Evaxion Biotech A/S

Evaxion Biotech A/S reported revenue of $7.5 million for FY 2025, up 125% from $3.3 million in FY 2024, driven by a $7.5 million upfront payment from MSD upon exercising its option to license EVX-B3 vaccine candidate, plus minor Gates Foundation grants. Net loss narrowed to $7.7 million from $10.6 million, reflecting revenue growth and stable operating expenses at $16.8 million (down from $18.1 million). Cash position strengthened significantly to $23.2 million from $6.0 million, supported by $23.2 million net financing proceeds from share issuances and warrant exercises, offset by $6.6 million operating cash burn. Total assets reached $28.4 million, with equity turning positive at $17.0 million versus a $1.7 million deficit. Key financial items included $4.6 million financial income (gain on EIB loan conversion $2.6 million) and $4.0 million expenses. Balance sheet shows $11.4 million liabilities, including $5.5 million borrowings. FY 2025 highlights clinical progress in EVX-01 melanoma vaccine (75% ORR) and pipeline advancements, positioning for partnerships and milestones into 2026-2027 runway.

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