Evaxion Biotech A/S (EVAX) 6-K 17 Aug 23 2023 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information [Line Items]
Document Type	6-K
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Evaxion Biotech A/S
Entity Central Index Key	0001828253
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 2,936	$ 4,112	$ 6,788	$ 8,916
General and administrative	2,741	2,147	5,283	3,742
Total operating expenses	5,677	6,259	12,071	12,658
Operating loss	(5,677)	(6,259)	(12,071)	(12,658)
Finance income	47	1,539	332	2,058
Finance expenses	(278)	(225)	(604)	(383)
Net loss before tax	(5,908)	(4,945)	(12,343)	(10,983)
Income tax benefit	225	177	419	424
Net loss for the period	(5,683)	(4,768)	(11,924)	(10,559)
Net loss attributable to shareholders of Evaxion Biotech A/S	(5,683)	(4,768)	(11,924)	(10,559)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	(9)	(11)	(53)	7
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Exchange differences on currency translation to presentation currency	8	(1,592)	86	(2,212)
Other comprehensive income/(loss) for the period, net of tax	(1)	(1,603)	33	(2,205)
Total comprehensive loss	(5,684)	(6,371)	(11,891)	(12,764)
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S	$ (5,684)	$ (6,371)	$ (11,891)	$ (12,764)
Loss per share - basic (in USD per share)	$ (0.21)	$ (0.20)	$ (0.46)	$ (0.45)
Loss per share - diluted (in USD per share)	$ (0.21)	$ (0.20)	$ (0.46)	$ (0.45)

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property and equipment, net	$ 4,583	$ 4,675
Government grants receivable	214	209
Tax receivables, non-current	425
Leasehold deposits, non-current	165	156
Total non-current assets	5,387	5,040
Current assets
Prepayments and other receivables	3,332	2,791
Government grants receivable, current	115	221
Tax receivables, current	802	789
Cash and cash equivalents	7,118	13,184
Total current assets	11,367	16,985
TOTAL ASSETS	16,754	22,025
EQUITY AND LIABILITIES
Share capital	4,390	3,886
Other reserves	82,402	77,076
Accumulated deficit	(84,257)	(72,659)
Total equity	2,535	8,303
Non-current liabilities
Lease liabilities, non-current	1,946	1,952
Borrowings, non-current	8,076	7,864
Provisions	147	144
Total non-current liabilities	10,169	9,960
Current liabilities
Lease liabilities, current	318	303
Warrant liability	402	573
Borrowings, current	152	136
Trade payables	1,685	2,085
Other payables	1,493	665
Total current liabilities	4,050	3,762
Total liabilities	14,219	13,722
TOTAL EQUITY AND LIABILITIES	$ 16,754	$ 22,025

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Interim Statements of Changes in Equity kr in Thousands, $ in Thousands	Share capital USD ($)	Share capital DKK (kr)	Share premium USD ($)	Foreign currency translation reserve USD ($)	Accumulated Deficit USD ($)	USD ($)
Balance at the beginning at Dec. 31, 2021	$ 3,755		$ 80,430	$ (1,316)	$ (50,432)	$ 32,437
Net loss for the period					(5,791)	(5,791)
Other comprehensive income				(602)		(602)
Share-based compensation					345	345
Balance at the end at Mar. 31, 2022	3,755		80,430	(1,918)	(55,878)	26,389
Balance at the beginning at Dec. 31, 2021	3,755		80,430	(1,316)	(50,432)	32,437
Net loss for the period						(10,559)
Balance at the end at Jun. 30, 2022	3,844		80,153	(3,521)	(60,326)	20,150
Balance at the beginning at Mar. 31, 2022	3,755		80,430	(1,918)	(55,878)	26,389
Net loss for the period					(4,768)	(4,768)
Other comprehensive income				(1,603)		(1,603)
Share-based compensation					320	320
Issuance of shares for cash	28					28
Transaction costs			(216)			(216)
Balance at the end at Jun. 30, 2022	3,844		80,153	(3,521)	(60,326)	20,150
Balance at the beginning at Dec. 31, 2022	3,886	kr 24,139	80,727	(3,651)	(72,659)	8,303
Net loss for the period					(6,241)	(6,241)
Other comprehensive income				34		34
Share-based compensation					173	173
Issuance of shares for cash	331		4,106			4,437
Transaction costs			(131)			(131)
Balance at the end at Mar. 31, 2023	4,217		84,702	(3,617)	(78,727)	6,575
Balance at the beginning at Dec. 31, 2022	3,886	24,139	80,727	(3,651)	(72,659)	8,303
Net loss for the period						(11,924)
Balance at the end at Jun. 30, 2023	4,390	27,639	86,020	(3,618)	(84,257)	2,535
Balance at the beginning at Mar. 31, 2023	4,217		84,702	(3,617)	(78,727)	6,575
Net loss for the period					(5,683)	(5,683)
Other comprehensive income				(1)		(1)
Share-based compensation					153	153
Issuance of shares for cash	173		1,363			1,536
Transaction costs paid in shares	61		(61)
Transaction costs			(45)			(45)
Balance at the end at Jun. 30, 2023	$ 4,390	kr 27,639	$ 86,020	$ (3,618)	$ (84,257)	$ 2,535

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net loss for the period	$ (11,924)	$ (10,559)
Adjustments for non-cash items	717	(949)
Interest received	98
Interest paid	(34)	(126)
Cash flow from operating activities before changes in working capital	(11,143)	(11,634)
Cash flow from changes in working capital:
Changes in net working capital	(151)	(1,742)
Net cash used in operating activities	(11,294)	(13,376)
Investing activities:
Purchase of property and equipment	(23)	(264)
Receipt (payment) of non-current financial assets - leasehold deposits	(6)	28
Net cash used in investing activities	(29)	(236)
Financing activities:
Proceeds from issuance of shares and exercise warrants, less underwriter discounts	5,973	28
Transaction costs related to issuance of shares	(176)	(221)
Proceeds from borrowings		7,849
Repayment of borrowings	(297)	(60)
Leasing installments	(163)	(158)
Net cash provided by financing activities	5,337	7,438
Net increase/(decrease) in cash and cash equivalents	(5,986)	(6,174)
Cash and cash equivalents at January 1	13,184	32,166
Exchange rate adjustments on cash and cash equivalents	(80)	(740)
Cash and cash equivalents at June 30	7,118	$ 25,252
Non-cash investing and financing activities
Acquisition of property and equipment through loan from lessor	$ 65

