Evaxion A/S (NASDAQ: EVAX) reports initial share and warrant holdings

Rhea-AI Filing Summary

Evaxion A/S filed an initial Form 3 showing its direct ownership in EVAX securities. The filing lists 129,139 Ordinary Shares held directly, plus multiple series of warrants over additional Ordinary Shares with different exercise prices and long-dated expirations.

Examples include warrants over 36,765 Ordinary Shares at an exercise price of 0.7400 expiring on 21 December 2026, and warrants over 46,100 Ordinary Shares at an exercise price of 0.0590 expiring on 31 January 2030. Several other warrant positions run through 2031 and 2036, illustrating Evaxion A/S’s combined equity and derivative exposure.

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

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1. Name and Address of Reporting Person^*

Evaxion A/S

(Last) (First) (Middle)

DR. NEERGAARDS VEJ 5F

(Street)

HORSHOLM DK-2970

(City) (State) (Zip)

DENMARK

(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	129,139	D

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(1)	12/21/2023	12/21/2026	Ordinary Shares	36,765	$0.74	D
Warrants(2)	01/31/2025	01/31/2030	Ordinary Shares	46,100	$0.059	D
Warrants	01/01/2016(3)	12/31/2036	Ordinary Shares	98,188	$0.1	D
Warrants	01/01/2017	12/31/2036	Ordinary Shares	479,604	$0.1	D
Warrants	01/01/2018	12/31/2036	Ordinary Shares	3,888	$0.1	D
Warrants	01/01/2020(3)	12/31/2031	Ordinary Shares	5,112	$0.1	D
Warrants	01/01/2021(3)	12/31/2031	Ordinary Shares	21,396	$5.38	D
Warrants	01/01/2024(3)	12/31/2031	Ordinary Shares	17,708	$0.07	D

Explanation of Responses:

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

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

3. Vesting is 1/12 per month over 21 months from the initial exercise date indicated.

Remarks:

Exhibit List - Exhibit 24.1 Power of Attorney. This initial holding statement has been made for Lars Staal Wegner using the Issuer's CIK codes to satisfy Form 3 filing requirements. An amendment will be filed for Mr. Wegner upon receipt of his CIK filer codes from the SEC.

	/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.
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* Form 3: SEC 1473 (03-26)

FAQ

What does Evaxion A/S’s Form 3 for EVAX disclose?

The Form 3 discloses Evaxion A/S’s initial beneficial ownership in EVAX. It shows 129,139 Ordinary Shares held directly and several warrant positions over additional Ordinary Shares, each with specified exercise prices and expiration dates, outlining the company’s combined share and warrant exposure.

How many EVAX Ordinary Shares does Evaxion A/S hold directly?

Evaxion A/S reports direct ownership of 129,139 Ordinary Shares. This equity position is separate from its various warrant holdings and represents the current number of underlying shares already owned, as opposed to those that could be acquired through future warrant exercises.

What warrant positions does Evaxion A/S report in its EVAX Form 3?

Evaxion A/S lists multiple warrant positions over Ordinary Shares, each with its own exercise price and expiration. Examples include 36,765 underlying shares at 0.7400 per share and 46,100 underlying shares at 0.0590 per share, plus several additional series extending out to 2036.

When do Evaxion A/S’s EVAX warrants expire?

The warrants disclosed have staggered expiration dates, ranging from 21 December 2026 to 31 December 2036. This spread creates a long-dated derivative profile, allowing potential future share acquisition over many years if the warrants are exercised under their stated terms.

What is the significance of the warrant footnotes in Evaxion A/S’s Form 3?

Footnotes explain that some warrants arose from a private placement that closed on 21 December 2023 and a public offering that closed on 31 January 2025. Another note describes vesting of certain warrants at one-twelfth per month over 21 months from the indicated initial exercise date.

Does Evaxion A/S’s Form 3 show recent EVAX share purchases or sales?

The Form 3 records holdings rather than explicit purchase or sale transactions. All listed entries are characterized as holdings, with transaction codes not indicating open-market buying or selling, so the disclosure focuses on positions outstanding instead of recent trading activity.