Monitor the EVX-01 three-year data presentation at ESMO in October 2026 as the next major catalyst. The current cash runway into H2 2027 provides a long enough window for data readouts but leaves no margin for delays. The ATM program remains available for up to $45.5M in additional sales, creating ongoing dilution risk. No near-term trading catalyst until ESMO.
Price Chart
Executive Summary
Evaxion reported Q2 2026 results in line with expectations: net loss narrowed to $3.7M (vs $4.8M YoY), cash burn continues with $14.0M cash on hand funding operations into H2 2027. Pipeline progress includes upcoming 3-year EVX-01 data at ESMO and new preclinical programs (EVX-04, EVX-05, EVX-V1), but the company remains pre-revenue with no near-term catalysts that change the fundamental cash-burn story. A post-period ATM sale of $1.5M adds modest dilution. The combination of steady cash burn, pre-revenue status, and pipeline milestones that are months away suggests limited near-term catalysts for the stock.
Key Facts
- Net loss of $3.7M for Q2 2026, improved from $4.8M in Q2 2025
- Cash and cash equivalents of $14.0M as of June 30, 2026, down from $18.4M at March 31, 2026
- Cash runway unchanged: funds operations into second half of 2027
- No revenue recorded for Q2 2026
- Post-period: sold 505,005 ADSs at $3.1533/ADS for net proceeds of ~$1.5M via ATM
- Upcoming catalyst: 3-year clinical data for EVX-01 at ESMO Congress 2026 in October
- Pipeline expansion with EVX-05 (glioblastoma) and preclinical data for EVX-04 (AML) and EVX-V1 (CMV)
- Total equity declined to $9.5M from $17.0M at Dec 31, 2025
- R&D expenses $2.3M, G&A expenses $1.5M for Q2 2026
Financial Impact
Net loss of $3.7M in Q2 2026; cash burn of $8.7M in H1 2026; post-period ATM raised ~$1.5M
Risk Factors
- Cash burn continues with no revenue; additional ATM sales will dilute existing shareholders
- Pre-revenue clinical-stage company with no guaranteed path to commercialization
- Pipeline milestones (EVX-01 data, EVX-04 IND filing) are months away and binary in nature
- Equity declined from $17.0M to $9.5M in six months; negative equity trajectory if losses persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (EVAX) — Batch item 1 | 0001171843-26-005672 |
| Document: f6k_082026.htm | 0001171843-26-005671 |
| Document: 0001171843-26-005672-index-headers.html | 0001171843-26-005672 |
| Document: 0001171843-26-005672-index.html | 0001171843-26-005672 |
| Document: 0001171843-26-005672.txt | 0001171843-26-005672 |
| 6-K Filing (EVAX) — Batch item 6 | 0001171843-26-005671 |
| Exhibit: ex_1006845.htm | 0001171843-26-005672 |
| Document: evax20260819_6k.htm | 0001171843-26-005672 |
| Document: 0001171843-26-005671-index-headers.html | 0001171843-26-005672 |
| Document: 0001171843-26-005671-index.html | 0001171843-26-005672 |
| Document: 0001171843-26-005671.txt | 0001171843-26-005672 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $3.07 $3.21 | ▲ +4.56% | ▲ +4.45% | $3.21 (+4.63%) |
Sep 4, 2026 28d ago | 6-K | $3.12 $3.07 | ▲ +1.60% | ▲ +0.39% | $3.21 (−2.96%) |
Aug 20, 2026 6w ago | 6-K | $3.28 $3.15 | ▼ −3.96% | ▼ −5.08% | $3.21 (−2.07%) |
Aug 20, 2026 6w ago | Press Release | $3.28 $3.15 | ▼ −3.96% | ▼ −5.08% | $3.21 (−2.07%) |
Aug 17, 2026 6w ago | 6-K | $3.13 $3.40 | ▲ +8.63% | ▲ +9.82% | $3.21 (+2.63%) |
Aug 14, 2026 7w ago | 6-K | $3.34 $3.31 | ▼ −0.90% | ▲ +0.47% | $3.21 (−3.83%) |
Aug 14, 2026 7w ago | Press Release | $3.34 $3.31 | ▼ −0.90% | ▲ +0.47% | $3.21 (−3.83%) |
Jul 17, 2026 11w ago | 6-K | $3.08 $3.05 | ▼ −0.81% | ▼ −0.13% | $3.21 (+4.46%) |
Jul 17, 2026 11w ago | Press Release | $3.08 $3.05 | ▼ −0.81% | ▼ −0.13% | $3.21 (+4.46%) |
Jul 13, 2026 11w ago | 6-K | $3.02 $3.08 | ▲ +1.82% | ▲ +2.61% | $3.21 (+6.36%) |
US Market Status
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