Evaxion (EVAX) Company Report

Evaxion A/S is expanding its proprietary AI-Immunology™ platform to discover and develop treatments for autoimmune diseases, adding this as a third core disease area alongside cancer and infectious diseases.
The company plans to expand and train the AI-Immunology™ platform for autoimmune diseases during the second half of 2026.
This strategic expansion is included in Evaxion's cashflow outlook and does not impact its cash runway, which extends into the second half of 2027.
Other key milestones for 2026 include additional biomarker and immunogenicity data for EVX-01 in H1, three-year phase 2 clinical efficacy data for EVX-01 in H2, regulatory filing for a phase 1 trial for EVX-04 in H2, and design and preclinical validation of antigens for EVX-B4 in H2.

Jan 13, 2026, 1:10 PM

6-K

Evaxion retains global rights to Gonorrhea vaccine candidate EVX-B2

EVAX

New Projects/Investments

Guidance Update

MSD has declined to exercise its option for Evaxion's Gonorrhea vaccine candidate, EVX-B2, resulting in Evaxion retaining global rights to the program.
Evaxion plans to seek another licensing partner for EVX-B2, which has shown protective results against the Gonorrhea-bacteria in preclinical studies.
This decision by MSD does not impact Evaxion's cash runway, which is projected to extend to the second half of 2027.
Earlier in 2025, MSD exercised its option for a separate Evaxion vaccine candidate, EVX-B3, for which Evaxion is eligible for milestone payments up to $592 million and royalties on net sales.

Dec 19, 2025, 12:15 PM

6-K

Evaxion Biotech Provides 2025 Year-End Business Update

EVAX

New Projects/Investments

Guidance Update

CEO Change

Evaxion Biotech (EVAX), an AI-first company focused on vaccine development, announced its cash runway has been extended to the second half of 2027.
The company completed a significant out-licensing deal with Merck for its EVX-B3 program, which included an upfront payment of $7.5 million and potential milestone payments and royalties of up to $592 million. Merck also holds a 15% shareholding in Evaxion.
Evaxion reported strong two-year phase two data for its lead candidate, EVX-01 (melanoma), showing a 75% overall response rate.
Helen Tayton-Martin was appointed as the new CEO as of November 24, 2025.

Dec 11, 2025, 1:30 PM

Transcript

Evaxion Biotech Highlights Merck Partnership, Strong Clinical Data, and Extended Cash Runway

EVAX

New Projects/Investments

Guidance Update

CEO Change

Evaxion Biotech out-licensed its EVX-B3 program to Merck in September 2025, receiving a $7.5 million down payment and potential for up to $592 million in milestone payments and royalties. Merck also holds a 15% shareholding in Evaxion.
The company's lead candidate, EVX-01 for advanced melanoma, demonstrated a 75% overall response rate and 25% complete remission in its two-year phase two data, presented in early October 2025.
Evaxion has extended its cash runway until the second half of 2027 through various financial activities, including a public offering, the Merck deal's exercise fee, and converting debt into equity with the European Investment Bank.
Helen Tayton-Martin joined as the new CEO on November 24, 2025.

Dec 11, 2025, 1:30 PM

Transcript

Evaxion Biotech Reports Key Strategic and Clinical Milestones at Year-End Conference

EVAX

New Projects/Investments

Guidance Update

CEO Change

Evaxion Biotech out-licensed its EVX-B3 program to Merck in September 2025, receiving an immediate $7.5 million payment and potential milestone payments and royalties of up to $592 million. This agreement also resulted in Merck acquiring a 15% shareholding in Evaxion.
The company has extended its cash runway until the second half of 2027 through financial activities including a public offering, an ATM, investor warrants, and converting a European Investment Bank loan into equity.
Positive two-year Phase II data for its lead candidate, EVX-01, a personalized cancer vaccine for advanced melanoma, was presented in October 2025, showing a 75% overall response rate and 25% of patients achieving complete remission.
Helen Tayton-Martin was appointed as the new CEO, effective November 24, 2025.

