Evaxion A/S (EVAX) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Evaxion business update and first quarter 2026 financial results webcast and conference call (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, CEO Helen Tayton-Martin. Please go ahead.

各位好，感謝您稍候。歡迎參加 Evaxion 業務更新暨 2026 年第一季財務業績網路直播與電話會議（接線員指示）。請注意，今日會議將被錄音。現在我想將會議交給今天的主講人、執行長 Helen Tayton-Martin。請開始。

Thank you, and welcome, everyone, to Evaxion's Q1 2026 Business Update Call. I'm very pleased to be joined today by our CSO, Birgitte Rono and COO, recently promoted, we will talk more about that; and Thomas Schmidt, our CFO; and our Head of Investor Relations and Communications, Mads Kronborg.

謝謝，並歡迎各位參加 Evaxion 2026 年第一季（Q1）業務更新電話會議。我很高興今天與我們的首席科學長（CSO）暨近期晉升的營運長（COO）Birgitte Rono 一同出席，我們稍後會多談這件事；以及我們的財務長（CFO）Thomas Schmidt；還有投資人關係與傳播主管 Mads Kronborg。

So if we move to the first slide, just to provide some orientation as to what we will cover today. We will spend a little bit of time on our achievements in the first quarter of this year and some notable changes that we have made in order to address and focus on our strategy. I will then hand over to Birgitte, who will talk through some of the recent highlights from our R&D portfolio and AI-Immunology platform. Birgitte will then hand over to Thomas, who will walk you through our Q1 financial results. And then we will have some concluding remarks before opening up the call for Q&A.

那麼我們先看第一張投影片，先為各位說明今天將涵蓋的內容。我們會花一點時間回顧今年第一季的成果，以及為了因應並聚焦我們的策略而做出的一些重要調整。接著我會把時間交給 Birgitte，她將說明我們研發產品組合與 AI-免疫學平台近期的一些重點亮點。之後 Birgitte 會再交給 Thomas，由他帶各位回顧我們第一季的財務結果。最後在開放問答（Q&A）之前，我們會做一些結語。

So if I move to the next slide, just to reiterate, we may make some forward-looking statements on the call today, and investors and all listening are guided towards our SEC filed documents.

接著到下一張投影片，再次提醒：我們今天的電話會議中可能會提出某些前瞻性陳述，投資人及所有聽眾請參閱我們向美國證券交易委員會（SEC）提交的文件。

So if I go past our introduction to slide 5. I just wanted to, as before, emphasize our 4 key focus areas within the organization and give you a sense of the momentum as we perform an update in each of those areas.

那麼略過我們的介紹，來到第 5 張投影片。我想如同先前一樣，強調公司內部的四大關鍵聚焦領域，並讓各位了解我們在各領域更新時所展現的動能。

First of all, our core focus around business development and partnering is very much underway and strengthened. By the way, we have reorganized the organization somewhat, and I'll come on to that to focus on the external outreach and positioning of the company to a broader audience and also to raise the awareness of exactly what it is that Evaxion can deliver in terms of products and the platform. And I'm pleased to say that we have many discussions ongoing there, and we hope to report more on that later as the year progresses.

首先，我們在業務開發與合作夥伴關係方面的核心聚焦正在積極推進並已獲得強化。順帶一提，我們已對組織做了一些重整，我稍後會說明；目的在於更聚焦對外拓展，以及將公司定位推向更廣泛的受眾，同時提升市場對 Evaxion 在產品與平台交付能力的認知。我很高興地表示，我們在這方面已有多項洽談正在進行中，並希望在今年稍晚能向各位報告更多進展。

Secondly, in our R&D focus areas, we are delighted to talk about our recent data from our EVX-01 lead program Phase II study in which we were able to update some of the translational data recently at AACR, and Birgitte will talk in more detail about the performance of the cells that we produce in relation to the vaccines given to the patients and the 86% immunogenicity conversion rate we have there. We also were able to present at AACR, a new set of data preclinically in collaboration with our collaborators at Duke University on the scope to use the AI-Immunology platform in glioblastoma.

第二，在研發聚焦領域方面，我們很高興分享 EVX-01 旗艦計畫第二期（Phase II）研究的最新數據；我們近期已在 AACR 更新部分轉譯研究數據。Birgitte 將更詳細說明我們所製備細胞相對於施打給病患的疫苗之表現，以及我們達到的 86% 免疫原性轉換率。我們也在 AACR 發表了一組新的臨床前數據，這是與杜克大學（Duke University）的合作夥伴共同完成，探討在膠質母細胞瘤（glioblastoma）中使用 AI-免疫學平台的潛力。

We have always felt that the approach could be applied to other high mutational burden tumors, but also to others where high mutational burden was not a feature, and that is very much part of how we were able to demonstrate the broader applicability of the platform in glioblastoma. And again, Birgitte will speak more to that.

