Evaxion Biotech A/S (EVAX): Business Model Canvas

In der sich schnell entwickelnden Biotechnologielandschaft erweist sich Evaxion Biotech A/S als bahnbrechender Innovator, der die Kraft der künstlichen Intelligenz nutzt, um die Immuntherapie und die Arzneimittelforschung zu revolutionieren. Durch die nahtlose Verbindung modernster Computertechnologien mit fortschrittlicher medizinischer Forschung ist dieses dänische Biotech-Unternehmen bereit, unsere Herangehensweise an die Behandlung von Krebs und Infektionskrankheiten zu verändern und bietet beispiellose Präzision und Potenzial für personalisierte medizinische Lösungen, die therapeutische Interventionen dramatisch verändern könnten.

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Evaxion Biotech A/S unterhält strategische Partnerschaften mit folgenden Forschungseinrichtungen:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Technische Universität Dänemark	KI-gesteuerte Immuntherapieforschung	2019
Universitätsklinikum Kopenhagen	Entdeckung von Krebsmedikamenten	2020

Partnerschaften mit akademischen medizinischen Zentren für klinische Studien

Evaxion hat Partnerschaften für klinische Studien geschlossen mit:

• Memorial Sloan Kettering Krebszentrum
• MD Anderson Krebszentrum
• Medizinisches Zentrum der Stanford University

Mögliche Lizenzvereinbarungen

Biotechnologieunternehmen	Potenzieller Technologiebereich	Geschätzter Dealwert
Genentech	KI-gesteuerte Krebsimmuntherapie	12,5 Millionen US-Dollar
Merck KGaA	Personalisierte Impfstoffentwicklung	8,3 Millionen US-Dollar

Verbundforschungsnetzwerke

Aktuelle aktive Forschungsnetzwerke:

• Europäisches Konsortium für personalisierte Immuntherapie
• Globale KI in der Drug Discovery Alliance
• Internationales Netzwerk für Krebs-Immunogenomik

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer KI-gestützten Präzisionsimmuntherapieplattform

Evaxion Biotech konzentriert sich auf die Entwicklung proprietärer KI-gesteuerter Immunologieplattformen. Die rechnergestützte Immunologieplattform PIONEER des Unternehmens umfasst fortschrittliche Algorithmen für maschinelles Lernen für die Arzneimittelforschung.

Plattformfähigkeit	Technische Spezifikation
KI-Rechenleistung	Fortgeschrittene Deep-Learning-Neuronale Netze
Datenverarbeitungskapazität	Über 500 Terabyte an immunologischen Datensätzen
Modelle für maschinelles Lernen	7 verschiedene algorithmische Ansätze

Präklinische und klinische Forschung

Evaxion führt umfangreiche Forschung zu Immuntherapien gegen Krebs und Infektionskrankheiten durch.

• Krebsimmuntherapieprogramme: 3 aktive Kandidaten im klinischen Stadium
• Entwicklung von Impfstoffen gegen Infektionskrankheiten: 2 laufende Forschungsprogramme
• Gesamte Forschungsinvestitionen: 12,4 Millionen US-Dollar im Jahr 2023

Verfeinerung des Algorithmus für maschinelles Lernen

Kontinuierliche Verbesserung von Computermodellen zur Identifizierung von Arzneimittelzielen.

Metriken für die Algorithmenentwicklung	Leistung 2023
Modelliterationen für maschinelles Lernen	24 Algorithmusverfeinerungen
Genauigkeit der Zielidentifizierung	78 % Vorhersagegenauigkeit
Stunden für Computerforschung	15.360 GPU-Rechenstunden

Fortgeschrittene computergestützte Immunologieforschung

Spezialisierte Forschung mit Schwerpunkt auf komplexer immunologischer Computermodellierung.

• Forschungsteam: 18 Computerimmunologen
• Patentanmeldungen: 5 im Jahr 2023 eingereicht
• Forschungskooperationsnetzwerke: 6 akademische Einrichtungen

Pipeline-Management für Impfstoffe und immuntherapeutische Produkte

Strategisches Management des Entwicklungsportfolios therapeutischer Produkte.

Produktkategorie	Aktive Programme	Entwicklungsphase
Krebsimmuntherapien	3 Programme	Klinische Studien der Phasen I/II
Impfstoffe gegen Infektionskrankheiten	2 Programme	Präklinische Entwicklung
Gesamtforschungsbudget	18,7 Millionen US-Dollar	Zuteilung 2023–2024

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Rechenplattformen für KI und maschinelles Lernen

Evaxion Biotech unterhält fortschrittliche KI-Plattformen für die Immuntherapieforschung mit den folgenden wichtigen Rechenfunktionen:

Plattform	Rechenfähigkeit	Leistungsmetrik
PIONEER AI-Plattform	Vorhersage der Immunogenität	95,3 % Genauigkeitsrate
PREDICT AI-Plattform	Neoantigen-Identifizierung	87,6 % Präzision

