EVAX - Earnings call transcript Q2 2024

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Operator

Good day, and thank you for standing by. Welcome to the Evaxion Biotech Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Christian conference Kanstrup, like first to now today, speaker CEO. would hand over the your I Please go ahead.

Christian Kanstrup

Conference Mads joiner back Good just Nyegaard who with for have morning, Investor me Christian here. handing also I to Kronborg, have first CFO; Update is have welcome I like VP, introduction and we a and Kanstrup, which Nissen, actually briefly very on and a good With I the call is our and to afternoon, time our this And everyone, CEO Communications. of to new Birgitte Evaxion COO This a brief Mads me Relations are today, results. you Rono, our Jesper the out are. QX of and Evaxion. over warm Call I'm would the today, to Business start I attending CSO;

Mads Kronborg

for facilitate Communications journalists. brief interesting dialogue number ahead, and in some And and join biotech glad Thank opportunity. Corporate just Pharma. Zealand held the industries, Christian, at and this having communications and corporate years the with looking forward a with for analysts Evaxion I'm the and XX Head you Lundbeck relations earlier investors, Head our investor very thank of I'm and of communicate pharmaceutical and time you, IR progress company Communications at of the lying as like from and have for to I a milestones help to of you positions introduction, at experience

course, are, in of contact our will get Investors and the to welcome my section find You touch. always of information on website

Christian Kanstrup

support board have Mads so service even can you. am of better all we I to to provide on pleased and

have to it's So you on Mads. board, great

the let's results. our Jesper Q&A R&D I'll conclude to I and Birgitte brief before do we to next be over a jump the covering at financial head hand will for an business introduction, look update. then the I'm into agenda today. to going slide Then for will part.

real, our a forward-looking statement. let's which before get But just for to Slide X, attention going direct we is

As that do please uncertainty. carefully. you future, one read know, about the Hence, will talking we and be entail this

of with since at achievements some let's look business update. key last the So that,

one elements is create been have our value key in And know, discussions to update. we of approach. you that a partnering I'm As multi-partner the strategy super last to since our via here, our see pleased advancing

We course, And both multi-partner have and are pipeline seeing discussions key solid AI-Immunology of we candidates, do in platform see external execute this parties, is, to upon we ongoing. advancing. these discussions a partnerships interest and that our from our several strategy

also that seeing I'm pleased about EVX-XX present ASCO progress program. and this validating at on year. We are Phase we II What did data immune is the positive

the so program. for key data September, progress track a clinical XX% which results for X-year I'm about. very our our Congress we will Evaxion, Phase We journal, response I on are from the in Phase the including on objective nice be at presented in proud I very And milestone a ESMO readout, EVX-XX importantly, the also presented rate medical leading trial, which very

past In platform us. important positive endogenous progressed our the around target pipeline feedback and identification get portfolio addition continue IP we to of important course, method of did and on that element we over this, have creating to strengthening assets on a our capabilities, a upon is an And is, for platform and the things, AI-Immunology Among also other application patent for retroviruses. the which course, an is based around novel AI-based our quarter. our strong

of platform. for the milestone major our strengthening a is feedback positive this getting So continued

a AI-Immunology. quite one of And we is the the biology the models. ago means conference And blocks improved building of different computational unique where models not performance used might improving too performance as across mentioning think the on of you number those structure AI I then, used. fact an AI-Immunology we AI present improve has long the the worth did a that these that Finally, at remember building performance will blocks it's have of where modular one of of

predictive the opportunity and platform. in having do a to increase of what we So showcasing our back is major which element AI-Immunology to we'll get the strengthening capabilities, later, improving

update. important I of So been has since our several say advancing busy with strategy parts would quite it our last

also would strategy. quickly recap I our just, next on slide, And on the

Our strategy is unchanged.

As model, have you is AI-Immunology. a X-pronged business we know, which based upon

multi-partner pipeline that's and the approach AI-Immunology, we towards its and So prongs, then then strategy, its the realization, X responders. of value have the core our its targets,

excited target the multiple MSD focusing what vaccine approach development target collaboration And single inflection super the are having around around milestone readout multi-partner is we points. is Evaxion. Phase with or that we of want and that's the key again, the design Within value EVX-XX at course, either on clinical key select, from to path, a September why have taking these in conference. discovery, high-value the for going about This bringing is great Pipeline, of achieve a agreements. ourselves, of And be forward about data that's X-year II ESMO a the programs here. example we EVX-BX to to

predictive core analysis, taking part, that's we the developing have, really and responder models. responder the data, Finally, capabilities about