我們一直認為此方法可應用於其他高突變負荷腫瘤，也可應用於高突變負荷並非特徵的腫瘤；而這正是我們能在膠質母細胞瘤中展示平台更廣泛適用性的關鍵之一。同樣地，Birgitte 會進一步說明。

Finally, we were able to confirm the completion of the last patient, last visit in the extension phase of our EVX-01 program and our Phase II trial, and more to come on that later in the year.

最後，我們也確認 EVX-01 計畫第二期試驗延伸階段已完成「最後一位病患、最後一次訪視」（last patient, last visit），今年稍晚將有更多更新。

More broadly on the AI-Immunology platform, we continued to optimize and strengthen that around its ability to deliver products across our infectious diseases as well as oncology portfolio and again, also in autoimmune disease, again, where we'll update later in the year. But in this first quarter, I'm delighted to say that we were able to show some initial data on a new polio vaccine concept presented in collaboration with The Gates Foundation. And finally, as Thomas will come on to, we have maintained our disciplined allocation of resources aligned to our stated aims with the portfolio and the platform, and our cash runway remains unchanged into the second half of 2027.

更廣泛地談 AI-免疫學平台，我們持續優化並強化其能力，使其能在我們的傳染病與腫瘤產品組合中交付產品；同時也涵蓋自體免疫疾病領域，我們也將在今年稍晚更新。而在第一季，我很高興地表示，我們與蓋茲基金會（The Gates Foundation）合作，展示並發表了一些關於新小兒麻痺（polio）疫苗概念的初步數據。最後，如 Thomas 稍後將說明，我們持續維持與既定目標一致、且與產品組合與平台相匹配的嚴謹資源配置紀律；我們的現金可支撐期（cash runway）仍維持不變，可延續至 2027 年下半年。

Moving to slide 6. As mentioned, we have reorganized slightly inside the organization. I'm delighted to announce the promotion of Birgitte to the combined role of CSO and COO, which really reflects on how we organize the company and how well it's been run in recent times, but also to enable me, in particular, to have a greater focus externally on behalf of the company in terms of our business development and our investor interactions.

接著到第 6 張投影片。如前所述，我們在組織內部做了些微重整。我很高興宣布 Birgitte 晉升為兼任 CSO 與 COO 的職務，這反映了我們如何組織公司、以及公司近來的營運管理成效；同時也讓我能夠，特別是代表公司在對外方面投入更多心力，包括業務開發與投資人互動。

Separately, and in parallel, we were able to welcome Jens Bitsch-Norhave to our Board of Directors. And Jens comes to us with a huge amount of experience in BD and corporate strategy and outreach in general, both from a biotech perspective but more recently from J&J and Hengrui, where he is currently Corporate VP and Global Head of Corporate Development. So we're delighted with the way that we've been able to strengthen the organization to focus on our stated strategy, to build and maintain what we have and build greater partnerships.

另外，並行地，我們也歡迎 Jens Bitsch-Norhave 加入董事會。Jens 在業務開發（BD）、企業策略與對外拓展方面擁有非常豐富的經驗，既有生技產業視角，也包含他近期在嬌生（J&J）與恆瑞（Hengrui）的經歷；他目前擔任企業副總裁（Corporate VP）暨全球企業發展主管（Global Head of Corporate Development）。因此，我們很高興能以這樣的方式強化組織，以聚焦我們既定策略、鞏固並維持既有成果，並建立更深更廣的合作夥伴關係。

So on slide 7, just to summarize, we remain a lean and capable and focused team in terms of the management organization. Two of the members are here on the call with me today, and Andreas continues to support and drive the organization's innovation strategy around AI-Immunology. And our Board remains the same but with the addition of Jens, as I mentioned.

那麼在第 7 張投影片，簡要總結：就管理團隊而言，我們仍是一支精實、有能力且聚焦的團隊。其中兩位成員今天也與我一同在線上；Andreas 也持續支持並推動公司圍繞 AI-免疫學的創新策略。而董事會除我剛提到新增的 Jens 外，其餘維持不變。

Finally, moving to slide 8 to set up our objectives and key milestones for this year. Just a reminder that Evaxion over many years now has the privilege of having a pipeline in Phase II in oncology with our EVX-01 asset in advanced melanoma, our personalized neoantigen-directed peptide-based vaccine, where we've got great data, which Birgitte will touch on in terms of now and what's to come. We have our EVX-03 program, which is a combination of personalized and IRF-based antigens on our DNA platform. And then we also have coming along in preclinical development, aiming for clinical readiness by the end of this year, our off-the-shelf vaccine program, EVX-04 targeted to AML, which will be a single vaccine approach for multiple AML patients. More to come on that.

