0001104659-22-041054 | 20-F | XBRL Viewer

evax_ShareBasedCompensationVestingPeriod

3 years

Number of Members Of Executive Management

evax_ShareBasedCompensationVestingPeriod

3 years

evax_NumberOfMembersOfExecutiveManagement

Number of Members Of Executive Management

evax_NumberOfMembersOfExecutiveManagement

Number of Members Of Executive Management

evax_NumberOfMembersOfExecutiveManagement

Weighted Average Remaining Contractual Life Of Share Options Forfeited During Period.

evax_WeightedAverageRemainingContractualLifeOfShareOptionsForfeitedDuringPeriod.

0 years

Weighted Average Remaining Contractual Life Of Share Options Forfeited During Period.

evax_WeightedAverageRemainingContractualLifeOfShareOptionsForfeitedDuringPeriod.

16 years

Employee Benefits and Share-based Compensations

evax_EmployeeBenefitsAndShareBasedCompensations

kr 9,997,000

Employee Benefits and Share-based Compensations

evax_EmployeeBenefitsAndShareBasedCompensations

7,843,000

Employee Benefits and Share-based Compensations

evax_EmployeeBenefitsAndShareBasedCompensations

kr 5,465,000

Weightage For Private Scenario, Share Price, Share Options Granted

evax_WeightageForPrivateScenarioSharePriceShareOptionsGranted

40.00%

Debt Instrument Term1

evax_DebtInstrumentTerm1

12 months

Remaining contractual life of exercisable share options

evax_RemainingContractualLifeOfExercisableShareOptions

0 years

Remaining contractual life of exercisable share options

evax_RemainingContractualLifeOfExercisableShareOptions

0 years

Remaining contractual life of exercisable share options

evax_RemainingContractualLifeOfExercisableShareOptions

0 years

Private Scenario, Share Price, Share Options Granted

evax_PrivateScenarioSharePriceShareOptionsGranted

kr 8.89

Borrowings Converted To Equity

evax_BorrowingsConvertedToEquity

kr (9,695,000)

Right of Use Assets Payments

evax_RightOfUseAssetsPayments

kr 4,000

Schedule of auditors' remuneration [table text block]

evax_ScheduleOfAuditorsRemunerationTableTextBlock


	December 31,
	2021		2020

	(USD in thousands)
Audit fees	$	177	$	308
Audit related fees		108		119
Other fees		328		253
Total fees	$	613	$	680

Weightage For IPO Scenario, Share Price, Share Options Granted

evax_WeightageForIpoScenarioSharePriceShareOptionsGranted

60.00%

Weighted Average Remaining Contractual Life Of Share Options Cancelled During Period.

evax_WeightedAverageRemainingContractualLifeOfShareOptionsCancelledDuringPeriod.

0 years

Weighted Average Remaining Contractual Life Of Share Options Cancelled During Period.

evax_WeightedAverageRemainingContractualLifeOfShareOptionsCancelledDuringPeriod.

16 years

Provision Recognized

evax_ProvisionRecognized

kr 161,000

Initial Public Offering Scenario, Share Price, Share Options Granted

evax_InitialPublicOfferingScenarioSharePriceShareOptionsGranted

kr 11.00

evax_NumberOfShareOptionsHeld

(369,252)

evax_NumberOfShareOptionsHeld

65,952

evax_NumberOfShareOptionsHeld

(5,868)

evax_NumberOfShareOptionsHeld

(309,168)

evax_NumberOfShareOptionsHeld

29,376

evax_NumberOfShareOptionsHeld

(4,356)

evax_NumberOfShareOptionsHeld

(4,356)

Percentage of warrants to outstanding shares

evax_NumberOfShareOptionsHeld

29,376

evax_PercentageOfWarrantsToOutstandingShares

11.80%

Percentage of warrants to outstanding shares

evax_PercentageOfWarrantsToOutstandingShares

13.80%

Percentage of warrants to outstanding shares

evax_PercentageOfWarrantsToOutstandingShares

13.50%

Operating Lease, Interest Expense, Excluding Variable Lease Costs

evax_OperatingLeaseInterestExpenseExcludingVariableLeaseCosts

kr 123,000

Compensation expense

evax_CompensationExpense

300,000

Compensation expense

evax_CompensationExpense

300,000

Lease Liabilities Increase (Decrease) From Translation

evax_LeaseLiabilitiesIncreaseDecreaseFromTranslation

(128,000)

