EVAX · Evaxion Biotech A/S

Evaxion’s Q1 2026 financial results reflect increased net loss primarily due to the non-recurrence of $2.4 million in finance income from derivative liability remeasurement recorded in Q1 2025 — a non-operating, one-time item. Core operating expenses remained tightly managed: R&D increased modestly to $2.3 million (up 7% YoY), consistent with ongoing clinical execution, while G&A decreased 11% YoY to $1.5 million, driven by lower capital market costs. The company maintained its cash runway, ending Q1 with $18.4 million in cash — down $4.8 million from December 31, 2025 — which management explicitly confirms funds operations into the second half of 2027. Beyond financials, the filing highlights significant scientific validation: EVX-01 achieved 86% vaccine target recognition in melanoma patients, reinforcing AI-Immunology™’s precision and differentiating it from legacy methods. This milestone supports both clinical advancement — including upcoming three-year phase 2 data in H2 2026 — and business development efforts, now bolstered by Birgitte Rønø’s expanded leadership role and Jens Bitsch-Nørhave’s board appointment. The Gates Foundation collaboration on next-generation polio vaccines further demonstrates platform scalability across disease areas. Collectively, these developments signal continued execution against strategic priorities despite near-term financial volatility tied to non-recurring items, positioning Evaxion for potential value inflection points later in 2026.