Evaxion announces business update and full year 2025 financial results

Core Insights - Evaxion A/S experienced a transformational year in 2025, achieving significant milestones that strengthened its strategic, scientific, and financial position [2][30] - The company has cash reserves to fund operations into the second half of 2027, allowing for continued development of its AI-Immunology™ platform and R&D pipeline [2][27] Business Highlights - Key achievements in 2025 include the historic licensing of the infectious disease vaccine candidate EVX-B3 to MSD, which provides potential future revenue of up to $592 million [9][31] - The company replenished its R&D pipeline with new candidates, including EVX-04 for acute myeloid leukemia and EVX-B4 targeting Group A Streptococcus [9][10] - Evaxion received the Galien Foundation Prix Bridges Award for advancements in medical technology and AI, reinforcing its leadership in AI-based target discovery [9][19] R&D Update - The personalized cancer vaccine EVX-01 showed a 75% objective response rate in advanced melanoma patients, with 92% of patients still responding at two years follow-up [16][18] - EVX-04, developed using AI-Immunology™, demonstrated the ability to elicit specific immune responses and prevent tumor growth in preclinical models [22] - The company is also advancing its EVX-V1 program targeting Cytomegalovirus, with promising data on novel antigens [23][24] Financial Overview - Evaxion reported a net loss of $7.7 million for 2025, an improvement of $2.9 million compared to 2024, attributed to higher revenue and lower operating expenses [30] - Revenue for 2025 was $7.5 million, primarily from the MSD option exercise and a grant from the Gates Foundation [31] - Cash and cash equivalents increased to $23.2 million by the end of 2025, significantly up from $6.0 million in 2024, bolstered by capital market activities [34] Future Milestones - For 2026, Evaxion plans to launch a new application for autoimmune diseases using AI-Immunology™ and prepare for a phase 1 trial of EVX-04 [5][13] - The company aims to present additional biomarker and immunogenicity data for EVX-01 and complete regulatory filings for EVX-04 by the second half of 2026 [8][10]