Evaxion Biotech (EVAX) Q4 2025 earnings summary

Executive summary

• Achieved transformational progress in 2025 with a historic in-licensing deal for EVX-B3 with MSD, strong clinical data for EVX-01 in melanoma, and retention of rights to EVX-B2.

• Expanded R&D pipeline with new candidates for AML (EVX-04), Group A Streptococcus (EVX-B4), and advanced the AI-Immunology platform, including a collaboration with The Gates Foundation for polio vaccine design.

• Received the Galien Foundation Prix Bridges Award for AI-Immunology™ and positioned as a leader in AI-based drug discovery and early development.

• Strengthened financial position with over $30 million in new capital, EIB debt conversion, and a cash runway extending into H2 2027.

• Ongoing partnership discussions and strategic collaborations, with a focus on deriving value from the platform and pipeline.

Financial highlights

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

• Cash inflow exceeded $32 million in 2025 from public offerings, ATM usage, MSD deal, and investor warrant exercises.

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

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

• Equity improved to $17 million, with total assets of $28.4 million and liabilities reduced to $11.4 million.

Outlook and guidance

• 2026 milestones include additional biomarker and immunogenicity data for EVX-01, 3-year clinical data, and regulatory submission for EVX-04 in AML.

• Plans to advance autoimmune disease applications and bring forward data on EVX-B4 for Group A Streptococcus.

• Continued investment in AI-driven vaccine design and expansion into autoimmune indications.

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