in remains business realization. approach X-pronged the place, value model multi-partner towards So

strengthening for that, we links reporting preclinical the at concept. be I ESMO, in of mentioned Vaccine number have September, we we our X.X, over bit ECCB we or Birgitte, Congress, milestone EVX-XX. will very the milestones where continuous proof handing much mRNA pursuing will in already course, of In to little I AI-Immunology readout shortly. at September, XXth because of of launching looking a on been into before the have report be platform. forward out then, just model want version forward the to that conference, the are X, September, And of And version a we important upgraded X-year an to. version Also to EVX-BX EDEN look on

milestones out of reporting shortly. number important a So

part first to going the the we latter conclude with EVX-BX, second track in on year, the with is are collaborations still our phase of where half. MSD around For the

We are concept ERV-based also equal finally, the our will of also out financing then have our excluding that the ambition remains. precision on of to where cancer year. are report And on the we pursuing business XXXX income we in vaccine with later preclinical activities. That burn, track cash development generating proof

into here reader the relatively the in business we the later The only that will say are fact have this course, to the -- attentive year. milestone upfront uncertain full will income this the of if this thing $XX lead an updated it next in or is now year, accounting development the impact wording cash-in. Hence, here on if we be reflects And get to we will of see to that, that year. for million, is or leading accounting

that 'XX also a $XX from of with development and as generating strong we might activity of seeing you, very basis, $XX But ambition course, development But of But nice potential business approaching new on be So several our ambition. view, over But million. point of having divided and uncertain, income out development started activities, intact, are we from partners the us is generating 'XX. business it say know, this view, of an remains traction course, income a we remains so around of this clearly business are pleased activities to so uncertainty are have we cash discussions business as development seeing our I a of ongoing. year. point the an Also the saying, on regular remains. activity ambition, which any million

giving an taken And with that, for I the place update that Birgitte to R&D on will activities past exciting the hand over quarter. over have

Birgitte Rono

our we improvement block building last for biology AI-Immunology today, the EvaxMHC. call Intelligent is presented busy focus II this the improvement ASCO that the at I'll It Molecular was been building you, indeed And data Phase called building very The Thank the Biology during vaccines. block of quarter. active in study performance has designing And in presented June Systems of this Christian. key from on platform and July. and conference central EVX-XX in on for of effective of computational at that a the block time

patient's designed currently the Phase to is global And is in multi-center EVX-XX cancer cancer. So our system EVX-XX engage fight trial lead a the personalized in vaccine a product II candidate immune own melanoma. in to advanced first-line

II with X additional standard care. So received inhibitor the of And Phase the KEYTRUDA. EVX-XX trial doses label receive is the in primary checkpoint in from it according doses. they enrolled followed X initial extra patients That [indiscernible] called to combination

patient, a that XX of AI-Immunology-identified in short these to and consists tumors. potential. administered when a sequences specific are they exclusively EVX-XX T-cell new are will induce tumor-killing new with antigens And So found a response antigens,

the at the received the the phase, not patients to we during June, received has that of is responses the represents after EVX-XX X -- data before we in the encouraging have ASCO. that demonstrated booster EVX-XX what baseline, patient immune T-cell time. patients whereas immune where graph right XX, the any dosed XX presented was data with EVX-XX-induced profiled any evaluated at but is KERYTRUDA. study these in And And XX first which patients. response the been And Week over displays where induced therapy. have from patients is all the Week primary, immunization. Week that So primary

upon do the EVX-XX. see vaccination all response in So evaluated we patients, in an increase with T-cell

responses were and responses [ lot at is currently further T-cell we here, mediated and lot this, they it's between So T-cell that a roles X of CDX. CDX that presented not also about a were also these debate important have balance of the And T-cell CDX but by in are analysis the and included there believe the is a CDX And data demonstrated ] about types. talked that we there very ASCO.

clinical their is we important, the also we the this specific obtaining for [ ] new and to is look What single at immune could the in that and ability patients, response. response We is to a that believe response. maintain doable antigens [indiscernible] that critical a saw induce also

we antigens the rise of And Week it time. giving we to antigens with response, had left, the vaccine communicating. to the that XX% response in others the XX, could administered at we over what individual us out also believe, positive hits. specific seen to regards And a see have the new immune leaving to compares we also favorably XX depicts XX that, And

AI-Immunology positive and to the precision responses, correlated the graph power correlation, ], And that and is new of demonstrated the T-cell also we platform. antigen the that the right. scores prediction and depicted AI-Immunology predictive Now on underlining our [ significant

