0001171843-24-004774 | 6-K | XBRL Viewer

Note 9 - Financial Income and Expenses - Components of Financial Income and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement Line Items [Line Items]
Remeasurement of warrant obligation	$ 48	$ 0	$ 172	$ 0
Change in fair value of derivative liability	0	0	5,368	0
Remeasurement of warrant obligation	(34)	(57)	(34)	(57)
Change in fair value of derivative liability	$ (1,654)	$ 0	$ (1,654)	$ 0

Note 1 - General Company Information	6 Months Ended
Jun. 30, 2024
Statement Line Items [Line Items]
Description of nature of entity's operations and principal activities [text block]	Note 1. General Company Information Evaxion Biotech A/S is a pioneering clinical stage TechBio company based upon its the Artificial Intelligence (AI) platform: AI-Immunology™. The AI-Immunology™ platform consists of multiple proprietary and scalable AI prediction models harnessing the power of data, machine learning and artificial intelligence to decode the human immune system. This enables the development of novel vaccines for treatment of various cancers as well as bacterial and viral infections. We believe we are the first in the world to demonstrate a link between predictive power of Artificial Intelligence, or AI, and clinical response in patients as evidenced by a clear association between AI-Immunology™ predictions and progression free survival in metastatic melanoma cancer patients. AI-Immunology™ allows for fast and effective discovery, design and development of novel vaccines and offers a strong value proposition towards existing and potential pharma partners. The value proposition is supported by AI-Immunology™ as the AI platform is being preclinically and clinically validated, adaptable, scalable to other disease areas and, we believe, reduces development cost and risks significantly. Partnerships are a key element in our approach to realizing value of the opportunities AI-Immunology™ caters for. Further, we have developed a clinical-stage oncology cancer pipeline of novel personalized therapeutic vaccines and a pre-clinical prophylactic vaccine pipeline for bacterial and viral diseases with high unmet medical needs based on AI-Immunology™ identified vaccine targets. Evaxion is committed to transforming patients’ lives by providing innovative and targeted treatment options through AI-Immunology™. Our purpose is saving and improving lives with AI-Immunology™. Unless the context otherwise requires, references to the “Company,” “Evaxion,” “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 Hørsholm, Denmark. The unaudited condensed consolidated interim financial statements of Evaxion Biotech A/S and its subsidiaries (collectively, the “Group”) for the three and six months ended June 30, 2024 and 2023, were approved, and authorized for issuance, by the board of directors on August 13, 2024.

Note 1 - General Company Information

6 Months Ended

Jun. 30, 2024

Statement Line Items [Line Items]

Description of nature of entity's operations and principal activities [text block]

Note 1. General Company Information

Evaxion Biotech A/S is a pioneering clinical stage TechBio company based upon its the Artificial Intelligence (AI) platform: AI-Immunology™. The AI-Immunology™ platform consists of multiple proprietary and scalable AI prediction models harnessing the power of data, machine learning and artificial intelligence to decode the human immune system. This enables the development of novel vaccines for treatment of various cancers as well as bacterial and viral infections. We believe we are the first in the world to demonstrate a link between predictive power of Artificial Intelligence, or AI, and clinical response in patients as evidenced by a clear association between AI-Immunology™ predictions and progression free survival in metastatic melanoma cancer patients. AI-Immunology™ allows for fast and effective discovery, design and development of novel vaccines and offers a strong value proposition towards existing and potential pharma partners. The value proposition is supported by AI-Immunology™ as the AI platform is being preclinically and clinically validated, adaptable, scalable to other disease areas and, we believe, reduces development cost and risks significantly. Partnerships are a key element in our approach to realizing value of the opportunities AI-Immunology™ caters for. Further, we have developed a clinical-stage oncology cancer pipeline of novel personalized therapeutic vaccines and a pre-clinical prophylactic vaccine pipeline for bacterial and viral diseases with high unmet medical needs based on AI-Immunology™ identified vaccine targets. Evaxion is committed to transforming patients’ lives by providing innovative and targeted treatment options through AI-Immunology™. Our purpose is saving and improving lives with AI-Immunology™. Unless the context otherwise requires, references to the “Company,” “Evaxion,” “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 Hørsholm, Denmark.

