0001558370-21-004050 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Document and Entity Information
Entity Registrant Name	Evaxion Biotech A/S
Entity Central Index Key	0001828253
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2020
Title of 12(b) Security	American Depositary Shares, each representingone ordinary share, nominal value DKK 1 per share
Trading Symbol	EVAX
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Shell Company Report	false
Entity Common Stock, Shares Outstanding	16,198,668
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
Statements of Comprehensive Loss - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 10,902	$ 8,216	$ 3,729
General and administrative	5,666	2,647	1,898
Total operating expenses	16,568	10,863	5,627
Operating loss	16,568	10,863	5,627
Finance income	216	65	76
Finance expenses	(223)	(1,222)	(719)
Net loss before tax	(16,575)	(12,020)	(6,270)
Income taxes	(1,557)	(825)	(735)
Net loss for the year	(15,018)	(11,195)	(5,535)
Net loss attributable to shareholders of Evaxion Biotech A/S	(15,018)	(11,195)	(5,535)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations	(18)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax):
Exchange differences on currency translation to presentation currency	413	2	(15)
Other comprehensive loss for the year, net of tax	395	2	(15)
Total comprehensive loss	(14,623)	(11,193)	(5,550)
Total comprehensive loss attributable to shareholders of Evaxion Biotech A/S	$ (14,623)	$ (11,193)	$ (5,550)
Loss per share – basic and diluted	$ (0.97)	$ (0.81)	$ (0.43)

Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Intangible assets	$ 100
Deferred tax assets	262
Property and equipment, net	221	$ 101
Government grants receivables	194
Leasehold deposits	238	25
Total non-current assets	1,015	126
Current assets
Prepayments and other receivables	1,971	575
Deferred offering costs	1,729
Tax receivables	1,416	824
Cash and cash equivalents	5,834	9,559
Total current assets	10,950	10,958
TOTAL ASSETS	11,965	11,084
EQUITY AND LIABILITIES
Share capital	2,648	2,481
Other reserves	31,669	22,693
Accumulated deficit	(27,279)	(15,812)
Total equity	7,038	9,362
Current liabilities
Lease liabilities	20	36
Trade payables	2,646	646
Other payables	2,261	1,040
Total current liabilities	4,927	1,722
Total liabilities	4,927	1,722
TOTAL EQUITY AND LIABILITIES	$ 11,965	$ 11,084

Statements of Changes in Equity kr in Thousands, $ in Thousands	Share capital DKK (kr)	Share capital USD ($)	Share premium USD ($)	Foreign currency translation reserved USD ($)	Accumulated deficit USD ($)	USD ($)
Equity at December 31, 2017		$ 117	$ 6,102	$ (156)	$ (3,513)	$ 2,550
Bonus share issuance		1,996	(1,996)
Equity at Dec. 31, 2017	kr 12,917	2,113	4,106	(156)	(3,513)	2,550
Net loss for the year					(5,535)	(5,535)
Other comprehensive income				(15)		(15)
Share-based compensation expenses					2,069	2,069
Equity at Dec. 31, 2018	12,917	2,113	4,106	(171)	(6,979)	(931)
Net loss for the year					(11,195)	(11,195)
Other comprehensive income				2		2
Share-based compensation expenses					2,362	2,362
Issuance of shares for cash		181	9,261			9,442
Transaction costs			(13)			(13)
Settlement of convertible debt instruments		187	9,508			9,695
Equity at Dec. 31, 2019	15,184	2,481	22,862	(169)	(15,812)	9,362
Net loss for the year					(15,018)	(15,018)
Other comprehensive income				395		395
Share-based compensation expenses					3,551	3,551
Issuance of shares for cash		167	8,853			9,020
Transaction costs			(272)			(272)
Equity at Dec. 31, 2020	kr 16,198	$ 2,648	$ 31,443	$ 226	$ (27,279)	$ 7,038

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2020-01-01

+ Details

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net loss for the year	$ (15,018)	$ (11,195)	$ (5,535)
Adjustments for non-cash items	1,583	2,945	2,123
Interest received		9	2
Interest paid	30	39	15
Income taxes received	812	688	453
Cash flow from operating activities before changes in working capital	(12,653)	(7,592)	(2,972)
Cash flow from changes in working capital:
Changes in net working capital	215	573	981
Net cash used in operating activities	(12,438)	(7,019)	(1,991)
Investing activities:
Investment in intangible assets	(35)
Purchase of property, plant and equipment	(149)	(61)	(7)
Changes in non-current financial assets – leasehold deposits	(209)	(7)	13
Net (cash used in)/ provided by investing activities	(393)	(68)	6
Financing activities:
Proceeds from issuance of shares	9,020	9,442	1,092
Transaction costs related to issuance of shares	(128)	(13)
Proceeds from issuance of convertible debt instruments		152	7,998
Leasing installments	(74)	(73)	(63)
Net cash provided by financing activities	8,818	9,508	9,027
Net (decrease)/increase in cash and cash equivalents	(4,013)	2,421	7,042
Cash and cash equivalents at January 1	9,559	7,433	468
Exchange rate adjustments on cash and cash equivalents	288	(295)	(77)
Cash and cash equivalents at December 31	5,834	$ 9,559	$ 7,433
Non-cash investing and financing activities
Capitalized intangible assets included in other payables	$ 60

General Company Information	12 Months Ended
General Company Information	Dec. 31, 2020
General Company Information
General Company Information	Note 1. General Company Information Evaxion Biotech A/S (the “Company” or “Evaxion”) is an artificial intelligence (“AI”)-immunology platform company that uses its proprietary AI technology, engineering expertise and drug development know-how to simulate the human immune system and generate predictive models to identify and develop efficacious immunotherapies for patients in the global market. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our”, refer to Evaxion Biotech A/S and its subsidiaries. Evaxion is a public limited liability company incorporated and domiciled in Denmark with its registered office located at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Denmark. On February 5, 2021, the Company completed an initial public offering (“IPO”), which resulted in the listing of American Depository Shares (“ADS”) representing the company’s ordinary shares, under the symbol “EVAX” in the United States on the NASDAQ Capital Market. The Company received total proceeds of approximately $27.9 million from the IPO, after deducting the underwriting discount of $2.1 million. Upon the completion of the IPO, authorized share capital consists of 3,000,000 shares of ordinary shares, par value DKK 1 per share. The consolidated financial statements of Evaxion Biotech and its subsidiary (collectively, the “Group”) for the year ended December 31, 2020, were approved, and authorized for issuance, by the Board of Directors on March 30, 2021. Basis of Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Based on the Company’s current cash on hand, proceeds secured through its recent IPO, together with access to its EIB loan will allow the Company to meet its liabilities as they fall due for at least 12 months from December 31, 2020 . Thus, these consolidated financial statements are prepared on a going concern basis of accounting. Emerging Growth Company Status Evaxion is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company has elected to take advantage of specified reduced reporting and regulatory requirements in contrast to those otherwise applicable generally to public companies. This provision includes the exemption from the auditor attestation requirement in the assessment of the Company’s internal control over financial reporting pursuant to Section 404 the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. Evaxion will remain an emerging growth company until the earliest of (i) the last day of the first fiscal year (a) following the fifth anniversary of the completion of the global offering, (b) in which its annual gross revenue totals at least $1.07 billion or (c) when the Company is deemed to be a large accelerated filer, which means the market value of the Company’s ordinary shares that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (ii) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. COVID 19 In December 2019, a novel strain of coronavirus (“COVID-19”) was reported in Wuhan, China and on March 11, 2020 the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has resulted in a widespread health crisis and numerous disease control measures being taken to limit its spread. As the pandemic unfolds throughout the world, the healthcare systems of the countries in which the Company is conducting its studies have experienced great disruption. Governments have instituted quarantining and mandated business and school closures. Travel has been severely restricted. The Company is closely monitoring the potential impact of COVID-19 on the 2021 financial results and cashflows and beyond. The Company’s top priority remains the health and safety of its staff and the patients in the studies. The Company maintains compliance with government and health authorities. Additionally, we have adapted the way in which we work to ensure we are doing our part in reducing transmission of COVID 19. The Company has worked closely with laboratories and investigators to ensure safe continuation and working requirements of our ongoing research activities and human clinical trials. The Company has not experienced a materially negative impact from COVID 19. As of December 31, 2020, the impact of the COVID-19 pandemic continues to unfold. As events continue to evolve and additional information becomes available, our estimates may change materially in the future. While business travel has been suspended, the Company has remained active and effective in the process of raising capital with institutional investors by conducting key meetings on a virtual basis.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with IFRS as issued by the IASB. The Company adopted IFRS in 2019 and applied it from the beginning of the period preceding adoption, starting on January 1, 2018.

The financial statements are presented in the Company’s presentation currency, U.S. dollar (“USD”) which is not the functional currency of the parent company. The Group's financial statements are presented in USD as the result of the Company’s publicly listing the ADSs in the United States. The company’s functional currency is DKK for Denmark and AUD for Australia. The financial statements have been prepared on a going concern basis using a historical cost basis. All financial assets and liabilities are measured at amortized cost unless otherwise stated.

Basis of consolidation

The audited consolidated financial statements comprise the financial statements of the Company for the twelve months ended December 31, 2020, 2019 and 2018. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the audited consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Control is reassessed whenever facts and circumstances indicate that there are changes of the control.

All intra-Group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Retrospective effect of share split and bonus share issuance

All share and per share data, including that related to warrants, in the consolidated financial statements give retroactive effect to a 2:1 share split and a bonus issue of shares in the ratio of 17:1 of the Company’s authorized, issued and outstanding ordinary shares, which was effective on January 4, 2021, with the corresponding impacts on both share capital and share premium also retroactively recognized.

Currency translation of foreign operations

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as financial income or financial expenses in the statements of comprehensive loss. Non-monetary items in foreign currency which are measured at cost at the statements of financial position date are translated using the exchange rates at the date of the transaction.

Translation of foreign operations

Assets and liabilities in the Company’s functional currency, DKK and AUD, for Denmark and Australia, respectively, are translated to the Company’s presentation currency at the exchange rate applicable on December 31 for the respective year. Income and expenses in the Company’s functional currency are translated to USD at the average exchange rate which corresponds to an approximation of the exchange rates prevailing on each individual transaction date. Translation differences arising in the translation to presentation currency are recognized in other comprehensive income.

Research and development expenses

Research and development expenses are primarily internal and external costs incurred in the development of the Company’s product candidates, including personnel costs, share-based compensation, external research and development expenses, maintenance of the Company’s patents, overhead allocation and enhancements and maintenance of the Company’s technology platforms.

The research activities are comprised of activities performed before filing an IND or equivalent and necessary pre-clinical activities for such product candidates. All research expenses are recognized in the period in which they are incurred and payments made prior to the receipt of goods or services to be used in research and development are deferred until the goods or services are received. The Company records accruals for estimated research and development costs, comprising payments for work performed by third-party contractors and others. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, in which case, they are reflected in the financial statements as expense, prepaid expense or accrued expense.

The development activities are comprised of the activities performed following the filing of an IND or equivalent clinical-enabling activities for such product candidates, including but not limited to, research and clinical research activities. In line with industry practice, internal and subcontracted development costs are expensed as incurred. Due to regulatory uncertainties and other uncertainties inherent in the development of new products, development expenses do not qualify for capitalization as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. To date, the Company has not incurred any development costs which qualified for capitalization.

Contract Research Organizations expenses and related prepayments and accruals

Substantial portions of the Company’s clinical studies are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively, the “CROs”). The CROs generally bill monthly or quarterly for services performed. For studies, the Company accrues expenses based upon estimated percentage of work completed.

The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company evaluates the estimates to determine if adjustments are necessary or appropriate based on information received.

CROs invoice the Company upon the occurrence of predetermined contractual or activity-based milestones; however, the timing of these invoices and the Company’s related payments often do not correspond directly to the level of performance of contracted activities. To the extent payments are made by the Company in advance of the related activities performed by the CROs, they are included in prepayments to clinical research organizations and expensed when the activities performed by the CROs. To the extent the payments are made by the Company following the performance of the related activities, the expense is accrued for as a payable to clinical research organizations.

Intellectual property

The Company actively seeks to create, maintain and protect intellectual property and proprietary information and technology that is considered important to the Company’s business, which includes seeking and maintaining patents covering proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and / or strategically important to the Company’s business development. These expenses are expensed as incurred and not capitalized as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. The Company has not incurred any costs that qualify for capitalization.

Income from government grants

The Company receives grants for certain research and development activities. The grant income is recognized as a reduction of research and development expenses in the period in which the underlying expenditures were incurred and when there is reasonable assurance that the Company will comply with all conditions to receive the grant income. Government grants comprise direct grants and tax credits related to qualifying research and development costs in excess of the corporate tax rate. Tax credits in an amount up to the corporate tax rate are classified as income tax benefits.

General and administrative expenses

General and administrative expenses consist primarily of fees paid to external consultants and personnel costs, including share-based compensation for the Company’s executive, finance, corporate and business development functions. In addition, general and administrative expenses also include depreciation and other expenses for the Company’s corporate headquarters as well as other allocated overhead.

Share-based payments

The Company issues warrants as an incentive to employees and non-employees. The fair value of the warrants granted is recognized as an expense with a corresponding credit to accumulated deficit. The fair value is expensed over the requisite service period of the awards. The expense recognition is based on an estimate of the number of warrants expected to vest. The estimate is reassessed regularly, and on a cumulative basis, the expense is equal to the fair value of the number of warrants which actually vest.

For employees and consultants providing services similar to employees of the Company, the fair value of the equity instruments is determined at the date of grant resulting in a fixed fair value at grant date that is not adjusted for future changes in the fair value of the equity awards that may occur over the service period. The grant date is defined as the date at which the parties agree to the contractual terms.

For consultants providing other services that are not similar to employees of the Company, the transactions are measured at the fair value of the services received unless this is not reliably measurable. In such cases, the transactions are measured at fair value of the equity instruments granted at the dates when the services are provided.

Modification of warrants which are beneficial are accounted for with their incremental value or over the shorter vesting period. Non-beneficial modifications such as an extension of the vesting period are not accounted for. Consequently, the original terms are deemed to continue to exist. The Company estimates the fair value of warrants using the underlying value of the Company's ordinary shares. Since the warrants are exercisable for nominal consideration, the warrants are valued using the fair value of the Company's ordinary shares on grant date less the exercise consideration. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The key assumption in this estimate is the fair value of the Company's ordinary share on the warrant grant date.

Post-employment benefit costs

The Company contributes to a defined contribution plan covering eligible employees. The contribution amount is based upon a fixed percentage of employee compensation and such contributions are expensed as incurred.

Accounting for joint operations – Southern Denmark University

The Company enters into agreements from time to time that may be subject to the requirements of IFRS 11, Joint Arrangements. The Company evaluates these agreements on execution and applies the requirements of the guidance. To date, the Company has only had one collaborative arrangement. The collaboration agreement with Southern Denmark University (“SDU”) is considered a joint operation as defined in IFRS 11, with the principle place of business being Denmark. For the years ended December 31, 2020, 2019 and 2018, the Company recorded $0.3 million, $0.3 million and $0.0 million, respectively, in compensation cost for SDU employees which was reported in research and development costs in the statement of comprehensive loss.

Finance Income

Finance income is comprised primarily of foreign currency gains.

Finance Expense

Finance expense is comprised primarily of changes in fair value of the Company’s convertible debt instruments and interest on the Company’s lease liability.

Income tax

The income tax for the period comprises current and deferred tax, including prior-year adjustments and changes in provisions for uncertain tax positions. Tax is recognized in the statement of comprehensive loss, except to the extent that it relates to items recognized in equity.

