Core Insights - Evaxion Biotech A/S has made significant advancements in business development, research, and financing, achieving key milestones in 2024 and early 2025 [2][3] - The company is focused on executing its business development strategy, continuing the EVX-01 phase 2 trial, and enhancing its AI-Immunology™ platform [5][6] - Financially, Evaxion reported a revenue increase to $3.3 million in 2024, compared to $0.1 million in 2023, primarily due to a licensing agreement with MSD [25] Business Highlights - Evaxion completed dosing in the EVX-01 phase 2 trial in January 2025, marking a significant milestone [3] - The company aims to launch an automated lead vaccine candidate design module and secure at least two new business agreements in 2025 [7][19] - A partnership with MSD on two vaccine candidates is progressing towards potential option exercise in the second half of 2025 [8][14] Research & Development Update - The EVX-01 trial is on track for a two-year clinical efficacy readout, with one-year data showing a 69% overall response rate [12][11] - Evaxion is advancing a novel precision cancer vaccine concept targeting ERV tumor antigens, with a lead candidate expected in the second half of 2025 [13] - The AI-Immunology™ platform has been enhanced to predict toxin antigens, improving the development of bacterial vaccines [17][18] Financial Overview - As of December 31, 2024, cash and cash equivalents were $6.0 million, up from $5.6 million in 2023, with a net loss of $10.6 million for the year [24][27] - Research and development expenses decreased to $10.5 million in 2024 from $11.9 million in 2023, reflecting cost efficiencies [25] - The company expects operational cash burn of approximately $14 million in 2025, maintaining cost control while increasing activity levels [6]
Evaxion announces business update and full year 2024 financial results