Evaxion’s AI-Immunology™ platform demonstrates 86% vaccine target precision in phase 2 personalized cancer vaccine trial

Rhea-AI Summary

Evaxion (NASDAQ: EVAX) reported phase 2 EVX-01 data showing 86% of vaccine targets triggered tumor-specific immune responses and durable two-year vaccine-specific responses.

The trial tested EVX-01 with KEYTRUDA in advanced melanoma, reported a 75% objective response rate, and will present detailed results at AACR on April 22, 2026.

Positive

• 86% vaccine-target immune-response rate
• Durable vaccine-specific responses at two years
• 75% Objective Response Rate reported in the trial
• Positive correlation between AI scores and response magnitude

Negative

• Phase 2 results from a combination therapy; single-agent effect unclear
• Three-year clinical data not yet available; expected H2 2026

News Market Reaction – EVAX

+7.49% 3.8x vol

15 alerts

+7.49% Session close to close

+7.0% Peak in 2 hr 11 min

$39.28M Market Cap

3.8x Rel. Volume

In the Apr 17 session, EVAX gained 7.49%, reflecting a notable positive market reaction. Argus tracked a peak move of +7.0% during that session. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. Trading volume was very high at 3.8x the daily average, suggesting strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +7.5% in the session following this news. A strong positive reaction aligns with rep...

Analysis

The stock moved +7.5% in the session following this news. A strong positive reaction aligns with repeated signals that EVX-01 and the AI-Immunology™ platform are delivering high immune-response rates, such as the reported 86% target precision and durable T-cell responses. Historically, similar AI/clinical updates produced mixed price outcomes, so any sharp upside move has faced a backdrop of past volatility. Investors would need to watch upcoming three-year data, financing decisions, and broader biotech sentiment for clues about how sustainable such strength might be.

Key Figures

Vaccine target precision: 86% De novo T-cell responses: 86% Objective Response Rate: 75%

3 metrics

Vaccine target precision 86% Phase 2 EVX-01 targets triggering tumor-specific immune response

De novo T-cell responses 86% High de novo tumor-specific T-cell responses after EVX-01 vaccination

Objective Response Rate 75% Two-year ORR in EVX-01 phase 2 trial in advanced melanoma

Previous Clinical trial,AI Reports

5 past events · Latest: Nov 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 07	Immune data update	Positive	+0.0%	New biomarker and immune data from EVX-01 phase 2 with KEYTRUDA.
Oct 17	Phase 2 efficacy data	Positive	-29.3%	Two-year EVX-01 phase 2 results with 75% ORR and durable responses.
May 22	Trial extension dosing	Positive	+8.1%	First patient dosed in one-year extension assessing long-term EVX-01 benefit.
Oct 09	Platform validation	Positive	-5.6%	Multiple trials validating AI-Immunology™ predictive power for vaccine targets.
Oct 03	Predictive power boost	Positive	+2.7%	Improved AI-Immunology™ precision with 79% of targets driving immune response.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Same-tag AI/clinical updates have often seen muted or negative next-day moves, even on strong data, with only 2 of 5 events showing positive alignment.

Recent Company History

Over the past two years, Evaxion has repeatedly highlighted its AI-Immunology™ platform in the EVX-01 melanoma program. Earlier phase 2 updates reported 69–75% ORR, high rates of vaccine-induced T-cell responses, and statistically significant links between AI scores and clinical or immune outcomes. Platform refinements lifted immune-response precision from 58% in phase 1 to 79–81% in phase 2. Despite these generally positive data, share reactions around similar AI/clinical announcements have been mixed, underscoring a cautious market stance.

Key Terms

ai-immunology™, neoantigen, objective response rate, anti-pd-1 therapy, +1 more

5 terms

ai-immunology™ technical

"Evaxion’s pioneering AI platform, AI-Immunology™ accurately identifies..."

ai-immunology™ is the use of artificial intelligence techniques to analyze immune system data and guide the discovery, design and testing of immune-based diagnostics, vaccines and therapies. It matters to investors because it can speed up research, reduce costs and reveal promising drug targets that traditional methods might miss—like using a powerful search engine to find a few needles in a vast haystack of biological signals—potentially increasing the chance and pace of commercial returns.

neoantigen medical

"AI-designed personalized neoantigen vaccine, EVX-01, induces durable..."

A neoantigen is a new, abnormal protein piece that appears on a cancer cell because of a mutation and is not found on healthy cells; think of it as a unique fingerprint the immune system can recognize. It matters to investors because medicines that target neoantigens—such as personalized vaccines or immune therapies—can be highly specific, potentially more effective and safer, and therefore can shape clinical success, regulatory value and commercial potential for oncology drugs.

objective response rate medical

"The trial has already yielded encouraging two-year clinical data, including a 75% Objective Response Rate."

The objective response rate (ORR) is the percentage of patients in a clinical trial whose tumors measurably shrink or disappear according to preset rules. Investors use it as a quick, objective signal of a drug’s ability to produce a clear treatment effect—like counting how many plants visibly respond after applying a new fertilizer—and higher ORR can improve odds of regulatory approval, commercial success, and company valuation.

anti-pd-1 therapy medical

"phase 2 trial investigating EVX-01 in combination with MSD’s anti-PD-1 therapy, KEYTRUDA"

Anti-PD-1 therapy are drugs that block the PD-1 protein on immune cells, effectively releasing the “brakes” that can prevent the body from attacking cancer cells; think of it like removing a safety lock so security guards can better recognize intruders. Investors care because these therapies can transform treatment outcomes, drive significant sales if approved for multiple cancers, and carry regulatory, patent and competitive risks that affect a company’s valuation.

t cells medical

"high de novo responses (86%) were observed, meaning the vaccine gives rise to a high number of novel tumor specific T cells."

