Evaxion Biotech (EVAX) Q2 2024 earnings summary

Executive summary

• Advanced multi-partner strategy with strong interest in AI-Immunology platform and pipeline candidates; several partnership discussions ongoing.

• Positive phase 2 immune data for EVX-01 presented at ASCO; phase 1 results published with a 67% objective response rate; one-year clinical data readout expected at ESMO Congress in September 2024.

• Several milestones on track for 2024, including preclinical proof-of-concept for EVX-B2-mRNA, launch of EDEN model 5.0, and updates on ERV-based vaccine programs.

• Strengthened AI immunology platform, including positive patent feedback and improved model performance.

Financial highlights

• Cash and cash equivalents stood at $8 million as of June 30, 2024, up from $5.6 million at December 31, 2023; sufficient to fund operations into February 2025.

• Net loss of $6.2 million for Q2 2024 ($0.12 per share), compared to $5.7 million ($0.21 per share) for Q2 2023.

• Research and development expenses for H1 2024 were $5.6 million, down $1.2 million year-over-year; R&D expenses for Q2 2024 were $2.8 million.

• General and administrative expenses for H1 2024 were $3.6 million, down $1.7 million year-over-year; G&A expenses for Q2 2024 were $2.0 million.

• Total equity at $1.3 million as of June 30, 2024, with total assets of $15.2 million and total liabilities of $14.0 million.

Outlook and guidance

• Ambition to generate $14 million in business development income or cash in 2024, though timing of accounting recognition may extend into 2025.

• Existing cash expected to fund operations into February 2025; further funding or business development income required to address going concern risk.

• Lower R&D and G&A spending expected in H2 2024; cash outflows skewed to H1.

• Several key milestones anticipated in H2 2024, including clinical and preclinical data readouts and technology launches.

• Ongoing business development activities with advanced partnership discussions across cancer and infectious disease.