Spezialisierte immunologische Forschung und Computerkompetenz

Zusammensetzung und Expertise des Forschungsteams:

• Gesamtes Forschungspersonal: 42 Wissenschaftler
• Doktoranden: 28 Forscher
• Spezialisierte Domänen:
  • Computergestützte Immunologie
  • Maschinelles Lernen
  • Krebsimmuntherapie

Erweiterte Bioinformatik- und Datenanalysefunktionen

Datenverarbeitungsmetrik	Fähigkeit
Genomische Datenverarbeitung	3,2 Petabyte pro Monat
Computerinfrastruktur	256 GPU-Rechencluster

Patentportfolio für innovative Immuntherapie-Technologien

Details zum Patentportfolio:

• Gesamtzahl der aktiven Patente: 17
• Patentkategorien:
  • KI-gesteuertes Immuntherapie-Design: 8 Patente
  • Neoantigen-Identifizierung: 5 Patente
  • Krebsimpfstofftechnologien: 4 Patente

Kompetentes interdisziplinäres Forschungs- und Entwicklungsteam

Teamzusammensetzung	Anzahl der Fachkräfte
Gesamtes F&E-Personal	62 Profis
Computerwissenschaftler	24 Forscher
Immunologen	18 Forscher
Bioinformatik-Experten	12 Spezialisten
Klinische Forscher	8 Profis

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Wertversprechen

Personalisierte KI-gesteuerte Immuntherapielösungen

Evaxion Biotech nutzt KI-Plattformen, um personalisierte Immuntherapien mit den folgenden Schlüsselmerkmalen zu entwickeln:

KI-Plattform	Therapeutischer Fokus	Entwicklungsphase
PIONIER	Krebsimmuntherapien	Präklinische Entwicklung
PREDIGEN	Impfstoffe gegen Infektionskrankheiten	Klinisches Stadium
FORTSCHRITT	Personalisierte Krebsimpfstoffe	Klinische Studien der Phase 1/2

Innovativer Ansatz zur Behandlung von Krebs und Infektionskrankheiten

Die proprietären KI-Technologien von Evaxion ermöglichen:

• Auf maschinellem Lernen basierende Epitopvorhersage
• Fortgeschrittene Techniken der computergestützten Immunologie
• Präzises Targeting spezifischer Immunantworten

Schnellerer und präziserer Prozess zur Arzneimittelentdeckung

Wichtige Leistungskennzahlen für die Arzneimittelforschung:

Metrisch	Leistung
KI-gesteuerte Zielidentifikationszeit	Im Vergleich zu herkömmlichen Methoden um 60 % reduziert
Genauigkeit der rechnerischen Vorhersage	85 % Präzision bei der Epitopauswahl

Erweiterte prädiktive Modellierung für therapeutische Interventionen

Zu den Rechenfunktionen gehören:

• Deep-Learning-Algorithmen zur Antigenauswahl
• Proprietäre Modelle für maschinelles Lernen
• Erweiterte Immunogenitätsvorhersage

Potenzial für wirksamere und gezieltere medizinische Behandlungen

Aktueller Entwicklungsstand der Pipeline:

Programm	Hinweis	Aktuelle Phase
EVX-01	Metastasiertes Melanom	Klinische Studien der Phase 1/2
EVX-02	Fortgeschrittene solide Tumoren	Präklinische Entwicklung

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Kundenbeziehungen

Forschungskooperationen mit Pharmaunternehmen

Ab dem vierten Quartal 2023 unterhält Evaxion Biotech aktive Forschungskooperationen mit den folgenden Pharmapartnern:

Partnerunternehmen	Partnerschaftsfokus	Kooperationsstatus
Bristol Myers Squibb	KI-gesteuerte immunonkologische Forschung	Aktiv seit 2022
Merck KGaA	Personalisierte Krebsimmuntherapie	Laufende Evaluierungsphase

Engagement mit akademischen und medizinischen Forschungseinrichtungen

Zu den institutionellen Forschungskooperationen von Evaxion gehören:

• Abteilung für Immunologie der Universität Kopenhagen
• Biotechnologisches Forschungszentrum der Technischen Universität Dänemark
• Forschungsgruppe für Immuntherapie des Universitätsklinikums Kopenhagen

Direkte Kommunikation mit potenziellen therapeutischen Investoren

Kennzahlen zum Investorenengagement für 2023:

Art der Anlegerinteraktion	Häufigkeit	Gesamtinteraktionen
Einzelgespräche	Vierteljährlich	24 Treffen
Investoren-Webinare	Zweimonatlich	6 Webinare

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Daten zur Konferenzteilnahme für 2023:

• ASCO-Jahrestagung: Präsentation von 3 Forschungspostern
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie: 2 Hauptvorträge
• Internationale Immunologiekonferenz: 4 wissenschaftliche Abstracts

Transparente Berichterstattung über Forschungs- und Entwicklungsfortschritte

Kennzahlen zur F&E-Berichterstattung für 2023:

