

Payments for share issue costs | $

$ 144,022

Price per share | $ / shares

$ 8.89

$ 8.89

Net proceeds from issuance of shares | $

$ 2,400,000

$ 6,600,000

Share capital (in shares) | shares

16,198,668

15,184,152

23,203,808

23,203,808

12,917,016

ADS

Disclosure of classes of share capital [line items]

Aggregate proceeds | $

$ 24,900,000

Net proceeds from issuance of shares | $

$ 24,900,000

ADS | IPO

Disclosure of classes of share capital [line items]

Ordinary shares issued | shares

3,000,000

3,000,000

Share purchase price | $ / shares

$ 10

Aggregate proceeds | $

$ 25,300,000

Nominal value per share | $ / shares

$ 10

Price per share | $ / shares

$ 10

Net proceeds from issuance of shares | $

$ 25,300,000

Registered, issued, and outstanding share capital | kr

kr 19,198,668

Share capital (in shares) | shares

23,141,524

ADS | Follow-on public offering

Disclosure of classes of share capital [line items]

Ordinary shares issued | shares

3,942,856

Share purchase price | $ / shares

$ 7

$ 7

Price per share | $ / shares

$ 7

$ 7

Capital increase from offering (in shares) | shares

514,285

3,942,856

Capital increase from offering | $

$ 24,900,000

Share capital | kr

kr 23,141,524

ADS | Underwriters

Disclosure of classes of share capital [line items]

Ordinary shares issued | shares

514,285

Capital Structure and Financi_5

Capital Structure and Financial Matters - Changes in Share Capital (Details) $ in Thousands	Nov. 09, 2021DKK (kr)shares	Feb. 09, 2021DKK (kr)shares	Oct. 15, 2020DKK (kr)shares	Sep. 17, 2020DKK (kr)shares	Dec. 19, 2019DKK (kr)shares	Jul. 17, 2019DKK (kr)shares	Nov. 30, 2021DKK (kr)shares	Dec. 31, 2021DKK (kr)shares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020DKK (kr)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019DKK (kr)shares	Dec. 31, 2019USD ($)shares
Capital Structure and Financial Matters
Equity | $									$ 7,038		$ 9,362		$ (931)
Issuance of shares for cash | $									57,609		9,020		9,442
Settlement of convertible debt instruments | $													9,695
Equity | $									32,437		7,038		9,362
Share capital
Capital Structure and Financial Matters
Equity								kr 16,198,000	2,648	kr 15,184,000	2,481	kr 12,917,000	2,113
Issuance of shares for cash	kr 3,943,000	kr 3,000,000	kr 269,000	kr 745,000	kr 118,000	kr 998,000	kr 63,000		1,107		167		181
Settlement of convertible debt instruments | $													187
Equity								kr 23,204,000	$ 3,755	kr 16,198,000	$ 2,648	kr 15,184,000	$ 2,481
Share capital | Convertible Debt 1
Capital Structure and Financial Matters
Settlement of convertible debt instruments | kr						303,000
Share capital | Convertible Debt 2
Capital Structure and Financial Matters
Settlement of convertible debt instruments | kr						kr 848,000
Ordinary Shares, nominal value of DKK 1 per share
Capital Structure and Financial Matters
Share capital, shares, beginning of year | shares								16,198,668	16,198,668	15,184,152	15,184,152	12,917,016	12,917,016
Issuance of shares for cash, shares | shares	3,942,856	3,000,000	269,136	745,380	118,260	997,668	62,284
Share capital, shares, end of the period | shares								23,203,808	23,203,808	16,198,668	16,198,668	15,184,152	15,184,152
Ordinary Shares, nominal value of DKK 1 per share | Initial Public Offering
Capital Structure and Financial Matters
Equity | kr	kr 23,141,524
Ordinary Shares, nominal value of DKK 1 per share | Convertible Debt 1
Capital Structure and Financial Matters
Settlement of convertible debt instruments, shares | shares						302,976
Ordinary Shares, nominal value of DKK 1 per share | Convertible Debt 2
Capital Structure and Financial Matters
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	Dec. 31, 2021DKK (kr)kr / sharesshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020DKK (kr)kr / sharesshares	Dec. 31, 2020USD ($)shares	Aug. 10, 2020kr / shares	Dec. 31, 2019DKK (kr)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018DKK (kr)shares	Dec. 31, 2018USD ($)shares
Disclosure of classes of share capital [line items]
Share capital | $		$ 32,437		$ 7,038			$ 9,362		$ (931)
Share capital
Disclosure of classes of share capital [line items]
Share capital	kr 23,204	$ 3,755	kr 16,198	$ 2,648		kr 15,184	$ 2,481	kr 12,917	$ 2,113
Ordinary Shares, nominal value of DKK 1 per share
Disclosure of classes of share capital [line items]
Allotted, called up and fully paid shares | shares	23,203,808	23,203,808	16,198,668	16,198,668		15,184,152	15,184,152	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, 2021	Dec. 31, 2020	Dec. 31, 2019
Executive Management
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	8,638,560	8,638,560	8,638,560
Niels Iversen Mller
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	4,292,604	4,292,604	4,292,604
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	182,124
Board of Directors
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	379,188	864,864	803,844
Roberto Prego
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	310,248	310,248	310,248
Thomas William Wylonis
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)		485,676	481,860
Marianne Sgaard
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	41,652	41,652
Steven Projan
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	27,288	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
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 in the convertible debt instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Borrowings [abstract]
Carrying amount at beginning of year	$ 8,569
Proceeds from issuance of convertible debt instruments	152
Fair value adjustment included in finance expenses	1,183
Currency adjustment	(209)
Converted to equity	$ (9,695)
Carrying amount at end of year

