Evaxion Biotech (EVAX) Q2 2025 earnings summary

Executive summary

• Achieved significant milestones, including partnership with MSD, completion of EVX-01 phase II treatment, and initiation of EVX-04/EVX-B4 programs, with multiple value catalysts expected in the second half of 2025.

• Business development pipeline remains robust, with ongoing partnership discussions across oncology and infectious disease assets.

• Received a grant from the Gates Foundation to apply AI-Immunology to polio, validating and expanding the platform's reach.

• Improved financial position via EIB debt-to-equity conversion, boosting equity by $4.1 million and reducing liabilities.

• CEO transition underway, with interim leadership maintaining strategic direction.

Financial highlights

• Cash and cash equivalents at end of June 2025 were $14.7 million, up from $6.0 million at December 31, 2024, providing runway until mid-2026.

• Operating loss for Q2 2025 was $4.3 million, down from $4.6 million in Q2 2024.

• Net loss for Q2 2025 was $4.8 million, or $(0.02) per share, improving from $6.2 million, or $(0.12) per share, in Q2 2024.

• Revenue for Q2 2025 was $37 thousand, down from $154 thousand in Q2 2024.

• Total equity at end of June 2025 was $6.2 million, strengthened by capital market activities and EIB loan conversion.

Outlook and guidance

• Cash runway extends past potential MSD option exercise and EVX-01 two-year data readout, funding operations and capital expenditures until mid-2026.

• R&D project costs expected to increase in the second half of 2025, with full-year operating expenses in line with 2024.

• Operational cash burn for 2025 projected at approximately $14 million.

• Plans to present two-year EVX-01 clinical data at ESMO Congress in October 2025 and three-year data in 2026.

• Aims to enter at least two new partnership deals in 2025 despite market and regulatory headwinds.