Research and development tax credits are available to the Group under the tax laws of Denmark and Australia respectively, based on qualifying research and development spend as defined under those tax laws. Tax credits not exceeding the corporate tax rate are recognized as an income tax benefit. Tax credits in excess of the corporate tax rate are classified as government grants.

Deferred taxes

Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where the tax value can be determined according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the obligation.

Deferred tax assets are measured at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Deferred tax assets are set off within the same legal tax entity and jurisdiction.

Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions could necessitate future adjustments to tax income and expenses already recorded. As at December 31, 2019 and 2020, the Company has not recognized any provisions for uncertain tax positions resulting in a risk that the deferred tax asset related to warrants is lower than disclosed.

The Company recognizes deferred income tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income in assessing whether deferred income tax assets should be recognized and has concluded that the deferred income tax assets do not meet the criteria for recognition as assets in the statements of financial position.

Tax receivables

Current tax assets for the current and prior periods are measured at the amount expected to be recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Transactions and balances

Deferred offering costs

Offering costs, consisting of legal, accounting, printer and filing fees directly attributable to the issuance of new shares relating to the Company’s planned initial public offering (“IPO”), are deferred and will be offset against proceeds from the IPO upon the effectiveness of the offering. Deferred offering costs recorded as of December 31, 2020 were $1.7 million.

Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets.

Right-of-use assets

The Company recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs.

Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset using the straight-line method. In addition, right-of-use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements.

The Company’s right-of-use assets are presented within property, plant and equipment (see Note 13).

Lease liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable:

fixed payments (including in-substance fixed payments), less any lease incentives receivable;

variable lease payments (linked to an index or interest rate);

expected payments under residual value guarantees;

the exercise price of purchase options, where exercise is reasonably certain;

lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and

penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option.

The lease payments are discounted using the interest rate implicit in the lease if this rate can be readily determined. Otherwise, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate.

Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of the lease liabilities are remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments).

Intangible assets

The Company recognized intangible assets for licenses. Licenses are measured at cost less cumulative amortization and impairment. Cost is measured at fair value of the consideration transferred with addition of transactions costs. If additional consideration is transferred to the seller due to meeting certain milestones, these payments are added to the cost price once the conditions for making the payments are met.

The capitalized assets are amortized over their useful lives, which are determined on the basis of the expected pattern of consumption of the expected future economic benefits embodied in the license or similar development agreement. Amortization commences only once the necessary regulatory and marketing approval has been received for the product candidates to which they relate. To date, the Company has not received any regulatory and marketing approval for any of its product candidates. Consequently, the Company did not recognize any amortization expense for its intangible assets.

Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized on a straight-line basis over the estimated useful lives of the assets, as follows:

Assets		Useful life
Properties		Shorter of lease term and useful life of the asset
Other equipment		3 – 6 years

Impairment of non-financial assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. The Company has not recognized any impairment losses to date.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are classified at initial recognition, including on the basis of the purpose for which the instrument was acquired and managed. This classification determines the valuation of the instruments.

(i) Non-derivative financial assets

Non-derivative financial assets are recognized initially on the date they are originated. The Company derecognizes non-derivative financial assets when the contractual rights to cash flows expire or it transfers the right to receive cash flows in a transaction which transfers substantially all the risks and rewards of ownership of the asset. The Company’s financial assets are initially recognized at fair value and subsequently measured at amortized cost less accumulated impairment losses.

The Company holds the following categories of non-derivative financial assets:

Receivables

Receivables (including lease deposits, receivables and receivables from unpaid capital) represent the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are measured at amortized cost less impairment.

Prepayments include expenditures related to future financial periods and are measured at amortized cost

Cash and cash equivalents

Cash and cash equivalents are entirely comprised of cash held in banks at December 31, 2020 and 2019.

(ii) Non-derivative financial liabilities

Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost.

Other Payables

Other payables are comprised of payables to clinical research organizations, employee liabilities and other liabilities. The contract liabilities consist of CROs and vendor accruals. Employee cost liabilities are comprised of provision for holiday allowance, provision for salaries and other employee related provisions. Other liabilities consist of commitments and liabilities related to government grants received in advance.

Debt

Debt is comprised of debt agreements that are carried at amortized cost using the effective interest method.

(iii) Derivative financial liabilities

Convertible debt instruments

During 2018, the Company issued two convertible debt instruments which are determined to be financial instruments. As required by IAS 32 and IFRS 9, these instruments were separated into their components: debt, and embedded derivatives related to the conversion features, early settlement mechanism and change of control prepayment provision. The Company elected the fair value option and accounts for both the debt and the embedded derivatives as a single instrument that is measured at fair value. Details of the significant inputs and assumptions into the fair values of these instruments are provided in Note 19.

Cash and cash equivalents

Cash is comprised of cash on hand and in bank deposit accounts. Cash equivalents are instruments with original maturities of 90 days or less. The Company does not have any cash equivalents for the years ended December 31, 2020 and 2019.

Segment Information

An operating segment is a part of the Company that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM for the Company is the Chief Executive Officer. The Company does not divide its operations into different segments and the CODM operates and manages the Company’s entire operations as one segment, which is consistent with the Company’s internal organization and reporting system. The Company does not have any revenue and there are no material non-current assets attributable to countries other than Denmark.

Shareholders’ Equity

The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1.

Other Reserves includes the share premium comprising the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the company’s capital increases, reduced by any expenses directly attributable to the capital increases as well as translation reserves. Translation reserves include exchange rate adjustments of equity investments in our group enterprises.

Accumulated Deficit include the accumulated profit or loss as well as well as the reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the profit or loss, arising from our warrant programs.

Loss Per Share

The calculation of basic loss per share is based on the Company’s net loss for the year attributable to shareholders of Evaxion Biotech A/S and on the weighted average number of ordinary shares outstanding during the year. The number of shares outstanding take in effect the 2 for 1 stock split and the 17 for 1 bonus share issuance on January 4, 2021. In calculating diluted loss per share, earnings and the average number of shares are adjusted for the dilutive effects of potential ordinary shares. Loss per share is not adjusted for any dilution that results in a loss per share that is lower than loss per ordinary share before dilution.

Standards issued but not yet effective

There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2020 and have not been adopted for these financial statements:

Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date to be confirmed)

Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023)

Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts— Cost of Fulfilling a Contract (January 1, 2022)

Amendments to IAS 16, Property, plant and equipment, proceeds before intended use (January 1, 2022)

Amendment to IFRS 16 Leases Covid 19- Related Rent Concessions (June 1 2020)

Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform phase 2 (January 1, 2021)

Annual Improvements 2018-2020 (January 1, 2022)

The Company expects to adopt these standards, updates and interpretations when they become mandatory. These standards are not expected to have a significant impact on disclosures or amounts reported in the Company’s financial statements in the period of initial application and future reporting periods.

First-Time Adoption of IFRS TLG	12 Months Ended
First-Time Adoption of IFRS TLG	Dec. 31, 2020
First-Time Adoption of IFRS
First-Time Adoption of IFRS	Note 3. First-Time Adoption of IFRS IFRS 1 – First-time adoption of IFRS Impact of initial application of IFRS 1 – first-time adoption of International Financial Reporting Standards The Company adopted IFRS as issued by IASB in the accompanying financial statements. The figures for 2019 and 2018 in the statements of comprehensive loss have been prepared in accordance with IFRS as issued by the IASB. The disclosures required by IFRS 1, First-Time Adoption of IFRS, concerning the transition from Danish Financial Statement Act (“Local GAAP”) to IFRS were presented in the prior year financials. The financial statements for the year ended December 31, 2019 are the first the Company has prepared financial statements in accordance with IFRS. For periods up to and including the year ended December 31, 2018, the Company prepared its financial statements in accordance with the Danish Financial Statements Act. Accordingly, the Company has prepared financial statements that comply with IFRS applicable as at December 31, 2020, together with the comparative period data for the years ended December 31, 2019 and 2018.

Significant Accounting Judgements, Estimates, and Assumptions	12 Months Ended
	Dec. 31, 2020
Significant Accounting Judgements, Estimates, and Assumptions
Significant Accounting Judgements, Estimates, and Assumptions	Note 4. Significant Accounting Judgements, Estimates, and Assumptions The preparation of the consolidated financial statements in conformity with IFRS as issued by the IASB requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The critical accounting policies which involve significant estimates, assumptions or judgements, the actual outcome of which could have a material impact on the Company’s results and financial position outlined below, are as follows: Share-based compensation Management determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards is determined at the date of grant using generally accepted valuation techniques or valuation based on the Company’s fundraising events. Assumptions are made and judgments are used in applying valuation techniques. These assumptions and judgments include estimating the fair value for the underlying Ordinary share on the warrant grant date, as well as the likelihood of liquidity events such as IPOs. Such judgments and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates as well as the term applied to the expense recognition. Due to the fact that the exercise price is insignificant compared to fair value of the warrants, the warrants have virtually no time value, and consequently, fair value has been determined as the difference between the share price and the exercise price. Refer to Note 8 for further detail surrounding share-based compensation. We refer to note 2 for a summary of significant accounting policies for further discussion.

Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2020

Financial Instruments and Risk Management

Financial Instruments and Risk Management

Note 5. Financial Instruments and Risk Management

Financial risk management and risk management framework

In terms of financial risks, the Company has exposure to liquidity risk and market risk comprising foreign exchange risk. This note presents information about the Company’s exposure to each of the above risks together with the Company’s objectives, policies and processes for measuring and managing risks. The Company’s Board of Directors monitors each of these risks on a regular basis and implements policies as and when they are required. Details of the current risk management policies are provided below.

Liquidity risk

The exposure to liquidity risk primarily relates to the risk of failure to meet the Company’s obligations when they become due, which could happen if current assets are not enough to cover the amount of short-term liabilities. The Company has been dependent on its shareholders to fund its operations. The Company’s ability to continue as a going concern is dependent on its ability to raise financing to enable it to complete its product development and clinical trials. Management has determined that there is not substantial doubt about the Company’s ability to continue as a going concern for one year from the latest balance sheet date.

As of December 31, 2020 and December 31, 2019, our available liquidity, comprised of cash and cash equivalents, was $5.8 million and $9.6 million, respectively and our total equity was $7.0 million and $9.4 million, respectively.

On February 9, 2021, we completed our initial public offering through which we issued and sold 3,000,000 ADSs, each of which represents one ordinary share, at a price to the public of $10.00 per ADS. We received aggregate net proceeds of $25.4 million from the initial public offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the initial public offering, our registered, issued, and outstanding share capital was nominal DKK 19,198,668 divided into 19,198,668 ordinary shares of DKK 1 each. We expect that the net proceeds from our initial public offering and our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months subsequent to our initial public offering.

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to their reputation.

The following are the contractual undiscounted outflows associated with the Company’s financial liabilities in the current and prior year:


	December 31, 2020
	(USD in thousands)
	Carrying		Contractual
	amount		cash flows		<1 year		1 – 5 years		>5 years		Total
Lease liabilities	$	20	$	20	$	20	$	—	$	—	$	20
Trade payables		2,646		2,646		2,646		—		—		2,646
Other payables		180		180		180		—		—		180
Total	$	2,846	$	2,846	$	2,846	$	—	$	—	$	2,846


	December 31, 2019
	(USD in thousands)
	Carrying		Contractual
	amount		cash flows		<1 year		1 – 5 years		>5 years		Total
Lease liabilities	$	36	$	55	$	55	$	—	$	—	$	55
Trade payables		646		646		646		—		—		646
Other payables		177		177		177		—		—		177
Total	$	859	$	878	$	878	$	—	$	—	$	878

The financial liabilities include estimated or contractual interest rate payments.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The type of market risk that impacts the Company is currency risk. The Company does not currently have any loans or holdings that have variable interest rate. Accordingly, the Company is not exposed to material interest rate risk.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The primary exposure derives from the Company’s operating expenses paid in foreign currencies, mainly USD and Australian dollars. This exposure is known as transaction exposure. Any reasonable or likely movements in foreign exchange rates would not have a material impact on the Company’s operating results. The Company’s policy for managing foreign currency risks is to convert cash received from financing activities to currencies consistent with the Company’s expected cash outflows.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument, leading to a financial loss for the Company. The Company’s exposure to credit risk is limited to deposits with banks with high credit ratings. Accordingly, the Company does not have material credit risk and no provision for credit risk is recognized.

Capital management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

The Company raises capital from the issue of equity, grants or convertible loan notes. On a regular basis, management receives financial and operational performance reports that enable management to assess the adequacy of resources on hand and the Company’s liquidity position to determine future financing needs.

Fair values

Financial instruments measured at fair value in the statements of financial position are grouped into three levels of fair value hierarchy. This grouping is determined based on the lowest level of significant inputs used in fair value measurement, as follows:

Level I – quoted prices in active markets for identical assets or liabilities.

Level II – inputs other than quoted prices included within Level I that are observable for the instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level III – inputs for instrument that are not based on observable market data (unobservable inputs).

There were no financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 and 2019.

Convertible debt instruments

The Company’s convertible debt instruments are Level III financial instruments and are carried at fair value through profit and loss. The convertible debt instruments were valued based on the present value of a probability weighting of the mutually exclusive settlement alternatives. Key inputs for this valuation were: (i) the exchange rate between USD and DKK, (ii) the discount rate on the issuance, (iii) the probability of a qualifying financing event and (iv) the Company’s share price. The most significant assumptions used in the valuation were the: Company’s share price, the probability of a qualifying financing event, the discount rate and the USD to DKK exchange rate. An increase or decrease in the key input ranging from 10 percent, depending on the input analyzed, would not result in a material change in the fair value of the convertible debt instruments. There were no transfers into or out of any classification of financial instruments in any period

See Note 19 for the change in fair value of convertible debt during the year ended December 31, 2019.

Operating Activities

12 Months Ended

Dec. 31, 2020

Operating Activities

Operating Activities

Note 6. Operating Activities

Research and Development Expenses


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Employee salary and benefit expenses, excluding share-based compensation	$	(3,337)	$	(2,586)	$	(1,756)
Share-based compensation expenses		(1,496)		(1,021)		(896)
Depreciation		(92)		(65)		(59)
External expenses		(5,977)		(4,544)		(1,018)
Total research and development expenses	$	(10,902)	$	(8,216)	$	(3,729)

During the years ended December 31, 2020, 2019 and 2018, the Company recognized $0.8 million, $0.5 million and $0.6 million, respectively, related to government grants as a reduction of research and development expenses.

