Evaxion announces business update and second quarter 2025 financial results
Rhea-AI Summary
Evaxion (NASDAQ: EVAX), a clinical-stage TechBio company, reported Q2 2025 financial results and business updates. Key highlights include completion of EVX-01 phase 2 trial treatments, with full two-year clinical efficacy data to be presented at ESMO Congress in October 2025. The company received recognition through a Gates Foundation grant for polio vaccine development and expanded its pipeline with EVX-B4 for Group A Streptococcus.
Financial position improved with $14.7 million in cash as of June 30, 2025, sufficient until mid-2026. The company converted €3.5 million of EIB debt to equity at a 89% premium. Q2 2025 resulted in a net loss of $4.8 million ($0.02 per share), compared to $6.2 million loss in Q2 2024. R&D expenses decreased to $2.2 million from $2.8 million year-over-year.
Positive
- Successful completion of EVX-01 phase 2 trial treatments with data presentation at ESMO Congress
- Gates Foundation grant received for polio vaccine development
- Pipeline expansion with new EVX-B4 program
- Cash position improved to $14.7 million from $6.0 million in December 2024
- Successful debt-to-equity conversion with EIB at 89% premium
- R&D expenses reduced by 21% year-over-year to $2.2 million
- Cash runway extended to mid-2026
Negative
- Net loss of $4.8 million in Q2 2025
- Revenue declined to $37,000 from $154,000 year-over-year
- CEO stepping down, with interim CEO in place
- Market turmoil and regulatory uncertainty impacting partnership decisions
News Market Reaction – EVAX
On the day this news was published, EVAX declined 5.92%, reflecting a notable negative market reaction. Argus tracked a peak move of +3.3% during that session. Argus tracked a trough of -5.2% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $18M at that time.
Data tracked by StockTitan Argus on the day of publication.
COPENHAGEN, Denmark, August 14, 2025 - Evaxion A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, provides business update and announces second quarter 2025 financial results.
Business highlights (since last quarterly update)
Evaxion continues to execute its strategy and plans with a number of significant achievements across the company in recent months. We remain on track to achieve the milestones set for 2025. Highlights include:
- Continued strong execution of the phase 2 trial with personalized cancer vaccine EVX-01. All patients have now completed treatment and the full two-year clinical efficacy data from the trial will be presented at an oral session at the ESMO Congress in October 2025. This will provide a fantastic opportunity to announce the data to a large international audience, including potential partners.
- Further, the recruitment for the one-year extension of the phase 2 trial is finalized, allowing us to present three-year EVX-01 data in 2026.
- Massive recognition of our AI-Immunology™ platform through a grant from the Gates Foundation to explore design options for a new and unique sub-unit vaccine against polio. This validation further supports the strong external interest in AI-Immunology™ from potential partners and collaborators.
- Expansion of our R&D pipeline with EVX-B4, a new vaccine program against Group A Streptococcus bacteria, underscoring the scalability of AI-Immunology™ to more than 100 different diseases.
- Significant improvement in our financial position through an agreement with the European Investment Bank (EIB) to convert debt into equity on favorable terms for Evaxion and our shareholders. The agreement saw our equity immediately improved by
$4.1 million . Current cash at hand is sufficient to fund our operating expenses and capital expenditure requirements until mid-2026. - The search for a new CEO is on-going following the stepping down of Christian Kanstrup and Birgitte Rønø taking the role of interim CEO. Our strategy, tactical plans and anticipated milestones are unchanged.
“We maintain a strong operational momentum as we track towards further potential value catalysts, most importantly presentation of the two-year EVX-01 clinical data and potential exercise by MSD of one or two of their options on EVX-B2 and EVX-B3. Business development discussions remain a key priority, both in terms of advancing ongoing discussions and entering new ones, as we pursue the remaining company milestones set for 2025,” says Birgitte Rønø, CSO and interim CEO of Evaxion.
Conference call and webcast
Evaxion’s Executive Management will host a conference call and webcast today, presenting the business update and financial results as well as taking questions. This event is free, open to the public and encouraged.
To join the conference call, listen to the presentation and ask verbal questions, please register in advance via this link to receive the dial-in telephone numbers and a unique PIN code. The call can be accessed 15 minutes prior to the start of the live event.
To join the webcast, please click on this link. The webcast recording will be available on our website shortly after the event.
Research & Development (R&D) update
Evaxion has a R&D pipeline of innovative development candidates for both cancer and infectious diseases.
Personalized cancer vaccine EVX-01, which is being evaluated as a treatment for advanced melanoma (skin cancer) in the ongoing phase 2 trial, is our most advanced asset. We continue to progress the trial according to plan and have completed the treatment of all patients. Thus, we are set to collect and present two-year clinical efficacy data from the trial.
We are excited that the data has been accepted for oral presentation at the European Society for Medical Oncology (ESMO) Congress 2025 on October 17, 2025. As one of the most important medical oncology conferences in the world, it will be a great venue for us to present the data to a large audience, including potential partners. The trial has already yielded very promising data, including convincing one-year clinical data and immune data, and we are looking forward to sharing the results observed after two years of treatment.
To further enhance EVX-01’s data package we decided earlier in the year to extend the trial by a further year. This might allow us to document even better effects of the treatment than what will be observed after one and two years. We have now finalized recruitment of patients for the trial extension with the three-year data expected next year.
Further to our clinical progress, we also maintain a high level of preclinical activity. We got another massive recognition of the potential of AI-Immunology™ through a grant from the Gates Foundation to explore design options for a new and unique vaccine against polio. On top of allowing further application and validation of the platform without adding to our operational expenditure, the grant has further supported the interest in collaborations and partnerships from other external parties.
