SEC Form 424B5 filed by Evaxion Biotech A/S
(to Prospectus dated March 24, 2025)
![[MISSING IMAGE: lg_evaxion-bwlr.jpg]](https://www.sec.gov/Archives/edgar/data/0001828253/000110465925028218/lg_evaxion-bwlr.jpg)
American Depositary Shares representing Ordinary Shares
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shares offered by us
shares to be outstanding
immediately after this offering
| | |
Sep 30,
2024 |
| |
As adjusted
|
| |
Pro forma as
adjusted |
| |||||||||
| | |
USD in thousands
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 4,576 | | | | | | 22,133 | | | | | | 26,409 | | |
Total assets
|
| | | | 15,185 | | | | | | 32,742 | | | | | | 37,018 | | |
Total liabilities
|
| | | | 15,111 | | | | | | 16,199 | | | | | | 16,199 | | |
Share capital
|
| | | | 2,183 | | | | | | 11,530 | | | | | | 15,928 | | |
Other reserves
|
| | | | 112,794 | | | | | | 119,916 | | | | | | 119,704 | | |
Accumulated deficit
|
| | | | (114,903) | | | | | | (114,903) | | | | | | (114,903) | | |
Total equity
|
| | | | 74 | | | | | | 16,543 | | | | | | 20,819 | | |
| | |
Sep 30,
2024 |
| |
As adjusted
|
| |
Pro forma as
adjusted |
| |||||||||
| | |
USD in thousands
|
| |||||||||||||||
Total assets
|
| | | | 15,185 | | | | | | 32.742 | | | | | | 37,018 | | |
Total liabilities
|
| | | | (15,111) | | | | | | (16,199) | | | | | | (16,199) | | |
Net tangible book value
|
| | | | 74 | | | | | | 16,543 | | | | | | 20,819 | | |
Number of outstanding ADSs
|
| | | | 1,148,411 | | | | | | 6,316,572 | | | | | | 8,725,174 | | |
|
Assumed public offering price per ADS
|
| | | | | | | | | $ | 1.86 | | |
|
Adjusted historical net tangible book value per ADS as at September 30, 2024
|
| | | $ | 2.62 | | | | | | | | |
|
Decrease in net tangible book value per ADS attributable to transactions in the period through the present offering, as described above
|
| | | $ | 0.23 | | | | | | | | |
|
Pro forma net tangible book value per ADS as of September 30, 2024
|
| | | | | | | | | $ | 2.39 | | |
|
Dilution per ADS to new investors purchasing ADSs in this offering
|
| | | | | | | | | $ | (0.53) | | |
Dr. Neergaards Vej 5F
2970 Hørsholm
Denmark
Tel: + 45 53 53 18 50
|
SEC registration fee
|
| | | $ | 4,635 | | |
|
FINRA filing fees
|
| | | $ | 500 | | |
|
Legal fees and expenses
|
| | | $ | 100,000 | | |
|
Accounting fees and expenses
|
| | | $ | 25,000 | | |
|
Printing expenses
|
| | | $ | 10,000 | | |
|
Miscellaneous expenses
|
| | | $ | 5,000 | | |
|
Total
|
| | | $ | 145,135 | | |
![[MISSING IMAGE: lg_evaxion-bwlr.jpg]](https://www.sec.gov/Archives/edgar/data/0001828253/000110465925028218/lg_evaxion-bwlr.jpg)
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Date
|
| |
Transaction
|
| |
Share Capital
After Transaction |
| |
Price Per
Share (DKK) (Rounded) |
| ||||||
August 2008
|
| | Formation (Nominal DKK 1) | | | | | 250,000 | | | | | | 1.00 | | |
March 2014
|
| | Cash contribution (Nominal DKK 1) | | | | | 268,148 | | | | | | 120.00 | | |
December 2014
|
| | Cash contribution (Nominal DKK 1) | | | | | 316,751 | | | | | | 178.22 | | |
December 2015
|
| | Cash contribution (Nominal DKK 1) | | | | | 336,549 | | | | | | 435.76 | | |
March 2016
|
| | Cash contribution (Nominal DKK 1) | | | | | 342,880 | | | | | | 432.12 | | |
September 2017
|
| | Cash contribution (Nominal DKK 1) | | | | | 358,806 | | | | | | 1,034.75 | | |
March 2019
|
| | Transfer of reserves (Nominal DKK 1) | | | | | 717,612 | | | | | | 1.00 | | |
July 2019 | | | Cash contribution and debt conversion (Nominal DKK 2) | | | | | 836,994 | | | | | | 914.71(avg) | | |
December 2019
|
| | Cash contribution (Nominal DKK 1) | | | | | 843,564 | | | | | | 1,037.50 | | |
Date
|
| |
Transaction
|
| |
Share Capital
After Transaction |
| |
Price Per
Share (DKK) (Rounded) |