General and Administrative Expenses


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Employee salary and benefit expenses, excluding share-based compensation	$	(1,098)	$	(517)	$	(190)
Share-based compensation expenses		(1,912)		(1,341)		(1,173)
Professional and other fees		(2,644)		(773)		(520)
Depreciation		(12)		(16)		(15)
Total general and administrative expenses	$	(5,666)	$	(2,647)	$	(1,898)

Employees and Employee-Related Costs

12 Months Ended

Dec. 31, 2020

Employees and Employee-Related Costs

Employees and Employee-Related Costs

Note 7. Employees and Employee-Related Costs

The number of employees, including executive and non-executive directs, during the year was as follows:


	Years Ended December 31,
	2020	2019	2018
Average number of full-time employees	33	25	18
Number of employees at end of period:
Denmark and United States	35	31	20
Total employees, at end of period	35	31	20

Employee Costs:


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Wages and salaries	$	4,016	$	2,819	$	1,733
Share-based compensation expenses		3,408		2,362		2,069
Defined contribution plans		206		96		70
Other social security expenses		17		12		10
Other staff expenses		196		176		133
Total	$	7,843	$	5,465	$	4,015


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Total Employee costs classified as:
Research and development expenses	$	4,833	$	3,607	$	2,652
General and administrative expenses		3,010		1,858		1,363
Total	$	7,843	$	5,465	$	4,015


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Non-management employee benefit expenses classified as:
Research and development expenses	$	4,009	$	2,590	$	1,686
General and administrative expenses		611		668		26
Total	$	4,620	$	3,258	$	1,712

Remuneration to the Board of Directors and Executive Management


	Year Ended December 31,
	2020		2019		2018
	(USD in thousands)
Remuneration to the Executive Management:
Wages and salaries	$	1,298	$	900	$	621
Share-based compensation expenses		1,566		956		1,157
Total		2,864		1,856		1,778
Remuneration to the Board of Directors:
Share-based compensation expenses		359		351		525
Total		359		351		525
Remuneration to the Board of Directors and Executive Management classified as:
Research and development expenses		824		1,017		965
General and administrative expenses		2,399		1,190		1,338
Total	$	3,223	$	2,207	$	2,303

The Executive Management was comprised of three members during 2018. This was expanded to four members in January 2019 and expanded again to five members in October 2019, of which one member resigned in 2020.

Financial Income and Expenses

12 Months Ended

Dec. 31, 2020

Financial Income and Expenses

Financial Income and Expenses

Note 9. Financial Income and Expenses


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Financial income:
Interest income, bank	$	—	$	8	$	2
Interest income, other		—		1		—
Foreign exchange gains		216		56		74
Total financial income		216		65		76
Financial expenses:
Interest expenses		(29)		(36)		(10)
Changes in fair value of convertible debt instruments		—		(1,183)		(684)
Interest expenses, lease liabilities		—		(3)		(4)
Foreign exchange losses		(194)		—		(21)
Total financial expenses		(223)		(1,222)		(719)
Net financial items	$	(7)	$	(1,157)	$	(643)

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes

Income Taxes

Note 10. Income Taxes

(a) Analysis of charge/(credit) for the year:


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Income tax expense/(benefit)	$	(1,557)	$	(825)	$	(735)
Total income taxes for the year	$	(1,557)	$	(825)	$	(735)

On December 31, 2020, the Company had tax loss carry-forwards in Denmark of $3.8 million (2019: $1.3 million; 2018: $0.1 million) for income tax purposes, all of which can be carried forward infinitely according to Danish Corporate Income Tax Act.

The benefit from income taxes for each year includes a tax credit for research and development expenditures at the applicable tax rate under the Danish Tax Assessment Act and Australian tax legislation, respectively.

(b) Reconciliation of effective tax rate to Danish statutory tax rate


	Year Ended December 31,
	2020		2019		2018
Statutory corporate income tax rate in Denmark	22	%	22	%	22	%
Non-deductible income / (expenses)	(1)	%	(5)	%	(10)	%
Non-taxable income / (expenses)	1	%	—		—
Additional tax deduction R&D expenses	3	%	—		—
Tax credit research and development expenditures	9	%	7	%	12	%
Change in deferred tax asset not capitalized	(25)	%	(17)	%	(12)	%
Total effective tax rate	9	%	7	%	12	%


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Deferred Tax Positions:
Warrants	$	4,289	$	3,034	$	1,463
Loss carry forward		3,759		1,270		136
Research and development expenditures		262		—		—
Other items		(6)		(34)		48
Valuation allowance on deferred tax assets		(8,042)		(4,270)		(1,647)
Total capitalized	$	262	$	—	$	—

Deferred tax attributable to research and development expenditures relates to development costs recognized as an expense in the consolidated financial statements in 2020 and tax deductible in 2021. The costs are eligible costs under the Australian tax credit regime and the company therefore expects that the deferred tax assets will be realized through a tax refund for 2021.

Under Danish tax legislation, the value of warrants to employees is income tax exempt subject to meeting certain conditions. The value of income tax exempt warrants is not tax deductible for the issuer. There is currently uncertainty in respect of the extent to which the conditions for being tax exempt are met and consequently the extent to which a tax deduction will be available for the company. Consequently, the deferred tax asset disclosed above is subject to uncertainty and there is a risk that the amount disclosed above is not tax deductible in full.

Basic and Diluted Loss Per Share

12 Months Ended

Dec. 31, 2020

Basic and Diluted Loss Per Share

Basic and Diluted Loss Per Share

Note 11. Basic and Diluted Loss Per Share

Basic loss per share is calculated by dividing the net loss attributable for the year to shareholders of Evaxion Biotech A/S by the weighted average number of ordinary shares outstanding during the year. As net losses from continuing operations were recorded in the years 2018, 2019 and 2020, the dilutive potential shares are anti-dilutive for the earnings per share calculation.


	Year Ended December 31,
	2020		2019		2018
	(USD in thousands, except share amounts and per share amounts)
Loss per share before and after dilution
Net loss attributable to shareholders of Evaxion Biotech A/S	$	(15,018)	$	(11,195)	$	(5,535)
Weighted-average number of ordinary shares outstanding		15,434,758		13,892,314		12,917,016
Loss per share before and after dilution	$	(0.97)	$	(0.81)	$	(0.43)

The following potential shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purpose of diluted loss per share:


	December 31,
	2020	2019	2018
Warrants	2,228,076	2,059,128	1,674,324
Convertible Debt l	—	—	302,976
Convertible Debt 2	—	—	827,856

Intangible assets TLG

12 Months Ended

Dec. 31, 2020

Intangible assets TLG

Intangible assets TLG

Note 12. Intangible Assets

In June 2020, the Company entered into a license agreement for the rights to certain intellectual properties. Upon execution of the license agreement, the Company was obligated to make a milestone payment of $35,000. The agreement remains in effect until the Company completes a Phase I/IIa clinical study, after that the Company has an option to extend the agreement for an additional 10-year term. Over the initial term of the agreement, the Company is obligated to make various additional milestone payments based on the progress of developed drug candidates. The Company determined that the milestone payments meet the definition of intangible assets and will be capitalized.

During the twelve months ended December 31, 2020, the Company capitalized $35,000 as intangible assets for the acquisition of a non-exclusive technology license. Subject to meeting certain development milestones, additional consideration of up to $320,000 is to be transferred to the seller. Further, $250,000 is to be transferred to the seller upon each regulatory approval of an Evaxion product utilizing the in-licensed technology. As of December 31, 2020, the Company accrued for an additional $60,000 related to the license. The Company did not recognize any amortization expense for the year ended December 31, 2020 as the asset has not been put in use. No intangible assets were recognized in earlier periods as the Company’s expenditures did not qualify for capitalization.

During the twelve months ended December 31, 2020, the Company capitalized $60,000 as intangible assets for the acquisition of a non-exclusive technology license from SSI. Subject to successful commercialization of any Evaxion product utilizing the in-licensed technology, Evaxion is required to pay to the seller a royalty on net sales in the low teens. In the event any Evaxion product utilizing the in-licensed technology are commercialized by one of the Company’s partners, Evaxion is required to pay to the seller a percentage of any out-licensing revenue earned by the Company or its affiliates. If Evaxion enters into a sublicense agreement with a partner subsequent to the initiation of a Phase 2b clinical trial, Evaxion is required to pay to the seller a percentage of any sublicensing income in an amount in the lower double digit range. If Evaxion enters into a sublicense agreement with a partner subsequent to the initiation of a Phase 3 trial, Evaxion is required to pay to the seller a percentage of any sublicensing income in the lower double digit range. If Evaxion enters into a sublicense agreement with a partner without initiating a Phase 2b trial, Evaxion is required to pay to SSI a percentage of any sublicensing income in the mid double digit range.


	Intangible
	Assets		Total
	(USD in thousands)
Cost at December 31, 2019	$	—	$	—
Additions during the year		95		95
Exchange rate adjustments		5		5
Cost at December 31, 2020		100		100
Amortization at December 31, 2019		—		—
Amortization for the year		—		—
Exchange rate adjustment		—		—
Amortization at December 31, 2020		—		—
Carrying amount at December 31, 2020	$	100	$	100

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment

Property, Plant and Equipment

Note 13. Property, Plant and Equipment


			Other
	Property		Equipment		Total
	(USD in thousands)
Cost at December 31, 2019	$	179	$	93	$	272
Additions during the year		55		149		204
Exchange rate adjustments		23		21		44
Cost at December 31, 2020		257		263		520
Depreciation at December 31, 2019		(144)		(27)		(171)
Depreciation for the year		(71)		(34)		(105)
Exchange rate adjustment		(22)		(1)		(23)
Depreciation at December 31, 2020		(237)		(64)		(299)
Carrying amount at December 31, 2020	$	20	$	201	$	221
Carrying amount of right-of-use assets at December 31, 2020	$	20	$	—	$	20


			Other
	Property		Equipment		Total
	(USD in thousands)
Cost at January 1, 2019	$	171	$	32	$	203
Additions during the year		12		61		73
Exchange rate adjustments		(4)		—		(4)
Cost at December 31, 2019		179		93		272
Depreciation at January 1, 2019		(79)		(13)		(92)
Depreciation for the year		(67)		(14)		(81)
Exchange rate adjustment		2		—		2
Depreciation at December 31, 2019		(144)		(27)		(171)
Carrying amount at December 31, 2019	$	35	$	66	$	101
Carrying amount of right-of-use assets at December 31, 2019	$	35	$	—	$	35

Depreciation included in the statement of comprehensive loss:


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Research and development	$	90	$	64	$	58
General and administrative		15		16		15
Total depreciation included in the statement of comprehensive loss	$	105	$	80	$	73
Total accumulated depreciation of right-of-use assets at December 31,	$	236	$	145	$	79

Prepayments and other receivables

12 Months Ended

Dec. 31, 2020

Prepayments and other receivables

Prepayments and other receivables

Note 14. Prepayments and other receivables


	December 31,
	2020		2019
	(USD in thousands)
VAT receivables	$	376	$	75
Prepayments		1,175		451
Prepayments to clinical research organizations		418		17
Other receivables		2		32
Total prepayments and other receivables	$	1,971	$	575

Other Payables

12 Months Ended

Dec. 31, 2020

Other Payables

Other Payables

Note 15. Other Payables


	December 31,
	2020		2019
	(USD in thousands)
Payables to clinical research organizations	$	1,027	$	588
Employee cost liabilities		1,054		275
Other liabilities		180		177
Total other payables	$	2,261	$	1,040

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents

Cash and Cash Equivalents

Note 16. Cash and Cash Equivalents


	December 31,
	2020		2019
	(USD in thousands)
Cash and cash equivalents	$	5,834	$	9,559
Total cash and cash equivalents	$	5,834	$	9,559

Cash and cash equivalents consist mainly of cash on deposit with banks.

Changes in Net Working Capital


	December 31,
	2020		2019		2018
	(USD in thousands)
Changes in receivables and tax receivables	$	(2,501)	$	(337)	$	443
Changes in trade payables		1,798		507		79
Changes in other payables		918		403		459
Changes in net working capital	$	215	$	573	$	981

Working capital is defined as current assets (excluding cash) less current liabilities (excluding convertible debt) and measures the net liquid assets the Company has available for the business.

Adjustments for non-cash items

Adjustments of non-cash items in the statements of comprehensive loss:


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Income taxes	$	(1,557)	$	(825)	$	(735)
Tax credit schemes accounted for as grants		(510)		—		—
Depreciation and amortization		105		81		74
Interest income		—		(9)		(2)
Interest expense		30		39		15
Share-based compensation expenses		3,408		2,362		2,069
Change in fair value of convertible debt instruments		—		1,183		684
Other adjustments: Other adjustments, primarily exchange rate adjustments		107		114		18
Total adjustments for non-cash items	$	1,583	$	2,945	$	2,123

Reconciliation of Liabilities from Financing Activities


	December 31,				Accumulated				Exchange rate		December 31,
(USD in thousands)	2019		Cash flows		interest		Additions		adjustment		2020
Lease liabilities	$	36	$	(74)	$	1	$	54	$	3	$	20
Total liabilities from financing activities	$	36	$	(74)	$	1	$	54	$	3	$	20


	December 31,				Accumulated		Fair value						Exchange rate		December 31,
(USD in thousands)	2018		Cash flows		interest		adjustment		Additions		Conversion		adjustment		2019
Lease liabilities	$	99	$	(75)	$	2	$	—	$	12	$	—	$	(2)	$	36
Convertible debt instruments		8,569		152		—		1,183		—		(9,695)		(209)		—
Total liabilities from financing activities	$	8,668	$	77	$	2	$	1,183	$	12	$	(9,695)	$	(211)	$	36

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

Note 17. Leases

The Company has one operating lease in Copenhagen, Denmark.

As a result of the lease accounting of IFRS 16, the Company has capitalized the only right-of-use asset being the domicile lease. Upon implementation on January 1, 2018, the Company has recognized a liability to make lease payments (i.e. the lease liabilities) of $0.2 million and an asset representing the right to use the underlying asset during the lease term (i.e. the right-to-use asset) of $0.2 million. The liability was measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of the standard adoption date of January 1, 2018. The Company applied an incremental borrowing rate of 3.8%. For the years ended December 31, 2018, 2019 and 2020, the expense related to variable lease payments not included in the lease liabilities was immaterial and was recognized in operating expense.

In October, 2020 the Company entered into a lease for approximately 1,356 square meters, which is allocated on 839 square meters of office space, and 518 square meters of laboratory space in Hørsholm, Denmark. The commencement date for the lease is February 01, 2021 and will continue for a term of 10 years. The agreement contains an early termination provision which would trigger a termination fee of $2.7 million. The initial monthly payment is $28,800, which consist of $12,000 for the office space, and $16,800 for the laboratory space and through-out the term, the lease is subject to increases ranging from 2-4% on the annual lease payment amount.

We also occupied an office space in New York, New York, United States. The terms of the lease agreement included a 13 month occupancy period from January 2, 2020 through January 31, 2021. A termination notice was provided in November 2020 and the lease and occupancy terminated on January 31, 2021.

For the years ended December 31, 2020, 2019 and 2018, the expense related to variable lease payments not included in the lease liabilities was immaterial and was recognized in operating expense.

Set out below are the carrying amounts of the Company’s right-of-use assets and lease liabilities and the movements during the period:


	Right-of-Use Asset		Lease liabilities
	(USD in thousands)
At December 31, 2019	$	35	$	36
Additions		54		54
Depreciation		(73)		—
Interest Expense		—		—
Payments		4		(74)
Translation		—		4
At December 31, 2020	$	20	$	20


	Right-of-Use Asset		Lease liabilities
	(USD in thousands)
At January 1, 2019	$	92	$	99
Additions		12		12
Depreciation		(67)		—
Interest Expense		—		2
Payments		—		(75)
Translation		(2)		(2)
At December 31, 2019	$	35	$	36

The total cash outflow for leases was $0.2 million in 2020, and $0.0 million in 2019.

Capital Structure and Financial Matters

12 Months Ended

Dec. 31, 2020

Capital Structure and Financial Matters

Capital Structure and Financial Matters

Note 18. Capital Structure and Financial Matters

Share Capital – Ordinary Shares

Loss of subscribed share capital

On December 31, 2018, the Company had lost more than 50% of its subscribed share capital. At the annual general meeting of the shareholders held on March 29, 2019, the Board of Directors gave, in accordance with section 119 of the Danish Companies Act, an account of the Company’s financial position. As part of the account, the Board of Directors stated that in its view, special actions were not required. The share capital of the Company was subsequently re-established through the conversion of the convertible debt instruments and issue of new shares during 2019.