最後，來到第 8 張投影片，說明我們今年的目標與關鍵里程碑。提醒各位，Evaxion 多年來很榮幸擁有一條在腫瘤領域進入第二期（Phase II）的產品線：我們的 EVX-01 資產，用於晚期黑色素瘤（advanced melanoma），是一款個人化、以新抗原為導向的胜肽型疫苗；我們已取得很好的數據，Birgitte 也會就現況與後續進展加以說明。我們也有 EVX-03 計畫，結合個人化抗原與基於 IRF 的抗原，並建構於我們的 DNA 平台之上。此外，我們也有一項現貨型（off-the-shelf）疫苗計畫 EVX-04，鎖定急性骨髓性白血病（AML），目前正處於臨床前開發階段，目標是在今年底前達到臨床就緒；該計畫將以單一疫苗策略服務多位 AML 病患。後續將有更多更新。

Infectious diseases, we remain focused on driving forward our preclinical assets, EVX-B1 against pathogen staph aureus, our B2 program against Neisseria gonorrhea and also in collaboration in -- with Afrigen on an RNA platform. EVX-B3, our options partner program continues to move forward with MSD. And before our more recent newer program on Group A Streptococcus is making great strides in initial early discovery component design. And our first viral program is continuing to make progress in terms of confirming the candidate components. So a lot going on in the organization.

在傳染性疾病方面，我們仍專注於推進我們的臨床前資產：EVX-B1（針對金黃色葡萄球菌病原體）、我們針對淋病奈瑟菌（Neisseria gonorrhea）的B2計畫，以及也與Afrigen合作開發RNA平台。EVX-B3（我們的選擇權合作夥伴計畫）也持續與MSD推進。此外，我們較新的A群鏈球菌計畫在初期早期探索的組件設計上正取得重大進展。而我們第一個病毒計畫也持續在確認候選組件方面取得進展。因此，組織內有很多事情正在進行。

In slide 9, I just wanted to remind the audience of our 2026 milestones and the fact that we have achieved the first one of those in our EVX-01 additional biomarker and immunogenicity data, and we remain on track in terms of updating on the approach of AI-Immunology in autoimmune disease, our 3-year data for the EVX-01 melanoma program, our planned strategy with the EVX-04 AML program and the early work maturing in our preclinical EVX-B4 program against Group A Streptococcus. And fundamentally, we are driving the partnership strategy to focus on the platform and the assets so that we can continue to build value in the company and focus on delivering those into early development where we believe we can add value.

在第9張投影片中，我想提醒各位我們在2026年的里程碑，以及我們已達成其中第一項：EVX-01的額外生物標記與免疫原性數據；同時，我們仍按計畫推進，包括在自體免疫疾病中AI-Immunology方法的更新、EVX-01黑色素瘤計畫的3年期數據、EVX-04 AML計畫的既定策略，以及我們針對A群鏈球菌的臨床前EVX-B4計畫逐步成熟的早期工作。從根本上，我們正推動合作夥伴策略，聚焦於平台與資產，以便持續為公司建立價值，並專注於將其推進至早期開發階段，在那裡我們相信能夠增加價值。

So at this point, I'd like to hand over to Birgitte, who will talk you through our R&D and AI-Immunology update.

那麼在此，我想把時間交給Birgitte，她將帶各位了解我們的研發與AI-Immunology最新進展。

Thank you, Helen. So today, I'll be focusing on our lead candidate, EVX-01. And as mentioned, this is our personalized neoantigen cancer vaccine currently in Phase II in advanced melanoma. And then I will present the exciting new data demonstrating the scalability of our AI-Immunology platform into the hard-to-treat deadly brain cancer glioblastoma. And lastly, I will showcase how we have applied AI-Immunology to design optimized vaccine antigens for an improved polio vaccine.

謝謝你，Helen。今天我將聚焦於我們的主力候選產品EVX-01。如先前所提，這是我們的個人化新抗原癌症疫苗，目前在晚期黑色素瘤進行第二期臨床試驗。接著，我將呈現令人振奮的新數據，顯示我們的AI-Immunology平台可擴展至難以治療且致命的腦癌——膠質母細胞瘤。最後，我將展示我們如何運用AI-Immunology設計最佳化的疫苗抗原，以改良小兒麻痺疫苗。

So if you take the next slide. So as Helen mentioned, we presented EVX-01 Phase II biomarker and T-cell immune data at the AACR Annual Meeting here in April. And we reported that 86% of the EVX-01 vaccine target triggered a specific immune response, and this is substantially higher than what has been reported for other similar vaccine candidates. Furthermore, we also reported that 86% of the immunogenic vaccine target induced a de novo T-cell response, meaning that the EVX-01 vaccine specifically triggers novel T-cell responses and not just amplifying existing responses. And this is of great importance as induction of these novel responses have been linked to clinical benefit.