General Company Information

General Company Information	6 Months Ended
	Jun. 30, 2023
General Company Information
General Company Information	Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is a clinical-stage biotech company developing AI-powered immunotherapies. Evaxion uses its proprietary and scalable artificial intelligence, or AI, technology to decode the human immune system to identify and develop immunotherapies for patients in the global market. Unless the context otherwise requires, references to the “Company,” “Evaxion,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hørsholm, Denmark. The unaudited condensed consolidated interim financial statements of Evaxion Biotech A/S and its subsidiaries (collectively, the “Group”) for the three and six months ended June 30, 2023 and 2022, were approved, and authorized for issuance, by the Audit Committee of the board of directors on August 16, 2023.

Liquidity and Going Concern Ass

Liquidity and Going Concern Assessment	6 Months Ended
	Jun. 30, 2023
Liquidity and Going Concern Assessment
Liquidity and Going Concern Assessment	Note 2. Liquidity and Going Concern Assessment The Company has considered whether conditions and events exist that, when considered in aggregate, raise significant doubt about the Company’s ability to continue as a going concern for at least a year from the date of the financial statements. The Company has a history of incurring operating losses and negative cash flows from operations. The Company anticipates incurring additional losses until such time, if ever, it can complete its research and development (“R&D”) activities and obtain an out-licensing partnership for its product candidates and generate revenues from such product candidates. The Company monitors its funding situation closely to ensure that it has access to sufficient liquidity to meet its forecasted cash requirements. Analyses are run to reflect different scenarios including, but not limited to, cash runway, human capital resources and pipeline priorities to identify liquidity risk. This enables Management and the Board of Directors to prepare for new financing transactions and/ or adjust the cost base accordingly. In March 2023 the Company adjusted the organization and reprioritized development programs to focus the operations and to save costs. The Company, with its current strategic plans, anticipates that with the current cash position and the forecast cash requirements per the 2023 updated forecast, it will require additional financing to fund its operations and to continue development of its product candidates by December 2023. The Company plans to finance cash needs through equity offerings, or other capital sources, including potential collaborations or licenses and adjust spending on new and ongoing development and corporate activities, as needed. Due to the continuing operating losses, expected negative cash flows and the need for additional funding to finance future operations, the Company concluded that there is significant doubt about its ability to continue as a going concern through one year from the balance sheet date. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and discharge of its liabilities and commitments in the normal course of business. The matters that raise significant doubt about the Company’s ability to continue as a going concern also raise substantial doubt as contemplated by the Public Company Accounting Oversight Board (PCAOB) standards. The Company may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interest of current shareholders could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of the current shareholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting its ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If the Company raises funds through collaborations, licenses and other similar arrangements with third parties, it may have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable and/or may reduce the value of our ordinary shares. Failure to raise capital or enter into such other arrangements when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business plans and strategies. If the Company is unable to raise additional capital when needed, it could be forced to delay, limit, reduce or terminate its product candidate development or grant rights to develop and market its product candidates. On June 7, 2022 the Company entered into a Purchase Agreement (the “Purchase Agreement”) with an unrelated third party, Lincoln Park Capital Fund, LLC (“Lincoln Park”), to sell up to $40.0 million of its ordinary shares represented by American Depository Shares (“ADSs”) over a 36 month period. The Company is not obligated to sell any ordinary shares represented by ADSs pursuant to the Purchase Agreement and will control the timing and amount of any such sales, but in no event will Lincoln Park be required to purchase more than $1.5 million in ordinary shares represented by ADSs in any single regular purchase. The purchase agreement is dependent on a market price of the ADSs being above $0.50. Upon execution and delivery of the Purchase Agreement, the Company issued 428,572 ordinary shares represented by ADSs as consideration for a commitment fee of $1.2 million for Lincoln Park’s commitment to purchase its ordinary shares represented by ADSs under the Purchase Agreement. As of June 30, 2023, the Company had not issued and sold any additional ordinary shares represented by ADSs to Lincoln Park under the Purchase Agreement. See Note 8 for detailed information on the purchase agreement. On October 3, 2022 the Company entered into an At-The-Market Issuance Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”) to sell up to $14.4 million of its ordinary shares represented by ADSs. The Company agreed to pay JonesTrading commission equal to 3% of the gross proceeds of the sales price of all ADSs sold through them as sales agent under the Sales Agreement. The offering of the Company’s ADSs pursuant to the Sales Agreement will terminate on the earliest of (1) the sale of all of the ordinary shares subject to the Sales Agreement, or (2) termination of the Sales Agreement by the Company or JonesTrading. The Company and JonesTrading may terminate the sales agreement at any time upon ten days prior notice. JonesTrading may terminate the Sales Agreement at any time in certain circumstances, including the occurrence of a material adverse change that, in their judgment, may make it impracticable or inadvisable to market or sell the Company’s ADSs or a suspension or limitation of trading the Company’s ADSs on The NASDAQ Capital Market. The value of the remaining number of shares under this agreement amounts to approximately $3.5 million. On July 31, 2023 the Company entered into a financing agreement of up to $20.0 million with Global Growth Holding Limited (“GGH”). See Note 10 below for additional information regarding events after the reporting period.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “ Interim Financial Reporting The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 4. The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 3 of the audited financial statements as of and for the year ended December 31, 2022. Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at June 30, 2023 and have not been adopted for these financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2024) ● Amendments to IFRS 16 Accounting Policies, Lease Liability in a Sales and Leaseback (January 1, 2024) The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.

