Evaxion Biotech (EVAX) Q4 2025 earnings summary

Executive summary

• Achieved a transformational year in 2025 with major milestones in business development, R&D, and financing, including a historic in-licensing deal for EVX-B3 with MSD, strong phase II data for EVX-01 in melanoma, and a new collaboration with the Gates Foundation for polio vaccine design.

• Expanded the R&D pipeline with new candidates for AML (EVX-04), Group A Streptococcus (EVX-B4), and retained full rights to EVX-B2 (gonorrhea), while advancing the AI-Immunology platform, recognized by the Galien Foundation.

• Secured over $32 million in new capital, including proceeds from MSD, public offerings, ATM usage, and investor warrant exercises, and completed a debt-to-equity conversion with EIB, strengthening the balance sheet.

• Ongoing partnership discussions and strategic collaborations, with a focus on leveraging the AI-Immunology platform for autoimmune disease targets and value creation for shareholders and patients.

Financial highlights

• Revenue for 2025 reached $7.5 million, primarily from the MSD option exercise and Gates Foundation grant.

• Net loss for 2025 was $7.7 million, an improvement over the prior year, with loss per share at $(0.02).

• Cash and cash equivalents at year-end 2025 were $23.2 million, supporting operations and R&D through H2 2027.

• EIB debt-to-equity conversion of $4.1 million reduced future cash outflows and improved equity.

• Operating expenses and liabilities decreased year-over-year, with total equity improving to $17 million.

Outlook and guidance

• 2026 milestones include additional biomarker and immunogenicity data for EVX-01, 3-year clinical data, regulatory submission for EVX-04 in AML, and new data on EVX-B4 for Group A Streptococcus.

• Continued focus on leveraging the AI-Immunology platform for autoimmune disease targets, with more updates expected later in 2026.

• Operational cash burn for 2026 expected to be similar to 2025, around $14 million.

• No imminent need for new capital, with cash runway extended into H2 2027.