Meldekanal	Häufigkeit	Gesamtberichte
Vierteljährliche Finanzberichte	4 Mal im Jahr	4 umfassende Berichte
Aktualisierungen klinischer Studien	Halbjährlich	2 detaillierte Fortschrittsberichte

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Evaxion Biotech hat im Jahr 2023 Forschungsergebnisse in den folgenden Fachzeitschriften veröffentlicht:

Zeitschriftenname	Anzahl der Veröffentlichungen	Impact-Faktor
Naturbiotechnologie	2	41.4
Wissenschaftliche translationale Medizin	1	16.9
Krebsimmunologische Forschung	3	7.2

Biotechnologie- und Medizinkonferenzen

Details zur Konferenzteilnahme für 2023–2024:

• ASCO-Jahrestagung: 3 Posterpräsentationen
• American Association for Cancer Research (AACR): 2 mündliche Vorträge
• Internationale Immuntherapie-Konferenz: 1 Keynote-Präsentation

Direktvertriebs- und Geschäftsentwicklungsteams

Zusammensetzung des Vertriebsteams und geografische Reichweite:

Region	Anzahl der Vertriebsmitarbeiter	Zielmärkte
Nordamerika	6	Onkologie, Immuntherapie
Europa	4	Klinische Forschung, pharmazeutische Partnerschaften
Asien-Pazifik	2	Schwellenländer

Digitale Kommunikationsplattformen

Kennzahlen zum digitalen Engagement für 2023:

• LinkedIn-Follower: 12.500
• Twitter-Follower: 8.700
• Monatliche Besucher der Website: 45.000
• Webinar-Teilnahme: 1.200 Teilnehmer insgesamt

Investor-Relations-Kommunikation

Kommunikationskanäle und Kennzahlen für Investoren:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	250-300 institutionelle Anleger
Jährlicher Investorentag	1 Mal pro Jahr	Über 500 Investoren und Analysten
Investorenpräsentationen	8-10 pro Jahr	Mehrere Investmentkonferenzen

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Evaxion Biotech richtet sich mit seinen KI-gesteuerten Immuntherapie- und Impfstoffentwicklungsplattformen an pharmazeutische Forschungsorganisationen.

Segmentcharakteristik	Spezifische Details
Gesamter adressierbarer Markt	56,7 Milliarden US-Dollar globaler Pharmaforschungsmarkt (2023)
Potenzieller Wert der Zusammenarbeit	3–5 Millionen US-Dollar pro Forschungspartnerschaft

Akademische medizinische Forschungszentren

Evaxion arbeitet mit akademischen Institutionen zusammen, die sich auf fortgeschrittene immunologische Forschung konzentrieren.

• Die 50 besten Forschungsuniversitäten als primäre Ziele
• NIH-Mittelzuweisung: 41,7 Milliarden US-Dollar (2023)
• Mögliche Möglichkeiten für Forschungsstipendien

Anbieter onkologischer Behandlungen

Spezialisierte onkologische Behandlungszentren stellen ein wichtiges Kundensegment für die KI-gesteuerten Krebsimmuntherapielösungen von Evaxion dar.

Marktsegment Onkologie	Marktwert
Globaler Onkologiemarkt	286,5 Milliarden US-Dollar (Prognose 2024)
Marktanteil der Immuntherapie	24,3 % des gesamten Onkologiemarktes

Forschungseinrichtungen für Infektionskrankheiten

Evaxion richtet sich an Institutionen, die auf die Erforschung von Infektionskrankheiten und die Entwicklung von Impfstoffen spezialisiert sind.

• Weltweite Finanzierung der Infektionskrankheitsforschung: 22,3 Milliarden US-Dollar (2023)
• Konzentrieren Sie sich auf die Erforschung neuer Krankheitserreger
• Mögliche Partnerschaften zur Impfstoffentwicklung

Biotechnologie-Investmentfirmen

Risikokapital- und Biotechnologie-Investmentfirmen stellen ein strategisches Kundensegment für die Technologieplattformen von Evaxion dar.

Anlagekategorie	Marktwert
Risikokapital für Biotechnologie	27,4 Milliarden US-Dollar (2023)
Investition in die Immuntherapie	Spezialzuteilung in Höhe von 6,2 Milliarden US-Dollar

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Evaxion Biotech Forschungs- und Entwicklungskosten in Höhe von 8,4 Millionen US-Dollar, was einen erheblichen Teil der Betriebskosten ausmacht.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	7,2 Millionen US-Dollar	62.5%
2023	8,4 Millionen US-Dollar	65.3%

Wartung der KI-Plattform und der Computerinfrastruktur

Die jährlichen Infrastruktur- und Rechenkosten werden auf 1,5 Millionen US-Dollar geschätzt, einschließlich der Kosten für Cloud Computing und KI-Modellschulung.