Significant Accounting Judgemen

Significant Accounting Judgements, Estimates, and Assumptions	6 Months Ended
	Jun. 30, 2023
Significant Accounting Judgements, Estimates, and Assumptions
Significant Accounting Judgements, Estimates, and Assumptions	Note 4. Significant Accounting Judgements, Estimates, and Assumptions In the application of its accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The unaudited condensed consolidated interim financial statements do not include all disclosures for critical accounting judgments and estimation uncertainties that are required in the annual consolidated financial statements, and therefore, should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022. Significant accounting estimates made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our unaudited condensed consolidated interim financial statements relate to share-based compensation. See Note 7 below for additional information regarding share-based compensation. There have been no other changes to the application of critical accounting judgments, or estimation uncertainties regarding accounting estimates.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2023
Borrowings.
Borrowings	Note 5. Borrowings ​ Loan from Lessor ​ 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. 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 amortized cost, which approximates fair value at the time of issuance. For the three months ended June 30, 2023 and 2022, interest expense related to the loan from lessor was nominal. For the six months ended June 30, 2023 and 2022, interest expense related to the loan from lessor was $0.1 million and $nil $nil $nil $nil ​ As a result of the structure of the DTU financing this amount is not included as Purchase of property, plant and equipment ​ EIB Loan ​ In August 2020, the Company executed the EIB Loan, for a principal amount of €20.0 million, divided into three tranches of tranche 1 in the amount of €7.0 million, tranche 2 in the amount of €6.0 million and tranche 3 in the amount of €7.0 million. Under the EIB Loan Agreement, the tranche balances are due six years from their respective disbursement dates. During the year ended December 31, 2021, the Company initiated the draw of the first tranche of the EIB Loan Agreement. The Company received the proceeds from the draw of the first tranche of €7.0 million (approximately $7.8 million) on February 17, 2022. The Company will repay the first tranche of the EIB Loan at a fixed interest rate of 3% per annum and a payment-in-kind interest rate of 4% per annum. The loan is amortized to maturity using an effective monthly interest rate of 0.78%. For the three months ended June 30, 2023 and 2022, interest expense related to the EIB Loan was $0.2 million and $0.1 million, respectively. For the six months ended June 30, 2023 and 2022, interest expense related to the EIB Loan was $0.4 million and $0.2 million, respectively. The loan is repayable in full six years after drawing down. Under the current business plans the Company cannot draw the remaining two tranches of the EIB loan. ​ Borrowings are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Loan from lessor ​ $ 1,081 ​ $ 1,068 EIB Loan ​ 7,147 ​ 6,932 Total Borrowings ​ 8,228 ​ 8,000 Less: Borrowings, current portion ​ (152) ​ (136) Total Borrowings, net of current portion ​ $ 8,076 ​ $ 7,864 ​

Warrant Liability

Warrant Liability	6 Months Ended
	Jun. 30, 2023
Warrant Liability
Warrant Liability	Note 6. Warrant Liability ​ The Company received the proceeds from the draw of the first tranche of the EIB Loan on February 17, 2022. In connection therewith, EIB received 351,036 EIB Warrants, at an exercise price of DKK 1 per warrant, which vested immediately, pursuant to the terms of a separate warrant agreement, the EIB Warrant Agreement. The EIB Warrants are exercisable at any time after issuance either net in cash or through payment of the exercise price and receipt of shares. Therefore, the warrant liability is recognized in full upon issuance. The liability is measured initially at its fair value and is subsequently remeasured at the present value of the redemption amount. The liability is classified in level 1 of the fair value hierarchy. Due to the fact that the exercise price is insignificant compared to the share price, there is virtually no time value. Consequently, the present value of the redemption amount is equal to the current share price. ​ As the warrant liability is a non-cash financing cost the amount related to the initial recognition of the warrant liability during the six months ended June 30, 2022 is not included within the unaudited condensed consolidated interim statements of cash flows. ​ The following table sets forth the changes to the warrant liability(in thousands): ​ ​ ​ ​ ​ ​ Warrant Liability ​ ​ (USD in thousands) Carrying amount at January 1, 2023 ​ $ 573 Remeasurement of warrant liability ​ (177) Foreign currency translation ​ ​ 7 Carrying amount at June 30, 2023 ​ $ 402 ​ ​ ​ ​ ​ ​ Warrant Liability ​ ​ (USD in thousands) Carrying amount at January 1, 2022 ​ $ — Initial recognition of warrant liability ​ 1,007 Remeasurement of warrant liability ​ (385) Foreign currency translation ​ 3 Carrying amount at June 30, 2022 ​ $ 625 ​