Capital transactions

In September 2020, the Company issued 745,380 shares of ordinary shares to existing investors in the Company. The purchase price was $8.89 per share for aggregate proceeds of $6.6 million. The Company incurred immaterial issuance costs. The proceeds were received by the Company on September 17, 2020. On August 10, 2020, the Company’s articles of association were amended in connection with the execution of this transaction. The revised articles increased the authorized number of shares the Company can issue by: (i) the 745,380 shares issued in this transaction, as well as (ii) an additional 1,800,000 shares of Common ordinary share at a nominal price of DKK 1, to be issued any time prior to June 1, 2025. The amended articles also allow the Company to issue an additional 1,298,196 of compensatory ordinary share warrants to employees and consultants any time prior to June 1, 2025.

In October 2020, we successfully completed part 2 of our “bridging round” of capital with outside investors in the amount of $2.4 million with a purchase price of $8.89 per share from the issuance of 269,136 of our ordinary shares and received the proceeds in November 2020. Transaction costs directly attributable to the Q3 2020 “bridging round” of capital with outside investors have a total amount of $144,022.

The following are changes in the Company’s share capital for the years ended December 31, 2018, 2019 and 2020:


	Number of	Share Capital
	Ordinary Shares	(DKK in thousands)
Share capital, January 1, 2018	12,917,016	12,917
Share capital, December 31, 2018	12,917,016	12,917
Capital increase at July 17, 2019 (issuance of shares for cash)	997,668	998
Capital increase at July 17, 2019 (conversion of Convertible Debt 1)	302,976	303
Capital increase at July 17, 2019 (conversion of Convertible Debt 2)	848,232	848
Capital increase at December 19, 2019 (issuance of shares for cash)	118,260	118
Share capital, December 31, 2019	15,184,152	15,184
Capital increase at September 17, 2020 (issuance of shares for cash)	745,380	745
Capital increase at October 15, 2020 (issuance of shares for cash)	269,136	269
Share capital, December 31, 2020	16,198,668	16,198

The Company’s share capital consists of the following ordinary shares:


	December 31,
	2020		2019
	(USD in thousands)
Authorized, issued and fully paid
16,198,668 (2019:15,184,152) ordinary shares of DKK 1 each (2019: ordinary shares of DKK 1 each)	$	2,648	$	2,481
	$	2,648	$	2,481

The Company’s ordinary shares shall confer on the holders thereof the right to receive notice of, attend and vote at general meetings of the Company.

Executive Management’s and Board of Director’s holding of shares

At December 31, the board of directors and executive management held the following shareholdings in the Company:


Number of ordinary shares owned	2020	2019	2018
Niels Iversen Møller	4,292,604	4,292,604	4,292,352
Andreas Holm Mattsson	4,163,832	4,163,832	4,163,832
Lars Aage Staal Wegner	182,124	182,124	181,872
Executive Management in total	8,638,560	8,638,560	8,638,056


Number of ordinary shares owned	2020	2019	2018
Roberto Prego	676,620	310,248	307,548
Thomas William Wylonis	485,676	481,860	471,096
Marianne Søgaard	41,652	—	—
Steven Projan	27,288	11,736	—
Board of Directors in total	1,231,236	803,844	778,644

Convertible Debt Instruments

12 Months Ended

Dec. 31, 2020

Convertible Debt Instruments

Convertible Debt Instruments

Note 19. Convertible Debt Instruments

During 2018, the Company issued two types of convertible debt instruments, (“Convertible Debt 1”) and one (“Convertible Debt 2”) for total proceeds of $8.0 million, of which $0.1 million was received from related parties, including members of the Board of Directors and Executive Management. The Company originally recorded both debt instruments at fair value as a financial liability and subsequently remeasured the instruments with the change being presented on the statement of comprehensive income for the reporting period. In July 2019, both instruments were converted into ordinary shares as a result of a qualified capital increase triggering a conversion based on the terms of the agreements.

The following table summarizes the changes in the convertible debt instruments during the years ended December 31, 2019 and 2018:


	Convertible loans
	(USD in thousands)
Carrying amount at January 1, 2018	$	—
Amount received in 2018		7,998
Fair value adjustment included in finance expenses		684
Currency adjustment		(113)
Carrying amount at December 31, 2018		8,569
Amount received in 2019		152
Fair value adjustment included in finance expenses		1,183
Currency adjustment		(209)
Converted to equity during 2019		(9,695)
Carrying amount at December 31, 2019	$	—

The main terms of Convertible Debt 1 were:

Term: 12 months from issuance;

Interest coupon 7.5 percent p.a. accruing over the term of the loan;

Loan currencies: $0.9 million is USD denominated and $1.0 million is denominated in DKK (DKK 7.1 million);

Lender conversion option if a capital increase in excess of DKK 9.8 million (or a qualified capital increase event) takes place before maturity. The conversion price is the share price obtained at the qualified capital increase event less a 20 percent discount;

Repayment in cash of principal + accrued interest at a premium of 50 percent if all shares of the Company are sold; and

Lender conversion option to a fixed number of shares if the loan has not been repaid or converted under the other settlement terms of the agreement.

The main terms of Convertible Debt 2 were:

Term: Expires on December 31, 2020;

Interest coupon 7.5 percent p.a. accruing over the term of the loan;

Loan currencies: $5.4 million is USD denominated and $0.7 million is denominated in DKK (DKK 5.0 million);

Mandatory conversion if a capital increase in excess of $10.0 million (qualified capital increase) takes place before maturity. The conversion price is the share price obtained less a 5 percent discount if the capital increase take place in 2018, 10 percent if it takes place in 2019 and 20 percent if it takes place in 2020;

Repayment in cash of principal + accrued interest at a premium of 50% if all shares of the Company are sold; and

Mandatory conversion at maturity with a conversion price of $160.41. 10 days before conversion, USD denominated loans will convert into DKK whereas the conversion price remains denominated in USD.

Convertible debt instruments were classified as financial liabilities until such time that the Company had an unconditional right to avoid settlement in cash and had no obligation to settle in a variable number of shares.

For Convertible Debt 1, the Company did not have an unconditional right to avoid settlement in cash. In addition, Convertible Debt 2 comprised an obligation to settle in a variable number of shares at maturity. Therefore, both convertible debt instruments comprised a debt host instrument.

Conversion features comprising a fixed number of the entity’s shares in exchange for a fixed principal in the entity’s functional currency were equity instruments and separated from the debt host contract as the residual between fair value of the contract and fair value of a similar debt instrument without the conversion feature. All other equity conversion features were embedded derivatives.

Both convertible debt instruments included a conversion feature resulting in settlement in a variable number of shares. Consequently, none of the instruments comprised an equity component. They included the following non-closely related embedded derivatives:

At maturity conversion options for Convertible Debt Instrument 1;

At maturity conversion provisions for Convertible Debt Instrument 2;

Early settlement mechanism on both issuances through delivery of a variable number of shares at a discounted price; and

Change of control prepayment provision.

Management has designated, due to the existence of non-closely related embedded derivatives, each debt instrument to be carried at fair value through profit or loss. Changes arising from changes in the Company’s own credit risk were recognized in other comprehensive income. The inputs used in the valuation as at December 31, 2018 are detailed in the table below:


	Assumption
	applied
DKK/USD exchange rate		0.154
Discount rate		Convertible Debt 1 – 39	%
		Convertible Debt 2 – 25	%
Probability of a qualifying financing event taking place		95	%
Evaxion share price	$	207

Sensitivity to changes in fair value as at December 31, 2018

The sensitivity analysis below shows the impact of increasing and decreasing various inputs used in the valuation of the convertible debt instruments. The inputs that were changed were: (i) USD to DKK exchange rate, (ii) discount rate, (iii) probability of qualifying financing event and (iv) the Company’s share price. The following table shows the impact on the statement of comprehensive loss of these changes in the value of the convertible debt instruments as at December 31, 2018:


	Impact on		Impact on
	Convertible Debt 1		Convertible Debt 2
	(USD in thousands)
Exchange rate increased by 5%	$	(48)	$	(272)
Exchange rate decreased by 5%	$	48	$	272
Discount rate decreased by 3%	$	(24)	$	(85)
Financing Event probability decreased by 25%	$	(100)	$	(40)
Share price increased by 10%	$	(10)	$	(39)
Share price decreased by 10%	$	10	$	39

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Related Party Transactions

Note 20. Related Party Transactions


	December 31,
	2020		2019		2018
	(USD in thousands)
The Company’s transactions with other related parties:
Transactions with related parties (expenses):
Accrued interest on convertible debt instruments issued to members of executive management and board of directors	$	—	$	(4)	$	(4)
Balances with related parties at year-end (asset):
Prepaid rent and deposit for a leased property from a related party	$	7	$	—	$	—
Balances with related parties at year-end (liabilities):
Convertible debt instruments issued to members of executive management and board of directors (nominal value plus accrued interest of 7.5%)	$	—	$	—	$	117

The Company’s related parties are comprised of significant shareholders of the Company, the executive management group, the board of directors and the close members of the family of these persons.

The Company has not granted any loans, guarantees, or other commitments to or on behalf of any of the members in the board of directors or executive management. Other than the remuneration and other transactions relating to the board of directors or executive management and capital increases on the same terms as other investors, no other significant transactions have taken place with the board of directors or executive management for the years ended December 31, 2020, 2019 and 2018.

Contingent Liabilities and Contractual Obligations

12 Months Ended

Dec. 31, 2020

Contingent Liabilities and Contractual Obligations

Contingent Liabilities and Contractual Obligations

Note 21. Contingent Liabilities and Contractual Obligations

Litigations and investigations

The Company is not involved in any pending litigations, claims and investigations that individually and in the aggregate that is expected to have a material impact on the financial position, operating profit or cash flow.

The contractual obligations are similarly individually and, in the aggregate, not material to the future financial position, operating profit or cash flow.

Contingent liabilities

The Company has entered contracts with CROs where different payment schedules apply. The Company has assessed that no bonus payments to CROs should be recognized but there is a contingent liability in regard of the Company’s contract with a CRO of nil and $0.2 million as of December 31, 2020 and 2019.

Contractual obligations

At December 31, 2020, the Company had the following contractual commitments which fall due as follows:


	December 31, 2020
	(USD in thousands)
	Contractual
	cash flows		<1 year		1 – 2 years		2 – 5 years		>5 years		Total
Purchase obligations	$	712	$	712	$	—	$	—	$	—	$	712
Total	$	712	$	712	$	—	$	—	$	—	$	712

The Company has purchase obligations of $0.6 million due to CRO’s and $0.1 million due to university future partners as of December 31, 2020.

Fees to auditors

12 Months Ended

Dec. 31, 2020

Fees to auditors

Fees to auditors

Note 22. Fees to auditors

The following table presents the fees to our independent registered public accounting firm, EY Godkendt Revisionspartnerselskab, recognized in general and administrative expenses in the Statement of Profit or Loss for the years ended December 31, 2020 and 2019. This note was prepared in accordance with the requirements of the Danish Financial Statements Act:


	December 31,
	2020		2019
	(USD in thousands)
Audit fees	$	308	$	73
Audit related fees		119		—
Other fees		253		—
Total fees	$	680	$	73

Audit fees

Audit fees consist of fees billed for professional services rendered by EY for the audit of our annual consolidated financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

Audit-Related fees

Audit-related fees consist of assurance and related services performed by EY that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “Audit-Related fees.”

Other fees

Other fees consist of services provided by EY for other permitted services, including fees for work performed by EY in connection with the initial public offering.

Events After the Reporting Period	12 Months Ended
Events After the Reporting Period	Dec. 31, 2020
Events After the Reporting Period
Events After the Reporting Period	Note 23. Events After the Reporting Period Stock Split On January 4, 2021, the Company’s board of directors and shareholders approved (i) a 2-for-1 stock split of its issued and outstanding ordinary shares and (ii) a bonus share issuance in the ratio of 17-for-1 of its issued and outstanding ordinary shares. The stock split also resulted in a reduction of the nominal value of the Company’s ordinary shares from DKK 2 to DKK 1. Accordingly, all share and per share data in the accompanying financial statements, and notes thereto, have been retroactively adjusted for all periods presented, as applicable, to give effect to the stock split, the bonus share issuance and the reduction in nominal value of our ordinary shares, with the corresponding impact on share capital and share premium. Retrospective effect has also been given with respect to the share and per share data for the warrants and convertible debt instruments. Initial Public Offering On February 5, 2021, the Company completed its initial public offering through which the Company issued and sold 3,000,000 ADSs, with each ADS representing one ordinary share, at a price per ADS of 10.00. The Company received aggregate net proceeds of approximately $25.4 million from the initial public offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Upon the completion of the initial public offering, our registered, issued, and outstanding was nominal DKK 19,198,668 divided into 19,198,668 ordinary shares of DKK 1. New corporate headquarters On February 15, 2021, the Company opened the new corporate headquarters and research laboratory facility located in the DTU Science Park in Hoersholm near Copenhagen, Denmark.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Basis of preparation

Basis of consolidation

All intra-Group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Retrospective effect of share split and bonus share issuance

Deferred offering costs

Translation of foreign operations

Currency translation of foreign operation

Currency translation of foreign operations

Research and development expenses

Contract Research Organizations expenses and related prepayments and accruals

Intellectual property

Income from government grants

General and administrative expenses

Share-based payments

Post-employment benefit costs

Accounting for joint operations – Southern Denmark University

Finance Income

Finance income is comprised primarily of foreign currency gains.

Finance Expense

Finance expense is comprised primarily of changes in fair value of the Company’s convertible debt instruments and interest on the Company’s lease liability.

Income tax

Deferred taxes

Tax receivables

Transactions and balances

Deferred offering costs

Leases

Right-of-use assets

The Company’s right-of-use assets are presented within property, plant and equipment (see Note 13).

Lease liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the following payments, when applicable:

fixed payments (including in-substance fixed payments), less any lease incentives receivable;

variable lease payments (linked to an index or interest rate);

expected payments under residual value guarantees;

the exercise price of purchase options, where exercise is reasonably certain;

lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and

penalty payments for the termination of a lease, if the lease term reflects the exercise of the respective termination option.

Intangible assets

Property, plant and equipment

Assets		Useful life
Properties		Shorter of lease term and useful life of the asset
Other equipment		3 – 6 years

Impairment of non-financial assets

Financial instruments

(i) Non-derivative financial assets

The Company holds the following categories of non-derivative financial assets:

Receivables

Prepayments include expenditures related to future financial periods and are measured at amortized cost

Cash and cash equivalents

Cash and cash equivalents are entirely comprised of cash held in banks at December 31, 2020 and 2019.

(ii) Non-derivative financial liabilities

Non-derivative financial liabilities comprise other payables which are measured initially at fair value and subsequently at amortized cost.

Other Payables

Debt

Debt is comprised of debt agreements that are carried at amortized cost using the effective interest method.

(iii) Derivative financial liabilities

Convertible debt instruments

Loss Per Share

Cash and cash equivalents

Segment Information

Shareholders’ Equity

The share capital comprises the nominal amount of the company’s ordinary shares, each at a nominal value of DKK 1.