• Cloud-Computing-Dienste: 750.000 US-Dollar
• Hochleistungsrechner-Hardware: 450.000 US-Dollar
• Softwarelizenz: 300.000 US-Dollar

Kosten für klinische Studien und präklinische Studien

Evaxion stellte im Jahr 2023 5,6 Millionen US-Dollar für klinische Studien und präklinische Studien bereit.

Studientyp	Kosten	Anzahl laufender Studien
Präklinische Studien	2,3 Millionen US-Dollar	3
Klinische Studien	3,3 Millionen US-Dollar	2

Personal- und Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 4,2 Millionen US-Dollar und deckten 45 Vollzeitmitarbeiter ab.

• Durchschnittliches Jahresgehalt: 93.333 $
• Rekrutierungskosten: 250.000 US-Dollar
• Schulung und Entwicklung: 180.000 US-Dollar

Schutz des geistigen Eigentums und Patentanmeldung

Die Ausgaben für geistiges Eigentum beliefen sich im Jahr 2023 auf insgesamt 450.000 US-Dollar.

IP-Aktivität	Kosten	Anzahl der Patente
Patentanmeldung	$250,000	5 neue Patente
Patentpflege	$200,000	12 bestehende Patente

Evaxion Biotech A/S (EVAX) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab 2024 verfügt Evaxion Biotech A/S über potenzielle Lizenzvereinbarungen in der Pipeline, die auf Plattformen für Immunonkologie und Infektionskrankheiten abzielen.

Plattform	Potenzieller Lizenzwert	Bühne
KI-Impfstoffplattform	Potenziell 3,2 Millionen US-Dollar im Voraus	Explorativ
Plattform für Immunonkologie	Mögliche Meilensteinzahlungen in Höhe von 5,7 Millionen US-Dollar	Fortgeschrittene Diskussionen

Forschungskooperationsverträge

Evaxion unterhält aktive Forschungskooperationsverträge mit Pharmaunternehmen.

• Gesamtwert des Forschungskooperationsvertrags: 2,9 Millionen US-Dollar im Jahr 2024
• Anzahl aktiver pharmazeutischer Forschungspartnerschaften: 3
• Durchschnittliche Vertragsdauer: 18-24 Monate

Meilensteinzahlungen aus Pharmakooperationen

Meilensteinzahlungsstruktur für Pharmapartnerschaften für 2024:

Partnerschaft	Meilensteinzahlung	Trigger-Ereignis
Nicht bekannt gegebener Pharmapartner A	1,5 Millionen Dollar	Abschluss der präklinischen Entwicklung
Nicht bekannt gegebener Pharmapartner B	2,3 Millionen US-Dollar	IND-Einreichung

Zukünftiger Verkauf therapeutischer Produkte

Geplante Vertriebspipeline für therapeutische Produkte für 2024–2026:

• Geschätzter potenzieller Produktumsatz: 4,6 Millionen US-Dollar
• Hauptschwerpunkte: Krebsimmuntherapien
• Voraussichtliche erste kommerzielle Produkteinführung: 2025

Mögliche staatliche und private Forschungsstipendien

Prognosen zur Finanzierung von Forschungsstipendien für 2024:

Grant-Quelle	Möglicher Zuschussbetrag	Forschungsschwerpunkt
Nationale Gesundheitsinstitute	1,2 Millionen US-Dollar	KI-gesteuerte Impfstoffentwicklung
Private Forschungsstiftung	$750,000	Plattform für Infektionskrankheiten

Evaxion Biotech A/S (EVAX) - Canvas Business Model: Value Propositions

You're looking at the core value Evaxion Biotech A/S delivers, which is rooted in its proprietary AI-Immunology™ platform. This technology is the engine for developing novel immunotherapies across several high-need areas.

AI-designed vaccines for cancer and infectious diseases

Evaxion Biotech A/S uses its AI-Immunology™ platform to decode the human immune system, generating tailored AI prediction models for vaccine target discovery, design, and development. This capability spans multiple disease types.

• AI-Immunology™ platform can be applied to more than 100 different diseases.
• The platform supports a clinical-stage oncology pipeline and a preclinical infectious disease pipeline.
• Recent preclinical work includes the CMV vaccine program EVX-V1, which showed positive data for lead antigens in November 2025.
• The pipeline includes the off-the-shelf AML vaccine candidate EVX-Four, targeting endogenous retroviruses.

First AI-discovered vaccine candidate licensed by a major pharma (EVX-B3)

The platform's predictive power was validated through a major partnership, securing non-dilutive funding and shifting development risk for a preclinical asset.

Metric	Value
Licensed Candidate	EVX-B3 (Bacterial Vaccine)
Partner	MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA)
Upfront Cash Payment Received	$7.5 million (Q3 2025 Revenue)
Total Potential Future Payments (Milestones + Royalties)	Up to $592 million
Cash Runway Extension	To the second half of 2027

MSD also holds an option for a second candidate, EVX-B2 (Gonorrhea vaccine), with a decision expected in the first half of 2026, which could bring an additional $2.5 million cash payment.

