Evaxion A/S announced its full-year 2025 financial results on March 5, 2026, posting a narrowed net loss of $7.7 million on $7.5 million in revenue. The clinical-stage biotech highlighted key 2025 milestones, including a major licensing deal with MSD and strong phase 2 data for its personalized cancer vaccine EVX-01. Cash reserves of $23.2 million extend the runway into late 2027.
Evaxion A/S, a clinical-stage TechBio company based in Copenhagen, Denmark, released its business update and full-year 2025 financial results on March 5, 2026, describing 2025 as a transformational year. The company reported a net loss of $7.7 million for 2025, an improvement of $2.9 million from 2024, driven by higher revenue and lower operating expenses. Revenue totaled $7.5 million from a $7.5 million option exercise fee from MSD for infectious disease vaccine EVX-B3 and a Gates Foundation grant.
Key highlights included the historic licensing of EVX-B3 to MSD, offering up to $592 million in milestones with MSD covering future costs. In oncology, phase 2 data for EVX-01 in advanced melanoma showed a 75% objective response rate (12/16 patients, 4 complete responses), 92% durable responses at two years, and immune responses in all patients (81% targeted neoantigens). Results were presented at ESMO 2025 and SITC 2025.
Pipeline expansions featured EVX-04 (off-the-shelf AML vaccine; preclinical data at ASH 2025) and EVX-B4 (prophylactic Group A Streptococcus vaccine), plus Gates Foundation polio collaboration and the Galien Prix Bridges Award for AI-Immunology™.
R&D expenses were $10.0 million (down from $10.5 million), G&A $6.8 million (down from $7.6 million). Cash reached $23.2 million (up from $6.0 million) via $30+ million in new capital, including MSD and EIB conversion; equity improved to $17.0 million.
CEO Helen Tayton-Martin said, “We made tremendous progress in 2025... cash on hand to fund operations into the second half of 2027, puts us in a strong position.”
For 2026, expect ~$14 million cash burn, AI-Immunology™ expansion to autoimmune diseases, more EVX-01 data, EVX-04 phase 1 filing, and EVX-B4 preclinical advancement.