Dec 11, 2025, 1:30 PM

Transcript

Evaxion Announces Positive Preclinical Data for CMV Vaccine Program

EVAX

New Projects/Investments

Evaxion A/S announced positive preclinical data for its EVX-V1 cytomegalovirus (CMV) vaccine program on November 20, 2025.
The company's AI-Immunology™ platform discovered novel CMV antigens that significantly reduce viral infection in preclinical models, and its proprietary AI-optimized pre-fusion glycoprotein B (gB) antigen demonstrated superior performance.
Evaxion is continuing preclinical advancement and is actively exploring strategic partnerships to accelerate development and transition into non-clinical and clinical phases.
The CMV treatment market was valued at $474.6 million in 2023 and is anticipated to grow at a 6.6% annual rate between 2024 and 2032, highlighting a significant unmet medical need as no CMV vaccine has been approved to date.

Nov 20, 2025, 1:15 PM

6-K

Evaxion A/S Registers Share Capital Increase Following Warrant Exercises

EVAX

On November 4, 2025, Evaxion A/S registered a share capital increase of nominal DKK 468,750, bringing the company's total share capital to nominal DKK 104,252,689.
This increase resulted from the issuance of 1,875,000 ordinary shares following the exercise of certain investor warrants, which generated USD 101,625 (approximately DKK 659,109.26) in cash consideration.
Separately, 52,782,150 warrants were also exercised as of November 4, 2025.

Nov 18, 2025, 4:00 PM

6-K

Evaxion Presents New Immune Data from Phase 2 Trial for Cancer Vaccine EVX-01

EVAX

New Projects/Investments

Evaxion A/S presented new biomarker and immune data from its phase 2 trial for the AI-designed personalized cancer vaccine, EVX-01, at the Society for Immunotherapy of Cancer (SITC) 2025 Annual Meeting.
The data, which builds upon previously presented two-year clinical efficacy data, showed that clinical responses in analyzed patients were accompanied by a rapid and sustained induction of EVX-01-specific T-cells.
EVX-01 is being evaluated in combination with MSD's KEYTRUDA® (pembrolizumab) for patients with advanced melanoma.

Nov 7, 2025, 10:30 PM

6-K

Evaxion Announces Q3 2025 Results, New CEO, and Key Pipeline Progress

EVAX

CEO Change

New Projects/Investments

Earnings

Evaxion appointed Dr. Tayton-Martin as its new Chief Executive Officer, effective November 24, with Birgitte Rønø returning to her role as Chief Scientific Officer.
The company's cash runway has been extended to the second half of 2027, significantly strengthened by the $7.5 million option exercise fee received from MSD in September 2025 for EVX-B3, with potential future revenue of up to $592 million.
Positive two-year clinical efficacy data for EVX-01 were presented at the ESMO Congress, showing a 75% objective overall response and sustained response in 11 out of 12 patients.
Evaxion added EVX-04, a novel therapeutic cancer vaccine for acute myeloid leukemia, to its pipeline and expanded its AI-Immunology platform with an automated vaccine design module.

Nov 6, 2025, 1:30 PM

Transcript

Evaxion Announces Q3 2025 Results, CEO Appointment, and Pipeline Progress

EVAX

Earnings

CEO Change

New Projects/Investments

Evaxion extended its cash runway into the second half of 2027, supported by a $7.5 million option exercise fee from MSD for EVX-V3 and additional capital market funding, bringing total year-to-date activities to $31.8 million.
Dr. Helen Taylor-Martin was appointed as the new CEO, effective November 24, 2025, with Birgitte Rønø returning to her Chief Scientific Officer role.
The company presented encouraging two-year clinical efficacy data for EVX-01 at the ESMO Congress, reporting a 75% objective overall response and sustained responses in 11 out of 12 patients.
Evaxion added EVX-04, a novel therapeutic cancer vaccine for acute myeloid leukemia, to its pipeline and enhanced its AI-Immunology platform with an automated vaccine design module.