Business highlights (since last quarterly update)
Evaxion is making steady progress towards completing its strategic milestones for 2026. Highlights include:
- Announcing the upcoming presentation of three-year clinical data for personalized cancer vaccine candidate EVX-01 at the
ESMO Congress 2026 - Presentation of new data for EVX-04, an off-the-shelf cancer vaccine for acute myeloid leukemia (AML)
- Expansion and refocusing of our R&D pipeline with EVX-05, a novel off-the-shelf therapeutic cancer vaccine program for glioblastoma
- Presentation of new data for cytomegalovirus (CMV) vaccine candidate EVX-V1
- Winning the 2026 Prix Galien
UK Award for Best digital health solution for AI-Immunology™ - Cash runway unchanged with cash at hand to fund operations into the second half of 2027
“Progress remains strong in recent months, particularly regarding the expansion and progression of our R&D pipeline. Both EVX-04 and EVX-05 represent completely new concepts in targeting hard-to-treat cancers and are great examples of what we can do with AI-Immunology™ to identify novel, conserved cancer targets for off-the-shelf vaccines. The same is true for EVX-V1 in the infectious disease space and we are excited by the successful progress of this next-generation, multi-component CMV-vaccine program. These programs and the combined R&D pipeline show how our AI-Immunology™ platform can truly deliver product candidates, which is crucial in validating our platform and for partnerships,” says
Conference call and webcast
Evaxion’s executive management will host a conference call and webcast at 8.30 ET/14.30 CET today, presenting the business update and financial results as well as taking questions.
To join the conference call, listen to the presentation and ask verbal questions, please register in advance via this link to receive the dial-in telephone numbers and a unique PIN code. The call can be accessed 15 minutes prior to the start of the live event.
To join the webcast, please click on this link. The webcast recording will be available on our website shortly after the event.
Research & Development (R&D) update
Evaxion has a R&D pipeline of innovative vaccine candidates for both cancer and infectious diseases. In future, this is expected to be supplemented by programs for autoimmune diseases following application of AI-Immunology™ in this space in the second half of 2026.
We are looking forward to presenting three-year clinical efficacy data for personalized cancer vaccine EVX-01, our most advanced pipeline asset, at the
Developed with AI-Immunology™, EVX-01 is designed to target multiple neoantigens; cancer unique proteins arising from mutations. We completed the initially planned two-year treatment in the phase 2 trial with EVX-01 in patients with advanced melanoma (skin cancer) last year with unprecedented results presented at ESMO in 2025.
Following on with a one-year extension of the phase 2 trial, the upcoming data will provide additional insights into potentially enhanced treatment effects and durability of the EVX-01-induced immune response. It will also offer insights into the vaccine’s effect also as stand-alone treatment of these patients with advanced melanoma, in comparison to the prior administration in combination with pembrolizumab in the first two years of the trial.
In addition to the personalized approach, we are leveraging AI-Immunology™’s capabilities to develop novel off-the-shelf cancer vaccines, including EVX-04 targeting AML. Developed with AI-Immunology™, EVX-04 targets multiple non-conventional endogenous retrovirus (ERV) tumor antigens from the dark genome.
ERV antigens are present in tumors but absent in normal tissue, making them highly attractive targets for cancer vaccines. AI-Immunology™ has unique capabilities in identifying ERVs and this opens a whole new source of antigens, which can potentially greatly improve patient outcomes.
We are progressing preclinical activities with EVX-04 as planned and presented new data at the
The data also shows that all ERV antigens included in EVX-04 drive specific immune responses both in mice (in vivo) and human cells (in vitro) across different human immune profiles. These vaccine-induced immune cells mediate targeted cell-killing, highlighting EVX-04’s potential as a new effective therapeutic cancer vaccine.
In parallel with preclinical studies, we are preparing the regulatory filing for clinical testing of EVX-04, which is expected to be submitted before the end of the year.