請看下一張投影片。如Helen所提，我們在4月於此舉行的AACR年會上發表了EVX-01第二期的生物標記與T細胞免疫數據。我們報告指出，EVX-01疫苗標的中有86%引發了特異性免疫反應，這顯著高於其他類似疫苗候選產品所報告的結果。此外，我們也報告，86%的具免疫原性的疫苗標的誘發了de novo（新生）的T細胞反應，這表示EVX-01疫苗能特異性觸發新的T細胞反應，而不只是放大既有反應。這點非常重要，因為誘發這些新反應已被證實與臨床獲益相關。

Furthermore, we demonstrated a positive correlation between the predicted quality of the EVX-01 vaccine targets and the magnitude of the T-cell response induced by the vaccine targets. And this high vaccine target success rate, together with this positive correlation demonstrates the strong predictive power of our AI-Immunology platform.

此外，我們證實EVX-01疫苗標的的預測品質與疫苗標的所誘發的T細胞反應幅度之間呈正相關。而這樣的高疫苗標的成功率，加上此一正相關，顯示我們AI-Immunology平台具有強大的預測能力。

If you take the next slide. So EVX-01 continues to deliver strong data, adding to the already existing and promising clinical and immunological data package. So at ESMO last year, we reported a 75% overall response rate, including 25 complete responders and 92 sustained responses, indicating a durable benefit. So importantly, more than half of the patients converted into an improved clinical response upon EVX-01 treatment. And with the newly presented Phase II immune data, this further strengthens the picture with the 86% immunogenicity and the 86% de novo immune responses, demonstrating broad and consistent immune activation.

請看下一張投影片。EVX-01持續交出強勁數據，並在既有且具前景的臨床與免疫學數據基礎上再添佐證。去年在ESMO，我們報告了75%的總反應率，其中包括25位完全反應者，以及92%為持續反應，顯示具持久效益。重要的是，超過一半的患者在接受EVX-01治療後轉為更佳的臨床反應。而隨著新近發表的第二期免疫數據，86%的免疫原性與86%的de novo免疫反應進一步強化整體圖像，顯示廣泛且一致的免疫活化。

So looking ahead, we have a clear development trajectory. We will announce 3-year data, including clinical outcome in the second half of this year. Further, we are evaluating and discussing additional relevant cancer indications and with further trials expected to be conducted in partnerships. And importantly, EVX-01 has already received FDA Fast Track designation, validating both the unmet need and then also the development potential. So overall, this positions EVX-01 very strongly as we move forward into the next phases of value creation.

展望未來，我們有清晰的開發路徑。我們將在今年下半年公布3年期數據，包括臨床結局。此外，我們正在評估並討論其他相關的癌症適應症，且預期後續試驗將以合作夥伴方式進行。同時，EVX-01已獲得FDA快速通道（Fast Track）資格認定，驗證了未被滿足的醫療需求以及其開發潛力。整體而言，這使EVX-01在邁向下一階段價值創造時具備非常強的定位。

If you take the next slide. So let's turn our focus to the other promising data set presented at AACR. So in collaboration with Duke University, we demonstrated that our AI-Immunology platform scales beyond melanoma. And here, it's exemplified with glioblastoma or GBM.

請看下一張投影片。接著讓我們把焦點轉向在AACR發表的另一組具前景的數據。我們與杜克大學合作，證明我們的AI-Immunology平台可擴展至黑色素瘤以外的領域。此處以膠質母細胞瘤（glioblastoma，GBM）為例。

So GBM is the most common and the most aggressive primary malignant brain tumor. And despite surgery followed by chemoradiation, outcome remains very poor for these patients with a median overall survival of approximately 15 months and a 5-year survival below 10%. So using our AI-Immunology platform, we have evaluated tumor omics data from 24 GBM patients and demonstrated that a fully personalized vaccine design was feasible for all these cases. And importantly, these designs were based on 2 classes of antigens or classical neoantigens and also antigens derived from the dark genome so-called endogenous retroviruses or ERs. So in 21 out of the 24 designs, they included both types of antigens, 2 vaccine designs included only neoantigens and 1 design relied solely on the ER antigens.

GBM是最常見且最具侵襲性的原發性惡性腦腫瘤。即使接受手術後再進行放射化學治療，患者預後仍非常差，中位總存活期約15個月，5年存活率低於10%。運用我們的AI-Immunology平台，我們評估了24位GBM患者的腫瘤組學（omics）數據，並證明在所有案例中皆可行完整的個人化疫苗設計。重要的是，這些設計基於兩類抗原：傳統新抗原（classical neoantigens），以及源自「暗基因組」的抗原，即所謂內源性逆轉錄病毒（endogenous retroviruses，ERs）。在24個設計中有21個同時包含兩種抗原；其中2個疫苗設計僅包含新抗原，另有1個設計則完全依賴ER抗原。

This analysis showcases the flexibility and the scalability of the platform to integrate antigen from different sources, fitting the patient tumor biology. So overall, the data demonstrate that AI-Immunology can address hard-to-treat low mutational burden tumors like GBM and it also supports broader applicability of the platform across different cancers.