Loss Per Share

Standards issued but not yet effective

There were a number of standards and interpretations which were issued but were not yet effective at December 31, 2020 and have not been adopted for these financial statements:

Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date to be confirmed)

Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (January 1, 2023)

Amendment to IAS 37 Provisions, contingent liabilities and contingent assets, Onerous Contracts— Cost of Fulfilling a Contract (January 1, 2022)

Amendments to IAS 16, Property, plant and equipment, proceeds before intended use (January 1, 2022)

Amendment to IFRS 16 Leases Covid 19- Related Rent Concessions (June 1 2020)

Amendments to IFRS 9, IAS 39 and IFRS 7, Interest Rate Benchmark Reform phase 2 (January 1, 2021)

Annual Improvements 2018-2020 (January 1, 2022)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Summary of estimated useful lives of assets

Assets		Useful life
Properties		Shorter of lease term and useful life of the asset
Other equipment		3 – 6 years

Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments and Risk Management

Schedule of contractual outflows of financial liabilities


	December 31, 2020
	(USD in thousands)
	Carrying		Contractual
	amount		cash flows		<1 year		1 – 5 years		>5 years		Total
Lease liabilities	$	20	$	20	$	20	$	—	$	—	$	20
Trade payables		2,646		2,646		2,646		—		—		2,646
Other payables		180		180		180		—		—		180
Total	$	2,846	$	2,846	$	2,846	$	—	$	—	$	2,846


	December 31, 2019
	(USD in thousands)
	Carrying		Contractual
	amount		cash flows		<1 year		1 – 5 years		>5 years		Total
Lease liabilities	$	36	$	55	$	55	$	—	$	—	$	55
Trade payables		646		646		646		—		—		646
Other payables		177		177		177		—		—		177
Total	$	859	$	878	$	878	$	—	$	—	$	878

Operating Activities (Tables)

12 Months Ended

Dec. 31, 2020

Operating Activities

Schedule of research and development expense components


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Employee salary and benefit expenses, excluding share-based compensation	$	(3,337)	$	(2,586)	$	(1,756)
Share-based compensation expenses		(1,496)		(1,021)		(896)
Depreciation		(92)		(65)		(59)
External expenses		(5,977)		(4,544)		(1,018)
Total research and development expenses	$	(10,902)	$	(8,216)	$	(3,729)

Schedule of general and administrative expense components


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Employee salary and benefit expenses, excluding share-based compensation	$	(1,098)	$	(517)	$	(190)
Share-based compensation expenses		(1,912)		(1,341)		(1,173)
Professional and other fees		(2,644)		(773)		(520)
Depreciation		(12)		(16)		(15)
Total general and administrative expenses	$	(5,666)	$	(2,647)	$	(1,898)

Employees and Employee-Related Costs (Tables)

12 Months Ended

Dec. 31, 2020

Employees and Employee-Related Costs

Schedule of number of employees


	Years Ended December 31,
	2020	2019	2018
Average number of full-time employees	33	25	18
Number of employees at end of period:
Denmark and United States	35	31	20
Total employees, at end of period	35	31	20

Schedule of employee costs


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Wages and salaries	$	4,016	$	2,819	$	1,733
Share-based compensation expenses		3,408		2,362		2,069
Defined contribution plans		206		96		70
Other social security expenses		17		12		10
Other staff expenses		196		176		133
Total	$	7,843	$	5,465	$	4,015


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Total Employee costs classified as:
Research and development expenses	$	4,833	$	3,607	$	2,652
General and administrative expenses		3,010		1,858		1,363
Total	$	7,843	$	5,465	$	4,015


	Years Ended December 31,
	2020		2019		2018
	(USD in thousands)
Non-management employee benefit expenses classified as:
Research and development expenses	$	4,009	$	2,590	$	1,686
General and administrative expenses		611		668		26
Total	$	4,620	$	3,258	$	1,712

Schedule of remuneration to the Board of Directors and Executive Management


	Year Ended December 31,
	2020		2019		2018
	(USD in thousands)
Remuneration to the Executive Management:
Wages and salaries	$	1,298	$	900	$	621
Share-based compensation expenses		1,566		956		1,157
Total		2,864		1,856		1,778
Remuneration to the Board of Directors:
Share-based compensation expenses		359		351		525
Total		359		351		525
Remuneration to the Board of Directors and Executive Management classified as:
Research and development expenses		824		1,017		965
General and administrative expenses		2,399		1,190		1,338
Total	$	3,223	$	2,207	$	2,303

Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2020

Share-Based Payments

Schedule of granted warrants


		Weighted	Weighted
		Average	Average
		Exercise	Remaining
	Number of	Price/Share	Contractual
	warrants	(DKK)	Life (years)
Warrants granted as at January 1, 2018*	1,481,796	DKK 1	19
Warrants granted**	192,528	1	18
Warrants granted as at December 31, 2018	1,674,324	1	18
Warrants granted**	257,832	1	17
Warrants granted as at December 31, 2019	1,932,156	1	17
Warrants granted	363,168	1	11
Warrants forfeited	(45,216)	1	16
Warrants cancelled	(22,032)	1	16
Warrants granted as at December 31, 2020	2,228,076	DKK 1	15
Warrants exercisable as at December 31, 2019	—	—	—
Warrants exercisable as at December 31, 2020	—	—	—

*In the articles of association 1,532,952 warrants have been granted, which is in excess of the 1,481,796 warrants due to resignations and forfeitures.

**The warrants are not incorporated in the articles of association. Rectification conducted in October 2020.

Schedule of share based compensation included in statements of comprehensive loss


	Years Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Research and development expenses	$	1,496	$	1,021	$	896
General and administrative expenses		1,912		1,341		1,173
Total	$	3,408	$	2,362	$	2,069

Schedule of outstanding warrants by grant date

The following schedule specifies the outstanding warrants as at December 31, 2020:


	Per
	warrant		Average	Remaining
	grant	Number of	exercise price	term to
	date fair value	warrants	per warrant	maturity
Outstanding program	(DKK)	outstanding	(DKK)	(years)
Grant (December 2016)	20.91	712,332	1	16
Grant (April 2017)	24.05	13,896	1	16
Grant (September 2017)	28.71	617,184	1	16
Grant (December 2017)	28.71	127,044	1	16
Grant (during 2018)	37.05	181,836	1	16
Grant (February 2019)	42.57	7,956	1	16
Grant (September 2019)	56.35	54,000	1	16
Grant (October 2019)	56.97	150,660	1	16
Grant (December 2020)	56.75	363,168	1	11
Granted at December 31, 2020		2,228,076	1	15
Warrants exercisable at December 31, 2020		—

The following schedule specifies the outstanding warrants as at December 31, 2019:


	Per
	warrant		Average	Remaining
	grant	Number of	exercise price	term to
	date fair value	warrants	per warrant	maturity
Outstanding program	(DKK)	outstanding	(DKK)	(years)
Grant (December 2016)	20.91	712,332	1	17
Grant (April 2017)	24.05	13,896	1	17
Grant (September 2017)	28.71	617,184	1	17
Grant (December 2017)	28.71	138,384	1	17
Grant (during 2018)(1)**	37.05	192,528	1	17
Grant (January 2019)(1)**	37.05	45,216	1	17
Grant (February 2019)**	42.57	7,956	1	17
Grant (September 2019)**	56.35	54,000	1	17
Grant (October 2019)**	56.97	150,660	1	17
Granted at December 31, 2019		1,932,156	1	17
Warrants exercisable at December 31, 2019		—

(1)

Awards valued on December 31, 2018 and January 1, 2019, respectively.

**The warrants are not incorporated in the articles of association. Rectification was conducted in December 2020.

The following schedule specifies the outstanding warrants as at December 31, 2018:


	Per
	warrant		Average	Remaining
	grant	Number of	exercise price	term to
	date fair value	warrants	per warrant	maturity
Outstanding program	(DKK)	outstanding	(DKK)	(years)
Grant (December 2016)	20.91	712,332	1	18
Grant (April 2017)	24.05	13,896	1	18
Grant (September 2017)	28.71	617,184	1	18
Grant (December 2017)	28.71	138,384	1	18
Grant (during 2018)**	37.05	192,528	1	18
Granted at December 31, 2018		1,674,324	1	18
Warrants exercisable at December 31, 2018		—

**The warrants are not incorporated in the articles of association. Rectification will be conducted in December 2020.

Schedule of share based awards to Board of Directors and Executive Management

The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2018, 2019 and 2020 is shown below:


						Warrants held when
						becoming or leaving
	January 1,		December 31,		December 31,	as a member			December 31,
Number of warrants held	2018	Granted	2018	Granted	2019	of management	Granted	Forfeited	2020
Thomas William Wylonis1	293,364	49,248	342,612	—	342,612	(369,252)	26,640	—	—
Steven Projan	—	23,436	23,436	—	23,436	—	18,612	—	42,048
Roberto Prego	7,416	12,384	19,800	—	19,800	—	14,364	—	34,164
Joann Suzich	—	—	—	—	—	—	10,260	—	10,260
Marianne Søgaard2	—	—	—	—	—	65,952	28,368	—	94,320
Helen Boudreau3	—	—	—	—	—	—	5,436	—	5,436
Kim Bjørnstrup (former)4	—	—	—	—	—	(5,868)	5,868	—	—
Board of Directors in total	300,780	85,068	385,848	—	385,848	(309,168)	109,548	—	186,228
Lars Aage Staal Wegner	840,528	3,888	844,416	—	844,416	—	7,668	—	852,084
Thomas Bogenrieder (former)5	4,356	—	4,356	45,216	49,572	(4,356)	—	(45,216)	—
Glenn S. Vraniak	—	—	—	150,660	150,660	—	—	—	150,660
Executive Management in total	844,884	3,888	848,772	195,876	1,044,648	(4,356)	7,668	(45,216)	1,002,744

(1)

Board member until June 30, 2020, 252 warrants were granted for services provided after retirement from the Board of Director position.

(2)

As of November 25, 2020, 26,964 warrants were granted for services provided before taking on the Board of Directors position

(3)

Board member from June 30, 2020

(4)

Board member from June 30, 2020 to November 4, 2020

(5)

Board member until March 31, 2020

Financial Income and Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Financial Income and Expenses

Schedule of financial income and expenses


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Financial income:
Interest income, bank	$	—	$	8	$	2
Interest income, other		—		1		—
Foreign exchange gains		216		56		74
Total financial income		216		65		76
Financial expenses:
Interest expenses		(29)		(36)		(10)
Changes in fair value of convertible debt instruments		—		(1,183)		(684)
Interest expenses, lease liabilities		—		(3)		(4)
Foreign exchange losses		(194)		—		(21)
Total financial expenses		(223)		(1,222)		(719)
Net financial items	$	(7)	$	(1,157)	$	(643)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes.

Schedule of tax expense


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Income tax expense/(benefit)	$	(1,557)	$	(825)	$	(735)
Total income taxes for the year	$	(1,557)	$	(825)	$	(735)

Schedule of reconciliation of effective tax rate


	Year Ended December 31,
	2020		2019		2018
Statutory corporate income tax rate in Denmark	22	%	22	%	22	%
Non-deductible income / (expenses)	(1)	%	(5)	%	(10)	%
Non-taxable income / (expenses)	1	%	—		—
Additional tax deduction R&D expenses	3	%	—		—
Tax credit research and development expenditures	9	%	7	%	12	%
Change in deferred tax asset not capitalized	(25)	%	(17)	%	(12)	%
Total effective tax rate	9	%	7	%	12	%

Schedule of deferred tax in the statements of financial position


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Deferred Tax Positions:
Warrants	$	4,289	$	3,034	$	1,463
Loss carry forward		3,759		1,270		136
Research and development expenditures		262		—		—
Other items		(6)		(34)		48
Valuation allowance on deferred tax assets		(8,042)		(4,270)		(1,647)
Total capitalized	$	262	$	—	$	—

Basic and Diluted Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Basic and Diluted Loss Per Share

Schedule of basic and diluted loss per share


	Year Ended December 31,
	2020		2019		2018
	(USD in thousands, except share amounts and per share amounts)
Loss per share before and after dilution
Net loss attributable to shareholders of Evaxion Biotech A/S	$	(15,018)	$	(11,195)	$	(5,535)
Weighted-average number of ordinary shares outstanding		15,434,758		13,892,314		12,917,016
Loss per share before and after dilution	$	(0.97)	$	(0.81)	$	(0.43)

Schedule of potential shares are anti-dilutive and excluded from the weighted average number of shares


	December 31,
	2020	2019	2018
Warrants	2,228,076	2,059,128	1,674,324
Convertible Debt l	—	—	302,976
Convertible Debt 2	—	—	827,856

Intangible assets TLG (Tables)

12 Months Ended

Dec. 31, 2020

Intangible assets TLG

Intangible assets TLG


	Intangible
	Assets		Total
	(USD in thousands)
Cost at December 31, 2019	$	—	$	—
Additions during the year		95		95
Exchange rate adjustments		5		5
Cost at December 31, 2020		100		100
Amortization at December 31, 2019		—		—
Amortization for the year		—		—
Exchange rate adjustment		—		—
Amortization at December 31, 2020		—		—
Carrying amount at December 31, 2020	$	100	$	100

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment

Schedule of property, plant and equipment


			Other
	Property		Equipment		Total
	(USD in thousands)
Cost at December 31, 2019	$	179	$	93	$	272
Additions during the year		55		149		204
Exchange rate adjustments		23		21		44
Cost at December 31, 2020		257		263		520
Depreciation at December 31, 2019		(144)		(27)		(171)
Depreciation for the year		(71)		(34)		(105)
Exchange rate adjustment		(22)		(1)		(23)
Depreciation at December 31, 2020		(237)		(64)		(299)
Carrying amount at December 31, 2020	$	20	$	201	$	221
Carrying amount of right-of-use assets at December 31, 2020	$	20	$	—	$	20


			Other
	Property		Equipment		Total
	(USD in thousands)
Cost at January 1, 2019	$	171	$	32	$	203
Additions during the year		12		61		73
Exchange rate adjustments		(4)		—		(4)
Cost at December 31, 2019		179		93		272
Depreciation at January 1, 2019		(79)		(13)		(92)
Depreciation for the year		(67)		(14)		(81)
Exchange rate adjustment		2		—		2
Depreciation at December 31, 2019		(144)		(27)		(171)
Carrying amount at December 31, 2019	$	35	$	66	$	101
Carrying amount of right-of-use assets at December 31, 2019	$	35	$	—	$	35

Depreciation included in the statement of comprehensive loss:


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Research and development	$	90	$	64	$	58
General and administrative		15		16		15
Total depreciation included in the statement of comprehensive loss	$	105	$	80	$	73
Total accumulated depreciation of right-of-use assets at December 31,	$	236	$	145	$	79

Prepayments and other receivables (Tables)

12 Months Ended

Dec. 31, 2020

Prepayments and other receivables

Prepayments and other receivables


	December 31,
	2020		2019
	(USD in thousands)
VAT receivables	$	376	$	75
Prepayments		1,175		451
Prepayments to clinical research organizations		418		17
Other receivables		2		32
Total prepayments and other receivables	$	1,971	$	575

Other Payables (Tables)

12 Months Ended

Dec. 31, 2020

Other Payables

Schedule of other payables


	December 31,
	2020		2019
	(USD in thousands)
Payables to clinical research organizations	$	1,027	$	588
Employee cost liabilities		1,054		275
Other liabilities		180		177
Total other payables	$	2,261	$	1,040

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents

Schedule of cash and cash equivalents


	December 31,
	2020		2019
	(USD in thousands)
Cash and cash equivalents	$	5,834	$	9,559
Total cash and cash equivalents	$	5,834	$	9,559

Schedule of Changes in net working capital


	December 31,
	2020		2019		2018
	(USD in thousands)
Changes in receivables and tax receivables	$	(2,501)	$	(337)	$	443
Changes in trade payables		1,798		507		79
Changes in other payables		918		403		459
Changes in net working capital	$	215	$	573	$	981