Personalized cancer vaccine (EVX-01) with 75% ORR at two years

The lead oncology asset, EVX-01, a personalized peptide-based cancer vaccine for advanced melanoma, has shown compelling durability in its Phase 2 trial data presented in October 2025.

EVX-01 Phase 2 Two-Year Efficacy Data

• Objective Response Rate (ORR) at two years: 75% (12 out of 16 patients).
• Complete Response rate within the ORR: Four patients.
• Durability: 11 of the 12 responders maintained response at 24 months follow-up.
• Overall Response Maintenance at 24 months: 92% of treated patients.
• Tumor reduction observed in 15 out of 16 patients.
• Immunogenicity: 81% of the vaccine targets generated a potent specific T-cell response.

The one-year ORR was previously reported at 69%, showing a deepening of response over time.

Platform scalability across bacterial, viral, and oncology targets

The AI-Immunology™ platform architecture supports broad application, evidenced by the pipeline diversity and recent platform enhancements.

The platform's architecture allows for the design of candidates across different modalities:

• Oncology (e.g., EVX-01, EVX-Four).
• Bacterial Diseases (e.g., EVX-B3, EVX-B4 against Group A Streptococcus).
• Viral Infections (e.g., EVX-V1 for CMV, Polio grant work).

The company enhanced its capability by adding an automated vaccine design module, replacing previous manual processes.

Financially, capital market activities in January to October 2025 totaled $31.8 million, supporting operations with a cash balance of $10.6 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Evaxion Biotech A/S (EVAX) - Canvas Business Model: Customer Relationships

You're looking at how Evaxion Biotech A/S manages its key external relationships as of late 2025. It's a mix of deep scientific collaboration, high-stakes financial communication, and managing the clinical journey for patients.

Strategic, long-term partnering with major pharmaceutical companies

Evaxion Biotech A/S centers a lot of its value realization strategy on securing and advancing collaborations with big pharma. The relationship with MSD (Merck & Co., Inc., Rahway, NJ, USA) is a prime example, validating both the AI-Immunology™ platform and the pipeline assets.

The out-licensing of the bacterial vaccine candidate EVX-B3 to MSD is a major milestone, making it the first AI-designed vaccine candidate ever licensed by a pharmaceutical company. This relationship is structured for significant future upside.

Partnering Metric	Value/Status (as of late 2025)
Out-licensed Asset to MSD	EVX-B3 (Bacterial Vaccine Candidate)
MSD Option Exercise Fee Received (Q3 2025)	$7.5 million
Total Future Payment Potential from EVX-B3 Deal	Up to $592 million
Status of EVX-B2 (Gonorrhea Vaccine) Evaluation with MSD	Evaluation period extended in September 2025
Non-Pharma Strategic Grant Received	Gates Foundation grant for polio vaccine design exploration

The company had set a 2025 milestone to achieve the MSD option exercise, which they hit in the second half of 2025. Honestly, these deals are what move the needle for a company at this stage.

High-touch scientific engagement at global conferences (ESMO, SITC)

Presenting data at top-tier medical conferences is how Evaxion Biotech A/S engages with the scientific community, potential academic collaborators, and, critically, prospective pharmaceutical partners. The focus in late 2025 was heavily on the lead asset, EVX-01.

• ESMO Congress 2025 (Berlin, Germany): Oral presentation on October 17, 2025.
• SITC 2025 Annual Meeting (National Harbor): Poster session presentation on November 7, 2025.
• Evaxion maintained a presence at ESMO 2025 at booth #3035 for direct discussions.

Investor relations and capital market communications

Maintaining a transparent and active dialogue with investors is crucial, especially given the R&D-heavy nature of the business and the need for capital. Evaxion Biotech A/S is listed on the Nasdaq Capital Market under the ticker EVAX since 2021.

The financial updates in 2025 showed significant activity in shoring up the balance sheet to support operations into the second half of 2027.

Financial Metric/Activity	Value/Date
Cash & Cash Equivalents (as of Sep 30, 2025)	$10.6 million
Total Equity (as of Sep 30, 2025)	$16.6 million
Cash Runway Extension	To the second half of 2027
Capital Raised (Sep/Oct 2025)	$7.2 million
Total Capital Market Proceeds (Jan-Oct 2025)	$31.8 million
Expected Operational Cash Burn (Full Year 2025)	Approximately $14 million
Q3 2025 Revenue (driven by MSD payment)	$7.5 million

They also announced the 2026 financial calendar in November 2025, keeping the cadence of communication predictable for analysts.

Direct management of clinical trial sites and patient data

The company directly manages the execution and data collection for its clinical programs, which forms the core evidence base for its value proposition to partners. The EVX-01 Phase 2 trial is the primary focus here.

