Evaxion director discloses warrant and share holdings

Evaxion A/S director Lars Holtug filed an initial ownership report showing his existing positions in ordinary shares and warrants.

Rhea-AI Filing Summary

Evaxion A/S director Lars Holtug filed an initial ownership report showing his existing positions in ordinary shares and warrants. Indirectly through LH2022 ApS, he holds 258029 ordinary shares plus warrants over 73529 shares at an exercise price of 0.7400 and 92250 shares at 0.0590. He also directly holds several warrant series over 4583, 5000, 5000, 20000 and 25000 ordinary shares with exercise prices between 0.0700 and 5.3800 and expirations running to 2031-12-31. Some warrants stem from a private placement that closed on 2023-12-21 and a public offering that closed on 2025-01-31, with certain grants vesting monthly over 12 months from their initial exercise dates.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider HOLTUG LARS

Role Director

Type	Security	Shares	Price	Value
holding	Warrants	--	--	--
holding	Warrants	--	--	--
holding	Warrants	--	--	--
holding	Warrants	--	--	--
holding	Warrants	--	--	--
holding	Warrants	--	--	--
holding	Warrants	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Warrants — 165,779 contracts (Indirect, By LH2022 ApS); Warrants — 59,583 contracts (Direct); Ordinary Shares — 258,029 shares (Indirect, By LH2022 ApS)

Footnotes (4)

1. F1. Mr. Holtug is a control person of such entity.
2. F2. Warrants pursuant to private placement that closed 12/21/2023.
3. F3. Warrants pursuant to public offering that closed 1/31/2025.
4. F4. Vesting is 1/12 per month over 12 months from the initial exercise date indicated.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Evaxion (EVAX) director Lars Holtug report in this Form 3?

He reports existing holdings, not new trades, including indirect ownership of ordinary shares via LH2022 ApS and multiple warrant positions over ordinary shares, with specified exercise prices and expirations, reflecting his baseline equity exposure as a director of Evaxion A/S.

How many Evaxion ordinary shares does Lars Holtug indirectly hold?

He indirectly holds 258029 ordinary shares of Evaxion A/S through LH2022 ApS. This stake is separate from his warrant positions and represents his current indirect equity ownership, as disclosed in the Form 3 filing for his role as a company director.

What warrant positions does Lars Holtug hold in Evaxion (EVAX)?

He holds several warrant series over Evaxion ordinary shares, both indirectly and directly. Indirect warrants cover 73529 and 92250 underlying shares, while direct warrants cover 4583, 5000, 5000, 20000 and 25000 shares, each with its own exercise price and expiration date.

What are the key exercise prices and expirations for Holtug’s Evaxion warrants?

Exercise prices range from 0.0590 to 5.3800 per underlying ordinary share. Expiration dates run from 2026-12-21 to 2031-12-31, giving a multi‑year window for potential exercise depending on each specific warrant series’ terms and vesting schedule.

How were some of Lars Holtug’s Evaxion warrants issued?

Some warrants were issued via a private placement that closed on 2023-12-21 and a public offering that closed on 2025-01-31. A portion vests at one‑twelfth per month over twelve months from the indicated initial exercise date, according to the disclosed footnotes.

Does this Evaxion Form 3 show insider buying or selling by Lars Holtug?

No buying or selling is shown. The entries are classified as holdings with unknown transaction codes, serving to disclose Holtug’s existing share and warrant positions rather than reporting new market transactions or changes in his ownership of Evaxion securities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 09:07 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

HOLTUG LARS

(Last) (First) (Middle)

DR. NEERGAARDS VEJ 5F

(Street)

HORSHOLM DK-2970

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Evaxion A/S [ EVAX ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	258,029	I	By LH2022 ApS(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants(2)	12/21/2023	12/21/2026	Ordinary Shares	73,529	$0.74	I	By LH2022 ApS(1)
Warrants(3)	01/31/2025	01/31/2030	Ordinary Shares	92,250	$0.059	I	By LH2022 ApS(1)
Warrants	01/01/2021	12/31/2031	Ordinary Shares	4,583	$5.38	D
Warrants	01/01/2022(4)	12/31/2031	Ordinary Shares	5,000	$2.23	D
Warrants	01/01/2023(4)	12/31/2031	Ordinary Shares	5,000	$0.75	D
Warrants	01/01/2024(4)	12/31/2031	Ordinary Shares	20,000	$0.4	D
Warrants	01/01/2024(4)	12/31/2031	Ordinary Shares	25,000	$0.07	D

Explanation of Responses:

1. Mr. Holtug is a control person of such entity.

2. Warrants pursuant to private placement that closed 12/21/2023.

3. Warrants pursuant to public offering that closed 1/31/2025.

4. Vesting is 1/12 per month over 12 months from the initial exercise date indicated.

Remarks:

Exhibit List - Exhibit 24.1 Power of Attorney

	/s/ Michael Baird, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)