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jun. 30, 2023
Share-Based Payments
Share-Based Payments	Note 7. Share-Based Payments Warrant Program and Amendments The Company’s Articles of Association allow for the granting of equity compensation, in the form of equity settled warrants, to employees, consultants and Scientific Advisory Board members who provide services similar to employees, members of executive management, and the board of directors. The warrants granted in 2018 or prior vested upon the closing of our initial public offering in February 2021 (“IPO”). 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 2022, 2021, and 2020 expire on December 31, 2031. As of June 30, 2023 and 2022, the number of warrants as a percentage of outstanding ordinary shares was 8.6% and 11.0%, respectively. The following schedule specifies the granted warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Exercise ​ ​ warrants ​ Price/Share Warrants granted as at December 31, 2022 2,743,093 USD 1.50 (1) Warrants exercised (4) ​ (340,679) ​ USD 1.56 Warrants granted 10,000 USD 1.94 Warrants forfeited (25,478) USD 3.05 Warrants cancelled — — Warrants granted as at June 30, 2023 (3) 2,386,936 USD 1.51 (2) Warrants exercisable as at June 30, 2023 1,823,807 USD 1.02 (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Exercise ​ warrants Price/Share Warrants granted as at December 31, 2021 2,732,618 DKK 7.53 (1) Warrants exercised (4) ​ (201,314) ​ USD 0.16 Warrants granted 100,000 USD 2.23 Warrants forfeited (5,687) USD 5.36 Warrants cancelled — — Warrants granted as at June 30, 2022 2,625,617 USD 1.27 (2) Warrants exercisable as at June 30, 2022 2,020,351 USD 0.44 ​ (1) December 31, 2022 and 2021 USD and DKK end-rates used. (2) June 30, 2023 USD-end rate used. (3) Number of warrants exclude EIB Warrants referred to in Note 6. (4) The weighted average share price at the date of exercise was $1.56 and $2.12 for the six months ended June 30, 2023 and 2022, respectively. ​ During the six months ended June 30, 2023, the Company did not grant warrants to members of executive management. On March 15, 2023, the Company’s board of directors granted 10,000 warrants to an employee of the Company. In connection with the grant of the warrants, the Company amended its Articles of Association to provide for the grant thereof. The warrants were issued on the terms and conditions set out in the Company’s Articles of Association and vest with 1/36 During the six months ended June 30, 2022, the Company granted 100,000 warrants, of which 25,000 were granted to its Chief Operating Officer (“COO”) and 45,000 were granted to its Chief Financial Officer (“CFO”). All granted warrants will vest 1/36 Employees will be entitled to receive a number of warrants based on the individual employee’s grade and performance for 2023. The warrants will be granted in December 2023 at the share price equal to the fair market value thereof on the date of grant and vests 1/36 Subsequent to the Company’s IPO, determining the initial fair value and subsequent accounting for equity awards require significant judgment regarding expected life and volatility of an equity award; however, as a public listed company there is objective evidence of the fair value of an ordinary share on the date an equity award is granted. On the other hand, due to the fact that as of 2021, warrants will be granted at the share price on the date of grant, fair value comprises a time value which is significantly affected by the expected life and expected 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 expected 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 during the six months ended June 30, 2023 and 2022, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 ​ Expected term (in years) ​ ​ 5.0 – 7.0 ​ 6.5 ​ Risk-free interest rate ​ ​ 3.97 – 4.13 % ​ 2.43 – 3.54 % Expected volatility ​ ​ 85 % ​ 85 % Share price ​ $ 1.21 – 1.53 ​ $ 1.71 – ​ ​