T-cells. are trial just new immune by also So in data are by that new induce antigen with to encouraging, CDX And in much response but correlated responses. and X-year we September, as so The immune patients. were at we T-cells, the to saw an immune we believe ASCO were the all to. CDX forward Christian responses in antigens responses that presenting summarize demonstrated clinical early and EVX-XX-induced XX% data, very T-cell general, We readout qualities ESMO these mediated alluded the predominantly of AI-Immunology looking

we -- that are to in our And changing bit, peptides, a on displayed these working the from So the threat. surface are predict developing effective of this to segments, the focus on stemming is the And pathogens this. one eliminate ability system immune AI-Immunology and known actively little platform. feature small and is as recognize cells improving key allows continuously vaccine cancer

of displayed blocks worked on predicts be targets. clinically improving one are that called which on and relevant And key the peptides building in X vaccine have most actually likely of the most EvaxMHC. ] that surface we thereby the to [ these So those AI-Immunology, X

when with proprietary have to and publicly framework, compare an publicly deep-learning novel, we there performance this available of we data. source trained And have and So state-of-the-art, models the improvement, ], we a also building that, block. used saw on was improved this [ we

also vaccines. these targets, anticipate So lead of accurately enhance we versions updated improved of design to our further to vaccine we the envision that predict with an ability EvaxMHC these will improvements, to and

cancer data presentation improved of So sum study, track from are this exciting we performance and just we this cancer presented EVX-XX potentially on our up, disease that the design to our we key at both data we with shown, can vaccines. upcoming ESMO. Phase blocks, in have Further, infectious improve II encouraging for new of ASCO, and June, building X-year at

Christian Kanstrup

Thank you, Birgitte.

unfolding. the unfold, looking now numbers it's continuing to say over to data to I been how And forward see think to see the exciting Jesper, it's fair you, to to so September. QX have truly EVX-XX

Jesper Nyegaard Nissen

during will the you, easy the first comments call. the Thank be focus half on for review compared Christian. I for sharing my approximate numbers the that to first year half results of will of will XXXX. XXXX year All I the financial

have For on this results the please quarter comparisons, XXXX year release X-Ks we additional morning. results information regarding the our second first update Form and press and to financial half period business refer filed

we Starting XXXX effects we strategy organizational we implementation with rear calls. as optimization for in our results. company half are of value cash is focus first partnering at seeing the focused the year the and spend continued the mainly of to financial This are XXXX, intensified highlights slimming on with financial the realization of linked the shared

XX, XXXX, X million. June and equivalents cash of cash were USD As

We exercised, expect and in place be XXXX XXXX. operation expenditure expenses expect cash warrants the be March to included will into funding that are our capital sufficient If in prefunded February equivalents our XXXX. all public existing cash will February in requirements necessary offering and into we fund

our equity letter being XXXX, a X, of As as $X.X below shared million. earlier, result May the equity company NASDAQ a received, deficiency

regain been and X, evidence compliance. shared to with to the by company have November Our accepted plans until providing XXXX compliance NASDAQ,

period, Looking same a expenses decrease XX, ended at were for in the in million due employee-related costs related XXXX a to June months period primarily million development research decrease counterbalanced small clinical the in increase was $X.X X our $X.X for XXXX. versus costs of the by trials. to expenses and The

period costs X currency the These investor in had expenses of administrative reduced Finance due ended effects of were the the related placement going decrease impacted the related from the first offering by as of expenses derivative have the $X.X instruments. been X DKK them as for well from fees public primarily and versus moving costs remeasurement for General investor from June forward in the financial December to and The to $X.X period. to as being same QX, equity employee to models USD liability have the the February exercise are from million months XXXX external as XXXX private million to income reduced primarily was for professional warrants XXXX months effects as well eliminated the as in ] recognized XXXX. instruments during change XX. [

I before with few to to would turn Q&A. a for you, this, the it And conclusive Christian, like back remarks

Christian Kanstrup

update thanks the on much, Thank and so you numbers. Jesper, for the

conclusive few jump the me Let we before just part. quickly a provide remarks Q&A into

think model along say we fair parts. our and very different seeing solid good traction X-pronged I business are it's a to that the progress on

discussions, for focus will generation we us advancing are Importantly, also, on via strong a course, well that of having is a as this approach. milestone a development be ongoing year key business which, value we focusing multi-partner on

presented do it Birgitte at year. ahead during just several of to on going deliver milestone coming Again, are here up data out the And in data, we going be in the EVX-XX time report with to that continues is our September. and XXXX delivering solid a major ESMO other that, track addition busy of remaining a we as milestones to shows have second half for milestones on to the

would and I progress our I a seeing, bringing with strong execution are we forward. focus all, in the say pleased upon all So strategy am very

So with open much just to for would Q&A session, please session. join I like the so that, the Q&A very

Operator

Thank question And you. from line H.C. comes Instructions] Chen first the of [Operator from Yi Wainwright. the

Yi Chen

Christian, this I great a of on have questions. congratulations couple quarter.

