[6-K] Evaxion A/S Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Evaxion A/S furnished a press release dated September 25, 2025 announcing that it has out-licensed its vaccine candidate EVX-B3 to MSD. The Form 6-K states the press release is filed as Exhibit 99.1 and that this report is incorporated by reference into several of Evaxion's registration statements, including Forms S-8, F-3 and multiple F-1 filings. The filing provides notice of the transaction but includes no financial terms, milestone schedules, or operational details within this report.

Positive

• Out-license to MSD suggests external validation from a major pharmaceutical partner
• Potential future revenue through milestones or royalties if included in the agreement
• Corporate disclosure properly furnished as Exhibit 99.1 and incorporated into registration statements

Negative

• No financial terms disclosed in this Form 6-K, preventing assessment of immediate financial impact
• No details on rights or obligations (exclusivity, territories, development responsibilities) are provided here
• Investors cannot quantify timing or likelihood of payments from the out-license based on this filing alone

Insights

Financial Analyst

TL;DR: Evaxion announced an out-license of EVX-B3 to MSD; transaction may validate the candidate but terms are not disclosed.

The filing confirms a business-development event: an out-license of the clinical-stage vaccine candidate EVX-B3 to a major pharmaceutical company, MSD. Such an arrangement commonly signals external validation of a program and potential future revenue streams via milestones or royalties. However, the 6-K does not disclose any deal economics, timelines, or retained rights, so the immediate financial impact on Evaxion cannot be quantified from this document alone. Investors should review the referenced Exhibit 99.1 for full commercial details.

M&A / Licensing Specialist

TL;DR: The out-license to MSD is a strategic partnership signal; material consequences depend entirely on undisclosed deal structure.

The announcement of an out-license to MSD for EVX-B3 is strategically meaningful because it involves a large pharmaceutical partner taking responsibility for a vaccine candidate. This often transfers development, regulatory, and commercialization costs to the licensee while providing the licensor with potential milestone and royalty upside. The Form 6-K itself supplies only the fact of the out-license and incorporation by reference; without Exhibit 99.1’s text investors cannot assess whether the agreement is exclusive, territory-limited, or includes upfront payments or contingent milestones.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2025

Commission File Number: 001-39950

Evaxion A/S
(Exact Name of Registrant as Specified in Its Charter)

Dr. Neergaards Vej 5f
DK-2970 Hoersholm
Denmark
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ]      Form 40-F [   ]

INCORPORATION BY REFERENCE

This report on Form 6-K shall be deemed to be incorporated by reference in Evaxion A/S’s registration statements on Form S-8 (File No. 333-255064), on Form F-3 (File No. 333-265132), on Form F-1, as amended (File No. 333-266050), Form F-1 (File No. 333-276505), Form F-1 (File No. 333-279153), Form F-1 (File No. 333-283304), and Form F-3 (File No. 333- 285778), including any prospectuses forming a part of such registration statements and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

Press Release

On September 25, 2025, Evaxion A/S (the “Company”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, issued a press release titled "Evaxion out-licenses vaccine candidate EVX-B3 to MSD". A copy of the press release is furnished as Exhibit 99.1 to this report on Form 6-K.

Exhibits

Exhibit No.		Description
99.1		Evaxion out-licenses vaccine candidate EVX-B3 to MSD

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Evaxion A/S
			(Registrant)
Date: September 25, 2025		By:	/s/ Birgitte Rønø
			Birgitte Rønø
			Interim Chief Executive Officer

FAQ

What did Evaxion (EVAX) disclose in the Form 6-K?

The company disclosed a press release dated September 25, 2025 announcing an out-license of vaccine candidate EVX-B3 to MSD and furnished the release as Exhibit 99.1.

Does the Form 6-K include the financial terms of the EVX-B3 out-license?

No. The Form 6-K states the press release is furnished as Exhibit 99.1 but does not include any financial terms, milestone schedules, or royalty details within the filing text.

Where can I find the full details of the out-license agreement?

The filing indicates the full press release is provided as Exhibit 99.1; review Exhibit 99.1 for details on structure, payments, and rights.

Is this Form 6-K incorporated into Evaxion’s other registration statements?

Yes. The report states it is incorporated by reference into specified registration statements including Forms S-8, F-3, and multiple F-1 filings.

Does the filing state whether EVX-B3 is still in clinical development?

The Form 6-K calls Evaxion a clinical-stage company and identifies EVX-B3 as a vaccine candidate, but it does not provide clinical-stage details in this report.