| ||||||
September 2020
|
| | Cash contribution (Nominal DKK 1) | | | | | 884,974 | | | | | | 1,002.90 | | |
October 2020
|
| | Cash contribution (Nominal DKK 1) | | | | | 899,926 | | | | | | 1,008.45 | | |
January 2021
|
| | Share split 2-for-1 (Nominal DKK 1) | | | | | 899,926 | | | | | | — | | |
January 2021
|
| | Bonus share issuance 17-for-1 (Nominal DKK 1) | | | | | 16,198,668 | | | | | | — | | |
February 2021
|
| | Initial public offering (3,000,000 ADSs / 3,000,000 new share issue) | | | | | 19,198,668 | | | | | | 61.99 | | |
November 2021
|
| |
Follow-on public offering (3,942,856 ADSs / 3,942,856 new share issue)
|
| | | | 23,141,524 | | | | | | 45.00 | | |
November 2021
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,184,656 | | | | | | 1.00 | | |
November 2021
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,203,808 | | | | | | 1.00 | | |
April 2022
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,257,880 | | | | | | 1.00 | | |
June 2022
|
| | Cash contribution (Nominal DKK 1) | | | | | 23,350,193 | | | | | | 1.00 | | |
June 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,387,858 | | | | | | 1.00 | | |
June 2022
|
| | Conversion of Debt (Nominal DKK 1) | | | | | 23,816,430 | | | | | | 19.54 | | |
June 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,833,694 | | | | | | 1.00 | | |
August 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,926,007 | | | | | | 1.00 | | |
August 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,967,092 | | | | | | 1.00 | | |
September 2022
|
| | Cash Contribution (Nominal DKK 1) | | | | | 23,977,928 | | | | | | 1.00 | | |
October 2022
|
| | Jones Sales Agreement (23,405 ADSs / 23,405 new share issue) | | | | | 24,001,333 | | | | | | 21.67 | | |
October 2022
|
| | Jones Sales Agreement (26,396 ADSs / 26,396 new share issue) | | | | | 24,027,729 | | | | | | 21.83 | | |
October 2022
|
| | Jones Sales Agreement (64,601 ADSs / 64,601 new share issue) | | | | | 24,092,330 | | | | | | 22.60 | | |
December 2022
|
| | Cash contribution (Nominal DKK 1) | | | | | 24,134,963 | | | | | | 1.00 | | |
December 2022
|
| | Jones Sales Agreement (4,450 ADSs / 4,450 new share issue) | | | | | 24,139,413 | | | | | | 15.62 | | |
January 2023
|
| | Jones Sales Agreement (186,584 ADSs / 186,584 new share issue) | | | | | 24,325,997 | | | | | | 13.82 | | |
January 2023
|
| | Jones Sales Agreement (447,829 ADSs / 447,829 new share issue) | | | | | 24,773,826 | | | | | | 13.40 | | |
January 2023
|
| | Jones Sales Agreement (94,278 ADSs / 94,278 new share issue) | | | | | 24,868,104 | | | | | | 12.59 | | |
January 2023
|
| | Jones Sales Agreement (259,407 ADSs / 259,407 new share issue) | | | | | 25,127,511 | | | | | | 12.24 | | |
January 2023
|
| | Jones Sales Agreement (79,657 ADSs / 79,657 new share issue) | | | | | 25,207,168 | | | | | | 11.47 | | |
January 2023
|
| | Jones Sales Agreement (71,678 ADSs / 61,678 new share issue) | | | | | 25,278,846 | | | | | | 11.19 | | |
February 2023
|
| | Jones Sales Agreement (96,271 ADSs / 96,271 new share issue) | | | | | 25,375,117 | | | | | | 12.42 | | |
February 2023
|
| | Jones Sales Agreement (1,003,802 ADSs / 1,003,802 new share issue) | | | | | 26,378,919 | | | | | | 13.86 | | |
February 2023
|
| | Jones Sales Agreement (42,808 ADSs / 42,808 new share issue) | | | | | 26,421,727 | | | | | | 11.79 | | |
March 2023
|
| | Jones Sales Agreement (16,280 ADSs / 16,280 new share issue) | | | | | 26,438,007 | | | | | | 8.94 | | |
May 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 26,572,737 | | | | | | 1.00 | | |
May 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 26,623,862 | | | | | | 1.00 | | |
June 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 26,773,862 | | | | | | 1.00 | | |
