Financial Performance - Revenue for the full year 2024 was $3.3 million, a significant increase from $0.1 million in 2023, primarily due to a signed option and license agreement with MSD[25] - The net loss for 2024 was $10.6 million, or $(0.20) per share, compared to a net loss of $22.1 million, or $(0.81) per share in 2023[27] - Evaxion's total liabilities decreased to $14.1 million in 2024 from $17.6 million in 2023, reflecting improved financial health[29] - Cash and cash equivalents as of December 31, 2024, were $6.0 million, up from $5.6 million at the end of 2023, with expectations to fund operations until mid-2026[24] Expenses - Research and development expenses decreased to $10.5 million in 2024 from $11.9 million in 2023, attributed to reduced headcount and cost efficiencies[25] - General and administrative expenses were $7.6 million in 2024, down from $10.4 million in 2023, driven by management changes and cost reductions[26] - The company anticipates an operational cash burn of approximately $14 million in 2025, maintaining strict cost control[6] Clinical Trials and Development - The company completed dosing in the EVX-01 phase 2 trial in January 2025, with a one-year interim data showing a 69% overall response rate[11][12] - Evaxion expects to identify a lead vaccine candidate for its ERV-based precision cancer vaccine concept in the second half of 2025[13] - The partnership with MSD is progressing towards potential option exercise in the second half of 2025, with an option exercise fee of up to $10 million[8][9] Risks and Uncertainties - Key risks include financial condition, need for additional capital, and product development costs[34] - The company emphasizes dependence on third parties for clinical testing and product manufacturing[34] - There are uncertainties related to government regulation and protection of intellectual property rights[34] - The impact of international economic and geopolitical factors, including inflation, is highlighted as a risk[34] - The announcement includes forward-looking statements that may differ materially from actual results due to various risks[34] - The company does not assume any obligation to update forward-looking statements except as required by law[34]
Evaxion(EVAX) - 2024 Q4 - Annual Report