Evaxion A/S reported full‑year 2025 revenue of $7.5 million, a figure entirely generated by a $7.5 million option exercise from Merck Sharp Daniel (MSD) and a grant from the Gates Foundation. The revenue spike is a one‑time event, reflecting the company’s ability to monetize its AI‑Immunology platform through licensing and grant funding rather than recurring product sales.
The company posted a net loss of $7.7 million for 2025, an improvement of $2.9 million over the $10.6 million loss reported in 2024. The narrowing loss is attributable to higher revenue and modest reductions in operating expenses, with research and development costs falling to $10.0 million and general and administrative expenses to $6.8 million, both slightly lower than the prior year. The lower G&A expense was driven primarily by reduced capital‑market transaction costs.
Cash and cash equivalents stood at $23.2 million as of December 31 2025, up from $6.0 million in 2024. The substantial cash inflow from the MSD option exercise and the Gates Foundation grant, combined with disciplined cost management, has extended Evaxion’s runway into the second half of 2027, giving the company time to execute its pipeline and partnership plans.
Management highlighted the financial strengthening and expressed confidence in the company’s trajectory. Evaxion said it had “strengthened its financial position and is well positioned to progress its AI‑Immunology platform and pipeline.” The company also noted that the MSD deal validates its platform and that future milestone payments could reach up to $592 million, while the Gates Foundation grant underscores the platform’s versatility in global health.
The results also coincide with the appointment of Dr. Helen Tayton‑Martin as CEO, effective November 24 2025, and the addition of new pipeline candidates such as EVX‑04 and EVX‑B4. These developments, coupled with the extended cash runway, position Evaxion to pursue further partnerships and advance its vaccine candidates, including the first approved vaccine for gonorrhea that the company is pursuing with a new partner.
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