Lease Liabilities Increase (Decrease) From Translation

evax_LeaseLiabilitiesIncreaseDecreaseFromTranslation

4,000

Payments for Lease Liabilities

evax_PaymentsForLeaseLiabilities

226,000

Payments for Lease Liabilities

evax_PaymentsForLeaseLiabilities

74,000

Share Based Compensation Expense For Arranging Investors To Subscribe For Shares

evax_ShareBasedCompensationExpenseForArrangingInvestorsToSubscribeForShares

100,000

Right-of-use Assets Increase (Decrease) From Translation

evax_RightOfUseAssetsIncreaseDecreaseFromTranslation

kr (131,000)

Share Split, Conversion Ratio

evax_ShareSplitConversionRatio

Disclosure Executive Management's And Board Of Director's Holding Of Shares [Table Text Block]

evax_DisclosureExecutiveManagementsAndBoardOfDirectorsHoldingOfSharesTableTextBlock


Number of ordinary shares owned	2021	2020	2019
Niels Iversen Møller	4,292,604	4,292,604	4,292,604
Andreas Holm Mattsson	4,163,832	4,163,832	4,163,832
Lars Aage Staal Wegner	182,124	182,124	182,124
Executive Management in total	8,638,560	8,638,560	8,638,560


Number of ordinary shares owned	2021	2020	2019
Roberto Prego	310,248	310,248	310,248
Thomas William Wylonis (former)	—	485,676	481,860
Marianne Søgaard	41,652	41,652	—
Steven Projan	27,288	27,288	11,736
Board of Directors in total	379,188	864,864	803,844

Disclosure Of Instruments With Potential Future Dilutive Effect Not Included In Calculation Of Diluted Earnings Per Share [Table Text Block]

evax_DisclosureOfInstrumentsWithPotentialFutureDilutiveEffectNotIncludedInCalculationOfDilutedEarningsPerShareTableTextBlock

Borrowings Currency Adjustment

evax_BorrowingsCurrencyAdjustment

kr (209,000)

Par Value Per Share, Prior to Stock Split

evax_ParValuePerSharePriorToStockSplit

kr 2

Payments For Lease Liabilities (available)

evax_PaymentsforleaseliabilitiesAvailable

kr 1,300,000

Bonus Shares, Ratio

evax_BonusSharesRatio

Number of Shares Authorised Increase

evax_NumberOfSharesAuthorisedIncrease

745,380

Increase In Number Of Warrants, Ratio

evax_IncreaseInNumberOfWarrantsRatio

Weighted average exercise price of share options granted in share-based payment arrangement, prior to stock split

evax_WeightedAverageExercisePriceOfShareOptionsGrantedInShareBasedPaymentArrangementPriorToStockSplit

kr 2

Ifrs Debt Instrument, Term

evax_IfrsDebtInstrumentTerm

6 years

Auditor's remuneration for audit related services

evax_AuditorSRemunerationForAuditRelatedServices

kr 108,000

Auditor's remuneration for audit related services

evax_AuditorSRemunerationForAuditRelatedServices

kr 119,000

Issuance OF Additional Ordinary Share warrants

evax_IssuanceOfAdditionalOrdinaryShareWarrants

1,298,196

Cash Settled Warrant

evax_CashSettledWarrant

1,047,744

Premium To Be Applied In Prepayment Terms

evax_PremiumToBeAppliedInPrepaymentTerms

50.00%

Premium To Be Applied In Prepayment Terms

evax_PremiumToBeAppliedInPrepaymentTerms

50.00%

Increase Through Accumulated Interest Liabilities Arising From Financing Activities

evax_IncreaseThroughAccumulatedInterestLiabilitiesArisingFromFinancingActivities

kr 123,000

Increase Through Accumulated Interest Liabilities Arising From Financing Activities

evax_IncreaseThroughAccumulatedInterestLiabilitiesArisingFromFinancingActivities

31,000

Increase Through Accumulated Interest Liabilities Arising From Financing Activities

evax_IncreaseThroughAccumulatedInterestLiabilitiesArisingFromFinancingActivities

154,000

Increase Through Accumulated Interest Liabilities Arising From Financing Activities

