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October 22, 2025 Transforming Melanoma Care EVX-01 phase 2: Two-year read out EVAXION WEBINAR W. PROF. ADNAN KHATTAK
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2 © Evaxion A/S. All rights reserved. Forward-looking statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” and other words and terms of similar meaning identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including inflation, and the effects on our business from other significant geopolitical and macro-economic events; and other uncertainties affecting our business operations and financial condition. For a further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do not assume any obligation to update any forward-looking statements except as required by law. This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties or us. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. All of the market data used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe these industry publications and third-party research, surveys and studies are reliable, we have not independently verified such data. The industry in which we operate is subject to a high degree of uncertainty, change, and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.
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3 © Evaxion A/S. All rights reserved. EVX-01 phase 2: Design, outcomes & implications2. Introduction to Evaxion & the EVX- 01 phase 1 study1. Q&A3. Agenda
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4 © Evaxion A/S. All rights reserved. Introduction to Evaxion & the EVX-01 phase 1 study BENJAMIN WOLTHERS, MD, PhD VP Clinical Development, Evaxion
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5 © Evaxion A/S. All rights reserved. Evaxion - an AI-first company • Founded in 2008 in Copenhagen, Denmark • An AI-first company leveraging AI -Immunology - a pioneering clinically validated AI platform for vaccine discovery, design and development • Based upon AI-Immunology , Evaxion has developed: • a clinical-stage oncology pipeline of novel therapeutic vaccines • a preclinical infectious disease pipeline in bacterial and viral diseases with high unmet medical need
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6 © Evaxion A/S. All rights reserved. Rank Score ID # 1 0.3912 01224 # 2 0.3825 0057 # 3 0.3804 0325 # 4 0.3783 0012 # 5 0.3266 1524 # 6 0.2888 0524 # 7 0.2546 0658 # 8 0.2485 0998 # 9 0.2389 1654 # 10 0.1808 0004 … # 5617 0.00002 0054 Genome AI-Immunology decodes the human immune system for therapeutic target discovery Transcriptome Proteome RANKED PATIENT SPECIFIC TARGETS BIOLOGICAL DATA AI-IMMUNOLOGY
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7 © Evaxion A/S. All rights reserved. EVX-01 is our lead candidate demonstrating the performance of our AI-Immunology platform
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8 © Evaxion A/S. All rights reserved. EVX-01 is personalized to match the heterogeneity and high number of tumor mutations in melanoma 1,000 100 10 1,0 0,1 0,01 0,0001 Somatic mutation prevalence (mutations per megabase) Alexandrov et al, Nature 2013
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9 © Evaxion A/S. All rights reserved. Phase 1 trial design • Unresectable stage III or metastatic stage IV melanoma • ECOG 0 or 1 • ≥ 1 measurable lesion by RECIST 1.1 • No active brain metastases KEY ELIGIBLITY CRITERIA DOSING REGIME EVX-01 Priming W0 W8 W10 W12 W14 W16 W18 CPI (according to label) Production (To activate T cells) Timeline for each patient W102 DNA and RNA sequencing Up to 10 optimal patient specific neoantigens identified by AI-Immunology Peptide manufacturing and EVX-01 formulation Individual patient samples: tumor and blood EVX -01 VACCINE DESIGN
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10 © Evaxion A/S. All rights reserved. ✓ 200 μg/peptide (Dose 3) selected for RP2D ✓ Include EVX-01 boosters to sustain T-cell levels ✓ Improve prediction power → AI-Immunology update ✓ Safe and well tolerated with only grade 1-2 AEs ✓ 8 of 12 patients showed objective response to treatment (ORR 67%), 7 out of 8 relapsed ✓ EVX-01 induced immune response in all patients, T-cell responses were observed toward 53 of the 91 analyzed EVX-01 peptides (58%) ✓ Efficient manufacturing of vaccine with a turnaround time of 6-8 weeks Checkpoint inhibitor EVX-01 administration Death Progressive Disease Partial Response Mixed Response Stable Disease Complete Response Other treatment No treatment Results & learnings Week 52Day 0 (biopsy) 6 vaccinations over approx. 12 weeks Dose 3 1 12 *2 3 4 5 *6 *7 *8 9 10 11 Dose 2 Dose 1 KEY FINDINGS Mørk et al. J Immunotherapy of Cancer. 2024. KEY LEARNIINGS
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11 © Evaxion A/S. All rights reserved. EVX-01 phase 2: Design, outcomes & implications PROF. ADNAN KHATTAK (MBBS, FRACP, PhD ) One Clinical Research, Hollywood Private Hospital & Edith Cowan University, Perth, WA, Australia
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12 © Evaxion A/S. All rights reserved. Proportion Alive 0.0 0.2 0.4 0.6 0.8 0 6 12 18 24 Months since Randomization 54 60 66 72 7830 36 42 48 1.0 Anti-PD1 + Anti-CTLA4 combination: 64% 2-year OS Anti–PD1 monotherapy: 55% 2-year OS 52% Overall survival in advanced melanoma COMBI-d+v: Dabrafenib + t rametinib (n=563) 2 CHECKMATE 067: Ipilimumab + nivolumab (n=314) 4 CHECKMATE 067: Nivolumab (n=316) 4 KEYNOTE-006: Pembrolizumab (n= 556) 3 CA184-002: Ipilimumab (n=137) 1 1. Hodi FS et al. NEJM 2010; 2. Robert C et al. NEJM 2019; 3. Robert et al Lancet Onc 2019; 4. Larkin NEJM 2019. 49%