The unaudited condensed consolidated interim financial statements of Evaxion Biotech A/S and its subsidiaries (collectively, the “Group”) for the three and six months ended June 30, 2024 and 2023, were approved, and authorized for issuance, by the board of directors on August 13, 2024.

Note 10 - Capital Structure and Financial Matters (Details Textual) $ / shares in Units, $ in Millions		2 Months Ended	6 Months Ended
	Dec. 18, 2023 USD ($) $ / shares shares	Feb. 29, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 21, 2024 kr / shares	Jun. 20, 2024 $ / shares	May 23, 2024 kr / shares	May 22, 2024 $ / shares
Statement Line Items [Line Items]
Entity Listing, Depository Receipt Ratio			10
Purchase agreement, remaining number of shares available for issuance \| $			$ 5.2
Class of warrants exercisable for ADS (in shares)		757,500
Class of warrants exercisable for shares (in shares)	9,726,898	7,575,000
Class of warrants, offering price per warrant (in dollars per share) \| $ / shares	$ 0.54	$ 4
Class of warrants exercise price of warrants per ADS (in dollars per share) \| (per share)		$ 27.52		kr 47.99	$ 7.07	kr 27.52	$ 4
Class of prefunded warrants exercisable for ADS (in shares)		2,992,500
Class of prefunded warrants exercisable for shares (in shares)		29,925,000
Class of prefunded warrants, offering price per warrant (in dollars per share) \| $ / shares		$ 4
Class of prefunded warrant, exercise price of warrants per ADS (in dollars per share) \| $ / shares		$ 1.4537
Proceeds from issuing shares and warrants \| $	$ 5.3	$ 8.4
Prefunded warrants, exercised (in shares)			599,500
Proceeds from issuing prefunded warrants \| $			$ 0.9

Note 7 - Borrowings (Details Textual)	1 Months Ended
Oct. 31, 2020 ft²
Statement Line Items [Line Items]
Lease, area (Square Foot)	1,356
Borrowings, term (Year)	8 years
Horsholm, Denmark office space [member]
Statement Line Items [Line Items]
Lease, area (Square Foot)	839
Horsholm, Denmark laboratory space [member]
Statement Line Items [Line Items]
Lease, area (Square Foot)	518

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001828253
Entity Registrant Name	Evaxion Biotech A/S
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity File Number	001-39950
Entity Address, Address Line One	Dr. Neergaards Vej 5f
Entity Address, Postal Zip Code	DK-2970
Entity Address, City or Town	Hoersholm
Entity Address, Country	DK

Note 9 - Financial Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Statement Line Items [Line Items]

Financial income and expenses [text block]

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Financial income:
Interest income, bank	$	41		$	47		$	95		$	98
Foreign exchange gains		131			—			203			234
Remeasurement of warrant obligation		48			—			172			—
Change in fair value of derivative liability		—			—			5,368			—
Total financial income		220			47			5,838			332
Financial expenses:
Interest expenses		(185	)		(177	)		(374	)		(355	)
Interest expenses, lease liabilities		(40	)		(44	)		(81	)		(87	)
Remeasurement of warrant obligation		(34	)		(57	)		(34	)		(57	)
Change in fair value of derivative liability		(1,654	)		—			(1,654	)		—
Foreign exchange losses		(123	)		—			(139	)		(105	)
Total financial expenses		(2,036	)		(278	)		(2,282	)		(604	)
Net financial items	$	(1,816	)	$	(231	)	$	3,556		$	(272	)

Note 8 - Share-based Payments (Details Textual)		6 Months Ended		12 Months Ended
Note 8 - Share-based Payments (Details Textual)	May 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2020
Statement Line Items [Line Items]
Share based compensation, vesting period (Month)		36 months		36 months
Percentage of total equity		5.90%	8.60%
Executive management [member]
Statement Line Items [Line Items]
Share based compensation, vesting period (Month)	36 months
Board of directors [member]
Statement Line Items [Line Items]
Share based compensation, vesting period (Month)	12 months