此分析展現平台的彈性與可擴展性，能整合來自不同來源的抗原，以符合患者腫瘤生物學特性。整體而言，數據顯示AI-Immunology可應對如GBM這類難以治療、突變負荷較低的腫瘤，並支持該平台在不同癌症中的更廣泛適用性。

If you move on to the next slide. So another example of how AI-Immunology can be used to design improved vaccine was showcased at the World Vaccine Congress. And together with The Gates Foundation, we presented a new polio vaccine concept using AI-Immunology, we designed a novel hybrid capsid antigen and a novel de novo B-cell antigen with the aim of eliciting a strong and broad tumor response against all serotypes. And overall, this highlights the potential of AI-Immunology to reinvent classical vaccines with improved simplicity and also improved breadth.

請看下一張投影片。另一個展示AI-Immunology如何用於設計改良疫苗的例子，已在世界疫苗大會（World Vaccine Congress）上呈現。我們與蓋茲基金會（The Gates Foundation）共同提出一個運用AI-Immunology的新小兒麻痺疫苗概念：我們設計了一種新型混合衣殼（capsid）抗原，以及一種全新de novo B細胞抗原，目標是誘發對所有血清型的強而廣泛的腫瘤反應。整體而言，這凸顯AI-Immunology有潛力以更高的簡化性與更廣的涵蓋範圍，重新打造傳統疫苗。

Take the next slide. So having highlighted progress across the key R&D program, let's step back for a moment and focus on AI-Immunology and the data validating its ability to generate high-quality product candidates. So AI-Immunology is clinically validated with positive outcomes in 3 out of 3 oncology trials. And preclinically, we have demonstrated proof of concept across multiple disease areas, including cancer with our IRF targeting off-the-shelf vaccine concept as well as in infectious diseases with several vaccine candidates targeting multiple bacterial and viral pathogens. And importantly, the EVX-01 concept is highly scalable with potential in other solid tumors beyond melanoma. Additionally, the platform's applicability in challenging cancer indications was further validated in GBM. So finally, AI-Immunology supports multiple modalities, including peptides, proteins and DNA and RNA, enabling both pipeline and also partnership potential.

請看下一張投影片。在強調我們在關鍵研發計畫上的進展之後，讓我們先退一步，聚焦於 AI-免疫學，以及驗證其能夠產生高品質產品候選物的數據。因此，AI-免疫學已在臨床上獲得驗證，在 3 項腫瘤試驗中 3 項皆取得正向結果。而在臨床前方面，我們已在多個疾病領域展示概念驗證，包括在癌症方面以我們針對 IRF 的現成型（off-the-shelf）疫苗概念，以及在傳染病方面以多個疫苗候選物針對多種細菌與病毒病原體。而且重要的是，EVX-01 的概念具高度可擴展性，除黑色素瘤之外，在其他實體腫瘤亦具潛力。此外，該平台在具挑戰性的癌症適應症上的適用性，也在 GBM 中進一步獲得驗證。最後，AI-免疫學支援多種治療形式（modalities），包括胜肽、蛋白質以及 DNA 與 RNA，因而同時帶來產品線與合作夥伴的潛力。

So in conclusion, we have demonstrated strong progress across our platform and our R&D pipeline, and we are looking forward to keeping you updated as we advance our programs further.

總結來說，我們已在平台與研發產品線上展現強勁進展，並期待在我們進一步推進各項計畫時，持續向各位更新。

So with that, I will now hand over to Thomas, who will present our quarterly financial results.

接下來，我將把時間交給 Thomas，由他報告我們的季度財務結果。

Yes. Thank you, Birgitte. And as mentioned, I will now then present and take you through our Q1 '26 results. The highlights of the first quarter of the year really is a continued discipline that we have applied in our resource allocation, of course, aligned with our strategy and certainly investing into our value drivers. So really according to plan. And that also means that we are on track to deliver what we expect of an operational cash burn of roughly USD 14 million for 2026.

是的。謝謝你，Birgitte。如先前所提，我現在將帶各位回顧並說明我們 2026 年第一季（Q1 '26）的業績。今年第一季的重點，主要是我們在資源配置上持續保持紀律，當然是與我們的策略一致，並且確實投資於我們的價值驅動因素。因此整體都依計畫進行。這也意味著，我們正按進度達成 2026 年約 1,400 萬美元的營運現金消耗（operational cash burn）預期。

That also underlines and reconfirms that our cash runway is into the second half of 2027 and remains as such. Also, as earlier communicated, not assuming any partnerships or deals that we will hopefully be making and communicating within that time frame.