Capital Structure and Financial

Capital Structure and Financial Matters	6 Months Ended
	Jun. 30, 2023
Capital Structure and Financial Matters
Capital Structure and Financial Matters	Note 8. Capital Structure and Financial Matters Share Capital – Ordinary Shares The following are changes in the Company’s share capital for the period ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share Capital ​ ​ Ordinary Shares ​ (DKK in thousands) Share capital, December 31, 2022 24,139,413 24,139 Capital increase at January 4, 2023 (JonesTrading sales agreement) ​ 634,413 ​ 634 Capital increase at January 5, 2023 (JonesTrading sales agreement) ​ 94,278 ​ 94 Capital increase at January 20, 2023 (JonesTrading sales agreement) ​ 259,407 ​ 259 Capital increase at January 24, 2023 (JonesTrading sales agreement) ​ 151,335 ​ 151 Capital increase at February 7, 2023 (JonesTrading sales agreement) ​ 96,271 ​ 96 Capital increase at February 9, 2023 (JonesTrading sales agreement) ​ 1,003,802 ​ 1,004 Capital increase at February 13, 2023 (JonesTrading sales agreement) ​ 42,808 ​ 43 Capital increase at March 3, 2023 (JonesTrading sales agreement) 16,280 16 Exercised warrants, May 17, 2023 134,730 135 Exercised warrants, May 24, 2023 ​ 51,125 ​ 51 Exercised warrants, June 1, 2023 ​ 150,000 ​ 150 Capital increase at June 5, 2023 (JonesTrading sales agreement) ​ 861,614 ​ 862 Exercised warrants, June 30, 2023 ​ 4,824 ​ 5 Share capital, June 30, 2023 ​ 27,640,300 ​ 27,639 ​ Lincoln Park Purchase Agreement On June 7, 2022, the Company entered into the Purchase Agreement, with Lincoln Park, pursuant to which the Company may elect to sell up to $40.0 under the purchase agreement with Lincoln Park. In addition, the Company may direct Lincoln Park to purchase additional amounts as accelerated purchases and additional accelerated purchases under certain circumstances. The Company is not obligated to sell any ordinary shares represented by ADSs pursuant to the Purchase Agreement and will control the timing and amount of any such sales, but in no event will Lincoln Park be required to purchase more than $1.5 million in ordinary shares represented by ADSs in any single regular purchase. The Company cannot sell ordinary shares under this agreement if beneficial ownership by Lincoln Park and its affiliates exceeds 9.99% of the Company’s issued and outstanding ADSs. On July 7, 2022, the Company filed a “selling shareholder” registration statement with the U.S. Securities and Exchange Commission (“SEC”) related to the Purchase Agreement with Lincoln Park as the selling shareholder, through which the Company registered 4,649,250 ordinary shares represented by ADSs for resale to the public by Lincoln Park. Each ADS represents one ordinary share. The Company will not receive any proceeds from the resale of ADSs by Lincoln Park, however, assuming that the Company sells the full amount of its ordinary shares represented by ADSs to Lincoln Park, under the Purchase Agreement the Company may receive up to $40.0 million in aggregate proceeds. As of June 30, 2023, the Company had issued 428,572 ordinary shares represented by ADSs to Lincoln Park. Such shares were issued to Lincoln Park as payment of the Commitment Fee in consideration for Lincoln Park’s commitment to purchase our ordinary shares represented by ADSs under the Purchase Agreement. JonesTrading Sales Agreement On October 3, 2022 the Company entered into an At-The-Market Issuance Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”) under which the Company could sell up to an aggregate of $14.4 million of its ordinary shares represented by ADSs. The Company agreed to pay JonesTrading commission equal to 3% of the gross proceeds of the sales price of all ADSs sold through them as sales agent under the Sales Agreement. The offering of the Company’s ADSs pursuant to the Sales Agreement will terminate on the earliest of (1) the sale of all of the ordinary shares subject to the Sales Agreement, or (2) termination of the Sales Agreement by the Company or JonesTrading. The Company and JonesTrading may terminate the sales agreement at any time upon ten days prior notice. JonesTrading may terminate the Sales Agreement at any time in certain circumstances, including the occurrence of a material adverse change that, in their judgment, may make it impracticable or inadvisable to market or sell the Company’s ADSs or a suspension or limitation of trading the Company’s ADSs on The NASDAQ Capital Market. During the period between October 13, 2022 and December 29, 2022 the Company sold 118,852 ordinary shares represented by ADSs, DKK 1 nominal value, with each ordinary share represented by one ADSs, at a volume weighted average price (VWAP) of $2.74 per ADS. The ordinary shares represented by ADSs were sold pursuant to the Sales Agreement with JonesTrading dated October 3, 2022. After deducting fees and expenses, total proceeds from the sales of the ordinary shares represented by ADSs were approximately $0.3 million. In connection with such sales, the Company registered aggregate share capital increases of nominal DKK 118,852 with the Danish Business Authority. During the period between January 1, 2023 and June 30, 2023 the Company sold 3,160,208 ordinary shares represented by ADSs, DKK 1 nominal value with each ordinary share represented by one ADSs, at a VWAP of $1.84 per ADS. The ordinary shares represented by ADSs were sold pursuant to the Sales Agreement with JonesTrading dated October 3, 2022. Gross proceeds from the sale of ordinary shares represented by ADSs were approximately $6.0 million. In connection with the sale, the Company registered aggregate share capital increase of nominal DKK 3,160,208. The value of the remaining number of shares under the agreement with JonesTrading amounts to approximately $3.5 million.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments And Contingencies.
Commitments And Contingencies	Note 9. Commitments and Contingencies Legal Proceedings On April 28, 2022, the Company received formal notice that on April 21, 2022, Statens Serum Institut (“SSI”), had initiated a legal proceeding against the Company in The Danish Maritime and Commercial High Court (Sø og Handelsretten), claiming sole ownership of a patent application (PCT/EP2020/050058 and subsequently national filings, EP3906045), the Company filed related to a method for treating malignant neoplasm by administering a composition comprising a high dose of neopeptides, a solvent and SSI’s liposomal adjuvant, CAF®09b, for which the Company has a non-exclusive, royalty-bearing sub-licensable license to use from SSI (the “Invention”). The patent application for the Invention relates solely to the use of the adjuvant CAF®09b in conjunction with a high dose of neopeptides in the Company’s EVX-01 product candidate. SSI’s claim to the patent application does not relate to any other aspect of the Company’s patent portfolio covering EVX-01 or the PIONEER platform technology. The patent application stems from work the Company performed under a collaboration agreement the Company entered into with SSI, DTU, Center for Cancer Immune Therapy (Herlev Hospital) and the Center for Genomic Medicine (Rigshospitalet). The patent application names the Company and certain of the Company’s employees as the sole invertors of the Invention. In its filing, SSI’s primary claim is that the Invention disclosed in the patent application was not made by the Company and its employees, but rather, that SSI and members of its staff made the Invention and, therefore, SSI and certain of its staff members should be listed as the sole inventors of the Invention. In the alternative, SSI claims that it should have co-ownership with the Company of the patent application and the Invention. It is the Company’s position that the Company and its employees are the sole inventors of the Invention. The Company believes that it has strong defenses against SSI’s claim and that SSI’s claim is without merit. The Company intends to vigorously defend the action. In any event, even if SSI’s claim were to be upheld by the court, while no assurance can be given, the Company does not expect that it would have a material impact on its rights to use the Invention in the development and commercialization of EVX-01, as the Company believes that such rights are covered by its current license agreement with SSI and SSI would be excluded from enforcing its rights in the Invention to prevent the Company from developing and commercializing its EVX-01 product candidate. As of June 30, 2023 the Company and SSI have reached an agreement to pause previously on-going court proceedings and begin out of court negotiations to resolve the dispute. It is the opinion of the Company’s Executive Management team that the ongoing legal proceedings will not have a material impact on the Company’s future financial results.

Events After the Reporting Peri

Events After the Reporting Period	6 Months Ended
	Jun. 30, 2023
Events After the Reporting Period
Events After the Reporting Period	Note 10. Events After the Reporting Period On July 31, 2023 the Company entered into a financing agreement with Global Growth Holding Limited (“GGH”), for the issuance of convertible notes into the Company’s ordinary shares represented by ADSs, DKK 1 nominal value, with each ordinary share represented by one ADSs. Pursuant to the agreement, the Company may elect to sell to GGH up to $20.0 million in such notes on any business day over the 36 month term of the agreement. The Company has the right, but not the obligation to direct GGH to purchase traches of up to $0.7 million, subject to certain limitations and conditions set forth in the agreement. In connection with the agreement, the Company is obligated to pay GGH a commitment fee totaling $1.1 million. At any time, GGH may, in its sole discretion, convert the notes into ordinary shares at specified conversion prices upon submission of a request for conversion by GGH to the Company. The financing agreement between the Company and GGH is subject to approval by the SEC through the date of issuance of this report. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Basis of Preparation	Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “ Interim Financial Reporting The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 4. The accounting policies applied are consistent with the accounting policies as outlined in the basis of presentation section included in Note 3 of the audited financial statements as of and for the year ended December 31, 2022.
Standards issued but not yet effective	Standards issued but not yet effective There were a number of standards and interpretations which were issued but were not yet effective at June 30, 2023 and have not been adopted for these financial statements, including: ● Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2024) ● Amendments to IFRS 16 Accounting Policies, Lease Liability in a Sales and Leaseback (January 1, 2024) 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.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2023
Borrowings.
Schedule of borrowings	Borrowings are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Loan from lessor ​ $ 1,081 ​ $ 1,068 EIB Loan ​ 7,147 ​ 6,932 Total Borrowings ​ 8,228 ​ 8,000 Less: Borrowings, current portion ​ (152) ​ (136) Total Borrowings, net of current portion ​ $ 8,076 ​ $ 7,864

