Thomas Flaten

Charles Wallace

Chung Yu

Swayampakula Ramakanth

Yi Chen

- Evaxion A/S has out-licensed its vaccine candidate **EVX-B3 to MSD** following MSD's exercise of its option, as announced on **September 25, 2025**.  **[1828253_0001171843-25-006068_f6k_092525.htm:0]** **[1828253_0001171843-25-006068_exh_991.htm:0]** 
- Evaxion will receive a **cash payment of $7.5 million**, which is expected to extend the company's **cash runway into the first half of 2027**.  **[1828253_0001171843-25-006068_exh_991.htm:0]** 
- The agreement includes potential future development, regulatory, and sales milestone payments of **up to $592 million**, in addition to royalties on sales.  **[1828253_0001171843-25-006068_exh_991.htm:0]** 
- MSD retains an option for a second vaccine candidate, **EVX-B2**, with a decision on potential licensing expected in the **first half of 2026**.  **[1828253_0001171843-25-006068_exh_991.htm:0]**

Evaxion (EVAX)