這也再次強調並重申，我們的現金可支撐期（cash runway）可延伸至 2027 年下半年，並維持不變。此外，如先前所溝通的，我們並未假設在此期間內會有任何合作夥伴關係或交易（deals）發生——儘管我們希望能在該時間範圍內達成並對外公告。

Looking at the P&L, we have operating expenses overall more or less in line with last year, but slightly reduced. It comes from our R&D with a minor increase as we continue, as mentioned before, to progress and advance our pipeline and programs according to plan. On the other side, our G&A expenses are slightly lower versus last year, also mainly driven by the fact that we have lower capital market costs in Q1 '26 versus the same period in '25. The first quarter resulted in a net loss of USD 3.6 million, again, according to our plan.

從損益表來看，我們的整體營運費用大致與去年持平，但略有下降。其中研發費用小幅增加，因為如先前所述，我們持續依計畫推進並加速我們的產品線與各項計畫。另一方面，我們的一般及行政（G&A）費用較去年略低，主要也是因為 2026 年第一季相較於 2025 年同期的資本市場相關成本較低。第一季淨損為 360 萬美元，同樣符合我們的規劃。

On the balance sheet side of things on the next slide, reconfirming once again, our cash position and equivalent end of the quarter stands at $18.4 million, which confirms runway until the second half of '27. And the total equity has been reduced since year-end, really as a result of the net result of the first quarter, meaning that we have USD 13.2 million as equity at the end of the quarter. So all in all, financials according to plan, allocation into our main priorities and cash runway confirmed until the second half of 2027.

在下一張投影片的資產負債表部分，再次重申：本季末我們的現金及約當現金為 1,840 萬美元，這也確認可支撐期至 2027 年下半年。總權益較年末有所下降，主要是第一季淨損所致，意味著本季末權益為 1,320 萬美元。總體而言，財務表現符合計畫，資源配置聚焦於主要優先事項，並確認現金可支撐期至 2027 年下半年。

With that, I hand it back to Helen for some concluding remarks.

接下來，我把時間交回給 Helen，請她做一些結語。

Thanks, Thomas, and thanks, Birgitte. And so I would just like to emphasize that we believe we've made a great start to 2026, achieving the first of our milestones with a really encouraging translational data from EVX-01. We've got various presentations that have been made that validate the capabilities and scalability of the platform, as Birgitte has explained.

謝謝你，Thomas，也謝謝你，Birgitte。我想強調的是，我們認為 2026 年開局非常順利，並且已達成第一個里程碑，也就是 EVX-01 帶來相當令人鼓舞的轉譯數據（translational data）。我們也已進行多場發表，正如 Birgitte 所說，這些都驗證了平台的能力與可擴展性。

Business development remains a key priority in terms of engaging with organizations on the value of the assets that we have and the capability to develop those assets as we've talked a bit about. And the cash runway is maintained through to the second half of 2027. So we are rigorously following execution of our strategy and engagement externally and making great progress.

在商務拓展方面，與各類組織就我們資產的價值，以及我們開發這些資產的能力進行互動，仍是關鍵優先事項，我們也已稍作說明。而現金可支撐期維持至 2027 年下半年。因此，我們正嚴謹地執行策略、對外積極互動，並取得很大進展。

So with that, I would like to hand back over to take some questions by the operator.

那麼接下來，我想把時間交回給接線員，由接線員協助進行提問。

(Operator Instructions)

(接線員指示)

Thomas Flatten, Lake Street Capital Markets.

Thomas Flatten，Lake Street Capital Markets。

Hi, everyone. Thanks for taking the questions.

各位好。謝謝讓我提問。

Two for me. With respect to the three-year EVX-01 data, ASCO is obviously too soon, but should we anticipate something like an ESMO readout? Or will you do it independent of a broader scientific meeting?

我有兩個問題。關於 EVX-01 的三年期數據，ASCO 顯然太早了，但我們是否應該期待像 ESMO 這樣的讀出（readout）？還是你們會在不依附於大型科學會議的情況下獨立發布？

So we will be updating in the context of a scientific meeting. We will not be sort of outside of that. That's not our intention. And we'll confirm which of the four conferences. It will be once we're able to, once abstractions are released.

我們會在科學會議的脈絡下進行更新。我們不會在會議之外單獨發布。那不是我們的意圖。至於會是哪四個會議中的哪一個，我們會在可以確認時再說明，也就是在摘要（abstracts）公布之後。

Got it. And then I think the GBM data that you put out, albeit early, was very exciting and obviously a disease state in great need. Is it your strategic intent to take that into humans? Or would you seek a partnership based on the data you have now and perhaps some additional preclinical data?