Warrant Liability (Tables)

Warrant Liability (Tables)	6 Months Ended
	Jun. 30, 2023
Warrant Liability
Schedule of changes to the warrant liability	The following table sets forth the changes to the warrant liability(in thousands): ​ ​ ​ ​ ​ ​ Warrant Liability ​ ​ (USD in thousands) Carrying amount at January 1, 2023 ​ $ 573 Remeasurement of warrant liability ​ (177) Foreign currency translation ​ ​ 7 Carrying amount at June 30, 2023 ​ $ 402 ​ ​ ​ ​ ​ ​ Warrant Liability ​ ​ (USD in thousands) Carrying amount at January 1, 2022 ​ $ — Initial recognition of warrant liability ​ 1,007 Remeasurement of warrant liability ​ (385) Foreign currency translation ​ 3 Carrying amount at June 30, 2022 ​ $ 625

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payments
Schedule of granted warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Exercise ​ ​ warrants ​ Price/Share Warrants granted as at December 31, 2022 2,743,093 USD 1.50 (1) Warrants exercised (4) ​ (340,679) ​ USD 1.56 Warrants granted 10,000 USD 1.94 Warrants forfeited (25,478) USD 3.05 Warrants cancelled — — Warrants granted as at June 30, 2023 (3) 2,386,936 USD 1.51 (2) Warrants exercisable as at June 30, 2023 1,823,807 USD 1.02 (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Exercise ​ warrants Price/Share Warrants granted as at December 31, 2021 2,732,618 DKK 7.53 (1) Warrants exercised (4) ​ (201,314) ​ USD 0.16 Warrants granted 100,000 USD 2.23 Warrants forfeited (5,687) USD 5.36 Warrants cancelled — — Warrants granted as at June 30, 2022 2,625,617 USD 1.27 (2) Warrants exercisable as at June 30, 2022 2,020,351 USD 0.44 ​ (1) December 31, 2022 and 2021 USD and DKK end-rates used. (2) June 30, 2023 USD-end rate used. (3) Number of warrants exclude EIB Warrants referred to in Note 6. (4) The weighted average share price at the date of exercise was $1.56 and $2.12 for the six months ended June 30, 2023 and 2022, respectively.
Schedule of assumptions have been applied for the warrants issued	The following assumptions have been applied for the warrants issued during the six months ended June 30, 2023 and 2022, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ 2023 2022 ​ Expected term (in years) ​ ​ 5.0 – 7.0 ​ 6.5 ​ Risk-free interest rate ​ ​ 3.97 – 4.13 % ​ 2.43 – 3.54 % Expected volatility ​ ​ 85 % ​ 85 % Share price ​ $ 1.21 – 1.53 ​ $ 1.71 – ​

Capital Structure and Financi_2

Capital Structure and Financial Matters (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 24,139,413 24,139 Capital increase at January 4, 2023 (JonesTrading sales agreement) ​ 634,413 ​ 634 Capital increase at January 5, 2023 (JonesTrading sales agreement) ​ 94,278 ​ 94 Capital increase at January 20, 2023 (JonesTrading sales agreement) ​ 259,407 ​ 259 Capital increase at January 24, 2023 (JonesTrading sales agreement) ​ 151,335 ​ 151 Capital increase at February 7, 2023 (JonesTrading sales agreement) ​ 96,271 ​ 96 Capital increase at February 9, 2023 (JonesTrading sales agreement) ​ 1,003,802 ​ 1,004 Capital increase at February 13, 2023 (JonesTrading sales agreement) ​ 42,808 ​ 43 Capital increase at March 3, 2023 (JonesTrading sales agreement) 16,280 16 Exercised warrants, May 17, 2023 134,730 135 Exercised warrants, May 24, 2023 ​ 51,125 ​ 51 Exercised warrants, June 1, 2023 ​ 150,000 ​ 150 Capital increase at June 5, 2023 (JonesTrading sales agreement) ​ 861,614 ​ 862 Exercised warrants, June 30, 2023 ​ 4,824 ​ 5 Share capital, June 30, 2023 ​ 27,640,300 ​ 27,639

Liquidity and Going Concern A_2

Liquidity and Going Concern Assessment (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Oct. 03, 2022	Jun. 07, 2022	Dec. 29, 2022	Jun. 30, 2023	Jul. 31, 2023
Entered into financing agreement
Liquidity and Going Concern Assessment
Maximum borrowing capacity					$ 20
ADS | Entered into financing agreement
Liquidity and Going Concern Assessment
Maximum borrowing capacity					$ 20
Lincoln Park Purchase Agreement | ADS
Liquidity and Going Concern Assessment
Maximum aggregate value of shares to sell		$ 40
Period of Agreement (in months)		36 months
Maximum value of shares to sell in a single value of shares to sell in a single transaction		$ 1.5
Market price above which purchase agreement depends on (in $ per share)		$ 0.50
Number of shares issued as commitment fee		428,572
Value of shares issued as commitment fee		$ 1.2
At-The-Market Issuance Sales Agreement
Liquidity and Going Concern Assessment
Percentage of commission to be paid	3%
Shares sold (in shares)				3,160,208
Net proceeds				$ 6
At-The-Market Issuance Sales Agreement | ADS
Liquidity and Going Concern Assessment
Maximum aggregate value of shares to sell	$ 14.4
Percentage of commission to be paid	3%
Threshold period of prior notice to terminate agreement	10 days
Shares sold (in shares)			118,852
Net proceeds			$ 0.3
Value of remaining number of shares under the agreement				$ 3.5