June 2023
|
| | Jones Sales Agreement (861,614 ADSs* / 861,614 new share issue) | | | | | 27,635,476 | | | | | | 12.03 | | |
June 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 27,640,300 | | | | | | 1.00 | | |
July 2023
|
| | Jones Sales Agreement (11,348 ADSs* / 11,348 new share issue) | | | | | 27,651,648 | | | | | | 8.43 | | |
September 2023
|
| | Cash Contribution (Nominal DKK 1) | | | | | 27,662,484 | | | | | | 1.00 | | |
September 2023
|
| | Jones Sales Agreement (54,099 ADSs* / 54,099 new share issue) | | | | | 27,716,583 | | | | | | 5.50 | | |
September 2023
|
| | Jones Sales Agreement (51,750 ADSs* / 51,750 new share issue) | | | | | 27,768,333 | | | | | | 5.33 | | |
September 2023
|
| | Jones Sales Agreement (45,807 ADSs* / 45,807 new share issue) | | | | | 27,814,140 | | | | | | 5.29 | | |
Date
|
| |
Transaction
|
| |
Share Capital
After Transaction |
| |
Price Per
Share (DKK) (Rounded) |
| ||||||
October 2023
|
| | Jones Sales Agreement (54,829 ADSs* / 54,829 new share issue) | | | | | 27,868,969 | | | | | | 6.04 | | |
November 2023
|
| | Jones Sales Agreement (50,281 ADSs* / 50,281 new share issue) | | | | | 27,919,250 | | | | | | 7.92 | | |
November 2023
|
| | Jones Sales Agreement (19,387 ADSs* / 19,387 new share issue) | | | | | 27,938,637 | | | | | | 4.95 | | |
November 2023
|
| | Jones Sales Agreement (77,119 ADSs* / 77,119 new share issue) | | | | | 27,015,756 | | | | | | 5.08 | | |
November 2023
|
| | Jones Sales Agreement (43,950 ADSs* / 43,950 new share issue) | | | | | 28,059,706 | | | | | | 5.19 | | |
November 2023
|
| | Jones Sales Agreement (21,136 ADSs* / 21,136 new share issue) | | | | | 28,080,842 | | | | | | 5.40 | | |
November 2023
|
| | Jones Sales Agreement (24,316 ADSs* / 24,316 new share issue) | | | | | 28,105,158 | | | | | | 5.61 | | |
December 2023
|
| | Jones Sales Agreement (65,724 ADSs* / 65,724 new share issue) | | | | | 28,170,882 | | | | | | 5.63 | | |
December 2023
|
| |
Capital Increase (PIPE) (9,726,898 ADSs* / 9,726,898 new share issue)
|
| | | | 37,897,780 | | | | | | 3.71 | | |
January 2024
|
| | Cash Contribution (Nominal DKK 1) | | | | | 37,906,996 | | | | | | 1.00 | | |
January 2024
|
| | Jones Sales Agreement (263,355 ADSs** / 2,633,550 new share issue) | | | | | 40,540,546 | | | | | | 6.73 | | |
February 2024
|
| | Public offering (445,000 ADSs** / 4,450,000 new share issue) | | | | | 44,990,546 | | | | | | 2.76 | | |
February 2024
|
| | Public offering (312,500 ADSs** / 3,125,000 new share issue) | | | | | 48,115,546 | | | | | | 2.74 | | |
February 2024
|
| | Cash contribution (Nominal DKK 1) | | | | | 50,090,546 | | | | | | 1.00 | | |
February 2024
|
| | Cash contribution (Nominal DKK 1) | | | | | 52,150,546 | | | | | | 1.00 | | |
April 2024
|
| | Cash contribution (Nominal DKK 1) | | | | | 54,110,546 | | | | | | 1.00 | | |
July 2024
|
| | Prefunded Warrant Exercise | | | | | 55,750,546 | | | | | | 1.00 | | |
August 2024
|
| | Jones Sales Agreement (1,000 ADSs** / 10,000 new share issue) | | | | | 55,760,546 | | | | | | 1.75 | | |
September 2024
|
| | Jones Sales Agreement (1,000 ADSs** / 10,000 new share issue) | | | | | 55,770,546 | | | | | | 1.67 | | |
September 2024
|
| | Jones Sales Agreement (1,000 ADSs** / 10,000 new share issue) | | | | | 55,780,546 | | | | | | 2.13 | | |
September 2024
|
| | Prefunded Warrant Exercise | | | | | 56,850,546 | | | | | | 1.00 | | |
September 2024
|
| | Jones Sales Agreement (31,618 ADSs** / 316,180 new share issue) | | | | | 57,166,726 | | | | | | 2.08 | | |
September 2024
|
| | Jones Sales Agreement (25,383 ADSs** / 253,830 new share issue) | | | | | 57,420,556 | | | | | | 2.08 | | |
October 2024
|
| | Prefunded Warrant Exercise | | | | | 58,660,556 | | | | | | 1.00 | | |
December 2024
|