T cells are a type of immune system cell that help the body identify and fight infections and abnormal cells. They act like security guards, recognizing threats and triggering responses to eliminate them. In the context of health and medicine, T cells are important because their activity can influence disease outcomes and treatments, which can impact investor interest in biotech and healthcare sectors.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Add on Google Not now

• New phase 2 data from personalized cancer vaccine EVX-01 demonstrates a record-high rate of vaccine targets triggering a tumor-specific immune response
• The results reinforce that Evaxion’s pioneering AI platform, AI-Immunology™ accurately identifies and selects the most relevant vaccine targets
• Data will be presented at the American Association for Cancer Research (AACR) Annual Meeting
  

COPENHAGEN, Denmark, April 17, 2026 - Evaxion A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company developing novel vaccines with its pioneering AI-Immunology™ platform, announces new data demonstrating that AI-Immunology™ identifies and selects the most therapeutically relevant vaccine targets. The data will be presented at the AACR Annual Meeting in San Diego, California, on April 22, 2026.

86% of the vaccine targets included in Evaxion’s personalized cancer vaccine EVX-01 trigger a tumor-specific immune response. This is a success rate much higher than what has been reported for other methods. The high number reflects a broad yet specific immune response, increasing the likelihood of strong anti-tumor effect and positive clinical outcomes.

“We are delighted with the data demonstrating again the unique capabilities of AI-Immunology™ in identifying and selecting relevant vaccine targets. This is a further validation of the platform as an effective tool for developing potentially transformational treatments of cancer and other diseases,” says Bigitte Rønø, CSO of Evaxion.

Encouraging data
In addition to the 86% success rate, the new data set includes two-year analysis showing durable vaccine-specific immune responses following EVX-01 administration. Notably, high de novo responses (86%) were observed, meaning the vaccine gives rise to a high number of novel tumor specific T cells. This potentially increases the vaccine’s tumor killing ability.

Further, a positive correlation between vaccine target AI-prediction scores and the magnitude of the immune responses was demonstrated, underlining the predictive power of AI-Immunology™.

The new data stems from the phase 2 trial investigating EVX-01 in combination with MSD’s (Merck & Co., Inc., Rahway, NJ, USA) anti-PD-1 therapy, KEYTRUDA® (pembrolizumab) in patients with advanced melanoma. Each patient enrolled in the trial received a unique vaccine designed and manufactured based on their individual biology. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

The trial has already yielded encouraging two-year clinical data, including a 75% Objective Response Rate. Its one-year extension was successfully completed earlier this month with three-year clinical data expected to be presented in the second half of 2026.

AACR presentation details
Abstract title: AI-designed personalized neoantigen vaccine, EVX-01, induces durable de novo T-cell responses in advanced melanoma patients
Poster#: 7741
Session category: Clinical research
Session title: Immune response to therapies
Location: Poster section 42
Date/Time: April 22, 2026, at 9am-12pm CST/16-19 CET 
Presenter: Mads Lausen Nielsen, PhD, Project Manager at Evaxion

About EVX-01
EVX-01 is a personalized peptide-based cancer vaccine intended for first-line treatment of multiple advanced solid cancers. It is Evaxion’s lead clinical asset.

Designed with our AI-Immunology™ platform, EVX-01 and is tailored to target the unique tumor profile and immune characteristics of each patient. It engages the patient's immune system to fight off cancer by mounting a targeted response against tumors.

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 proprietary, clinically validated and scalable AI platform, AI-Immunology™. The platform harnesses the power of artificial intelligence to decode the human immune system and develop novel vaccine candidates for cancer and infectious diseases.

With AI-Immunology™ we conduct rapid, efficient and high-quality target discovery, drug design and development. Our team of +40 experts covers the entire value chain from target discovery to clinical development

We have developed a clinical pipeline of both personalized and off-the-shelf cancer vaccine candidates as well as prophylactic vaccine candidates for infectious diseases. All our candidates address high unmet medical needs, reflecting our commitment to transforming patients’ lives by providing innovative and targeted treatment options.

For more information about Evaxion, AI-Immunology™ and our 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

What did Evaxion (EVAX) announce about EVX-01 at AACR on April 22, 2026?

Evaxion announced that 86% of EVX-01 vaccine targets triggered tumor-specific responses. According to Evaxion, the phase 2 data also show durable two-year immune responses and a 75% objective response rate in combination with KEYTRUDA.

How durable were the immune responses for EVAX EVX-01 in the phase 2 trial?

The immune responses were durable through two years post-vaccination. According to Evaxion, the dataset demonstrates sustained vaccine-specific T-cell responses and high de novo responses in treated advanced melanoma patients.

What does the 86% vaccine-target success rate mean for EVAX investors?

The 86% figure indicates a high rate of vaccine targets eliciting tumor-specific immunity. According to Evaxion, this reflects broad, specific immune engagement and supports the predictive performance of their AI-Immunology platform.

Was EVX-01 tested alone or with another therapy in the EVAX phase 2 study?

EVX-01 was tested in combination with KEYTRUDA (pembrolizumab) in advanced melanoma patients. According to Evaxion, each patient received a unique vaccine alongside anti-PD-1 therapy in the phase 2 trial.

What clinical efficacy was reported for EVAX EVX-01 in the phase 2 melanoma trial?

The trial reported a 75% Objective Response Rate in the evaluated cohort. According to Evaxion, this response rate was observed in patients receiving EVX-01 together with KEYTRUDA.

When will Evaxion (EVAX) present full EVX-01 data and when are three-year results expected?

Full phase 2 data will be presented at AACR on April 22, 2026, with three-year clinical data expected in the second half of 2026. According to Evaxion, a one-year extension completed earlier this month.