Schedule of adjustments for non-cash items


	Year Ended
	December 31,
	2020		2019		2018
	(USD in thousands)
Income taxes	$	(1,557)	$	(825)	$	(735)
Tax credit schemes accounted for as grants		(510)		—		—
Depreciation and amortization		105		81		74
Interest income		—		(9)		(2)
Interest expense		30		39		15
Share-based compensation expenses		3,408		2,362		2,069
Change in fair value of convertible debt instruments		—		1,183		684
Other adjustments: Other adjustments, primarily exchange rate adjustments		107		114		18
Total adjustments for non-cash items	$	1,583	$	2,945	$	2,123

Schedule of reconciliation of liabilities from financing activities


	December 31,				Accumulated				Exchange rate		December 31,
(USD in thousands)	2019		Cash flows		interest		Additions		adjustment		2020
Lease liabilities	$	36	$	(74)	$	1	$	54	$	3	$	20
Total liabilities from financing activities	$	36	$	(74)	$	1	$	54	$	3	$	20


	December 31,				Accumulated		Fair value						Exchange rate		December 31,
(USD in thousands)	2018		Cash flows		interest		adjustment		Additions		Conversion		adjustment		2019
Lease liabilities	$	99	$	(75)	$	2	$	—	$	12	$	—	$	(2)	$	36
Convertible debt instruments		8,569		152		—		1,183		—		(9,695)		(209)		—
Total liabilities from financing activities	$	8,668	$	77	$	2	$	1,183	$	12	$	(9,695)	$	(211)	$	36

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Schedule of carrying amounts of right-of-use assets and lease liabilities and the movements


	Right-of-Use Asset		Lease liabilities
	(USD in thousands)
At December 31, 2019	$	35	$	36
Additions		54		54
Depreciation		(73)		—
Interest Expense		—		—
Payments		4		(74)
Translation		—		4
At December 31, 2020	$	20	$	20


	Right-of-Use Asset		Lease liabilities
	(USD in thousands)
At January 1, 2019	$	92	$	99
Additions		12		12
Depreciation		(67)		—
Interest Expense		—		2
Payments		—		(75)
Translation		(2)		(2)
At December 31, 2019	$	35	$	36

Capital Structure and Financial Matters (Tables)

12 Months Ended

Dec. 31, 2020

Capital Structure and Financial Matters

Schedule of changes in the share capital


	Number of	Share Capital
	Ordinary Shares	(DKK in thousands)
Share capital, January 1, 2018	12,917,016	12,917
Share capital, December 31, 2018	12,917,016	12,917
Capital increase at July 17, 2019 (issuance of shares for cash)	997,668	998
Capital increase at July 17, 2019 (conversion of Convertible Debt 1)	302,976	303
Capital increase at July 17, 2019 (conversion of Convertible Debt 2)	848,232	848
Capital increase at December 19, 2019 (issuance of shares for cash)	118,260	118
Share capital, December 31, 2019	15,184,152	15,184
Capital increase at September 17, 2020 (issuance of shares for cash)	745,380	745
Capital increase at October 15, 2020 (issuance of shares for cash)	269,136	269
Share capital, December 31, 2020	16,198,668	16,198


	December 31,
	2020		2019
	(USD in thousands)
Authorized, issued and fully paid
16,198,668 (2019:15,184,152) ordinary shares of DKK 1 each (2019: ordinary shares of DKK 1 each)	$	2,648	$	2,481
	$	2,648	$	2,481

Schedule of Executive Management’s and Board of Director’s holding of shares


Number of ordinary shares owned	2020	2019	2018
Niels Iversen Møller	4,292,604	4,292,604	4,292,352
Andreas Holm Mattsson	4,163,832	4,163,832	4,163,832
Lars Aage Staal Wegner	182,124	182,124	181,872
Executive Management in total	8,638,560	8,638,560	8,638,056


Number of ordinary shares owned	2020	2019	2018
Roberto Prego	676,620	310,248	307,548
Thomas William Wylonis	485,676	481,860	471,096
Marianne Søgaard	41,652	—	—
Steven Projan	27,288	11,736	—
Board of Directors in total	1,231,236	803,844	778,644

Convertible Debt Instruments (Tables) - Convertible debt instruments

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about borrowings [line items]

Schedule of changes in the convertible debt instruments


	Convertible loans
	(USD in thousands)
Carrying amount at January 1, 2018	$	—
Amount received in 2018		7,998
Fair value adjustment included in finance expenses		684
Currency adjustment		(113)
Carrying amount at December 31, 2018		8,569
Amount received in 2019		152
Fair value adjustment included in finance expenses		1,183
Currency adjustment		(209)
Converted to equity during 2019		(9,695)
Carrying amount at December 31, 2019	$	—

Schedule of inputs used in the valuation of convertible debt instruments


	Assumption
	applied
DKK/USD exchange rate		0.154
Discount rate		Convertible Debt 1 – 39	%
		Convertible Debt 2 – 25	%
Probability of a qualifying financing event taking place		95	%
Evaxion share price	$	207

Schedule of sensitivity analysis of the convertible debt instruments


	Impact on		Impact on
	Convertible Debt 1		Convertible Debt 2
	(USD in thousands)
Exchange rate increased by 5%	$	(48)	$	(272)
Exchange rate decreased by 5%	$	48	$	272
Discount rate decreased by 3%	$	(24)	$	(85)
Financing Event probability decreased by 25%	$	(100)	$	(40)
Share price increased by 10%	$	(10)	$	(39)
Share price decreased by 10%	$	10	$	39

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Schedule of transactions with related parties


	December 31,
	2020		2019		2018
	(USD in thousands)
The Company’s transactions with other related parties:
Transactions with related parties (expenses):
Accrued interest on convertible debt instruments issued to members of executive management and board of directors	$	—	$	(4)	$	(4)
Balances with related parties at year-end (asset):
Prepaid rent and deposit for a leased property from a related party	$	7	$	—	$	—
Balances with related parties at year-end (liabilities):
Convertible debt instruments issued to members of executive management and board of directors (nominal value plus accrued interest of 7.5%)	$	—	$	—	$	117

Contingent Liabilities and Contractual Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Contingent Liabilities and Contractual Obligations

Schedule of contractual commitments


	December 31, 2020
	(USD in thousands)
	Contractual
	cash flows		<1 year		1 – 2 years		2 – 5 years		>5 years		Total
Purchase obligations	$	712	$	712	$	—	$	—	$	—	$	712
Total	$	712	$	712	$	—	$	—	$	—	$	712

Fees to auditors (Tables)

12 Months Ended

Dec. 31, 2020

Fees to auditors

Schedule of fees to independent registered public accounting firm


	December 31,
	2020		2019
	(USD in thousands)
Audit fees	$	308	$	73
Audit related fees		119		—
Other fees		253		—
Total fees	$	680	$	73

General Company Information (Details) - Feb. 05, 2021 - IFRS IPO [Member] $ in Millions	USD ($)	kr / shares shares
Disclosure of General Company Information [line items]
Aggregate proceeds from IPO	$ 27.9
Deduction on underwriting discount	$ 2.1
Ordinary shares authorized on capital \| shares		3,000,000
Ordinary shares par value \| kr / shares		kr 1

Summary of Significant Accounting Policies - Accounting for joint operation (Details) $ in Millions		12 Months Ended
	Jan. 04, 2021	Dec. 31, 2020 USD ($) agreement	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disclosure of joint operations [line items]
Number of collaborative agreement \| agreement		1
Stock split on bonus issue of shares	2
Stock split from ordinary shares	17
Southern Denmark University collaboration agreement
Disclosure of joint operations [line items]
Compensation cost \| $		$ 0.3	$ 0.3	$ 0.0

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

Summary of Significant Accounting Policies - Estimated useful lives of assets (Details) - Other equipment	12 Months Ended
	Dec. 31, 2020
Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	3 years
Maximum Member
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives	6 years

Summary of Significant Accounting Policies - Impairment of non-financial assets (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies
Impairment loss	$ 0

Summary of Significant Accounting Policies - Convertible debt instruments (Details)	12 Months Ended
	Dec. 31, 2018 instrument
Summary of Significant Accounting Policies
Number of convertible debt instruments issued	2

Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Cash equivalents	$ 0	$ 0

Summary of Significant Accounting Policies - Segment (Details)	12 Months Ended
	Dec. 31, 2020 segment
Summary of Significant Accounting Policies
Number of segments	1

Financial Instruments and Risk Management - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Instruments and Risk Management
Cash and cash equivalents	$ 5,834	$ 9,559	$ 7,433	$ 468
Equity	$ 7,038	$ 9,362	$ (931)	$ 2,550

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Financial Instruments and Risk Management - IPO (Details) kr / shares in Units, $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Feb. 05, 2021 USD ($) $ / shares shares	Oct. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Feb. 05, 2021 DKK (kr) kr / shares shares	Dec. 31, 2020 kr / shares	Dec. 31, 2020 USD ($) shares	Aug. 10, 2020 kr / shares	Dec. 31, 2019 kr / shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2017 USD ($) shares
Disclosure of non-adjusting events after reporting period [line items]
Share price \| $ / shares				$ 207
Issued shares (in DKK) \| $							$ 2,648			$ 2,481
Outstanding shares (in DKK) \| $				$ (931)			$ 7,038			$ 9,362	$ 2,550
ADS \| Initial Public Offering
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued	3,000,000
Share price \| $ / shares	$ 10.00
Net proceeds \| $	$ 25,400
Ordinary shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued		269,136	745,380
Share price \| $ / shares		$ 8.89	$ 8.89
Net proceeds \| $		$ 2,400	$ 6,600
Number of shares issued (in shares)				12,917,016			16,198,668			15,184,152	12,917,016
Nominal value per share \| kr / shares						kr 1		kr 1	kr 1
Ordinary shares \| Initial Public Offering
Disclosure of non-adjusting events after reporting period [line items]
Registered shares (in DKK) \| kr					kr 19,198,668
Issued shares (in DKK) \| kr					19,198,668
Outstanding shares (in DKK) \| kr					kr 19,198,668
Shares registered (in shares)					19,198,668
Number of shares issued (in shares)					19,198,668
Shares outstanding (in shares)					19,198,668
Nominal value per share \| kr / shares					kr 1

Financial Instruments and Risk Management - Contractual undiscounted outflows (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	$ 2,846	$ 859
Contractual cash flow	2,846	878
Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,846	878
Lease liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	20	36
Contractual cash flow	20	55
Lease liabilities \| Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	20	55
Trade payables
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	2,646	646
Contractual cash flow	2,646	646
Trade payables \| Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	2,646	646
Other payables
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	180	177
Contractual cash flow	180	177
Other payables \| Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Contractual cash flow	$ 180	$ 177

Financial Instruments and Risk Management - Convertible debt instruments (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Financial Instruments and Risk Management
Transfers into Level 3 of fair value hierarchy, assets	$ 0
Transfers into Level 3 of fair value hierarchy, liabilities	0
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 3 of fair value hierarchy, assets	0
Transfers out of Level 3 of fair value hierarchy, liabilities	$ 0

Operating Activities (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of expenses by nature [line items]
Share-based compensation expenses	$ (3,408)	$ (2,362)	$ (2,069)
Recognized government grants as a reduction of research and development expenses	800	500	600
Research and development
Disclosure of expenses by nature [line items]
Employee salary and benefit expenses, excluding share-based compensation	(3,337)	(2,586)	(1,756)
Share-based compensation expenses	(1,496)	(1,021)	(896)
Depreciation	(92)	(65)	(59)
External expenses	(5,977)	(4,544)	(1,018)
Total	(10,902)	(8,216)	(3,729)
General and administrative
Disclosure of expenses by nature [line items]
Employee salary and benefit expenses, excluding share-based compensation	(1,098)	(517)	(190)
Share-based compensation expenses	(1,912)	(1,341)	(1,173)
Professional fees	(2,644)	(773)	(520)
Depreciation	(12)	(16)	(15)
Total	$ (5,666)	$ (2,647)	$ (1,898)

Employees and Employee-Related Costs - Number of employees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number and average number of employees [abstract]
Average number of full-time employees	33	25	18
Number of employees, including consultants, by country at end of period:	35	31	20
Denmark and United States
Number and average number of employees [abstract]
Number of employees, including consultants, by country at end of period:	35	31	20

Employees and Employee-Related Costs - Employee Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of expenses by nature [line items]
Wages and salaries	$ 4,016	$ 2,819	$ 1,733
Share-based compensation expenses	3,408	2,362	2,069
Defined contribution plans	206	96	70
Other social security expenses	17	12	10
Other staff expenses	196	176	133
Total employee costs	7,843	5,465	4,015
Non-management employee benefit expense	4,620	3,258	1,712
Research and development
Disclosure of expenses by nature [line items]
Share-based compensation expenses	1,496	1,021	896
Total employee costs	4,833	3,607	2,652
Non-management employee benefit expense	4,009	2,590	1,686
General and administrative
Disclosure of expenses by nature [line items]
Share-based compensation expenses	1,912	1,341	1,173
Total employee costs	3,010	1,858	1,363
Non-management employee benefit expense	$ 611	$ 668	$ 26

Employees and Employee-Related Costs - Board of Directors and Executive Management (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2019 employee	Jan. 31, 2019 employee	Dec. 31, 2020 USD ($) employee	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) employee
Disclosure of transactions between related parties [line items]
Number of members of executive management \| employee	5	4			3
Executive management which resigned \| employee			1
Board of Directors and Executive Management
Disclosure of transactions between related parties [line items]
Total			$ 3,223	$ 2,207	$ 2,303
Board of Directors and Executive Management \| Research and development
Disclosure of transactions between related parties [line items]
Members of executive management			824	1,017	965
Board of Directors and Executive Management \| General and administrative
Disclosure of transactions between related parties [line items]
Members of executive management			2,399	1,190	1,338
Executive Management
Disclosure of transactions between related parties [line items]
Wages and salaries			$ 1,298	$ 900	$ 621
Share-based compensation expenses			1,566	956	1,157
Total			2,864	1,856	1,778
Board of Directors
Disclosure of transactions between related parties [line items]
Share-based compensation expenses			359	351	525
Total			$ 359	$ 351	$ 525

Share-Based Payments - Warrants (Details)		12 Months Ended
Share-Based Payments - Warrants (Details)	Jan. 04, 2021 kr / shares	Dec. 31, 2020 kr / shares	Dec. 31, 2019 kr / shares	Dec. 31, 2018 kr / shares	Aug. 10, 2020 kr / shares
Share-Based Payments
Warrants as a percentage of outstanding shares		13.80%	13.50%	12.90%
Warrants
Share-Based Payments
Vesting period		36 months
Warrants granted		363,168	257,832	192,528
Warrants granted, price per share		kr 1	kr 1	kr 1
Warrants \| CFO
Share-Based Payments
Warrants granted			150,660
Ordinary shares
Share-Based Payments
Nominal value per share		kr 1	kr 1		kr 1
Ordinary shares \| Stock Split
Share-Based Payments
Share split ratio	2
Bonus issue share ratio	17
Nominal value per share prior to stock split	kr 2
Nominal value per share	kr 1
Ordinary shares \| Warrants \| Stock Split
Share-Based Payments
Increase in number of warrants, ratio	36
Warrants granted exercise price, prior to stock split	kr 2
Warrants granted, price per share	kr 1

