Hello, and welcome to Evaxion's Second Quarter 2025 Conference Call. [Operator Instructions] I would now like to turn the conference over to Birgitte Rono, Interim CEO and CSO. You may begin.

Thank you for that. So first and foremost, welcome to our Q2 2025 business update and financial results. I am Birgitte Rono, Chief Scientific Officer and Interim CEO of Evaxion. And with me today, I have Thomas Schmidt, Chief Financial Officer, now permanent CFO as of August 1; and Mads Kronborg, VP of IR and Communications. Today, I will start with a short introduction, followed by an R&D update, and then Thomas will present our Q2 financial results. And lastly, we are, of course, as always, open for questions. So before we begin, please note that today's presentation contains forward-looking statements based on current expectations and actual results may differ from this. So since last quarter, we have made significant achievements and with the partnership with MSD, we are on track towards potential option exercise in the second half of 2025. Our business development pipeline remains solid and supports the FY target. However, we do see that the challenging financial markets and increased regulatory uncertainty is impacting deal execution in general. Key R&D events and progress include EVX-01 2-year clinical efficacy data accepted for an oral presentation at the ESMO Congress in 2025 and treatment in the main part of the EVX-01 Phase II trial is completed and patients have been recruited for the 1-year extension phase. We have also expanded our R&D pipeline with EVX-B4 and we will get back to the details around this. Further, we have received a grant from the Gates Foundation, allowing for risk and cost-free application of the platform in yet another disease, polio. On the financial side, we have cash at hand until mid-2026 and we have converted our loan from the European Investment Bank to equity with an immediate increase in equity with USD 4.1 million. Since last quarter, we have achieved…

Yes. Thank you, Birgitte. And I will now, of course, go through the financial highlights, but we'll start, first and foremost, with a summary of the agreement that we have made with the European Investment Bank that really fundamentally helps our capital structure. So on July 11, we finalized the debt settlement agreement with the European Investment Bank where they converted EUR 3.5 million of the total EUR 7 million loan, and that was converted into equity via a purchase of ordinary Evaxion shares. Our Evaxion shares and the purchase price was $4.87 per ADS, representing 89% premium versus the closing stock exchange on July 11. That immediately also in July then increased our equity by $4.1 million and also then, of course, both simplified our balance sheet and certainly reduced our overall liabilities. Furthermore, and also looking forward, it improves our cash flow and certainly also the repayment of course that we need to do at the end of the loan agreement in 2028. So all in all, a very good agreement that we have reached with the European Investment Bank. And as mentioned, as the agreement was done in July, it is, of course, not included in our Q2 financials but will eventually be once we get into Q3. Q2 financial highlights. First and foremost, our cash position is, at the end of June, $14.7 million. And with an operating cash burn that we still expect to be around $14 million. That also means we have cash in hand to fund operations until mid 2026. And important to note, that takes us past the potential option exercise by the MSD and also passed our 2-year data readout on our EVX-01 study. Our overall spend was reduced in Q2 2025 compared to same period last year, which mainly reflects…

Thank you, Thomas. So lastly, as conclusive remarks, I would like to highlight that we do have a strong operational momentum, and we are tracking towards several potential value catalysts. Business development remains a key priority and multiple parallel partnership discussions are currently ongoing. And as Thomas mentioned, we have cash at the hand until this 2026. And that takes us, as Thomas also explains beyond the EVX-01 2-year data and the potential MSD option exercise. And with that, I would like to thank you for your time and your attention, and we'll be happy to answer any questions.

[Operator Instructions] Our first question comes from the line of Thomas Flaten with Lake Street Capital Markets.

Birgitte, I was curious if you could maybe detail for us what remaining steps are there in the process for Merck to make a decision on whether or not they want to option either or both of the programs.

Yes. Thank you for that question. So we have been running one of the collaborations, the B3 since September 2023. So we entered into this R&D collaboration. And there's been a lot of very exciting data generated under this collaboration. And we are currently -- according to the plan time lines are kept, and we are heading towards the conclusion here in the second half of 2025. For B2, this is more a type of, I would say, evaluation collaboration. So MSD have been looking into our data and been conducting some studies on their side. Again, we are on track in terms of time lines and also, yes, heading towards this conclusion in the second half of 2025. So all in all, it looks very promising, and we are progressing according to the plan.

Got it. I appreciate that. And then one final question. If you look at the business development conversations you're having, are they primarily on the Infectious Disease side? Is there some Oncology interest? Can you maybe just give us a sense of what those discussions look like?

Yes. No. It's across the R&D pipeline and assets across the 2 therapy areas and also centered around what we call target discovery collaboration, so where we apply AI-Immunology and find novel targets for a certain pathogen. So it's a mixed picture at the moment, but definitely dialogues across some are more mature than others. And I think that's just the name of the game. And it's, of course -- I know there's a lot of curiosity around this. But as you know, we cannot say a lot about this until there is a signed contract. So -- but we remain optimistic and do see also new dialogues starting.

Our next question comes from the line of [ Charles Wallace ] at H.C. Wainright.

This is Charles on for RK. I had a question about the data at ESMO coming up. So how will the 2-year data, like the clinical outcomes compared to the 1-year data that was presented, and how many of the patients from year 1 will be seen in the 2-year data? And then also, with the extension to the third year, how many patients will you enroll additionally?

Yes. Charles, thank you for those questions. So we have not yet disclosed the 2-year data for EVX-01. So you have to be a bit patient here. We have, of course, since our last update of the clinical data, the 1-year data gathered additional information and scans, et cetera, of all the patients. We still have 18 -- no, sorry, 11 patients active in the trial. So a lot of the patients are faring extremely well. So more to come on this. For the extension phase, it's a subset of the patients that now have consented to participate in this additional year. They will receive 2 doses of EVX-01 and without concomitant pembrolizumab treatment. So this allows us to look further into the mode of action of EVX-01 without having this background of the checkpoint inhibitor. We have not yet said a lot about how many patients, et cetera, because there's still -- yes, we will come back with more information on this.

[Operator Instructions] I'm showing no further questions in the queue. I would now like to turn the call back over to Birgitte for closing remarks.

Thank you for that. So finally, I would just like to say thank you for all of you participating in this business update and financial results. And we are, of course, as always, looking forward to update you on the further progress. Thank you.

Thank you.

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.