| | Prefunded Warrant Exercise | | | | | 70,130,556 | | | | | | 1.00 | | |
January 2025
|
| | Prefunded Warrant Exercise | | | | | 78,640,556 | | | | | | 1.00 | | |
January 2025
|
| | Reduction of share capital from DKK 1 to DKK 0.25 per share | | | | | 19,660,139 | | | | | | | | |
January 2025
|
| | Jones Sales Agreement (696,400 ADSs / 34,820,000 new share issue) | | | | | 28,365,139 | | | | | | 1.02 | | |
January 2025
|
| | Public Offering (3,997,361 ADSs / 199,868,050 new share issue) | | | | | 78,332,151.50 | | | | | | 0.39 | | |
February 2025
|
| | Warrant Exercise | | | | | 78,957,151.50 | | | | | | 0.39 | | |
Grant Date
|
| |
Vesting Period
|
| |
Expiration Date
|
| |
Exercise Price
|
| |
Number of
warrants |
| ||||||
December 19, 2016
|
| | Upon IPO Event | | |
December 31, 2036
|
| | | | DKK 1.0 | | | | | | 758,448 | | |
December 10, 2017
|
| | Upon IPO Event | | |
December 31, 2036
|
| | | | DKK 1.0 | | | | | | 632,700 | | |
December 19, 2017
|
| | Upon IPO Event | | |
December 31, 2036
|
| | | | DKK 1.0 | | | | | | 141,804 | | |
December 17, 2020
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | DKK 1.0 | | | | | | 757,620 | | |
June 2021
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | DKK 1.0 | | | | | | 62,147 | | |
December 7, 2021
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 5.38 | | | | | | 523,599 | | |
March 11, 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 2.96 | | | | | | 35,000 | | |
June 14, 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 1.83 | | | | | | 65,000 | | |
September 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 2.42 | | | | | | 11.000 | | |
December 2022
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 2.23 | | | | | | 380,612 | | |
March 2023
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 1.90 | | | | | | 10,000 | | |
September 2023
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 1.02 | | | | | | 100,000 | | |
December 2023
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 0.75 | | | | | | 216,074 | | |
December 2023
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 0.75 | | | | | | 90,000 | | |
May 2024
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 0.40 | | | | | | 438,460 | | |
May 2024
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 0.40 | | | | | | 100,000 | | |
February 2025
|
| |
See vesting principles below
|
| |
December 31, 2031
|
| | | | USD 0.07 | | | | | | 1,372,407 | | |
Exercised
|
| | | | | | | | | | | | | | | | (811,196) | | |
Lapsed or annulled without
exercise |
| | | | | | | | | | | | | | | | (466,474) | | |
Total issued and outstanding as of March 11, 2025
|
| | | | | | | | | | | | | | |
|
4,417,201
|
| |
Persons depositing or withdrawing shares or ADS holders must pay:
|
| |
For:
|
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | | | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
| | | Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
$0.05 (or less) per ADS | | | Any cash distribution to ADS holders | |
Persons depositing or withdrawing shares or ADS holders must pay:
|
| |
For:
|
|
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | | | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
$0.05 (or less) per ADS per calendar year | | | Depositary services | |
Registration or transfer fees | | | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | | | Cable and facsimile transmissions (when expressly provided in the deposit agreement) Converting foreign currency to United States dollars | |
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
Dr. Neergaards Vej 5F
2970 Hørsholm
Denmark
Tel:+ 45 53 53 18 50
![[MISSING IMAGE: lg_evaxion-bwlr.jpg]](https://www.sec.gov/Archives/edgar/data/0001828253/000110465925028218/lg_evaxion-bwlr.jpg)