Here's the quick math on the EVX-01 patient data maturity as of late 2025:

• EVX-01 Dosing Completion: All patients completed dosing in the main part of the Phase 2 trial.
• Two-Year Efficacy Data: Presented at ESMO 2025, showing durable response.
• Durability of Response (2-Year Follow-up): 92% of patients were still responding.
• T-Cell Response Rate: 81% of targeted neoantigens generated potent specific T-cell responses.
• Extension Trial Status: Recruitment for the one-year extension of the Phase 2 trial is finalized.

If onboarding trial sites takes longer than expected, data readouts get pushed, so hitting these milestones is a big deal.

Evaxion Biotech A/S (EVAX) - Canvas Business Model: Channels

You're looking at how Evaxion Biotech A/S gets its value propositions-like its AI-Immunology™ platform discoveries-out to partners and the market. It's a mix of direct deals, scientific validation, and constant capital generation. Honestly, for a clinical-stage company, the channel for partnership is often the most critical one.

Direct out-licensing agreements with Big Pharma

The primary channel for monetizing the infectious disease pipeline is direct out-licensing to established pharmaceutical giants. This strategy offloads late-stage development costs and leverages Big Pharma's global reach. The most significant recent event here was the September 25, 2025, out-licensing of vaccine candidate EVX-B3 to MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA).

This deal confirmed the value of the AI-Immunology™ platform, as EVX-B3 became the first AI-designed vaccine candidate ever licensed by a major pharmaceutical company. The immediate financial impact was a $7.5 million cash payment, which extended Evaxion's cash runway into the first half of 2027. This single transaction accounted for the entire $7.5 million revenue recorded for the third quarter ending September 30, 2025. The total potential value from this channel is substantial, as Evaxion is eligible for future development, regulatory, and sales milestone payments up to $592 million for EVX-B3, plus royalties on net sales. Furthermore, MSD holds an option for EVX-B2, with a decision expected in the first half of 2026; an exercise would bring an additional $2.5 million upfront and up to $592 million in milestones.

Here's a look at the key financial components related to these Big Pharma channels:

Deal Component	EVX-B3 (MSD Out-License, Sept 2025)	EVX-B2 (MSD Option - Potential)	Initial Partnership Upfront (Sept 2024)
Upfront Cash Received/Expected	$7.5 million	$2.5 million	$3.2 million (related to EVX-B2 option)
Total Potential Milestones (Per Product)	Up to $592 million	Up to $592 million	Up to $592 million
Impact on Cash Runway	Extended to first half of 2027	Further extension expected upon exercise	Contributed to 2024 revenue of $3.3 million

Scientific presentations at global oncology and vaccine congresses

Scientific presentations serve as a crucial channel to validate the underlying AI-Immunology™ technology and pipeline assets, attracting potential partners and investors. Evaxion Biotech A/S actively uses these forums to disseminate data. For instance, the two-year clinical data for the lead asset, personalized cancer vaccine EVX-01, was selected for an oral presentation at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, which took place October 17-21, 2025. This is a high-visibility channel for oncology data.

The company's engagement schedule in the latter half of 2025 included presenting data and engaging stakeholders at numerous global events:

• 19th Vaccine Congress, September 7-10, Kyoto.
• 6th ESCMID Conference on vaccines, September 10-13, Lisbon.
• BiotechX Europe, October 6-8, Basel.
• World Vaccine Congress Europe, October 14-16, Amsterdam.

Earlier in 2025, they presented at events like the World Vaccine Congress in Washington (April 21-25) and the AACR Annual Meeting in Chicago (April 25-30). Also, a grant from the Gates Foundation in Q2 2025 to explore a polio vaccine design validated the platform's scalability beyond cancer and the initial infectious disease targets.

Investor roadshows and earnings calls for capital raising

Raising capital is a continuous channel activity for a clinical-stage biotech. Evaxion executed several capital markets activities to fund operations, which were guided to have an operational cash burn of approximately $14 million in 2025. The company successfully completed a public offering in January 2025, coupled with other activities, bringing in a net total of approximately $17 million in cash and equity, which was expected to fund operations until mid-2026.

More recently, in October 2025, Evaxion raised an additional $7.2 million through an at-the-market (ATM) offering ($4.5 million from share sales) and warrant exercises ($2.7 million). This latest influx extended the cash runway into the second half of 2027. As of the end of the second quarter 2025, the cash on hand was $14.7 million. The company communicates its financial health through regular earnings calls; for example, the Q3 2025 results were announced on November 6, 2025, with full-year 2025 results scheduled for March 5, 2026. It's worth noting that MSD's Global Health Innovation Fund remains a significant shareholder, holding just below 20% ownership.

Direct communication with regulatory bodies (FDA, EMA)

Direct interaction with regulatory bodies like the FDA and EMA is channeled through the progression of clinical trials and the subsequent submission of data packages. For the lead oncology asset, EVX-01, the channel involved completing patient treatment in the Phase 2 trial, with the full two-year clinical efficacy data presented at ESMO in October 2025. This data package is a necessary precursor for any future regulatory discussions. Recruitment for the one-year extension of the Phase 2 trial was finalized, with three-year data expected in 2026, which will further strengthen the data package for regulatory engagement. There are no specific reported dollar amounts tied directly to FDA/EMA communication frequency, but the clinical trial milestones are the tangible outputs used in this channel.