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - EBI loan (Details) $ in Thousands, € in Millions		1 Months Ended
	Feb. 17, 2022 kr / shares	Aug. 31, 2020 EUR (€) tranche	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Borrowings | $			$ 8,228	$ 8,000
EIB Loan Agreement
Summary of Significant Accounting Policies
Principal amount		€ 20
Number of tranches | tranche		3
Debt instrument term		6 years
Exercise price per warrant | kr / shares	kr 1
Tranche One
Summary of Significant Accounting Policies
Principal amount		€ 7
Tranche Two
Summary of Significant Accounting Policies
Principal amount		6
Tranche Three
Summary of Significant Accounting Policies
Principal amount		€ 7

Borrowings - Loan from Lessor (

Borrowings - Loan from Lessor (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Oct. 31, 2020 USD ($) m²	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Borrowings
Lease space | m²	1,356
Borrowings		$ 8,228		$ 8,000
DTU Financing
Borrowings
Borrowings	$ 1,300
Payment period	8 years
Interest expense related to loan		100	$ 0
Additional borrowings related to loan		0	0
Borrowing addition		$ 100	$ 0
DTU Financing | Fixed interest rate
Borrowings
Interest rate	6%
Office space | Hrsholm, Denmark
Borrowings
Lease space | m²	839
Laboratory space | Hrsholm, Denmark
Borrowings
Lease space | m²	518

Borrowings - EIB Loan (Details)

Borrowings - EIB Loan (Details) € in Millions, $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 17, 2022 USD ($)	Feb. 17, 2022 EUR (€)	Aug. 31, 2020 EUR (€) tranche	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
EIB Loan Agreement
Borrowings
Principal amount			€ 20
Number of tranches | tranche			3
Debt instrument term			6 years
Effective interest rate, monthly	0.78%	0.78%
Interest expenses | $				$ 0.2	$ 0.1	$ 0.4	$ 0.2
Loan repayment period						6 years
Tranche One
Borrowings
Principal amount			€ 7
Proceeds from the draw of loan agreement	$ 7.8	€ 7
Tranche One | Fixed interest rate
Borrowings
Interest rate	3%	3%
Tranche One | Payment-in-kind interest rate
Borrowings
Interest rate	4%	4%
Tranche Two
Borrowings
Principal amount			6
Tranche Three
Borrowings
Principal amount			€ 7

Borrowings - Summary (Details)

Borrowings - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Borrowings
Loan from lessor	$ 1,081	$ 1,068
EIB Loan	7,147	6,932
Total Borrowings	8,228	8,000
Less: Borrowings, current portion	(152)	(136)
Total Borrowings, net of current portion	$ 8,076	$ 7,864

Warrant Liability (Details)

Warrant Liability (Details) $ in Thousands		6 Months Ended
	Feb. 17, 2022 kr / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Reconciliation of changes in fair value measurement, liabilities
Liabilities at beginning of period		$ 13,722
Liabilities at end of period		14,219
EIB Loan Agreement
Warrant Liability
Exercise price per warrant | kr / shares	kr 1
EIB Warrants | EIB Loan Agreement
Warrant Liability
Number of warrants issued | shares	351,036
Warrant liability
Reconciliation of changes in fair value measurement, liabilities
Liabilities at beginning of period		573
Initial recognition of warrant liability			$ 1,007
Remeasurement of warrant liability		(177)	(385)
Foreign currency translation		7	3
Liabilities at end of period		$ 402	$ 625

Share-Based Payments - Warrants

Share-Based Payments - Warrants (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payments
Warrants granted, price per share		$ 2.23
Warrants
Share-Based Payments
Warrants Vesting period	36 months	36 months
Warrants as a percentage of outstanding shares	8.60%	11%
Warrants granted, price per share	$ 1.94
Warrants granted	10,000	100,000
Warrants | CFO
Share-Based Payments
Warrants granted		45,000
Warrants | COO
Share-Based Payments
Warrants granted		25,000

Share-Based Payments - Schedule

Share-Based Payments - Schedule of Warrants (Details) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Mar. 15, 2023	Jan. 01, 2023 $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 $ / shares kr / shares	Jun. 30, 2022 USD ($) $ / shares
Weighted Average Exercise Price/Share
Warrants granted, price per share							$ 2.23
Warrants forfeited, price per share							$ 5.36
Warrants
Number of warrants outstanding
Warrants granted as at beginning of period		2,743,093			2,743,093		2,732,618
Warrants exercised					(340,679)		(201,314)
Warrants granted					10,000		100,000
Warrants forfeited					(25,478)		(5,687)
Warrants granted as at end of period			2,386,936	2,625,617	2,386,936		2,625,617
Warrants exercisable as at end of period			1,823,807	2,020,351	1,823,807	2,020,351	2,020,351
Percentage of vesting					0.028%		2.78%
Service cost | $			$ 0.2	$ 0.3	$ 0.3		$ 0.7
Weighted Average Exercise Price/Share
Warrants granted at beginning of period, price per share | (per share)		$ 1.50			$ 1.50	kr 7.53
Warrants granted, price per share					1.94
Warrants exercised, price per share					1.56		$ 0.16
Warrants forfeited, price per share					3.05
Warrants exercisable, price per share				$ 0.44		kr 0.44	0.44
Warrants granted at end of period, price per share			$ 1.51	$ 1.27	1.51		1.27
Warrants exercisable as at end of period			$ 1.02		1.02
Other information
Share purchase price					$ 1.56		$ 2.12
Warrants | Board of Directors [Member]
Number of warrants outstanding
Warrants granted	10,000
Service period		36 months
Percentage of vesting		2.78%
Warrants | COO [Member]
Number of warrants outstanding
Warrants granted							25,000
Warrants | CFO [Member]
Number of warrants outstanding
Warrants granted							45,000

