Traders should monitor upcoming clinical data readouts for EVX-01 (3-year results) and EVX-04 (IND filing) in H2 2026, as well as potential new partnership announcements leveraging the strengthened balance sheet and validated AI platform. The expanded ATM program creates optionality but also potential dilution risk if utilized.
Price Chart
Executive Summary
Evaxion reported strong 2025 financial and clinical progress, highlighted by a $7.5M upfront from MSD for its AI-discovered vaccine EVX-B3, improved cash position of $23.2M extending runway into 2027, and compelling phase 2 data for its cancer vaccine EVX-01 showing 75% objective response rate in advanced melanoma. The company also expanded its pipeline and secured enhanced funding capacity via an amended ATM program allowing up to $45.5M in future share issuances.
Key Financial Metrics
Key Facts
- Received $7.5M from MSD for the option exercise on infectious disease candidate EVX-B3, with potential for up to $592M in milestone payments
- Cash and cash equivalents increased to $23.2M (from $6.0M in 2024), funding operations into H2 2027
- EVX-01 showed 75% objective response rate and 92% durable clinical benefit at two years in phase 2 melanoma trial
- Net loss narrowed to $7.7M in 2025 from $10.6M in 2024, driven by higher revenue and lower R&D and G&A expenses
- Amended ATM facility allows potential issuance of up to $45.5M in shares through March 2028
- Added two new pipeline candidates: EVX-04 (AML) and EVX-B4 (Group A Streptococcus), and launched AI-Immunology™ expansion into autoimmune diseases
Financial Impact
$7.5M in revenue from MSD deal, $30M+ total capital inflow in 2025, $14M expected cash burn in 2026
Risk Factors
- High reliance on future milestone payments from MSD, which are uncertain and non-guaranteed
- Potential dilution from ATM share issuances if market conditions prompt capital raises
- Clinical development risk in ongoing and future trials, particularly for novel AI-discovered targets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250320 |
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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