Share-Based Payments - Schedule (Details) - Warrants		12 Months Ended
Share-Based Payments - Schedule (Details) - Warrants	Apr. 30, 2020	Dec. 31, 2020 kr / shares	Dec. 31, 2019 kr / shares	Dec. 31, 2018 kr / shares	Dec. 31, 2017 kr / shares shares
Number of warrants outstanding
Warrants granted at beginning of period		1,932,156	1,674,324	1,481,796
Warrants granted		363,168	257,832	192,528
Warrants forfeited	(45,216)	(45,216)
Warrants cancelled		(22,032)
Warrants granted at end of period		2,228,076	1,932,156	1,674,324	1,481,796
Weighted Average Exercise Price/Share (DKK)
Warrants granted at beginning of period, price per share		kr 1	kr 1	kr 1
Warrants granted, price per share		1	1	1
Warrants forfeited, price per share		1
Warrants cancelled, price per share		1
Warrants granted at end of period, price per share		kr 1	kr 1	kr 1	kr 1
Weighted Average Remaining Contractual Life (years)
Warrants granted, remaining contractual life		15 years	17 years	18 years	19 years
Warrants granted , remaining contractual life		11 years	17 years	18 years
Warrants forfeited , remaining contractual life		16 years
Warrants cancelled , remaining contractual life		16 years
Warrants exercisable, remaining contractual life		0 years	0 years
Other information
Warrants granted, per articles of incorporation \| shares					1,532,952

Share-Based Payments - Warrants Rectified (Details) $ in Millions	1 Months Ended						12 Months Ended
	Dec. 31, 2020 USD ($) shares	Oct. 31, 2019 USD ($) shares	Sep. 30, 2019 USD ($) shares	Feb. 28, 2019 USD ($) shares	Jan. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019	Dec. 31, 2018 USD ($)	Dec. 31, 2017
Employees
Share-Based Payments
Warrants outstanding						22,032		22,032	22,032
Warrants
Share-Based Payments
Number of share options granted in share-based payment arrangement							363,168	257,832	192,528
Warrants outstanding	2,228,076					1,674,324	2,228,076	1,932,156	1,674,324	1,481,796
Warrants \| Employees and consultants
Share-Based Payments
Number of share options granted in share-based payment arrangement						99,216
Warrants granted with immediate vesting						32,904
Warrants Granted With Vesting Over The Next Three Years						66,312
Weighted average fair value at measurement date, share options granted \| $						$ 0.6			$ 0.6
Warrants \| Employees
Share-Based Payments
Warrants granted with immediate vesting			54,000
Warrants Granted With Vesting Over The Next Three Years				7,956
Weighted average fair value at measurement date, share options granted \| $			$ 0.5	$ 0.1
Warrants \| Executive Management
Share-Based Payments
Warrants granted with immediate vesting						3,888
Warrants Granted With Vesting Over The Next Three Years		150,660			45,216
Weighted average fair value at measurement date, share options granted \| $		$ 1.3			$ 0.3
Service period		3 years
Warrants \| Board of Directors
Share-Based Payments
Warrants granted with immediate vesting						89,424
Weighted average fair value at measurement date, share options granted \| $						$ 0.5			$ 0.5
2019 warrants entitlements
Share-Based Payments
Number of share options granted in share-based payment arrangement	126,972
Warrants granted with immediate vesting	63,612
Warrants Granted With Vesting Over The Next Three Years	63,360
Weighted average fair value at measurement date, share options granted \| $	$ 1.2						$ 1.2
Service period	3 years
2020 warrants entitlements
Share-Based Payments
Number of share options granted in share-based payment arrangement	236,196
Warrants granted with immediate vesting	120,888
Warrants Granted With Vesting Over The Next Three Years	115,308
Weighted average fair value at measurement date, share options granted \| $	$ 2.3						$ 2.3
Service period	3 years

Share-Based Payments - Compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation
Share-based compensation expenses	$ 3,408	$ 2,362	$ 2,069
Warrants
Share-Based Compensation
Compensation for arranging investors to subscribe for shares	100
Research and development
Share-Based Compensation
Share-based compensation expenses	1,496	1,021	896
General and administrative
Share-Based Compensation
Share-based compensation expenses	$ 1,912	$ 1,341	$ 1,173

Share-Based Payments - Fair value of warrants (Details) - Warrants - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Share-Based Payments
Percentage of weightage for private scenario	40.00%
Share price for private scenarioe (USD per share)		$ 8.89
Percentage of weightage for IPO scenario	60.00%
Share price for IPO scenario (USD per share)		$ 11.00
Lack of marketability discount	10.00%
Acceleration of expense		$ 0.8

Share-Based Payments - Amendments to Warrants (Details) - Warrants - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payments
Vesting period		3 years
Reduction in share based compensation expense due to change in accounting estimate	$ 0.4

Share-Based Payments - Outstanding warrants (Details) - Warrants	12 Months Ended
	Dec. 31, 2020 kr / shares	Dec. 31, 2019 kr / shares	Dec. 31, 2018 kr / shares
Share-Based Payments
Number of warrants outstanding	2,228,076	1,932,156	1,674,324
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	15 years	17 years	18 years
Grant December 2016
Share-Based Payments
Per warrant average grant date fair value	kr 20.91	kr 20.91	kr 20.91
Number of warrants outstanding	712,332	712,332	712,332
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Grant April 2017
Share-Based Payments
Per warrant average grant date fair value	kr 24.05	kr 24.05	kr 24.05
Number of warrants outstanding	13,896	13,896	13,896
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Grant September 2017
Share-Based Payments
Per warrant average grant date fair value	kr 28.71	kr 28.71	kr 28.71
Number of warrants outstanding	617,184	617,184	617,184
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Grant December 2017
Share-Based Payments
Per warrant average grant date fair value	kr 28.71	kr 28.71	kr 28.71
Number of warrants outstanding	127,044	138,384	138,384
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Granted during 2018
Share-Based Payments
Per warrant average grant date fair value	kr 37.05	kr 37.05	kr 37.05
Number of warrants outstanding	181,836	192,528	192,528
Average exercise price per warrant	kr 1	kr 1	kr 1
Remaining term to maturity	16 years	17 years	18 years
Grant January 2019
Share-Based Payments
Per warrant average grant date fair value		kr 37.05
Number of warrants outstanding		45,216
Average exercise price per warrant		kr 1
Remaining term to maturity		17 years
Grant February 2019
Share-Based Payments
Per warrant average grant date fair value	kr 42.57	kr 42.57
Number of warrants outstanding	7,956	7,956
Average exercise price per warrant	kr 1	kr 1
Remaining term to maturity	16 years	17 years
Grant September 2019
Share-Based Payments
Per warrant average grant date fair value	kr 56.35	kr 56.35
Number of warrants outstanding	54,000	54,000
Average exercise price per warrant	kr 1	kr 1
Remaining term to maturity	16 years	17 years
Grant October 2019
Share-Based Payments
Per warrant average grant date fair value	kr 56.97	kr 56.97
Number of warrants outstanding	150,660	150,660
Average exercise price per warrant	kr 1	kr 1
Remaining term to maturity	16 years	17 years
Grant December 2020
Share-Based Payments
Per warrant average grant date fair value	kr 56.75
Number of warrants outstanding	363,168
Average exercise price per warrant	kr 1
Remaining term to maturity	11 years

Share-Based Payments - Key Management Holdings (Details)		1 Months Ended	12 Months Ended
	Nov. 25, 2020	Jun. 30, 2020	Dec. 31, 2020 shares	Dec. 31, 2019	Dec. 31, 2018
Warrants
Share-Based Payments
Warrants granted at beginning of period			1,932,156	1,674,324
Warrants granted at end of period			2,228,076	1,932,156	1,674,324
Board of Directors
Share-Based Payments
Warrants granted	26,964	252
Board of Directors \| Warrants
Share-Based Payments
Warrants granted at beginning of period			385,848	385,848	300,780
Warrants granted			109,548		85,068
Warrants held when becoming a member of management			(309,168)
Warrants granted at end of period			186,228	385,848	385,848
Thomas William Wylonis \| Warrants
Share-Based Payments
Warrants granted at beginning of period			342,612	342,612	293,364
Warrants granted			26,640		49,248
Warrants held when becoming a member of management			(369,252)
Warrants granted at end of period				342,612	342,612
Steven Projan \| Warrants
Share-Based Payments
Warrants granted at beginning of period			23,436	23,436
Warrants granted			18,612		23,436
Warrants granted at end of period			42,048	23,436	23,436
Roberto Prego \| Warrants
Share-Based Payments
Warrants granted at beginning of period			19,800	19,800	7,416
Warrants granted			14,364		12,384
Warrants granted at end of period			34,164	19,800	19,800
Joann Suzich \| Warrants
Share-Based Payments
Warrants granted			10,260
Warrants granted at end of period			10,260
Marianne Søgaard \| Warrants
Share-Based Payments
Warrants granted			28,368
Warrants held when becoming a member of management			65,952
Warrants granted at end of period			94,320
Helen Boudreau \| Warrants
Share-Based Payments
Warrants granted			5,436
Warrants granted at end of period			5,436
Kim Bjørnstrup (former \| Warrants
Share-Based Payments
Warrants granted			5,868
Warrants held when becoming a member of management			(5,868)
Executive Management \| Warrants
Share-Based Payments
Warrants granted at beginning of period			1,044,648	848,772	844,884
Warrants granted			7,668	195,876	3,888
Warrants held when becoming a member of management			(4,356)
Forfeited			45,216
Warrants granted at end of period			1,002,744	1,044,648	848,772
Lars Aage Staal Wegner \| Warrants
Share-Based Payments
Warrants granted at beginning of period			844,416	844,416	840,528
Warrants granted			7,668		3,888
Warrants granted at end of period			852,084	844,416	844,416
Thomas Bogenrieder \| Warrants
Share-Based Payments
Warrants granted at beginning of period			49,572	4,356	4,356
Warrants granted				45,216
Warrants held when becoming a member of management			(4,356)
Forfeited			45,216
Warrants granted at end of period				49,572	4,356
Glenn S. Vraniak \| Warrants
Share-Based Payments
Warrants granted at beginning of period			150,660
Warrants granted				150,660
Warrants granted at end of period			150,660	150,660

Financial Income and Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income:
Interest income, bank		$ 8	$ 2
Interest income, other		1
Foreign exchange gains	$ 216	56	74
Total financial income	216	65	76
Finance expenses:
Interest expenses	(29)	(36)	(10)
Changes in fair value of convertible debt instruments		(1,183)	(684)
Interest expenses, lease liabilities		(3)	(4)
Foreign exchange losses	(194)		(21)
Total financial expenses	(223)	(1,222)	(719)
Net financial items	$ (7)	$ (1,157)	$ (643)

Income Taxes - Analysis of charge/(credit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income taxes	$ (1,557)	$ (825)	$ (735)
Total income taxes for the year	(1,557)	(825)	(735)
Operating tax loss carry-forwards	$ 3,800	$ 1,300	$ 100

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Taxes - Reconciliation of effective tax rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of effective tax rate to Danish statutory tax rate
Statutory corporate income tax rate in Denmark	22.00%	22.00%	22.00%
Non-deductible income / (expenses)	(1.00%)	(5.00%)	(10.00%)
Non-taxable income / (expenses)	1.00%
Additional tax deduction R&D expenses	3.00%
Tax credit research and development expenditures	9.00%	7.00%	12.00%
Change in deferred tax asset not capitalized	(25.00%)	(17.00%)	(12.00%)
Total effective tax rate	9.00%	7.00%	12.00%

Income Taxes - Deferred tax (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	$ 262
Gross \| Warrants
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	4,289	$ 3,034	$ 1,463
Gross \| Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	3,759	1,270	136
Gross \| Research and development expenditures
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	262
Gross \| Other items
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	(6)	(34)	48
Valuation allowance
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax position	$ (8,042)	$ (4,270)	$ (1,647)

Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic and Diluted Loss Per Share
Net loss attributable to shareholders of Evaxion Biotech A/S	$ (15,018)	$ (11,195)	$ (5,535)
Weighted-average number of ordinary shares outstanding	15,434,758	13,892,314	12,917,016
Loss per share before and after dilution	$ (0.97)	$ (0.81)	$ (0.43)

Basic and Diluted Loss Per Share - Anti-dilutive shares (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares	2,228,076	2,059,128	1,674,324
Convertible Debt 1
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares			302,976
Convertible Debt 2
Antidilutive Securities Excluded From Computation Of Earnings Per Share Line Items1 Line Items
Anti-dilutive shares			827,856

Intangible assets - Paragraph (Details) - USD ($)	1 Months Ended	12 Months Ended
Intangible assets - Paragraph (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2020
DisclosureOfIntangibleAssetsLineItems
Additional accrual related license agreement		$ 60,000
Technology-based intangible assets [member]
DisclosureOfIntangibleAssetsLineItems
License agreement on milestone payment	$ 35,000
Additional option to extend agreement term	10 years
Capitalized intangible assets		35,000
Additional consideration	$ 320,000
Amount to be transferred upon each regulatory approval of a product	$ 250,000
Technology-based intangible assets [member] \| SSI
DisclosureOfIntangibleAssetsLineItems
Capitalized intangible assets		$ 60,000

Intangible assets - Table (Details) $ in Thousands	12 Months Ended
Intangible assets - Table (Details) $ in Thousands	Dec. 31, 2020 USD ($)
DisclosureOfIntangibleAssetsLineItems
December 31, 2020	$ 100
Cost
DisclosureOfIntangibleAssetsLineItems
Additions during the year	95
Exchange rate adjustments	5
December 31, 2020	$ 100

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	$ 101
Balance end of year	221	$ 101
Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	35
Balance end of year	20	35
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	35
Balance end of year	20	35
Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	66
Balance end of year	201	66
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	272	203
Additions during the year	204	73
Exchange rate adjustments	44	(4)
Balance end of year	520	272
Cost \| Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	179	171
Additions during the year	55	12
Exchange rate adjustments	23	(4)
Balance end of year	257	179
Cost \| Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	93	32
Additions during the year	149	61
Exchange rate adjustments	21
Balance end of year	263	93
Accumulated Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(171)	(92)
Depreciation for the year	(105)	(81)
Exchange rate adjustments	(23)	2
Balance end of year	(299)	(171)
Accumulated Depreciation \| Property
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(144)	(79)
Depreciation for the year	(71)	(67)
Exchange rate adjustments	(22)	2
Balance end of year	(237)	(144)
Accumulated Depreciation \| Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(145)	(79)
Balance end of year	(236)	(145)
Accumulated Depreciation \| Other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance beginning of year	(27)	(13)
Depreciation for the year	(34)	(14)
Exchange rate adjustments	(1)
Balance end of year	$ (64)	$ (27)

Property, Plant and Equipment - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	$ (221)	$ (101)
Operating Expense
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	105	80	$ 73
Research and development
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	90	64	58
General and administrative
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	15	16	15
Accumulated Depreciation
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	105	81
Total property, plant and equipment	299	171	92
Property
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	(20)	(35)
Property \| Accumulated Depreciation
Disclosure of attribution of expenses by nature to their function [Line Items]
Depreciation	71	67
Total property, plant and equipment	237	144	79
Right-of-use assets
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	(20)	(35)
Right-of-use assets \| Accumulated Depreciation
Disclosure of attribution of expenses by nature to their function [Line Items]
Total property, plant and equipment	$ 236	$ 145	$ 79

Prepayments and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepayments and other receivables
VAT receivables	$ 376	$ 75
Prepayments	1,175	451
Prepayments to clinical research organizations	418	17
Other receivables	2	32
Total receivables	$ 1,971	$ 575

Other Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Payables
Payables to clinical research organizations	$ 1,027	$ 588
Employee cost liabilities	1,054	275
Other liabilities	180	177
Total other payables	$ 2,261	$ 1,040