evax_IncreaseThroughAccumulatedInterestLiabilitiesArisingFromFinancingActivities

1,000

Increase Through Accumulated Interest Liabilities Arising From Financing Activities

evax_IncreaseThroughAccumulatedInterestLiabilitiesArisingFromFinancingActivities

kr 1,000

Number of Shares Authorised Additional Increase

evax_NumberOfSharesAuthorisedAdditionalIncrease

1,800,000

Reversal of Depreciation, Property Plant And Equipment

evax_ReversalOfDepreciationPropertyPlantAndEquipment

kr 244,000

Reversal of Depreciation, Property Plant And Equipment

evax_ReversalOfDepreciationPropertyPlantAndEquipment

kr 244,000

Warrants Attributable To Debt Instrument Amount

evax_WarrantsAttributableToDebtInstrumentAmount

351,036

Mandatory Conversion Price At Maturity

evax_MandatoryConversionPriceAtMaturity

kr 160.41

Minimum Percentage Of Lost Subscribed Share Capital

evax_MinimumPercentageOfLostSubscribedShareCapital

50.00%

Period Before Conversion During Which Loans Denominated In Foreign Currency Will Convert Into Functional Currency Loan

evax_PeriodBeforeConversionDuringWhichLoansDenominatedInForeignCurrencyWillConvertIntoFunctionalCurrencyLoan

10 days

Adjustments For Tax credit schemes Accounted for as Grants

evax_AdjustmentsForTaxCreditSchemesAccountedForAsGrants

kr (12,000)

Adjustments For Tax credit schemes Accounted for as Grants

evax_AdjustmentsForTaxCreditSchemesAccountedForAsGrants

kr (510,000)

Disclosure Of Cash And Cash Equivalents [Table Text Block]

evax_DisclosureOfCashAndCashEquivalentsTableTextBlock


	December 31,
	2021		2020

	(USD in thousands)
Cash and cash equivalents	$	32,166	$	5,834
Total cash and cash equivalents	$	32,166	$	5,834

evax_NumberOfEmployeesAndConsultants

61,000

evax_NumberOfEmployeesAndConsultants

35,000

evax_NumberOfEmployeesAndConsultants

31,000

evax_NumberOfEmployeesAndConsultants

61,000

evax_NumberOfEmployeesAndConsultants

35,000

Acquisition Of Property Plant And Equipment

evax_NumberOfEmployeesAndConsultants

31,000

evax_AcquisitionOfPropertyPlantAndEquipment

kr (90,000)

Government Grants Receivables, NonCurrent

evax_GovernmentGrantsReceivablesNoncurrent

kr 194,000

Share based compensation expense by function [table text block]

evax_ShareBasedCompensationExpenseByFunctionTableTextBlock


	Years Ended
	December 31,
	2021		2020		2019

	(USD in thousands)
Research and development expenses	$	1,051	$	1,496	$	1,021
General and administrative expenses		328		1,912		1,341
Total	$	1,379	$	3,408	$	2,362

Acquisition Of Property And Equipment Included In Trade Payables

evax_AcquisitionOfPropertyAndEquipmentIncludedInTradePayables

kr 90,000

Borrowing Interest Rates

evax_BorrowingInterestRates

Receipt (Payment) of Non Current Financial Assets

evax_ReceiptPaymentOfNonCurrentFinancialAssets

kr 30,000

Receipt (Payment) of Non Current Financial Assets

evax_ReceiptPaymentOfNonCurrentFinancialAssets

(209,000)

Receipt (Payment) of Non Current Financial Assets

evax_ReceiptPaymentOfNonCurrentFinancialAssets

kr (7,000)

Receivables [Text Block]

evax_ReceivablesTextBlock

Note 14. Prepayments and other receivables


	December 31,
	2021		2020

	(USD in thousands)
VAT receivables	$	387	$	376
Prepayments		638		1,175
Other receivables		113		2
Total prepayments and other receivables	$	1,138	$	1,553

Disclosure Of Receivables [Table Text Block]

evax_DisclosureOfReceivablesTableTextBlock


	December 31,
	2021		2020

	(USD in thousands)
VAT receivables	$	387	$	376
Prepayments		638		1,175
Other receivables		113		2
Total prepayments and other receivables	$	1,138	$	1,553

