Did Evaxion beat or miss consensus estimates last quarter?

What factors drove the changes in Evaxion's revenue and profit?

What is Evaxion's latest dividend and current dividend yield?

What does Evaxion do and what are its main business segments?

What guidance did Evaxion's management provide for the next earnings period?

What is the market's earnings forecast for Evaxion next quarter?

What is the revenue and EPS growth rate for Evaxion year over year?

What is Evaxion's gross profit margin?

- **MSD Deal Boosts Liquidity**: $7.5 million option exercise extends cash runway to mid-2027, with potential $592 million in future milestones.
- **EVX-01 Clinical Success**: 75% objective response rate at two years, validating AI-driven neoantigen vaccine approach.
- **Innovative AML Program**: EVX-04 targets shared ERV antigens, offering a novel off-the-shelf cancer vaccine strategy.
- **New CEO Leadership**: Dr. Helen Tayton-Martin's appointment signals strategic focus on partnerships and pipeline advancement.

**【Management Updates】**
- **New CEO Appointment**: Dr. Helen Tayton-Martin will assume the role of CEO on November 24, 2025, bringing extensive biotech leadership experience. Interim CEO Birgitte Rono will revert to her role as Chief Scientific Officer.
- **MSD Deal Milestone**: MSD exercised its $7.5 million option on EVX-B3, extending the company's cash runway to mid-2027. The evaluation period for EVX-B2 has been extended, with a decision expected in early 2026.

**【R&D and AI-Immunology Highlights】**
- **EVX-01 Phase II Data**: Presented two-year clinical data showing a 75% objective response rate, with 11/12 responders maintaining responses at two years. EVX-01 induced neoantigen-specific T cell responses in all patients, with 81% of vaccine neoantigens demonstrating immunogenicity.
- **EVX-04 Launch**: Introduced a novel therapeutic cancer vaccine targeting endogenous retrovirus (ERV) antigens in acute myeloid leukemia (AML), leveraging the AI-Immunology platform for shared, off-the-shelf antigens.
- **AI Platform Innovation**: Launched an automated vaccine design module reducing development time and costs, enabling seamless transition from target discovery to production.

**【Financial Results】**
- **Revenue**: Q3 revenue included the $7.5 million MSD payment, with potential future revenue of up to $592 million if MSD exercises further options.
- **Cash Position**: Cash balance of $10.6 million at quarter-end, with additional funding from warrant exercises and debt conversions.
- **Cost Management**: Operating expenses remained stable year-over-year, with a focus on maintaining financial discipline.

**【Q&A Highlights】**
- **Partnership Strategy**: Active discussions with multiple partners across oncology and infectious disease programs, with interest in both vaccine candidates and AI platform collaborations.
- **EVX-B2 Update**: MSD is conducting confirmatory studies, with a decision on the $2.5 million option expected in early 2026.
- **Platform Monetization**: Exploring opportunities to license the automated design module to third parties for antigen manufacturing optimization.

Evaxion A/S (EVAX) Q3 2025 Earnings Call Transcript

- **MSD Partnership Progress:** Option exercise decision expected by end-2025, with collaboration on track for data readouts.
- **Gates Foundation Grant:** Risk-free polio vaccine development underway, enhancing platform visibility.
- **Financial Strength:** $14.7 million cash runway extended to mid-2026 via loan-to-equity conversion.
- **Pipeline Momentum:** EVX-B4 GAS vaccine and EVX-V1 CMV vaccine advancing in preclinical stages; 2-year EVX-01 data pending at ESMO 2025.

**【Management Opening Remarks】**
- Interim CEO Birgitte Rono highlighted Q2 achievements, including progress with MSD partnership and Gates Foundation grant for polio vaccine development.
- Emphasized strong R&D pipeline across oncology (EVX-01) and infectious diseases (EVX-B4, EVX-V1), with cash runway extended to mid-2026.
- Noted challenges in deal execution due to financial market and regulatory uncertainties.