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents
Cash and cash equivalents	$ 5,834	$ 9,559
Total cash and cash equivalents	$ 5,834	$ 9,559	$ 7,433	$ 468

Cash and Cash Equivalents Changes in Net Working Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from (used in) operating activities [abstract]
Changes in receivables and tax receivables	$ 2,501	$ 337	$ (443)
Changes in trade payables	(1,798)	(507)	(79)
Changes in other payables	(918)	(403)	(459)
Changes in net working capital	$ 215	$ 573	$ 981

Cash and Cash Equivalents - Adjustments for non-cash items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Adjustments to reconcile profit (loss) [abstract]
Income taxes	$ (1,557)	$ (825)	$ (735)
Tax credit schemes accounted for as grants	(510)
Depreciation and amortization	105	81	74
Interest income		(9)	(2)
Interest expense	30	39	15
Share-based compensation expenses	3,408	2,362	2,069
Change in fair value of convertible debt instruments		1,183	684
Other adjustments, primarily exchange rate adjustments	107	114	18
Total adjustments for non-cash items	$ 1,583	$ 2,945	$ 2,123

Cash and Cash Equivalents - Reconciliation of Liabilities from Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year	$ 36	$ 8,668
Cash flows	(74)	77
Accumulated interest	1	2
Fair value Adjustment		1,183
Additions	54	12
Conversion		(9,695)
Exchange rate adjustment	3	(211)
Balance end of year	20	36
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year	36	99
Cash flows	(74)	(75)
Accumulated interest	1	2
Additions	54	12
Exchange rate adjustment	3	(2)
Balance end of year	$ 20	36
Convertible debt instruments
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance beginning of year		8,569
Cash flows		152
Fair value Adjustment		1,183
Conversion		(9,695)
Exchange rate adjustment		$ (209)

Leases (Details)	1 Months Ended
Leases (Details)	Oct. 31, 2020 USD ($) m²	Dec. 31, 2020 USD ($) lease	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2018 USD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Lease liabilities		$ 20,000	$ 36,000	$ 99,000
Right-to-use asset		$ 20,000	$ 35,000	$ 92,000
Copenhagen, Denmark
Disclosure of quantitative information about right-of-use assets [line items]
Number of leases \| lease		1
Hørsholm, Denmark
Disclosure of quantitative information about right-of-use assets [line items]
Lease space \| m²	1,356
Lease term	10 years
Lease termination fee	$ 2,700,000
Lease monthly payment	$ 28,800
Hørsholm, Denmark \| Office space
Disclosure of quantitative information about right-of-use assets [line items]
Lease space \| m²	839
Lease monthly payment	$ 12,000
Hørsholm, Denmark \| Laboratory space
Disclosure of quantitative information about right-of-use assets [line items]
Lease space \| m²	518
Lease monthly payment	$ 16,800
Hørsholm, Denmark \| Bottom of range
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of increase in annual lease payment	2.00%
Hørsholm, Denmark \| Maximum Member
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of increase in annual lease payment	4.00%
New York, United States
Disclosure of quantitative information about right-of-use assets [line items]
Lease term	13 months
IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Lease liabilities					$ 200,000
Right-to-use asset					$ 200,000
Incremental borrowing rate					3.80%

Leases - Movements in Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Cash outflow for leases	$ 200	$ 0
Right-of-Use Asset
Balance beginning of year	35	92
Additions	54	12
Depreciation	(73)	(67)
Payments	4
Translation		(2)
Balance end of year	20	35
Lease liabilities
Balance beginning of year	36	99
Additions	54	12
Interest expense		2
Payments	(74)	(75)
Translation	4	(2)
Balance end of year	$ 20	$ 36

Capital Structure and Financial Matters - Loss of subscribed share capital (Details)	Dec. 31, 2018
Capital Structure and Financial Matters
Minimum percentage of lost subscribed share capital	50.00%

Capital Structure and Financial Matters - Capital transactions (Details)		1 Months Ended		3 Months Ended	12 Months Ended
	Aug. 10, 2020 kr / shares shares	Oct. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 $ / shares	Dec. 31, 2020 kr / shares	Dec. 31, 2019 kr / shares
Disclosure of classes of share capital [line items]
Share purchase price \| $ / shares							$ 207
Payments for share issue costs \| $					$ 128,000	$ 13,000
Ordinary shares
Disclosure of classes of share capital [line items]
Ordinary shares issued		269,136	745,380
Share purchase price \| $ / shares		$ 8.89	$ 8.89
Aggregate proceeds \| $		$ 2,400,000	$ 6,600,000
Increase in authorized number of shares	745,380
Additional increase in authorized number of shares	1,800,000
Nominal value per share \| kr / shares	kr 1							kr 1	kr 1
Additional number of ordinary share warrants allowed to issue	1,298,196
Payments for share issue costs \| $				$ 144,022

Capital Structure and Financial Matters - Changes in Share Capital (Details) kr in Thousands, $ in Thousands					12 Months Ended
	Oct. 15, 2020 DKK (kr) shares	Sep. 17, 2020 DKK (kr) shares	Dec. 19, 2019 DKK (kr) shares	Jul. 17, 2019 DKK (kr) shares	Dec. 31, 2020 DKK (kr) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 DKK (kr) shares	Dec. 31, 2019 USD ($) shares
Disclosure of classes of share capital [line items]
Equity \| $						$ 9,362		$ (931)
Issuance of shares for cash \| $						9,020		9,442
Settlement of convertible debt instruments \| $								9,695
Equity \| $						7,038		9,362
Share capital
Disclosure of classes of share capital [line items]
Equity					kr 15,184	2,481	kr 12,917	2,113
Issuance of shares for cash	kr 269	kr 745	kr 118	kr 998		167		181
Settlement of convertible debt instruments \| $								187
Equity					kr 16,198	$ 2,648	kr 15,184	$ 2,481
Share capital \| Convertible Debt 1
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments \| kr				303
Share capital \| Convertible Debt 2
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments \| kr				kr 848
Ordinary shares
Disclosure of classes of share capital [line items]
Share capital, shares, beginning of year \| shares					15,184,152	15,184,152	12,917,016	12,917,016
Issuance of shares for cash, shares \| shares	269,136	745,380	118,260	997,668
Share capital, shares, end of year \| shares					16,198,668	16,198,668	15,184,152	15,184,152
Ordinary shares \| Convertible Debt 1
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments, shares \| shares				302,976
Ordinary shares \| Convertible Debt 2
Disclosure of classes of share capital [line items]
Settlement of convertible debt instruments, shares \| shares				848,232

Capital Structure and Financial Matters - Share Capital (Details) kr / shares in Units, kr in Thousands, $ in Thousands	Dec. 31, 2020 DKK (kr) kr / shares shares	Dec. 31, 2020 USD ($) shares	Aug. 10, 2020 kr / shares	Dec. 31, 2019 DKK (kr) kr / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 DKK (kr) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 DKK (kr) shares	Dec. 31, 2017 USD ($) shares
Disclosure of classes of share capital [line items]
Share capital \| $		$ 7,038			$ 9,362		$ (931)		$ 2,550
Share capital
Disclosure of classes of share capital [line items]
Share capital	kr 16,198	$ 2,648		kr 15,184	$ 2,481	kr 12,917	$ 2,113	kr 12,917	$ 2,113
Ordinary shares
Disclosure of classes of share capital [line items]
Allotted, called up and fully paid shares \| shares	16,198,668	16,198,668		15,184,152	15,184,152	12,917,016	12,917,016	12,917,016	12,917,016
Nominal value per share \| kr / shares	kr 1		kr 1	kr 1

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Capital Structure and Financial Matters - Shareholdings by Directors and Executive Management (Details) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Executive Management
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	8,638,560	8,638,560	8,638,056
Niels Iversen Møller
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	4,292,604	4,292,604	4,292,352
Andreas Holm Mattsson
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	4,163,832	4,163,832	4,163,832
Lars Aage Staal Wegner
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	182,124	182,124	181,872
Board of Directors
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	1,231,236	803,844	778,644
Roberto Prego
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	676,620	310,248	307,548
Thomas William Wylonis
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	485,676	481,860	471,096
Marianne Søgaard
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	41,652
Steven Projan
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	27,288	11,736

Convertible Debt Instruments - Issuance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) instrument
Convertible Debt Instruments
Types of convertible debt instruments issued \| instrument		2
Proceeds from issuance of convertible debt instruments	$ 152	$ 7,998
Convertible debt instruments
Convertible Debt Instruments
Proceeds from issuance of convertible debt instruments		8,000
Convertible debt instruments \| Board of Directors and Executive Management
Convertible Debt Instruments
Proceeds from issuance of convertible debt instruments		$ 100

Convertible Debt Instruments - Summary of Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Borrowings [abstract]
Carrying amount at beginning of year	$ 8,569
Proceeds from issuance of convertible debt instruments	152	$ 7,998
Fair value adjustment included in finance expenses	1,183	684
Currency adjustment	(209)	(113)
Converted to equity	$ (9,695)
Carrying amount at end of year		$ 8,569

Convertible Debt Instruments - Terms of Convertible Debt (Details) $ / shares in Units, kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018 DKK (kr)	Dec. 31, 2018 USD ($) $ / shares
Convertible debt instruments
Convertible Debt Instruments
Interest coupon	7.50%	7.50%
Convertible Debt 1
Convertible Debt Instruments
Term	12 months
Interest coupon	7.50%	7.50%
Capital increase threshold for loan conversion \| kr	kr 9.8
Discount on share price to be applied when calculating conversion price	20.00%	20.00%
Premium to be applied in prepayment terms	50.00%
Convertible Debt 1 \| USD
Convertible Debt Instruments
Loan		$ 0.9
Convertible Debt 1 \| DKK
Convertible Debt Instruments
Loan	kr 7.1	$ 1.0
Convertible Debt 2
Convertible Debt Instruments
Interest coupon	7.50%	7.50%
Capital increase threshold for loan conversion		$ 10.0
Premium to be applied in prepayment terms	50.00%
Mandatory conversion price at maturity \| $ / shares		$ 160.41
Period before conversion during which loans denominated in foreign currency will convert into functional currency loan	10 days
Convertible Debt 2 \| Qualified capital increase occurs in year of loan issuance
Convertible Debt Instruments
Discount on share price to be applied when calculating conversion price	5.00%	5.00%
Convertible Debt 2 \| Qualified capital increase occurs in year following the loan issuance
Convertible Debt Instruments
Discount on share price to be applied when calculating conversion price	10.00%	10.00%
Convertible Debt 2 \| Qualified capital increase occurs in two years following the loan issuance
Convertible Debt Instruments
Discount on share price to be applied when calculating conversion price	20.00%	20.00%
Convertible Debt 2 \| USD
Convertible Debt Instruments
Loan		$ 5.4
Convertible Debt 2 \| DKK
Convertible Debt Instruments
Loan	kr 5.0	$ 0.7

Convertible Debt Instruments - Valuation Inputs (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares
Disclosure of detailed information about borrowings [line items]
Exchange rate	0.154
Share price	$ 207
Convertible debt instruments \| Probability of a qualifying financing event taking place
Disclosure of detailed information about borrowings [line items]
Unobservable input, liabilities	95
Convertible Debt 1 \| Discount rate
Disclosure of detailed information about borrowings [line items]
Unobservable input, liabilities	39
Convertible Debt 2 \| Discount rate
Disclosure of detailed information about borrowings [line items]
Unobservable input, liabilities	25

Related Party Transactions (Details) - Convertible debt instruments - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Accrued interest on convertible debt instruments issued to members of executive management and board of directors		$ (4)	$ (4)
Prepaid rent and deposit for a leased property from a related party	$ 7
Convertible debt instruments issued to members of executive management and board of directors			$ 117
Interest rate			7.50%

Contingent Liabilities and Contractual Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Contracts with CROs
Contingent liabilities
Contingent liability	$ 0.0	$ 0.2

Contingent Liabilities and Contractual Obligations - Contractual Commitments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Contractual obligations
Contractual commitments	$ 712
Less than one year
Contractual obligations
Contractual commitments	712
Purchase obligations
Contractual obligations
Contractual commitments	712
Purchase obligations \| Less than one year
Contractual obligations
Contractual commitments	712
Purchase obligations \| CRO’s
Contractual obligations
Contractual commitments	600
Purchase obligations \| University future partners
Contractual obligations
Contractual commitments	$ 100

Fees to auditors (Details) - USD ($) $ in Thousands	12 Months Ended
Fees to auditors (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fees to auditors
Audit fees	$ 308	$ 73
Audit related fees	119
Other fees	253
Total fees	$ 680	$ 73

Events After the Reporting Period - Stock Split (Details) - Ordinary shares	Jan. 04, 2021 kr / shares	Dec. 31, 2020 kr / shares	Aug. 10, 2020 kr / shares	Dec. 31, 2019 kr / shares
Disclosure of non-adjusting events after reporting period [line items]
Nominal value per share		kr 1	kr 1	kr 1
Stock Split
Disclosure of non-adjusting events after reporting period [line items]
Share split ratio	2
Bonus issue share ratio	17
Nominal value per share prior to stock split	kr 2
Nominal value per share	kr 1

Events After the Reporting Period - IPO (Details) kr / shares in Units, $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Feb. 05, 2021 USD ($) $ / shares shares	Oct. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Feb. 05, 2021 DKK (kr) kr / shares shares	Dec. 31, 2020 kr / shares	Dec. 31, 2020 USD ($) shares	Aug. 10, 2020 kr / shares	Dec. 31, 2019 kr / shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2017 USD ($) shares
Disclosure of non-adjusting events after reporting period [line items]
Share price \| $ / shares				$ 207
Issued shares (in DKK) \| $							$ 2,648			$ 2,481
Outstanding shares (in DKK) \| $				$ (931)			$ 7,038			$ 9,362	$ 2,550
ADS \| Initial Public Offering
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued	3,000,000
Share price \| $ / shares	$ 10.00
Net proceeds \| $	$ 25,400
Ordinary shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued		269,136	745,380
Share price \| $ / shares		$ 8.89	$ 8.89
Net proceeds \| $		$ 2,400	$ 6,600
Number of shares issued (in shares)				12,917,016			16,198,668			15,184,152	12,917,016
Nominal value per share \| kr / shares						kr 1		kr 1	kr 1
Ordinary shares \| Initial Public Offering
Disclosure of non-adjusting events after reporting period [line items]
Registered shares (in DKK) \| kr					kr 19,198,668
Issued shares (in DKK) \| kr					19,198,668
Outstanding shares (in DKK) \| kr					kr 19,198,668
Shares registered (in shares)					19,198,668
Number of shares issued (in shares)					19,198,668
Shares outstanding (in shares)					19,198,668
Nominal value per share \| kr / shares					kr 1

Convertible Debt Instruments - Sensitivity (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Exchange rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible increase in input	5.00%
Percentage of reasonably possible decrease in input	5.00%
Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible decrease in input	3.00%
Probability of a qualifying financing event taking place
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible decrease in input	25.00%
Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible increase in input	10.00%
Percentage of reasonably possible decrease in input	10.00%
Convertible Debt 1 \| Exchange rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	$ (48)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	48
Convertible Debt 1 \| Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(24)
Convertible Debt 1 \| Probability of a qualifying financing event taking place
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(100)
Convertible Debt 1 \| Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	(10)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	10
Convertible Debt 2 \| Exchange rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	(272)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	272
Convertible Debt 2 \| Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(85)
Convertible Debt 2 \| Probability of a qualifying financing event taking place
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	(40)
Convertible Debt 2 \| Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in input	(39)
Increase (decrease) in fair value measurement due to reasonably possible decrease in input	$ 39