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, 2021	Dec. 31, 2018DKK (kr)
Convertible Debt Instruments
Interest coupon		6.00%
Convertible debt instruments
Convertible Debt Instruments
Interest coupon		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

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Interest rate	6.00%
Convertible debt instruments
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)
Prepaid rent and deposit for a leased property from a related party		$ 7
Interest rate	7.50%

Contractual Obligations - Contr

Contractual Obligations - Contractual Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Contractual obligations
Contractual commitments	$ 72	$ 712
Less than one year
Contractual obligations
Contractual commitments	72	712
Purchase obligations
Contractual obligations
Contractual commitments	72	712
Purchase obligations | Less than one year
Contractual obligations
Contractual commitments	72	712
Purchase obligations | CRO's
Contractual obligations
Contractual commitments		600
Purchase obligations | University future partners
Contractual obligations
Contractual commitments		$ 100
Purchase obligations | System Provider
Contractual obligations
Contractual commitments	$ 72,000

Provisions (Details)

Provisions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Provisions
Provision Recognized	$ 161
Currency adjustment	(8)
Carrying amount of ending balance	$ 153

Fees to auditors (Details)

Fees to auditors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fees to auditors
Audit fees	$ 177	$ 308
Audit related fees	108	119
Other fees	328	253
Total fees	$ 613	$ 680

Events After the Reporting Pe_2

Events After the Reporting Period (Details) $ in Thousands, € in Millions	Feb. 17, 2022EUR (€)	Feb. 14, 2022EUR (€)	Dec. 31, 2021EUR (€)	Dec. 31, 2021USD ($)	Aug. 31, 2020EUR (€)
Disclosure of non-adjusting events after reporting period [line items]
Borrowings | $				$ 1,170
Tranche 1
Disclosure of non-adjusting events after reporting period [line items]
Borrowings	€ 7
EIB Loan Agreement
Disclosure of non-adjusting events after reporting period [line items]
Principal amount			€ 7		€ 20
EIB Loan Agreement | Tranche 1
Disclosure of non-adjusting events after reporting period [line items]
Borrowings		€ 7