了解。另外，我認為你們公布的 GBM 數據雖然仍偏早期，但非常令人振奮，而且顯然是高度未被滿足需求的疾病領域。你們的策略意圖是把它推進到人體試驗嗎？或者會基於目前的數據、以及可能再補充一些臨床前數據後，尋求合作夥伴？

So we are very excited about the data. We agree it's really interesting and it's really exciting and a very difficult to treat disease. We would anticipate that that will be something that we will be partnering. It sort of strengthens the overall personalized approach that we have developed with EVX01, but probably more to come on that as more data and discussions mature. But it would be a partnering approach for that one too. Got it.

我們對這些數據非常興奮。我們同意這確實很有意思、也非常令人振奮，而且是非常難以治療的疾病。我們預期這會是我們會採取合作（partnering）的項目。它在某種程度上強化了我們以 EVX01 所建立的整體個人化方法，但隨著更多數據出來、以及討論更成熟，後續應該還會有更多更新。但就這個項目而言，會是以合作方式推進。了解。

Michael Okunewitch, Maxim Group.

Michael Okunewitch，Maxim Group。

Congrats on all the great progress. I guess to kick things off, I'd like to ask just a little bit about expansion and I guess, your design philosophy and strategy around that. So first off, when thinking about targets for expanded indications in cancer, in particular, is the plan to go after other diseases where PD-1s have historically been ineffective due to that synergistic activity of directing the antitumor immune response?

恭喜你們取得這麼多重大進展。我想先從適應症擴展談起，並請教你們在這方面的設計理念與策略。首先，在思考癌症擴展適應症的目標時，特別是，你們是否計畫鎖定那些過去 PD-1 治療歷來效果不佳的疾病，因為你們引導抗腫瘤免疫反應所帶來的協同作用？

So, I think we've taken a lot of parameters into account. But Birgitte, do you want to comment on how we have been marshalling the approach internally to focus on the right diseases?

所以，我認為我們已經把很多參數都納入考量。不過，Birgitte，你想就我們在內部如何整合並推動這個方法、以聚焦在正確的疾病上，發表一下看法嗎？

Yes. So as mentioned, we are looking at multiple different antigen sources currently, and there's further development in this area in the company. So we would like to be able to provide a cancer vaccine for all patients independently of their antigen profiles or landscapes. So we have so far looked at more than 30 different indications, mapping out their seasonal burden, their ERV burden, et cetera, and can see that for many of these indications, we're able to -- with the capabilities we have currently to design a high-quality vaccine. And of course, one would need to further dive into medical need and current treatment landscapes to find the optimal subpopulations where our therapies would fit, but not necessarily in PD-1 low patient, it could also be in high. So it's mostly -- we are mostly focusing on understanding the antigenic landscape and fitting our therapies towards these profiles.

是的。如同提到的，我們目前正在評估多種不同的抗原來源，公司內部在這個領域也有進一步的開發。因此，我們希望能夠為所有病患提供癌症疫苗，而不受其抗原特徵或抗原圖譜的限制。到目前為止，我們已經研究了超過30種不同的適應症，並繪製其季節性疾病負擔、ERV負擔等，並且可以看到，對於其中許多適應症，以我們目前的能力，能夠設計出高品質的疫苗。當然，仍需要進一步深入醫療需求與現行治療格局，以找出我們療法最適合的最佳亞族群；但不一定是在PD-1低表現病患，也可能是在高表現病患。因此，重點是——我們主要聚焦於理解抗原景觀，並讓我們的療法與這些特徵相匹配。

And then, once thinking about designing new vaccines. Do you find that it makes more sense to use one personal vaccine and then. See if you could expand that to multiple tumor types with the same vaccine for more universal coverage? Or does it make more sense to go tumor by tumor and create a new batch of targets that are directed specifically at the common target for that given tumor type, like melanoma or like glioblastoma, and have an individual vaccine candidate for each of those different cancers?

接著，談到設計新疫苗。你們是否認為，先使用一種個人化疫苗，然後看看能否用同一種疫苗擴展到多種腫瘤類型，以達到更普遍的涵蓋，會更合理？或者，更合理的是按腫瘤類型逐一開發，建立一批針對該腫瘤類型共同靶點的新目標，例如黑色素瘤或膠質母細胞瘤，並為每一種不同癌症各自開發一個疫苗候選？

Again, yes. And so the way that we are approaching this is to look into a lot of data from a certain indication and understanding, as mentioned, the landscape. If we do see that there are these conserved antigens, so antigens that are shared across patients, we would definitely develop an off-the-shelf vaccine just due to the fact that the statistics are and most simple and also the cost for the manufacturing would be way lower than for personalized approach. Further on, you can -- off the shelf therapy, you can immediately treat the patients and not have to wait for that personalized test to be ready.