Share-Based Payments - Assumpti

Share-Based Payments - Assumptions of Warrants (Details) - Warrants - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payments
Expected term (in years)		6 years 6 months
Expected volatility	85%	85%
Minimum
Share-Based Payments
Expected term (in years)	5 years
Risk-free interest rate	3.97%	2.43%
Share price	$ 1.21	$ 1.71
Maximum
Share-Based Payments
Expected term (in years)	7 years
Risk-free interest rate	4.13%	3.54%
Share price	$ 1.53	$ 3.01

Capital Structure and Financi_3

Capital Structure and Financial Matters - Changes in Share Capital (Details) kr in Thousands, $ in Thousands															3 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 DKK (kr) shares	Jun. 05, 2023 DKK (kr) shares	Jun. 01, 2023 DKK (kr) shares	May 24, 2023 DKK (kr) shares	May 17, 2023 DKK (kr) shares	Mar. 03, 2023 DKK (kr) shares	Feb. 13, 2023 DKK (kr) shares	Feb. 09, 2023 DKK (kr) shares	Feb. 07, 2023 DKK (kr) shares	Jan. 24, 2023 DKK (kr) shares	Jan. 20, 2023 DKK (kr) shares	Jan. 05, 2023 DKK (kr) shares	Jan. 04, 2023 DKK (kr) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2023 DKK (kr) shares	Jun. 30, 2022 USD ($)
Share Capital
Balance at the beginning | $															$ 6,575	$ 8,303		$ 26,389
Issuance of shares for cash | $															1,536	4,437		28
Balance at the end | $	$ 2,535														2,535	6,575		20,150
Share capital
Share Capital
Balance at the beginning															4,217	3,886	kr 24,139	3,755
Exercised warrants, Share Capital | kr		kr 5		kr 150	kr 51	kr 135
Capital increase | kr			kr 862				kr 16	kr 43	kr 1,004	kr 96	kr 151	kr 259	kr 94	kr 634
Issuance of shares for cash | $															173	331		28
Balance at the end	$ 4,390	kr 27,639													$ 4,390	$ 4,217		$ 3,844
Ordinary Shares
Number of Ordinary Shares
Share capital, shares, beginning of year | shares																24,139,413	24,139,413
Capital increase (in shares) | shares			861,614				16,280	42,808	1,003,802	96,271	151,335	259,407	94,278	634,413
Exercise of warrants (in shares) | shares	4,824	4,824		150,000	51,125	134,730
Share capital, shares, end of the period | shares	27,640,300	27,640,300													27,640,300

Capital Structure and Financi_4

Capital Structure and Financial Matters - Lincoln Park Purchase Agreement (Details) - Lincoln Park Purchase Agreement [Member] - American Depositary Shares [Member] $ / shares in Units, $ in Millions	Jun. 07, 2022 USD ($) $ / shares shares	Jun. 30, 2023 shares	Jul. 07, 2022 USD ($)	Jul. 06, 2022 shares	Jun. 07, 2022 kr / shares
Capital Structure and Financial Matters
Purchase Agreement To Sell Shares, Value | $	$ 40
Par value per share | kr / shares					kr 1
Number of ordinary shares per ADS	1		1
Number of shares issued as commitment fee	428,572
Share purchase price | $ / shares	$ 2.80
Value of shares issued as commitment fee | $	$ 1.2
Period of Agreement (in months)	36 months
Purchase Agreement To Sell Shares, Maximum Value In Single Transaction | $	$ 1.5
Market price above which purchase agreement depends on (in $ per share) | $ / shares	$ 0.50
Maximum beneficial ownership (as a percent)	9.99%
Number of Shares Registered for Resale				4,649,250
Amount of Proceeds to be Received under Agreement | $			$ 40
Number of shares issued and sold		428,572
Minimum [Member]
Capital Structure and Financial Matters
Shares to sell in a single transaction	50,000
Maximum [Member]
Capital Structure and Financial Matters
Shares to sell in a single transaction	70,000

Capital Structure and Financi_5

Capital Structure and Financial Matters - JonesTrading Sales Agreement (Details) - At The Market Issuance Sales Agreement [Member] kr / shares in Units, $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Oct. 03, 2022 USD ($)	Dec. 29, 2022 USD ($) $ / shares shares	Dec. 29, 2022 DKK (kr) kr / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 DKK (kr) shares
Capital Structure and Financial Matters
Percentage of commission to be paid	3%
Shares sold (in shares) | shares				3,160,208	3,160,208
Proceeds from issue of shares				$ 6
American Depositary Shares [Member]
Capital Structure and Financial Matters
Maximum aggregate value of shares to sell	$ 14.4
Percentage of commission to be paid	3%
Threshold period of prior notice to terminate agreement	10 days
Shares sold (in shares) | shares		118,852	118,852
Number of ordinary shares per ADS				1
Share purchase price | $ / shares		$ 2.74		$ 1.84
Proceeds from issue of shares		$ 0.3
Increase in share capital | kr			kr 118,852		kr 3,160,208
Value of remaining number of shares under the agreement				$ 3.5
Ordinary Shares
Capital Structure and Financial Matters
Ordinary shares par value | (per share)			kr 1	$ 1

Events After the Reporting Pe_2

Events After the Reporting Period (Details) - Entered into financing agreement $ / shares in Units, $ in Millions	Jul. 31, 2023 USD ($) $ / shares shares
Events After the Reporting Period
Maximum borrowing capacity	$ 20
Term of agreement	36 months
Right to issue maximum amount of notes in tranches	$ 0.7
Commitment fee payable	$ 1.1
American Depositary Shares [Member]
Events After the Reporting Period
Nominal value per share | $ / shares	$ 1
Number of shares per ADS | shares	1
Maximum borrowing capacity	$ 20