Evaxion Licenses EVX-B3 to Merck, Posts 75% ORR, Secures $30M+ Funding
Evaxion licensed its infectious disease vaccine candidate EVX-B3 to Merck, raised over $30 million via partnerships and equity, and secured cash runway into mid-2027 while adding EVX-04 and EVX-B4 to its pipeline and reporting a 75% objective response rate at two years for EVX-01. The company delayed its 2025 annual report and rescheduled the conference call to March 6 due to technical vendor issues.
1. 2025 Financial Results and Cash Position
Evaxion reported strong financial progress in 2025, raising over $30 million through partnership deals and capital market activities and converting debt with the European Investment Bank. This funding, together with an amended ATM equity program, provides cash runway into the second half of 2027 against an expected annual operational burn of approximately $14 million.
2. Pipeline Milestones and Clinical Data
The company achieved a landmark licensing agreement with Merck for its infectious disease vaccine candidate EVX-B3 and added two new programs—off-the-shelf AML candidate EVX-04 and prophylactic Group A Streptococcus candidate EVX-B4. Its personalized cancer vaccine EVX-01 generated unprecedented two-year Phase 2 data, with a 75% objective response rate and 92% durable clinical benefit in advanced melanoma patients.
3. 2026 Strategy and Upcoming Milestones
Evaxion plans to expand its AI-Immunology™ platform into autoimmune disease target discovery in H2 2026 and prepare a Phase 1 regulatory filing for EVX-04 before year-end. The company also aims to present additional biomarker and three-year efficacy data for EVX-01 and preclinical validation data for EVX-B4 at key medical conferences.
4. Annual Report Delay and Conference Call Update
An unforeseen technical issue with external vendors led to a one-day delay in filing the 2025 annual report. As a result, the planned conference call has been moved to March 6 at 8:30 ET/14:30 CET to accommodate the updated publication schedule.