同樣地，是的。我們的做法是針對某一適應症蒐集大量資料，並如前所述去理解其景觀。如果我們看到存在這些保守抗原——也就是病患之間共享的抗原——我們一定會開發現成（off-the-shelf）疫苗，原因在於統計上更簡單，而且製造成本也會遠低於個人化方法。此外，使用現成療法可以立即治療病患，不必等待個人化檢測完成。

So that's the -- that's -- everything comes back to the patient omics data and the profiles that we are seeing in our analysis. For some indicators, we know that development and of the sales cancer vaccine would be very challenging. So it clearly depends on these different biological profiles.

所以——所以一切都回到病患的組學（omics）資料，以及我們在分析中看到的特徵。對於某些指標（indicators），我們知道開發現成癌症疫苗會非常具挑戰性。因此，這顯然取決於不同的生物學特徵。

And I think the EVX-04 illustrates just where in that setting, I think, the high level of conserved has enabled us to produce a single vaccine for those patients.

我認為EVX-04就說明了在那樣的情境下，高度保守的程度使我們能夠為這些病患製作單一疫苗。

Thank you. I appreciate the additional color, and I'm looking forward to the three-year data coming up later this year.

謝謝。感謝你補充更多細節，我也期待今年稍晚將公布的三年期數據。

Danya Ben-Hail, Jones.

Danya Ben-Hail，Jones。

Hi, congratulations on the update. Thank you for taking your questions. You mentioned that there are several parallel partnerships and discussions. Can you provide more detail on whether these discussions lean toward broad platform life operations? Thank you.

嗨，恭喜這次更新。謝謝你們回答問題。你們提到有幾個並行的合作夥伴關係與討論正在進行。能否提供更多細節，這些討論是否更偏向於廣泛的平台授權合作？謝謝。

So we obviously can't say much at this point. I think we have updated the priority around partnership on EVXO-1, but as you've heard, that has broader applicability than melanoma in our minds. And that is obviously also gathered interest externally with partnering conversations also. So, and across our infectious diseases portfolio, there are, a number of assets which are of interest to a number of companies. So we can't really provide any more details than that, suffice to say that.

所以我們目前顯然不能透露太多。我想我們已更新了在EVX-01上的合作優先順序，但如你所聽到的，我們認為它的適用範圍不僅限於黑色素瘤。而這也顯然在外部引起了興趣，並帶來合作洽談。此外，在我們的傳染病產品組合中，有多項資產也受到多家公司關注。因此，我們無法提供比這更多的細節，只能說到這裡。

We are trying to be strategic around the way we have the partnering discussions in terms of maximizing the value, whether it's from an asset group in infectious diseases or the approach with something like a personalized EVX-01, EVX-03, cancer vaccines.

我們正嘗試以策略性的方式來進行合作洽談，以最大化價值——不論是來自傳染病的資產組合，或是像個人化EVX-01、EVX-03癌症疫苗這樣的方法。

So obviously, as soon as we can tell you more, we will be delighted to do so. But we're pushing forward on a more strategic basis, if you will, around how to get the most value out of the assets that we can produce from AI immunology.

所以很明顯，一旦我們能告訴各位更多資訊，我們會很樂意這麼做。但我們正以更具策略性的基礎推進，若你願意這麼說的話，就是要從我們能以AI免疫學產出的資產中取得最大價值。

Thank you. And just one more question on the other new platform part. So we should expect more details in the second-half?

謝謝。另外還有一個關於其他新平台部分的問題。所以我們應該預期在下半年會有更多細節嗎？

Yes, that's our current plan aligned to. As is always, generally aligned to scientific conferences to report on data.

是的，這是我們目前的計畫安排。一如往常，通常會配合科學會議來發布數據。

Thank you (Operator Instructions)

謝謝（接線員指示）

There are no further questions for today. I will now hand the call back to Helen Tayton-Martin for closing remarks.

今天沒有其他問題。我現在把電話交回給Helen Tayton-Martin作結語。

Thank you. Thank you very much. And thank you to all those who listened in to the call. And thank you very much for the questions that we received.

謝謝。非常感謝。也感謝所有收聽本次電話會議的各位。並非常感謝我們收到的提問。

I think in summarizing, we are very enthusiastic and excited about the performance so far in Q1 2026. We are really just getting started and are achieving. As we have stated them to be. So very excited about the initial data. I'm very excited about the additional update to come later this year.

我想總結來說，我們對截至目前在2026年第一季的表現感到非常振奮與興奮。我們其實才剛開始，並且正在達成我們所陳述的目標。因此，我們對初步數據感到非常興奮。我也非常期待今年稍晚將帶來的進一步更新。

And with that, I'd like to thank you very much. And I think we'll be closing the call.

那麼，藉此我想再次非常感謝各位。我想我們將結束本次電話會議。

Thank you. This concludes this conference call. Thank you for participating. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與。您現在可以掛線。