Evaxion Biotech A/S Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: EVAX · Form: 20-F · Filed: Mar 26, 2024 · CIK: 1828253

Evaxion Biotech A/S 20-F Filing Summary
FieldDetail
CompanyEvaxion Biotech A/S (EVAX)
Form Type20-F
Filed DateMar 26, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$, $1, $22.1 m, $23.2 m, $24.5 million
Sentimentneutral

Sentiment: neutral

Topics: Evaxion Biotech, 20-F, Annual Report, Financials, Biotech

TL;DR

<b>Evaxion Biotech A/S submitted its 2023 annual report on Form 20-F, detailing financial and operational information.</b>

AI Summary

Evaxion Biotech A/S (EVAX) filed a Foreign Annual Report (20-F) with the SEC on March 26, 2024. Evaxion Biotech A/S filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in G7 and its fiscal year ends on December 31. Evaxion Biotech A/S is classified under SIC code 2836 for Biological Products (No Diagnostic Substances). The filing includes details on property, plant, and equipment, including leasehold improvements and right-of-use assets for 2023 and 2022.

Why It Matters

For investors and stakeholders tracking Evaxion Biotech A/S, this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of Evaxion Biotech's financial performance and operational status for the fiscal year 2023. The detailed breakdown of assets and liabilities, including property, plant, and equipment, offers insights into the company's capital structure and investment activities.

Risk Assessment

Risk Level: low — Evaxion Biotech A/S shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate material news, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and asset breakdowns within the 20-F filing to understand Evaxion Biotech's financial health and operational investments.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period covered by the 20-F filing)
  • 2024-03-26 — Filing Date (Date the 20-F was filed with the SEC)
  • 2836 — SIC Code (Standard Industrial Classification for Biological Products)

Key Players & Entities

  • Evaxion Biotech A/S (company) — Filer of the 20-F report
  • Merck & Co., Inc. (company) — Mentioned in relation to a collaborative research agreement

FAQ

When did Evaxion Biotech A/S file this 20-F?

Evaxion Biotech A/S filed this Foreign Annual Report (20-F) with the SEC on March 26, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Evaxion Biotech A/S (EVAX).

Where can I read the original 20-F filing from Evaxion Biotech A/S?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Evaxion Biotech A/S.

What are the key takeaways from Evaxion Biotech A/S's 20-F?

Evaxion Biotech A/S filed this 20-F on March 26, 2024. Key takeaways: Evaxion Biotech A/S filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company is incorporated in G7 and its fiscal year ends on December 31..

Is Evaxion Biotech A/S a risky investment based on this filing?

Based on this 20-F, Evaxion Biotech A/S presents a relatively low-risk profile. The filing is a standard annual report (20-F) and does not contain immediate material news, indicating a routine disclosure.

What should investors do after reading Evaxion Biotech A/S's 20-F?

Review the detailed financial statements and asset breakdowns within the 20-F filing to understand Evaxion Biotech's financial health and operational investments. The overall sentiment from this filing is neutral.

How does Evaxion Biotech A/S compare to its industry peers?

Evaxion Biotech A/S operates in the biotechnology sector, focusing on the development of novel cancer immunotherapies.

Are there regulatory concerns for Evaxion Biotech A/S?

As a foreign private issuer, Evaxion Biotech A/S files annual reports on Form 20-F, which are subject to SEC regulations for non-US companies.

Industry Context

Evaxion Biotech A/S operates in the biotechnology sector, focusing on the development of novel cancer immunotherapies.

Regulatory Implications

As a foreign private issuer, Evaxion Biotech A/S files annual reports on Form 20-F, which are subject to SEC regulations for non-US companies.

What Investors Should Do

  1. Analyze the financial statements for revenue, expenses, and net income for FY 2023.
  2. Review the balance sheet for changes in assets, liabilities, and equity compared to the previous year.
  3. Examine disclosures related to research and development activities and any strategic partnerships.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
  • 2024-03-26: Filing Date — The date Evaxion Biotech A/S submitted its 20-F to the SEC.