Polio is not the only new disease against which we will be applying AI-Immunology™. In June, we announced the expansion of our R&D pipeline with EVX-B4, a new vaccine program against Group A Streptococcus. This is again showcasing the scalability of AI-Immunology™, which can be applied to more than 100 different diseases thanks to its unique architecture. This, in turn, creates numerous potential partnerships and out-licensing opportunities for us.
Business development update
The EVX-B2 and EVX-B3 programs, being conducted in collaboration with MSD, continue to track towards potential option exercise in the second half of 2025. Following potential option exercise, MSD would take over further development and commercialization with Evaxion entitled to significant milestone payments as development successfully progresses. Evaxion would also be entitled to royalties on future sales.
The MSD collaboration on EVX-B2 and EVX-B3 is a great example of the partnering strategy we are pursuing. Our long-term value creation rests on monetization of both our R&D pipeline assets and AI-Immunology™ platform through multiple partnerships. Our investments are aimed at creating and improving our opportunities to enter such partnerships.
As per our strategy, business development remains a high priority, and we continue to be engaged in multiple parallel partnership discussions based on a solid level of external interest in both our platform and pipeline. We maintain the ambition to enter at least two new partnership deals in 2025 while also reiterating that the current turmoil in the financial markets and increased regulatory uncertainty is having an impact on the decision processes with some potential partners.
EIB loan conversion
We have significantly bolstered our capital structure by agreeing with the European Investment Bank (EIB) to convert debt into equity on favorable terms for Evaxion and our shareholders.
EIB has converted
The agreement saw our equity immediately improved by
Second quarter 2025 financial results
Our financial situation remains solid with our cash runway extending to mid-2026.
Cash and cash equivalents as of June 30, 2025, were
Revenue of
Research and development (R&D) expenses were
General and administrative expenses were
Net financial income in the second quarter of 2025 is driven by
For the three-month period ending June 30, 2025, we generated a net loss of
Total equity amounts to
The equity is negatively impacted by
During March 2025, an agreement has been made with approximately
We will continue to focus and maintain our strict cost control and diligently prioritize and optimize our resource allocation. This enables us to absorb the general cost increase and inflation within the same cash spend as in 2024, e.g. we expect an operational cash burn of approximately
Evaxion A/S
(Unaudited) Consolidated Statement of Financial Position Data
(USD in thousands)
| June 30, 2025 | Dec 31, 2024 | |
| Cash and cash equivalents | 14,746 | 5,952 |
| Total assets | 22,449 | 12,485 |
| Total liabilities | 16,223 | 14,137 |
| Share capital | 11,823 | 10,516 |
| Other reserves | 121,778 | 106,369 |
| Accumulated deficit | (124,943) | (118,537) |
| Total equity before derivative warrant liability | 8,658 | 1,652 |
| Effect from derivative liabilities from investor warrants | (2,432) | - |
| Total equity | 6,226 | 1,652 |
| Total liabilities and equity | 22,449 | 12,485 |
Evaxion A/S
(Unaudited) Consolidated Statement of Comprehensive Loss Data
(USD in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | 37 | 154 | 37 | 205 |
| Research and development | (2,165) | (2,752) | (4,321) | (5,588) |
| General and administrative | (2,212) | (1,983) | (3,924) | (3,594) |
| Operating loss | (4,340) | (4,581) | (8,208) | (8,977) |
| Finance income | 1,821 | 220 | 4,305 | 5,838 |
| Finance expenses | (2,498) | (2,036) | (2,895) | (2,282) |
| Net loss before tax | (5,026) | (6,198) | (6,798) | (5,421) |
| Income tax benefit | 195 | 199 | 387 | 417 |
| Net loss for the period | (4,831) | (6,198) | 6,411 | (5,004) |
| Net loss attributable to shareholders of Evaxion A/S | (4,831) | (6,198) | 6,411 | (5,004) |
| Loss per share – basic and diluted | (0.02) | (0.12) | (0.02) | 0.10 |
| Number of shares used for calculation (basic and diluted) | 315,828,608 | 53,787,469 | 275,434,522 | 50,212,854 |
Contact information
Evaxion A/S
Mads Kronborg
Vice President, Investor Relations & Communication
+45 53 54 82 96
mak@evaxion.ai
About Evaxion
Evaxion A/S is a pioneering TechBio company based upon its AI platform, AI-Immunology™. Evaxion’s proprietary and scalable AI prediction models harness the power of artificial intelligence to decode the human immune system and develop novel immunotherapies for cancer, bacterial diseases, and viral infections. Based upon AI-Immunology™, Evaxion has developed a clinical-stage oncology pipeline of novel personalized vaccines and a preclinical infectious disease pipeline in bacterial and viral diseases with high unmet medical needs. Evaxion is committed to transforming patients’ lives by providing innovative and targeted treatment options. For more information about Evaxion and its groundbreaking AI-Immunology™ platform and vaccine pipeline, please visit our website.
Forward-looking statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” and other words and terms of similar meaning identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including inflation, and the effects on our business from other significant geopolitical and macro-economic events; and other uncertainties affecting our business operations and financial condition. For further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do not assume any obligation to update any forward-looking statements except as required by law.
FAQ
What were Evaxion's (EVAX) key financial results for Q2 2025?
What is the status of Evaxion's EVX-01 cancer vaccine trial?
How long will Evaxion's current cash position last?
What strategic partnerships does Evaxion have?
What was the impact of the EIB loan conversion for Evaxion?