We have also leveraged our capabilities to identify clinically relevant ERVs to expand our pipeline with EVX-05, a novel off-the-shelf cancer vaccine candidate for the deadly brain cancer glioblastoma.
Partly based on data analysis done in collaboration with leading experts from
We also carry out preclinical activities for infectious disease programs and presented new data for CMV vaccine program EVX-V1 at the
This broader multi-targeted strategy is expected to strengthen the protective potential of a future vaccine. The concept represents a scalable strategy for rational vaccine development across other herpesviruses. The new data demonstrates the potential to improve control of acute infection, latency, and viral reactivation, further supporting the concept behind EVX-V1.
Business development update
We remain active in several parallel partnership discussions based on external interest in both our AI-platform and R&D pipeline as we continue to pursue our strategy of strengthening our platform and building value through multiple partnerships.
We were honored to receive the Prix Galien
Second quarter 2026 financial results
The financial results for the second quarter 2026 were in line with expectations with a net loss of
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
Net financial expense of
Cash and cash equivalents as of
Total equity amounts to
(Unaudited) Consolidated statement of financial position data
(USD in thousands)
2026 | Dec 31, 2025 | ||
| Cash and cash equivalents | 14,000 | 23,234 | |
| Total assets | 19,380 | 28,408 | |
| Total liabilities | 9,849 | 11,369 | |
| Share capital | 15,791 | 15,791 | |
| Other reserves | 127,343 | 127,492 | |
| Accumulated deficit | (133,603) | (126,244) | |
| Total equity | 9,531 | 17,039 | |
| Total liabilities and equity | 19,380 | 28,408 |
(Unaudited) Consolidated statement of comprehensive loss data
(USD in thousands, except per share data)
| Three Months Ended | Six Months Ended | |||
| 2026 | 2025 | 2026 | 2025 | |
| Revenue | - | 37 | - | 37 |
| Research and development | (2,334) | (2,165) | (4,631) | (4,321) |
| General and administrative | (1,512) | (2,212) | (3,034) | (3,924) |
| Operating loss | (3,846) | (4,340) | (7,665) | (8,208) |
| Finance income | 147 | 546 | 405 | 4,305 |
| Finance expenses | (234) | (1,232) | (519) | (2,895) |
| Net loss before tax | (3,933) | (5,026) | (7,779) | (6,798) |
| Income tax benefit | 204 | 195 | 420 | 387 |
| Net loss for the period | (3,729) | (4,831) | (7,359) | 6,411 |
| Net loss attributable to shareholders of | (3,729) | (4,831) | (7,359) | 6,411 |
| Loss per share – basic and diluted | (0.01) | (0.02) | (0.02) | (0.02) |
| Number of shares used for calculation (basic and diluted) | 417,010,756 | 315,828,608 | 417,010,756 | 275,434,522 |
Contact information
Vice President, Investor Relations & Communication
+45 53 54 82 96
mak@evaxion.ai
About Evaxion
Evaxion is a pioneering TechBio company based upon its proprietary, clinically validated and scalable AI platform, AI-Immunology™. The platform harnesses the power of artificial intelligence to decode the human immune system and develop novel vaccine candidates for cancer and infectious diseases.
With AI-Immunology™ we conduct rapid, efficient and high-quality target discovery, drug design and development. Our team of +40 experts covers the entire value chain from target discovery to clinical development
We have developed a clinical pipeline of both personalized and off-the-shelf cancer vaccine candidates as well as prophylactic vaccine candidates for infectious diseases. All our candidates address high unmet medical needs, reflecting our commitment to transforming patients’ lives by providing innovative and targeted treatment options.
For more information about Evaxion, AI-Immunology™ and our pipeline, please visit our website.
Forward-looking statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” and other words and terms of similar meaning identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including inflation, and the effects on our business from other significant geopolitical and macro-economic events; and other uncertainties affecting our business operations and financial condition. For further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do not assume any obligation to update any forward-looking statements except as required by law.
