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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EVAX

EVAX fundamentals

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