Evaxion raises $7.2 million, extending cash runway to second half of 2027
Evaxion (NASDAQ: EVAX) raised $7.2 million through an at-the-market share sale ($4.5M) and investor warrant exercises ($2.7M), and reports a total cash inflow of $14.7M since the end of Q2 2025. Combined with a $7.5M license payment from MSD for EVX-B3 in September 2025, Evaxion says it now has cash to fund operations and R&D into the second half of 2027 (extended from H1 2027).
The company reports an expected operational cash spend of $14M in 2025, a reduction of outstanding warrants by 1.0M to 2.8M total, and a weighted average warrant exercise price of $10.94. A debt-to-equity conversion reduced prior debt by $4.1M.
Evaxion (NASDAQ: EVAX) ha raccolto $7.2 milioni tramite una vendita di azioni at-the-market ($4.5M) e l’esercizio di warrant degli investitori ($2.7M), e riporta un flusso di cassa totale di $14.7M dall fine del Q2 2025. Combinando un pagamento di licenza da $7.5M da MSD per EVX-B3 a settembre 2025, Evaxion dice di avere liquidità sufficiente per finanziare operazioni e R&D fino alla seconda metà del 2027 (esteso dalla prima metà del 2027). L’azienda riporta una previsione di spesa operativa in contanti di $14M nel 2025, una riduzione delle warrant in circolazione di 1.0M a un totale di 2.8M, e un prezzo d’esercizio medio ponderato dei warrant di $10.94. Una conversione debito-equity ha ridotto il debito pregresso di $4.1M.
Evaxion (NASDAQ: EVAX) recaudó $7.2 millones mediante una venta de acciones en el mercado ($4.5M) y ejercicios de warrants de inversores ($2.7M), y reporta un flujo de caja total de $14.7M desde el final del 2T 2025. Combinado con un pago de licencia de $7.5M de MSD por EVX-B3 en septiembre de 2025, Evaxion afirma que ya tiene liquidez para financiar operaciones e I+D hasta la segunda mitad de 2027 (ampliado desde la primera mitad de 2027). La empresa reporta un gasto operativo en efectivo esperado de $14M en 2025, una reducción de warrants en circulación de 1.0M a un total de 2.8M, y un precio medio ponderado de ejercicio de warrants de $10.94. Una conversión de deuda a capital redujo la deuda anterior en $4.1M.
Evaxion (NASDAQ: EVAX)은 $4.5M의 시장 매출 주식 판매($4.5M)와 투자자 워런트 행사($2.7M)를 통해 $7.2백만를 조달했고, 2025년 2분기 말 이후 총 현금 유입은 $14.7M으로 보고합니다. 2025년 9월 MSD로부터 EVX-B3에 대한 라이선스 지급 $7.5M과 함께 Evaxion은 2027년 하반기까지(2027년 상반기에서 연장) 운영 및 R&D에 필요한 현금을 확보했다고 말합니다. 회사는 2025년 예상 운영 현금 지출 $14M, 미상환 워런트 총액을 2.8M으로 유지하고, 워런트 행사가중평균가를 $10.94로 보고합니다. 채무-자본 전환으로 기존 부채가 $4.1M 감소했습니다.
Evaxion (NASDAQ: EVAX) a levé 7,2 millions de dollars via une vente d’actions au marché ($4,5M) et des exercices de warrants investisseurs ($2,7M), et signale un flux de trésorerie total de $14,7M depuis la fin du 2ᵉ trimestre 2025. Combiné à un paiement de licence de $7,5M de MSD pour EVX-B3 en septembre 2025, Evaxion dit disposer désormais de liquidités pour financer les opérations et la R&D jusqu’à la deuxième moitié de 2027 (étendu à partir de la première moitié de 2027). L’entreprise indique une dépense opérationnelle en trésorerie prévue de $14M en 2025, une réduction des warrants en circulation de 1,0M pour un total de 2,8M, et un prix d’exercice moyen pondéré des warrants de $10,94. Une conversion dette-capital a réduit l’endettement antérieur de $4,1M.