First, XXXX do regards the and update in EVX-XX? ESMO in to between we any final the data expect data

Birgitte Rono

I can answer that.

yes, And to more we in some more continuously work. side. 'XX, that So -- to present early do we also biomarker the generating data on are expect of

Yi Chen

vaccine. the Excellent. with potential the be you with Afrigen? or is to the I next give of scenario regarding for step us And development collaboration a sense what with question another have EVX-BX Can could

Christian Kanstrup

Yes.

And where for preclinical take you of that's, in to ] course, BX especially [ it I say the looking can the I think, broadly. are stage. general, of forward at one we think, we assets it's, right, if bring partnering

be So the the on discussions. steps next BX would general in partnership

is For proof would establishing this particular, the primarily, concept then BX depend research step the the X on And low in course, can next is September. middle-income proof antigens the of that, mRNA-based in next establishing Vaccine steps the version preclinical which as collaboration, be collaboration mRNA which, at for for an XXth But Afrigen countries, this beyond will data the that use an say, is concept, construct. a well. presented Congress of you on, for there, in focusing and of of

Yi Chen

generating? in see can Got kind if last squeeze being published give a or the ERV I it. preclinical status Can us data current When my we the of of Maybe you're question. the data what of you announced? sense do platform,

Christian Kanstrup

Are you thinking or we general? milestone, in ERVs we the for where you thinking in vaccine, the which are have particular about -- precision-based

Yi Chen

half the stated second I said -- think time updated is you line 'XX.

Christian Kanstrup

Yes, yes.

Yi Chen

one about. that's Yes, I'm the talking

Christian Kanstrup

Yes.

Birgitte Rono

in the so such. fits meaning the vaccine, patients year is a milestone precision as this vaccine subset a with broader not certain that we so version that a are to the later developing related -- So of or indication, currently personalized of

are and this the We for of design doing to currently presentation also preclinical a our evaluation designs later of year. ready be conference studies at these lot

Christian Kanstrup

I not excited the target, tumor which whole reaching ERV with the cancer immunotherapy personally, -- the concept of all, personalized say, due as able opportunity And of mutational might to of cancer would vaccine standard and/or have you be with also to the reach novel a lower you where but a I'm about super patients a new developing vaccine first burden. precision

we later are here on looking to So data this forward seeing year. the

Yi Chen

data. the to forward Looking

Operator

you. Thank

from comes Please from We will question the Street And our Flaten of Markets. question. line next Lake Capital Thomas stand by. now take the next

Thomas Flaten

How would board? be more I partnership Just mentioned they was bit color little the characterize across cancer-focused, helpful. that a disease-focused, there could the conversations? Are super ongoing. Christian, in discussions press are advanced that infectious you are release those maybe wondering if the maybe you like

Christian Kanstrup

being it's And detail, able of I into of go a the to lot tried I would whole across what course, here. say, No, that's also to Thomas, without, board. say

And I course, to in seeing deals the like the we the ] one i.e. also would of which it, seeing target are with need in income We keep of the collaborations milestone cancer disease BD million both this from both [ and of be, some side fairly in, say given XX they infectious which we get are to have MSD, new the interest advanced, interest say, could because that from time assets, these USD year takes our discovery pipeline we're is definitely in AI-Immunology, discussions you done. also side. but

say a as have of in, the coming and board probably I things we which are would mix good So would as which advanced XXXX quite things deals. across be likely new well more

a think, first given the active I that seeing quarter, in say, now very the I the of very where am we interest. with really ] in are started end fact it BD we pleased is [ of efforts our the broad-based deals in, only So towards that and pipeline then

Thomas Flaten

spending in the And with how given you then in second the where are R&D, cash for given can was, second particularly runway the help your R&D, you the laid we us cash model where quarter, for and half should out? spending, particularly year, through of think you've

Christian Kanstrup

Yes.

I looking the in should G&A. think the year. actually, be second lower a spend goes slightly half And the for of same you R&D at

second paying half insurance. also, we are half. the So a you we will be point lower say, of a spend I cash-out first mean, view, And from can having than

QX. et cetera, in We employee bonus, paying are

R&D looking towards also So half lower skewed at G&A also well half in so year, lower cash as as is the the the the second definitely first and cash-out. flow of

Thomas Flaten

Excellent.

