Evaxion raises $7.2 million, extending cash runway to second half of 2027

Rhea-AI Summary

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.

Positive

• 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

Negative

• Operational cash spend $14M expected in 2025
• Outstanding warrants 2.8M (weighted avg exercise price $10.94) — potential equity dilution

News Market Reaction – EVAX

+0.17%

2 alerts

+0.17% News Effect

+$66K Valuation Impact

$39M Market Cap

0.3x Rel. Volume

On the day this news was published, EVAX gained 0.17%, reflecting a mild positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $66K to the company's valuation, bringing the market cap to $39M at that time.

Data tracked by StockTitan Argus on the day of publication.

• 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 $7.2 million in recent weeks, with $4.5 million coming from sale of shares in an at-the-market (ATM) offering and $2.7 million coming from exercise of investor warrants.

The proceeds strengthens both Evaxion’s cash position and equity and follows the influx of $7.5 million paid by MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA) when licensing vaccine candidate EVX-B3 in September 2025.

“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 $10.94.

Evaxion expects to accumulate an operational cash spend of $14 million in 2025. By the end of the second quarter 2025, Evaxion had cash at hand of $14.7 million. We have since had a gross inflow of cash of $14.7 million as mentioned above.

Evaxion had debt of $9.2 million by the end of the second quarter 2025. The debt was reduced by $4.1 million through a debt-to-equity conversion agreement with the European Investment Bank in July 2025, also bolstering Evaxion’s equity.

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?

Evaxion raised $7.2M total: $4.5M from an ATM share sale and $2.7M from investor warrant exercises.

What runway extension did Evaxion (EVAX) announce on October 30, 2025?

Evaxion said the new proceeds extend its cash runway to the second half of 2027, up from the first half of 2027.

How much operational cash does Evaxion (EVAX) expect to spend in 2025?

Evaxion expects to accumulate an operational cash spend of $14M in 2025.

What impact did warrant exercises have on Evaxion's (EVAX) outstanding warrants?

Warrant exercises reduced outstanding warrants by 1.0M, leaving 2.8M warrants outstanding with a weighted average exercise price of $10.94.

Did Evaxion (EVAX) receive external licensing proceeds related to EVX-B3?

Yes. Evaxion received a $7.5M payment from MSD in September 2025 as part of the EVX-B3 licensing arrangement.

How did Evaxion (EVAX) reduce its debt position in 2025?

Evaxion reduced debt by $4.1M through a debt-to-equity conversion agreement with the European Investment Bank in July 2025.