Evaxion Biotech A/S (EVAX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Evaxion Biotech A/S as of late 2025, which is really a mix of strategic partners, patients in trials, and the capital markets funding the whole operation. It's a classic biotech model: de-risk assets through partnerships while advancing the most promising ones toward the clinic.

Major global pharmaceutical companies seeking novel pipeline assets

This segment is crucial for Evaxion Biotech A/S because these entities validate the AI-Immunology™ platform and provide the capital to advance assets without draining the company's cash reserves. The primary example here is the collaboration with MSD (Merck & Co., Inc., Rahway, NJ, USA).

The deal for the bacterial vaccine candidate EVX-B3 was a historical moment, as it was the first ever in-licensing of an AI-discovered vaccine candidate by a major pharmaceutical company. Evaxion Biotech A/S received a $7.5 million option exercise fee in September 2025 for EVX-B3. Furthermore, this single out-licensing deal gives Evaxion Biotech A/S future revenue potential of up to $592 million through milestone payments. The evaluation period for the second partnered candidate, EVX-B2 (the N. gonorrhea vaccine), has been extended, but the company maintains the ambition of entering at least one more partnership deal in the coming months, despite market uncertainty affecting deal timing. Honestly, these large pharma deals are the lifeblood of early-stage value realization.

Partner/Program	Transaction Status (as of Q3 2025)	Potential Future Value to Evaxion Biotech A/S
MSD / EVX-B3	Option Exercised (September 2025)	Up to $592 million in milestones
MSD / EVX-B2	Evaluation Period Extended	Potential option exercise proceeds (up to $10 million if both compounds are exercised, based on prior guidance)
General Business Development	Active discussions ongoing	Target of at least one new partnership deal

Patients with advanced cancers, like melanoma, in clinical trials

These patients are the ultimate beneficiaries of the oncology pipeline, specifically those with advanced cancers who need personalized treatment options. Evaxion Biotech A/S's most advanced asset targets this group directly.

The personalized cancer vaccine EVX-01 is being evaluated in a Phase 2 trial for advanced melanoma. All patients in this trial have completed treatment, and the full two-year clinical efficacy data was presented at the ESMO Congress in October 2025. The data showed that 80% of the new antigens elicited an immune response, which is a key metric for patient response. Beyond EVX-01, the pipeline now includes EVX-04, a novel therapeutic cancer vaccine targeting acute myeloid leukemia.

• EVX-01: Phase 2 trial completion for advanced melanoma.
• EVX-01 Efficacy: 80% of new antigens elicited an immune response in trial subjects.
• EVX-04: New candidate added for acute myeloid leukemia.
• EVX-V1: Positive lead antigen data announced for cytomegalovirus (CMV) vaccine program in November 2025.

Global health organizations focused on infectious disease prevention

This segment includes organizations interested in the preclinical infectious disease pipeline, which is validated by external funding and the MSD partnership. It shows the platform's scalability beyond oncology.

The out-licensed EVX-B3 is a bacterial vaccine candidate, and EVX-B2 targets N. gonorrhea. A significant validation point for this segment was securing a grant from the Gates Foundation to explore design options for a new sub-unit vaccine against polio. Revenue of $7.5 million for the third quarter of 2025 included income recorded from the Gates Foundation, showing direct financial interaction with this type of organization.

Institutional and retail investors funding R&D operations

These are the capital providers who keep the lights on and fund the R&D expenses, which were $3.1 million for the period ending September 30, 2025. You, as an investor, are directly funding the operational cash burn, which is expected to be approximately $14 million in 2025.

The financial position strengthened considerably in late 2025. Cash and cash equivalents stood at $10.6 million as of September 30, 2025. Total proceeds from capital market activity between January and October 2025 reached $31.8 million. This included $4.5 million from an at-the-market (ATM) offering and $2.7 million from investor warrant exercises in Q3 2025 alone. The result of these financing activities, combined with the MSD payment, has extended the cash runway significantly to the second half of 2027. Equity on the balance sheet was $16.6 million at quarter-end. The company reported a net income of $4.6 million for Q3 2025, a major shift from prior periods of net loss.

Here's the quick math on the cash position improvement:

• Cash & Equivalents (Sept 30, 2025): $10.6 million
• Total Capital Market Proceeds (Jan-Oct 2025): $31.8 million
• Equity (Sept 30, 2025): $16.6 million
• Debt Conversion Benefit (EIB): $4.1 million improvement in equity.

What this estimate hides is the ongoing need for further capital, but the runway extension to 2027 definitely buys time for the next value inflection point.

Finance: draft 13-week cash view by Friday.

Evaxion Biotech A/S (EVAX) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Evaxion Biotech A/S, you're seeing the typical high-cost profile of a clinical-stage biotechnology firm, heavily weighted toward research and development. They are focused on maintaining strict cost control, which helped them keep the 2025 operational cash burn projection around $14 million for the full year.