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13 © Evaxion A/S. All rights reserved. Phase 2 trial design EVX-01 Priming EVX-01 Boosting W0 W12 W14 W16 W18 W20 W22 W30 W42 W54 W78 Pembrolizumab (Keytruda ) 400 mg IV Q6W From W0 to W102 Production (To activate T cells) Timeline for each patient 90 days Follow up W102 EVX-01 Extension Phase W115 W139 W151W119 W127 W143 End of trial KEY ELIGIBLITY CRITERIA • AJCC 8th edition unresectable stage III or metastatic stage IV melanoma • Checkpoint inhibitor treatment naïve • ECOG 0 or 1 • ≥ 1 measurable lesion by RECIST 1.1 • No active brain metastases TRIAL DESIGN ENDPOINTS Exploratory endpoint Best rate of: • CR or PR for pts with SD at 1st EVX-01 • CR for pts with PR at 1st EVX-01 Conversion of PD to SD, PR or CR PFS & OS AEs and SAEs Neoantigen specific T- cell response Primary endpoint Secondary endpoints
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14 © Evaxion A/S. All rights reserved. BASELINE PATIENT CHARCTERSTICS Sex, n (%) Male Female 11 (69) 5 (31) Age, n (%) <65 ≥65 7 (44) 9 (56) Ethnicity, n (%) Caucasian 16 (100) ECOG, n (%) 0 1 15 (94) 1 (6) Stage, n (%) Unresectable IIIB IV 2 (12.5) 14 (87.5) Number of lesions, mean [interval] Target Non-target 2.1 [1-5] 1.1 [0-4] PD-L1 expression*, n (%) <5% >5% Unknown 4 (25) 8 (50) 4 (25) BRAF status, n (%) Positive Negative Unknown 8 (50) 6 (38) 2 (13) LDH, n (%) Normal Elevated Unknown 10 (63) 2 (13) 4 (25) Patient population Patients screened n=21 Patients dosed with EVX-01 and included in efficacy analysis n=16 Screen failures n=4 Patients enrolled n=17 Disease progression prior to EVX-01 dosing n=1 *Tumor PD-L1 expression was analyzed in a four-plex fluorescence assay using the PD-L1 specific antibody clone 28-8. PD-L1 positivity was defined as 5/100 cells (immune & tumor cells) showing significant membrane staining (>5%).
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15 © Evaxion A/S. All rights reserved. CTCAE Grade Attributed to Both Attributed to EVX-01 only Attributed to Pembrolizumab only 1 20 20 24 2 5 2 17 3 1 4 1 (Immune related type 3c diabetes) 5 Total 25 22 43 Treatment-emergent AEs were mild and similar to findings previously reported with CPI monotherapy • No new safety signals attributed to pembrolizumab monotherapy week 0 to week 12 or to the treatment combination after week 12 was observed • One subject developed grade 3 pancreatitis and associated grade 4 diabetes. Otherwise, no grade ≥3TEAEs observed
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16 © Evaxion A/S. All rights reserved. Clinical response per RECIST 1.1. Week 12 response, n (%) Best overall response, n (%) Complete response 1 (6.25%) 4 (25%) Partial response 7 (43.75%) 8 (50%) Stable disease 6 (37.5%) 1 (6.25%) Progressive disease 2 (12.50%) 3 (18.75%) 75% of patients responded to therapy and no relapses were observed Data cutoff 22-June-2025 Median follow up 24 [4.7-24] months
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17 © Evaxion A/S. All rights reserved. 75% of patients responded to therapy and no relapses were observed Data cutoff 22-June-2025 Median follow up 24 [4.7-24] months Clinical response per RECIST 1.1. Week 12 response, n (%) Best overall response, n (%) Complete response 1 (6.25%) 4 (25%) Partial response 7 (43.75%) 8 (50%) Stable disease 6 (37.5%) 1 (6.25%) Progressive disease 2 (12.5%) 3 (18.75%)
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18 © Evaxion A/S. All rights reserved. Endpoints Overall improvement in response from SD or PR at week 12 7/13 (54%) Improvement from SD to PR 4/6 (67%) Improvement from PR to CR 3/7 (43%) ORR 12/16 (75%) Median follow up (months) 24.0 (4.7-24) Median Overall Survival Not Reached Median Progression Free Survival Not Reached The majority of patients deepened response upon initiation of EVX-01
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19 © Evaxion A/S. All rights reserved. EVX-01 vaccine neoantigens induce potent specific T-cell responses High rate of immunogenic neoantigens observed throughout the study duration Immunogenic vaccine neoantigens, n=85 81 % Immunogenic vaccine neoantigens Non-immunogenic vaccine neoantigens, n=20 EVX-01 induces vaccine-specific T-cells and responses are sustained throughout the 2-year study period Pre-vaccination EVX-01 Priming EVX-01 Boosting
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20 © Evaxion A/S. All rights reserved. Longitudinal tumor control and sustained T-cell activation EVX-01 initiated
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21 © Evaxion A/S. All rights reserved. Longitudinal tumor control and sustained T-cell activation EVX-01 initiated
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22 © Evaxion A/S. All rights reserved. Conclusions • In this phase 2 study, EVX-01, in combination with pembrolizumab, demonstrated: ✓ A well tolerated safety profile consistent with phase 1 data ✓ 75% ORR with 92% of responders demonstrating sustained response at 24 months ✓ Ability to induce potent & sustained T -cell responses • Evaxion’s AI-Immunology platform successfully (81%) predicted neoantigens inducing T-cell response in all patients • All patients initiated EVX-01 as planned with 100% manufacturing success rate • These findings support ongoing development of EVX-01 in high-risk melanoma, - discussions are underway with regulators.