Capitalized Intangible Assets Included In Trade Payables

evax_CapitalizedIntangibleAssetsIncludedInTradePayables

kr 60,000

Share based compensation awards granted to key management personnel [table text block]

evax_ShareBasedCompensationAwardsGrantedToKeyManagementPersonnelTableTextBlock

The Board of Directors and Executive Management holding of share awards for the years ended December 31, 2019, 2020 and 2021 is shown below:


				Warrants held when				Warrants held when
				becoming or leaving				becoming or leaving
	December 31,		December 31,	as a member			December 31,	as a member				December 31,
Number of warrants held	2018	Granted	2019	of management	Granted	Forfeited	2020	of management	Granted	Exercised	Forfeited	2021
Thomas William Wylonis(former)¹	342,612	—	342,612	(369,252)	26,640	—	369,252	—	—	—	—	369,252
Steven Projan	23,436	—	23,436	—	18,612	—	42,048	—	4,583	—	—	46,631
Roberto Prego	19,800	—	19,800	—	14,364	—	34,164	—	4,583	—	—	38,747
Joann Suzich(former)⁷	—	—	—	—	10,260	—	10,260	—	—	—	—	10,260
Marianne Søgaard²	—	—	—	65,952	28,368	—	94,320	—	9,167	—	—	103,487
Helen Boudreau (former)³	—	—	—	—	5,436	—	5,436	—	—	(5,436)	—	—
Kim Bjørnstrup (former)⁴	—	—	—	(5,868)	5,868	—	—	—	—	—	—	—
Lars Holtug	—	—	—	—	—	—	—	—	4,583	—	—	4,583
Board of Directors in total	385,848	—	385,848	(309,168)	109,548	—	555,480	—	22,916	(5,436)	—	572,960
Lars Aage Staal Wegner	844,416	—	844,416	—	7,668	—	852,084	—	64,167	—	—	916,251
Birgitte Rønø	—	—	—	—	—	—	—	29,376	45,000	—	—	74,376
Thomas Bogenrieder (former)⁵	4,356	45,216	49,572	(4,356)	—	(45,216)	4,356	—	—	—	—	4,356
Erik Heegaard	—	—	—	—	—	—	—	—	97,564	—	—	97,564
Glenn S. Vraniak (former)⁶	—	150,660	150,660	—	—	—	150,660	—	—	—	—	150,660
Executive Management in total	848,772	195,876	1,044,648	(4,356)	7,668	(45,216)	1,007,100	29,376	206,731	—	—	1,243,207

(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 to May 25, 2021.

(4)	Board member from June 30, 2020 to November 4, 2020.

(5)	Part of Executive Management until March 31, 2020.

(6)	Mr. Vraniak resigned as the Chief Financial Officer of the Company effective November 1, 2021.

(7)	Board member until May 25, 2021.

Government Grants Receivable Current

evax_GovernmentGrantsReceivableCurrent

kr 563,000

Government Grants Receivable Current

evax_GovernmentGrantsReceivableCurrent

kr 418,000

Loan Agreement, Number of Tranches

evax_LoanAgreementNumberOfTranches

evax_IncreaseInSharesThroughIssuanceOfShares

997,668

evax_IncreaseInSharesThroughIssuanceOfShares

118,260

evax_IncreaseInSharesThroughIssuanceOfShares

745,380

evax_IncreaseInSharesThroughIssuanceOfShares

269,136

evax_IncreaseInSharesThroughIssuanceOfShares

3,000,000

evax_IncreaseInSharesThroughIssuanceOfShares

3,942,856

Tax rate effect of research and development tax credit

evax_IncreaseInSharesThroughIssuanceOfShares

62,284

evax_TaxRateEffectOfResearchAndDevelopmentTaxCredit

(4.00%)

Tax rate effect of research and development tax credit

evax_TaxRateEffectOfResearchAndDevelopmentTaxCredit

9.00%

Tax rate effect of research and development tax credit

evax_TaxRateEffectOfResearchAndDevelopmentTaxCredit

7.00%

Tax rate effect of change in deferred tax

evax_TaxRateEffectOfChangeInDeferredTax

(23.00%)

Tax rate effect of change in deferred tax

evax_TaxRateEffectOfChangeInDeferredTax

(25.00%)