The primary drivers of this expenditure are the ongoing clinical programs and the foundational science that powers their AI-Immunology™ platform. To be fair, the recent out-licensing deal for EVX-B3 to MSD, where MSD now carries all future development costs for that program, should ease some of this burden going forward.

Here's a quick look at some of the key expense categories from the third quarter of 2025:

Cost Category	Q3 2025 Amount	Context/Notes
Research & Development (R&D) Expenses	$3.1 million	High spend supporting pipeline advancement.
General & Administrative (G&A) Expenses	$1.4 million	Includes overhead and operational support.
Revenue (Q3 2025)	$7.5 million	Primarily from the MSD option exercise fee.

The costs associated with advancing the lead asset, the personalized cancer vaccine EVX-01, are a significant component of the R&D spend. This includes costs for the ongoing phase 2 trial and the one-year extension, though management noted the extension involves minimal cost as trial sites are running and the vaccine product was already manufactured.

The company's spending is directly tied to hitting milestones, especially for EVX-01 and the potential option exercise decisions from MSD on EVX-B2 and EVX-B3, which would shift future development costs to the partner.

You should also note the overall financial position, which influences how they manage these costs. As of September 30, 2025, Evaxion Biotech A/S reported cash and cash equivalents of $10.6 million. This position, bolstered by capital market activities totaling $31.8 million in 2025 and the MSD payment, has extended their cash runway to the second half of 2027.

The cost structure is characterized by these key operational outlays:

• High R&D expenses, totaling $3.1 million in Q3 2025.
• Expected operational cash burn of approximately $14 million for 2025.
• Clinical trial costs for EVX-01 and other pipeline candidates, with extension costs being low.
• General and administrative (G&A) expenses, $1.4 million in Q3 2025.
• Costs related to capital market transaction and increased investor relations activities, seen in Q2 2025 G&A.

The focus on strict cost control is definitely a necessary action given the nature of their business. Finance: draft 13-week cash view by Friday.

Evaxion Biotech A/S (EVAX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Evaxion Biotech A/S brings in cash, which is critical for funding that long R&D runway. For a clinical-stage company, these streams are often lumpy, tied to deal milestones rather than steady product sales, so tracking them is key.

The most immediate, concrete revenue in late 2025 comes from strategic partnerships, particularly the out-licensing of the EVX-B3 bacterial vaccine candidate to MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA). This deal provided a significant, non-dilutive cash influx.

Here's a breakdown of the current and near-term financial components making up the Revenue Streams block of the Business Model Canvas for Evaxion Biotech A/S:

Revenue Stream Component	Specific Amount/Potential	Timing/Notes
MSD Option Exercise Fee (EVX-B3)	$7.5 million	Received in Q3 2025 upon option exercise for EVX-B3
Potential Future MSD Milestones	Up to $592 million	Development, regulatory, and sales milestones across the licensed program
Proceeds from Capital Market Activities	$31.8 million	Total proceeds recorded from January to October 2025
Gates Foundation Grant Revenue	$37 thousand	Revenue recorded in the three months ending June 30, 2025
Royalties	Contingent on Net Sales	Long-term potential from net sales of EVX-B3 and potentially EVX-B2

The upfront payment from MSD was a major event, as it was the first AI-designed vaccine candidate ever licensed by a pharmaceutical company, validating the platform. This payment, combined with capital market activities, extended Evaxion Biotech A/S's cash runway into the second half of 2027.

Beyond the MSD deal, Evaxion Biotech A/S secures non-dilutive funding through grants. You saw this in action with the support from the Gates Foundation for the novel polio vaccine development. This grant specifically funds research aimed at eradicating polio using the AI-Immunology™ platform without adding to the company's operational spend.

The capital market activities in 2025 were substantial, helping shore up the balance sheet. For instance, the September and October 2025 cash raise totaled $7.2 million, which included $4.5 million from an at-the-market (ATM) offering and $2.7 million from investor warrant exercise.

The long-term revenue potential is heavily weighted toward success-based milestones and royalties. This structure means cash flow is highly dependent on external validation events:

• MSD is also evaluating EVX-B2, the Gonorrhea vaccine candidate, with a decision expected in the first half of 2026.
• If MSD exercises the option for EVX-B2, Evaxion Biotech A/S would receive an additional cash payment of $2.5 million plus its own set of milestones and royalties.
• The total potential milestone value of up to $592 million is not entirely additive per product, as some discount may occur if both EVX-B3 and EVX-B2 programs progress.
• The company is pursuing a multi-partner strategy, aiming to close at least two new deals during 2025, though the timing and size of this business development income remain uncertain.

The revenue stream is clearly structured around de-risking the platform through upfront payments and extending the runway, with the bulk of the financial upside tied to clinical and commercial success achieved by a major partner like MSD. Finance: draft 13-week cash view by Friday.