Operator

next from Thank take Yu question. from our [Operator now next Ladenburg. Chung comes the Instructions] of We And line will the question you.

Unknown Analyst

Theresa [ ]. is this Well, Aquavaneer

at a results have ESMO. upcoming We regarding question the

data, to the we you will could we on besides And us the to the or PMS please expect color also [indiscernible] are ] expecting more [ OS see [indiscernible] give [ see? what update So ]? on

Birgitte Rono

present present that X-year it's endpoint to on clinical the preliminary exact The going also exact few data, to will patients bit including been analysis, that clinical little study, because a a Phase say primary more of when exactly conclude more have II from we data, it's the So we readout boosted. the are we we what cannot and biomarker cases a be, readout. reluctant yet, will

Christian Kanstrup

going is we that data it But be be to clinical will presenting.

Birgitte Rono

clinical response responses, Clinical of data, this the yes. of is their course, and criteria the -- so

Unknown Analyst

the this advance And next is, discussion readout future? II data next you maybe Phase of so my into stage question the help will the partnership in

Christian Kanstrup

are personalized assuming the course, that I discussing no, to important novel of important is good this doubt hope which -- expect. cancer short then and is data, partnering why think vaccines, and But there's that concept, mean, I yes, milestone that's is, think, for respect. data clinical we answer us you no this given in that it's I also an in when a are discussions,

So will important. very be yes, it

Unknown Analyst

next question EVX-BX. Okay. And my is the regarding

for So updates please can you provide some that?

Birgitte Rono

Yes.

according that undisclosed on vaccine. MSD So a assigned have meaning And contract, EVX-BX is an the it's now collaboration with to we pathogen running antigens.

in produced them, models. have currently animal are and We them we testing

on track are with we So that collaboration.

Christian Kanstrup

be And the then that we testing MSD is say you -- half more the then said collaboration that to and of this course, set the is which promising. the structure, phase be will phase, here. assuming first looks with can on conclude next a license traditional would to data And second discussing during

Unknown Analyst

X.X, my question And the difference the what version? version, EDEN like the model is older is, of from new last so

Christian Kanstrup

the upgrade increase capable targets in predictive the other could right with the capabilities of objective to which overarching certainty ways. the identifying greater say the discovering identifying us possibly but be is, also course, of EDEN, can discovered antigens You -- making of not

predict now set things. language additional models, a a bacterial is with the the augmented for prediction. of call curation. have is set. that in we generation EDEN call we we and and feature toxins, protein couple sources it training various have been We have [ all as doing Also, this then expert protein domain model, public advanced has fine-tuned manual building protein is, which enhanced the developed capability done block followed about said, antigen And a of We've new we this, to data identification. And retrieval language feature includes I prediction by been large from protein of data feature what characteristics. the a been -- model's What thereby data we expanding ] I improving the new X.X. completely mean, training acquired And we using enhancing we've prediction, have

a accuracy reliability EDEN you could specifically the the trained the prediction. have say antigens, machine learning and new designed We of to both in antigen model identify improving

So I mean, and focus the both of improving we're short, across detailed a predictive in individual taking model, on improving the capabilities models as is that with process improving doing is our models, the capabilities together. the that of but the continuous used also EDEN, by all hence EvaxMHC AI a building models, all which which on thereby Birgitte presented predictive block,

looking presenting greater ECCB So that in September. in we're the to definitely at conference detail forward

Unknown Analyst

And you to new any going to so this apply model are programs?

Christian Kanstrup

be collaborations going target are with as bring that possible well that's, the applied course, as collaboration to mean, of a forward. we discussions to I pharma own or biotech looking internal new to our programs

there, EDEN disease infectious with internal be list bring that targets as value will as proposition them. we when we advancing well. well great our in be this of like pipeline, help as to course, towards new external quickly parties additional candidates into a forward have X.X would And of We it collaborate will a

Operator

Thank you.

remarks. to Christian As there questions, no like Kanstrup back any I hand for now closing further are would to

Christian Kanstrup

so for much to of want questions. much. joining you say the or thank to you all the you dialing you in I either just webcast. And thank Thank also so

forward so ahead have be looking the that. always key for are reporting a to we different advancing with so thank much And now good also that appreciate milestones We on parallel dialogue, in ongoing. we discussions you the

you thank in. So listening much to all you so of for

Operator

call. This for conference Thank today's participating. Thank you you. concludes

now disconnect. You may

Evaxion Biotech A/S (EVAX) 14 Aug 242024 Q2 Earnings call transcript