Contradictions Revealed: Insights from the 2025 Q1 Earnings Call on EVX-B2 Development and ERV Vaccine Strategy

EVX-B2 development timeline, ERV platform data publication timeline, ERV expression and vaccine strategy, timing of first patient initiation in Phase 2b EVX-01 study, ERV vaccine strategy and neoantigen combination are the key contradictions discussed in the company's latest 2025Q1 earnings call.



Strong Financial Position:
- Evaxion Biotech reported a cash position of $17.8 million, a significant increase from $6 million at the end of 2024.
- This improvement was driven by successful capital market activities, primarily in January, and is expected to extend the cash runway until mid-2026.

Progress in R&D and Clinical Trials:
- EVX-01, Evaxion's personalized peptide-based cancer vaccine, showed positive data with 80% of vaccine targets triggering a specific immune response.
- This progress was achieved through the application of AI immunology, identifying new antigens and demonstrating the potential for precision medicines.

Expansion of Infectious Disease Pipeline:
- Evaxion aims to add a new infectious disease pipeline candidate to the pipeline in the first half of the year.
- This expansion is supported by a comprehensive assessment of several bacterial pathogen targets and expert advisory panel inputs.

Strategic Partnership and Business Development:
- The partnership with Merck is on track for a potential option exercise in the second half of the year, which could result in a $10 million payment if both options are exercised.
- The company maintains confidence in achieving at least two new business development deals in 2025, despite macroeconomic challenges affecting deal execution.