Evaxion (NASDAQ: EVAX) sammelte 7,2 Millionen Dollar durch einen Market-at-the-Open-Aktienverkauf ($4,5M) und Ausübung von Investoren-Warrants ($2,7M) und meldet einen Gesamtzufluss an Barmitteln von $14,7M seit dem Ende des Q2 2025. In Kombination mit einer Lizenzzahlung von MSD in Höhe von $7,5M für EVX-B3 im September 2025 sagt Evaxion, dass sie nun über Bargeld verfügen, um Betrieb und F&E bis in die zweite Hälfte des Jahres 2027 (von H1 2027 verlängert) zu finanzieren. Das Unternehmen meldet eine erwartete operative Cash-Spend von $14M im Jahr 2025, eine Reduktion ausstehender Warrants um 1,0M auf insgesamt 2,8M und einen gewichteten durchschnittlichen Ausübungspreis der Warrants von $10,94. Eine Debt-to-Equity-Konversion hat die vorherige Verschuldung um $4,1M reduziert.
Evaxion (NASDAQ: EVAX) جمعت $7.2 مليون من خلال بيع أسهم في السوق ($4.5M) وتخفيف مَلاّك العقود الاستثمارية من قبل المستثمرين ($2.7M)، وتعلن عن تدفق نقدي إجمالي قدره $14.7M منذ نهاية الربع الثاني من 2025. مضافاً إلى ذلك، مع دفعة ترخيص قدرها $7.5M من MSD لـ EVX-B3 في سبتمبر 2025، تقول Evaxion إنها تمتلك حالياً نقداً كافياً لتمويل العمليات وF&D حتى النصف الثاني من 2027 (ممدد من النصف الأول من 2027). وتذكر الشركة إنفاقاً نقدياً تشغيلياً متوقعاً بمقدار $14M في 2025، وانخفاضاً بمقدار 1.0M في warrants قائمة بإجمالي 2.8M، وسعر ممارسة متوسط وزني warrants قدره $10.94. كما خفضت عملية تحويل الدين إلى أسهم الدين السابق بمقدار $4.1M.
- Raised $7.2M via ATM sales and warrant exercises
- Cash runway extended into second half of 2027
- $7.5M license payment received from MSD for EVX-B3
- Debt reduced $4.1M via debt-to-equity conversion
- Operational cash spend $14M expected in 2025
- Outstanding warrants 2.8M (weighted avg exercise price $10.94) — potential equity dilution
Insights
Evaxion extended runway to the second half of
Evaxion strengthened liquidity through an ATM share sale (
Key dependencies and risks include remaining burn versus stated runway and outstanding warrants: total cash inflows reported since
Watch cash consumption relative to the
- Gross proceeds from sales of shares amounting to
$4.5 million and exercise of warrants providing a further$2.7 million - Total gross inflow of cash of
$14.7 million since the end of the second quarter 2025 - Evaxion now has cash on hand to fund its operations and R&D programs into the second half of 2027
- The exercises have reduced the number of outstanding warrants to purchase Evaxion American Depositary Shares (ADSs) by 1.0 million
COPENHAGEN, Denmark, October 30, 2025 - Evaxion A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, has strengthened its financial position through different capital markets activities. As a result, Evaxion now has cash on hand to fund its operations and R&D programs into the second half of 2027, extended from first half of 2027.
In total, Evaxion has raised
The proceeds strengthens both Evaxion’s cash position and equity and follows the influx of
“We are pleased to have bolstered our cash position thereby extending our runway into the second half of 2027, allowing us to fully focus on executing on our strategy and plans,” says Thomas Schmidt, CFO of Evaxion.
The recent exercises of investor warrants have reduced the number of outstanding warrants to purchase Evaxion ADSs by 1.0 million. The total number of outstanding warrants is now 2.8 million, including employee warrants, with a weighted average exercise price of
Evaxion expects to accumulate an operational cash spend of
Evaxion had debt of
Contact information
Evaxion A/S
Mads Kronborg
Vice President, Investor Relations & Communication
+45 53 54 82 96
mak@evaxion.ai
About Evaxion
Evaxion 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 a 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
How much did Evaxion (EVAX) raise on October 30, 2025 and by what methods?
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