Evaxion Biotech A/S : Corporate Presentation

January 2023

Forward-looking statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "target," "believe," "expect," "hope," "aim," "intend," "may," "might," "anticipate," "contemplate," "continue," "estimate," "plan," "potential," "predict," "project," "will," "can have," "likely," "should," "would," "could," and other words and terms of similar

meaning identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including inflation, and the effects on our business from the worldwide COVID-19 pandemic and the ongoing conflict in the region surrounding Ukraine and Russia; and other uncertainties affecting our business operations and financial condition. For a further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20- F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do not assume any obligation to update any forward-looking statements except as required by law.

2	© Evaxion Biotech A/S. All rights reserved worldwide. Copenhagen, Denmark, 2022.

Leveraging AI-engine to generate novel immunotherapies

Leading AI-platforms for target discovery in cancer and infectious disease

Advancing clinical pipeline of personalized cancer immunotherapies

Novel vaccine targets for infectious disease accelerated in preclinical partnerships

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Listed on Nasdaq NY, ticker "EVAX", with headquarter at DTU science park, Denmark

Why use AI for cancer?

New drug targets must be identified for each patient for optimal activation of the immune system

And why is that?

Unique tumor in every patient

Unique Immune system in every patient

4	© Evaxion Biotech A/S. All rights reserved worldwide. Copenhagen, Denmark, 2022.

PIONEER - Truly Personalized Immunotherapy

Sampling

Sequencing

Targeting

Manufacturing

Treatment

Effect

5	© Evaxion Biotech A/S. All rights reserved worldwide. Copenhagen, Denmark, 2022.