Note 2 - Liquidity and Going Concern Assessment (Details Textual) $ / shares in Units, $ in Millions		2 Months Ended	6 Months Ended
	Dec. 18, 2023 USD ($) $ / shares shares	Feb. 29, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 21, 2024 kr / shares	Jun. 20, 2024 $ / shares	May 23, 2024 kr / shares	May 22, 2024 $ / shares	Jul. 31, 2023 USD ($)	Oct. 03, 2022 USD ($)	Jun. 07, 2022 USD ($)
Statement Line Items [Line Items]
Purchase agreement, maximum aggregate amount								$ 20.0	$ 14.4	$ 40.0
Purchase agreement, commission percentage									3.00%
Purchase agreement, maximum required single purchase amount								0.7
Purchase agreement, commitment fee								$ 1.1
Class of warrants exercisable for shares (in shares) \| shares	9,726,898	7,575,000
Class of warrants, offering price per warrant (in dollars per share) \| $ / shares	$ 0.54	$ 4
Class of warrant, exercise price of warrants (in dollars per share) \| (per share)	$ 0.71			kr 4.799	$ 0.707
Proceeds from issuing shares and warrants	$ 5.3	$ 8.4
Potential proceeds from issuing shares and warrants in the event of cash exercise	$ 6.8
Class of warrants exercisable for ADS (in shares) \| shares		757,500
Class of warrants exercise price of warrants per ADS (in dollars per share) \| (per share)		$ 27.52		kr 47.99	$ 7.07	kr 27.52	$ 4
Class of prefunded warrants exercisable for ADS (in shares) \| shares		2,992,500
Class of prefunded warrants exercisable for shares (in shares) \| shares		29,925,000
Class of prefunded warrants, offering price per warrant (in dollars per share) \| $ / shares		$ 4
Class of prefunded warrant, exercise price of warrants per ADS (in dollars per share) \| $ / shares		$ 1.4537
Class of prefunded warrants to purchase ADS, exercises (in shares) \| shares			599,500
Proceeds from issuance of prefunded warrants			$ 0.9

Note 5 - Revenue (Details Textual) $ in Millions	Jun. 30, 2024 USD ($)
Statement Line Items [Line Items]
Future revenue from contract with customers potentially eligible to earn	$ 0.2

Note 10 - Capital Structure and Financial Matters - Schedule of Share Capital (Details) - shares	Apr. 15, 2024	Feb. 21, 2024	Feb. 05, 2024	Jan. 03, 2024
Statement Line Items [Line Items]
Exercised warrants (in shares)	1,960,000	2,060,000	1,975,000	9,216

Label	Element	Value
Acquisition of property and equipment through loan from lessor	evax_LeaseAssetsAcquiredThroughFinancing	$ 0
Acquisition of property and equipment through loan from lessor	evax_LeaseAssetsAcquiredThroughFinancing	65,000
evax_CashFlowsFromUsedInOperatingActivitiesBeforeChangesInWorkingCapital	evax_CashFlowsFromUsedInOperatingActivitiesBeforeChangesInWorkingCapital	(8,365,000)
evax_CashFlowsFromUsedInOperatingActivitiesBeforeChangesInWorkingCapital	evax_CashFlowsFromUsedInOperatingActivitiesBeforeChangesInWorkingCapital	(11,143,000)
Government grants receivable	evax_GrantsReceivableNoncurrent1	71,000
Government grants receivable	evax_GrantsReceivableNoncurrent1	29,000
evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	(0)
evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	1,097,000
evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	(0)
evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	(0)
evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	(0)
evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	evax_NoncashEffectFromIssueOfInvestorWarrantsClassifiedAsDerivativeLiability	1,097,000
Payment of non-current financial assets – leasehold deposits	evax_ProceedsFromPaymentsForFinancialAssets	(3,000)
Payment of non-current financial assets – leasehold deposits	evax_ProceedsFromPaymentsForFinancialAssets	(6,000)
evax_WorkingCapitalAdjustments	evax_WorkingCapitalAdjustments	620,000
evax_WorkingCapitalAdjustments	evax_WorkingCapitalAdjustments	$ 151,000