Year-Over-Year Comparison

This filing is the annual 20-F report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Filing Stats: 4,491 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-03-26 16:01:38

Key Financial Figures

  • $ — e Securities Act of 1933, as amended; "$," "USD," "US
    quot; and "U.S. dollar" are to
  • $1 — assumed exchange rate of DKK 6.7447 per $1.00, which was the official exchange rat
  • $22.1 m — eption in 2008, including net losses of $22.1 million, $23.2 million, and $24.5 million
  • $23.2 m — including net losses of $22.1 million, $23.2 million, and $24.5 million for the years
  • $24.5 million — es of $22.1 million, $23.2 million, and $24.5 million for the years ended December 31, 2023,
  • $108.0 million — 2023, we had an accumulated deficit of $108.0 million. 7 Table of Contents We have devote
  • $14.0 m — urn (excluding financing activities) of $14.0 million, although no assurances can be ma

Filing Documents

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 236 Item 12.

Description of Securities other than Equity Securities

Description of Securities other than Equity Securities 236 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 237 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 237 Item 15.

Controls and Procedures

Controls and Procedures 238 Item 16A. Audit Committee Financial Expert 239 Item 16B. Code of Ethics 239 Item 16C. Principal Accountant Fees and Services 239 Item 16D. Exemptions from the Listing Standards for Audit Committees 240 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 240 Item 16F. Change in Registrant's Certifying Accountant 240 Item 16G. Corporate Governance 240 Item 16H. Mine Safety Disclosure 245 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 245 Item 16J. Insider Trading Policies 245 Item 16K. Cybersecurity 245 PART III Item 17.

Financial Statements

Financial Statements 246 Item 18.

Financial Statements

Financial Statements 246 Item 19. Exhibits II-1

Signatures

Signatures II-3 Report of the Independent Registered Public Accounting Firm F-2 1 Table of Contents CERTAIN DEFINITIONS Unless otherwise indicated and except where the context otherwise requires, references in this annual report on Form 20-F to: "ADSs" are to our American Depositary Shares, each of which represents ten ordinary shares of Evaxion Biotech A/S; "ADRs" are to the American depositary receipts that evidence our ADSs; "Exchange Act" are to the United States Securities Exchange Act of 1934, as amended; "FDA" are to the United States Food and Drug Administration; "Evaxion," the "Company," "we," "us" and "our" refer to Evaxion Biotech A/S and our wholly owned subsidiaries; "Group" are to the consolidated entities of Evaxion Biotech A/S, Evaxion Biotech Australia Pty Ltd and Evaxion Biotech, Inc.; "IND" are to Investigational New Drug Application; "ordinary shares" are to our ordinary shares, each of DKK 1 nominal value; "SEC" are to the United States Securities and Exchange Commission; "Securities Act" are to the Securities Act of 1933, as amended; "$," "USD," "US

quot; and "U.S. dollar" are to the United States dollar; and "DKK," "Krone," and "Kroner" are to the Danish Krone On January 22, 2024, the Company made effective a change to its ratio of ADSs to its ordinary shares, DKK 1 nominal value (the "ADS Ratio"). The ratio has been changed from one ADS representing one ordinary share to a new ADS Ratio of one ADS representing ten ordinary shares of the Company. The change was made to enable the Company to regain compliance with the Nasdaq minimum bid price requirement. Unless specified otherwise, all references in this annual report to ADS share and ADS per share data have been adjusted, including historical data which has been retroactively adjusted, to give effect to the ADS Ratio change. 2 Table of Contents PRESENTATION OF FINANCIAL INFORMATION This annual report contains our audited consolidated financial statements as of Decembe

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information 3.A. Reserved 3.B. Capitalization and Indebtedness Not applicable. 3.C. Reasons for the Offer and Use of Proceeds Not applicable. 3.D. Risk Factors We are a clinical-stage TechBio company with an ambition to partner on targets, pipeline and responders with no pharmaceutical products approved for commercial sale. Also, we have not yet made out-licensing agreements. Our business faces significant risks. You should carefully consider all of the information set forth in this annual report and in our other filings with the SEC, including the following risk factors which we face, and which are faced by our industry. Our business, financial condition, results of operations or prospects could be materially adversely affected by any of these risks. This annual report also contains forward- looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors including the risks described below and elsewhere in this report and our other SEC filings. See "Special Note Regarding Forward-Looking Statements" above. Risks Related to our Financial Condition and Capital Requirements We have incurred significant losses since our inception and we anticipate that we will continue to incur significant losses for the foreseeable future, which makes it difficult to assess our future viability. We have not generated significant revenue and may never be profitable. We have incurred net losses in each year since our inception in 2008, including net losses of $22.1 million, $23.2 million, and $24.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, we had an accumulated deficit of $108.0 million. 7 Table of Contents We have devoted most of our financial resources to research and development, including our pre- clinical and clinical development activities and the development of our AI-Immunolo

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