**【R&D Updates】**
- **EVX-01 (Cancer Vaccine):** 2-year clinical data to be presented at ESMO 2025; Phase II extension phase underway to assess standalone efficacy without pembrolizumab.
- **EVX-B4 (GAS Vaccine):** New program targeting Group A Streptococcus, with AI-Immunology identifying novel antigens for preclinical testing.
- **EVX-V1 (CMV Vaccine):** Preclinical development progressing, with AI-Immunology designing multi-component antigens for broad viral targeting.
- **Polio Vaccine:** Gates Foundation grant enables risk-free platform application, with potential for future collaborations.

**【Financial Commentary】**
- **Cash Position:** $14.7 million at end of Q2, supporting operations until mid-2026.
- **Equity Strengthening:** Conversion of $4.1 million loan from European Investment Bank to equity, reducing liabilities.
- **Operating Loss:** $4.3 million (Q2 2025) vs. $4.6 million (Q2 2024), with R&D costs expected to rise in H2.
- **Net Loss:** $4.8 million (Q2 2025) driven by reduced financial expenses compared to prior year.

**【Q&A Highlights】**
- **MSD Partnership:** Decision on option exercise expected in H2 2025; collaboration progressing as planned with promising data.
- **Business Development:** Active discussions across oncology and infectious disease pipelines, with focus on AI-Immunology collaborations.
- **ESMO Data:** 2-year EVX-01 results pending; 11 patients remain active in trial, with extension phase evaluating vaccine alone.

Evaxion Biotech A/S (EVAX)-14 Aug 25-2025 Q2 Earnings call transcript

- **Merck Option Exercise Catalyst**: Potential $10M H2 2025 milestone for EVX-B2/B3 compounds.
- **EVX-01 Immunogenicity**: 80% target immune response rate, CD4 T-cell dominance, and CD8 response in half of patients.
- **Financial Strength**: $17.8M cash (mid-2026 runway) and $10.3M equity, meeting NASDAQ requirements.
- **Pipeline Momentum**: ERV vaccine lead selection in H2, first infectious disease candidate shortlisted.
- **Market Risk**: Macro uncertainty delays 2025 deal execution, though two-deal target remains intact.


**【CEO Opening Remarks】**
- Q1 2025 highlights: Strong progress across business development, R&D, and financial execution.
- Key milestone: Potential $10M from Merck option exercise in H2 2025 for EVX-B2/B3 compounds.
- Business development pipeline remains solid, targeting at least two new deals in 2025, though macro uncertainty poses risks.
- EVX-01 Phase 2 trial extension dosing begins, with two-year readout expected in H2.
- Precision ERV cancer vaccine lead candidate selection on track for H2.
- Cash runway extended to mid-2026, supporting key 2025 milestones.

**【CSO R&D Update】**
- EVX-01 Phase 2 data: 80% of vaccine targets elicited immune response (vs. lower rates in peers), with CD4 T-cell dominance and CD8 response in ~50% patients.
- Trial extension to assess monotherapy efficacy, with minimal incremental cost.
- ERV vaccine progress: Lead candidate design optimized for broad HLA coverage, with IND/CTA prep underway.
- Infectious disease pipeline: First bacterial target shortlisted post-expert review, with second candidate to be added in H2.

**【CFO Financial Review】**
- Q1 2025 cash position: $17.8M (vs. $6M at year-end 2024), driven by capital market activities.
- Operating loss: $3.9M (down 11% YoY), with $14M annual cash burn forecast.
- Financial income: $2.4M from derivative liability reassessment, with 50% of warrants remaining to be marked-to-market.
- Equity: $10.3M (vs. NASDAQ listing requirements met), with no immediate listing risk.
- Mid-2026 cash runway supports key 2025 milestones, plus potential $10M from Merck in 2025.

**【Q&A Key Takeaways】**
- EVX-01 immune profile: CD4 T-cell dominance reflects peptide vaccine mechanism, with CD8 response variability.
- ERV vaccine strategy: Initially standalone, precision vaccine targeting shared antigens for broader patient access.
- Gonorrhea vaccine context: UK trial highlights unmet need, aligning with EVX-B2's potential for broader protection.
- Merck collaboration: No direct feedback on UK trial, but reinforces commercial rationale for EVX-B2/B3 pipeline.


EVAX

EVAX fundamentals

Earnings Call

You can ask Aime