Tax rate effect of change in deferred tax

evax_TaxRateEffectOfChangeInDeferredTax

(17.00%)

Share based compensation awards outstanding by grant date [table text block]

evax_ShareBasedCompensationAwardsOutstandingByGrantDateTableTextBlock

The following schedule specifies the outstanding warrants as at December 31, 2021:


	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	701,356	1	15
Grant (September 2017)	28.71	617,184	1	15
Grant (December 2017)	28.71	122,040	1	15
Grant (during 2018)	37.05	174,564	1	15
Grant (February 2019)	42.57	7,956	1	15
Grant (September 2019)	56.35	54,000	1	15
Grant (October 2019)	56.97	150,660	1	15
Grant (December 2020)	56.75	317,457	1	9
Grant (April 2021)	45.31	1,655	1	10
Grant (June 2021)	40.86	62,147	1	10
Grant (December 2021)	19.22	523,599	USD 5.38	10
Granted at December 31, 2021		2,732,618
Warrants exercisable at December 31, 2021		—

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.

Cash Bonus

evax_CashBonus

kr 668,000

License Agreement on Milestone Payment

evax_LicenseAgreementOnMilestonePayment

kr 35,000

Registered Capital

evax_RegisteredCapital

kr 19,198,668

Registered Capital

evax_RegisteredCapital

kr 23,141,524

Disclosure Of Schedule Of Changes In Net Working Capital [Table Text Block]

evax_DisclosureOfScheduleOfChangesInNetWorkingCapitalTableTextBlock


	December 31,
	2021		2020		2019

	(USD in thousands)
Changes in receivables and tax receivables	$	1,863	$	(2,501)	$	(337)
Changes in trade payables		(647)		1,798		507
Changes in other payables		21		918		403
Changes in net working capital	$	1,237	$	215	$	573

License Agreement Milestone Payment, Additional Payment

evax_LicenseAgreementMilestonePaymentAdditionalPayment

kr 320,000

Additional Option to Extend Agreement Term

evax_AdditionalOptionToExtendAgreementTerm

10 years

License Agreement Payment, Approval of Product

evax_LicenseAgreementPaymentApprovalOfProduct

kr 250,000

Additional Accrued Payment on License related

evax_AdditionalAccruedPaymentOnLicenseRelated

kr 60,000

Increase (Decrease) Through Conversion Of Convertible Instruments Shares

evax_IncreaseDecreaseThroughConversionOfConvertibleInstrumentsShares

302,976

Increase (Decrease) Through Conversion Of Convertible Instruments Shares

evax_IncreaseDecreaseThroughConversionOfConvertibleInstrumentsShares

848,232

Disclosure Of Adjustments For Non-cash Items [Table Text Block]

evax_DisclosureOfAdjustmentsForNonCashItemsTableTextBlock


	Year Ended
	December 31,
	2021		2020		2019

	(USD in thousands)
Income taxes	$	(178)	$	(1,557)	$	(825)
Tax credit schemes accounted for as grants		(12)		(510)		—
Depreciation		344		105		81
Interest income		—		—		(9)
Interest expense		159		30		39
Share-based compensation expenses		1,379		3,408		2,362
Acquisition of property, plant and equipment		(90)		—		—
Change in fair value of convertible debt instruments		—		—		1,183
Other adjustments: Other adjustments, primarily exchange rate adjustments		(1,061)		107		114
Total adjustments for non-cash items	$	541	$	1,583	$	2,945

IFRS Share Price

evax_IfrsSharePrice

kr 6.24

Disclosure Of Borrowing Explanatory

evax_DisclosureOfBorrowingExplanatory

Note 20. 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 year ended December 31, 2019:


	Convertible loans
	(USD in thousands)
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.

Reduction In Share Based Compensation Expense, Change in Estimate

evax_ReductionInShareBasedCompensationExpenseChangeInEstimate

kr 400,000

Executive Management

Warrants granted with immediate vesting

evax_WarrantsGrantedWithImmediateVesting

22,916

Warrants Granted With Vesting Over The Next Three Years

evax_WarrantsGrantedWithVestingOverNextThreeYears

45,216

Warrants Granted With Vesting Over The Next Three Years

evax_WarrantsGrantedWithVestingOverNextThreeYears

150,660

evax_ShareBasedCompensationVestingPeriod

3 years