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EVAX
Earnings call · Jun 2026 (Q2 FY26)

Evaxion A/S Q2 FY26 earnings call EVAX

Aug 20, 2026 Source

Executive summary

Evaxion Q2 FY26 — Pipeline Progress and Cash Runway Reaffirmation

Evaxion reported significant operational momentum in Q2 FY26, marked by pipeline advancements and the launch of a new glioblastoma program, EVX-05, leveraging its AI Immunology platform. The company reaffirmed its cash runway into the second half of 2027, supported by disciplined resource allocation and the activation of an ATM facility. Management highlighted the recent positive Phase III results from a similar personalized cancer vaccine program by Moderna and Merck as a validation for the entire field, including Evaxion's EVX-01 program, which will present 3-year data at ESMO.

Highlights

5

  • Cash runway reconfirmed into the second half of 2027, maintaining financial stability.

  • EVX-01 personalized cancer vaccine program to present 3-year efficacy data at ESMO in October, building on strong 2-year data (75% overall response rate, 92% patients still in response).

  • New EVX-05 off-the-shelf vaccine program launched for glioblastoma, leveraging AI immunology platform.

  • AI Immunology platform recognized with a second Gallian award, validating its predictive value across disease areas.

  • EVX-04 off-the-shelf cancer vaccine for AML progressing towards regulatory filing later this year, with novel preclinical data presented at EHA.

Concerns

2

  • Glioblastoma, the target for EVX-05, remains a hard-to-treat cancer with a median overall survival of approximately 1 year, underscoring significant unmet medical need.

  • Cash use in the first half of FY26 was approximately $80 million, with a quarterly burn rate of about $4 million, requiring utilization of an ATM facility to maintain the cash runway.

Guidance & targets

CategoryTargetConfidence
Cash runway
Into the second half of 2027
high materiality
High
EVX-04 regulatory filing
Regulatory filing
medium materiality
High
EVX-05 Lead Candidate Selection
Lead candidate selection and IND enabling activities
medium materiality
Medium

Deals & partnerships

Merck Infectious disease program

One of the partnered infectious disease programs.

Aprogen Infectious disease program

One of the partnered infectious disease programs.

Duke University Development of EVX-05 off-the-shelf vaccine for glioblastoma ongoing for quite some time

Duke provided sequencing data from glioblastoma patients for target identification for the EVX-05 program.

Risks & headwinds

Glioblastoma unmet medical need

median overall survival of approximately 1 year

Mitigation:Development of EVX-05 off-the-shelf vaccine targeting conserved antigens.

Cash burn rate H1 FY26, ongoing

cash use was about $80 million in H1 FY26; quarterly burn rate is about like $4-plus million

Mitigation:Disciplined resource allocation, reconfirmed cash runway into H2 2027, activation of ATM facility, potential future deals/partnerships.

What to watch in Q3 FY26

EVX-01 3-year efficacy data

October (ESMO)
Current 2-year data showed 75% ORR, 92% patients in response.
Target Durable responses, maintained T-cell responses, similar or improved ORR.

Why it matters

Will provide further insight into enhanced treatment effects and durability, crucial for clinical validation and partner discussions.

So for the EVX-01 clinical data that we would like to see at ESMO is basically that we have almost the same or even improved overall response rate.

Q&A highlights

When can we expect more news on EVX-05, and what was Duke University's specific role?

Duke provided sequencing data from glioblastoma patients, which Evaxion's AI immunology used to identify conserved antigens for EVX-05. The program has concluded target discovery and is now in lead candidate selection and IND-enabling activities, with no firm timeline for first-in-human study yet.

“So the collaboration with [indiscernible] has been ongoing for quite some time. They do have a lot of sequencing data from the patients that they're treating in their clinics. So we believe sequencing data for some of those, and we're able to identify.”

asked by Thomas Flaten · answered by Birgitte Rono

2 min read 6 chapters

Detailed narrative

Q2 Achievements and AI Immunology Validation

Evaxion achieved several milestones in Q2 FY26 across its core platforms, including business development discussions, R&D pipeline advancements, and further validation of its AI Immunology platform. The platform received its second Gallian award in 12 months, recognizing its value in predicting immunology for infectious disease, oncology, and autoimmune disease programs. This continuous validation of the AI Immunology panel feeds into ongoing partnership discussions.

EVX-01 and Personalized Cancer Vaccines

The company's lead asset, EVX-01, a personalized neoantigen cancer vaccine for advanced melanoma, is set to present 3-year efficacy data at ESMO in October. This follows strong 2-year outcome data, which showed a 75% overall response rate and 92% of patients still in response, with over half converting to an improved clinical response. The recent positive Phase III results from Moderna and Merck's similar program were highlighted as a significant validation for the entire personalized cancer vaccine field, strengthening Evaxion's position.

Expansion into Glioblastoma with EVX-05

Evaxion announced a new off-the-shelf cancer vaccine program, EVX-05, for glioblastoma, developed in collaboration with Duke University. This program leverages the AI Immunology platform to target conserved antigens derived from endogenous retrovirus elements (ERVs) in the dark genome. Glioblastoma is a highly aggressive brain tumor with a significant unmet medical need, and EVX-05 aims to provide broad tumor coverage despite patient-specific antigen differences.

Progress of EVX-04 and Infectious Disease Programs

The EVX-04 off-the-shelf cancer vaccine program for AML is progressing well, with novel data presented at the European Hematology Association Conference in June demonstrating its ability to activate human immune cells and mediate targeted cell killing. The company plans for regulatory filing of EVX-04 later this year. Additionally, the EVX-D1 CMV vaccine program presented new preclinical data at the International Herpesvirus Workshop, showing its potential to control acute infection, latency, and reactivation.

Financial Discipline and Cash Runway

Evaxion maintained a disciplined focus on resource allocation, aligning spending with strategic priorities and value drivers. The company reported a net loss of $3.7 million for Q2 FY26, which was on plan. The cash position at the end of the quarter was $14 million, with equity at $9.5 million. Management reconfirmed a cash runway into the second half of 2027, noting that an ATM facility was activated to support this.

Business Development and Future Outlook

The company is actively engaged in business development discussions for its programs and platforms, particularly in oncology, where the clinical data for EVX-01 and the novel ERV platform for EVX-05 have generated significant interest. Management emphasized that the recent validation of personalized cancer vaccines by larger players provides a positive endorsement for their differentiated programs and accelerates potential partnerships.

AI-generated summary of the company's earnings call. Not investment advice.