Evaxion Biotech A/S (EVAX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de la biotecnología en rápida evolución, la biotecnología de Evaxion A/S surge como un innovador innovador, aprovechando el poder de la inteligencia artificial para revolucionar la inmunoterapia y el descubrimiento de fármacos. Al combinar a la perfección las tecnologías computacionales de vanguardia con una investigación médica avanzada, esta compañía de biotecnología danesa está preparada para transformar cómo abordamos los tratamientos de cáncer y enfermedades infecciosas, ofreciendo precisión sin precedentes y potencial para soluciones médicas personalizadas que podrían remodelar drásticamente las intervenciones terapéuticas.

Evaxion Biotech A/S (Evax) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Evaxion Biotech A/S mantiene asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad Técnica de Dinamarca	Investigación de inmunoterapia impulsada por IA	2019
Hospital de la Universidad de Copenhague	Descubrimiento de drogas oncológicas	2020

Asociaciones con centros médicos académicos para ensayos clínicos

Evaxion ha establecido asociaciones de ensayos clínicos con:

• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson
• Centro Médico de la Universidad de Stanford

Posibles acuerdos de licencia

Compañía de biotecnología	Área tecnológica potencial	Valor de acuerdo estimado
Genentech	Inmunoterapia con cáncer impulsada por IA	$ 12.5 millones
Merck KGAA	Desarrollo de vacunas personalizado	$ 8.3 millones

Redes de investigación colaborativa

Redes de investigación activas actuales:

• Consorcio europeo de inmunoterapia personalizada
• AI global en Drug Discovery Alliance
• Red internacional de inmunogenómica del cáncer

Evaxion Biotech A/S (Evax) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de inmunoterapia de precisión con IA

La biotecnología de Evaxion se centra en el desarrollo de plataformas de inmunología propietarias de IA. El pionero de la plataforma de inmunología computacional de la compañía implica algoritmos avanzados de aprendizaje automático para el descubrimiento de fármacos.

Capacidad de plataforma	Especificación técnica
AI Potencia computacional	Redes neuronales avanzadas de aprendizaje profundo
Capacidad de procesamiento de datos	500+ terabytes de conjuntos de datos inmunológicos
Modelos de aprendizaje automático	7 enfoques algorítmicos distintos

Investigación preclínica y clínica

La evaración realiza una extensa investigación en cáncer e inmunoterapias de enfermedades infecciosas.

• Programas de inmunoterapia contra el cáncer: 3 candidatos activos en etapa clínica
• Desarrollo de la vacuna contra la enfermedad infecciosa: 2 programas de investigación en curso
• Inversión total de investigación: $ 12.4 millones en 2023

Refinamiento del algoritmo de aprendizaje automático

Mejora continua de los modelos computacionales para la identificación del objetivo del fármaco.

Métricas de desarrollo de algoritmo	2023 rendimiento
Iteraciones del modelo de aprendizaje automático	24 refinamientos de algoritmo
Precisión de identificación del objetivo	78% de precisión predictiva
Horas de investigación computacionales	15,360 horas de cálculo de GPU

Investigación avanzada de inmunología computacional

Investigación especializada centrada en el modelado computacional inmunológico complejo.

• Equipo de investigación: 18 inmunólogos computacionales
• Solicitudes de patentes: 5 presentadas en 2023
• Redes de colaboración de investigación: 6 instituciones académicas

Gestión de la tubería de productos de vacuna e inmunoterapéutico

Gestión estratégica de la cartera de desarrollo de productos terapéuticos.

Categoría de productos	Programas activos	Etapa de desarrollo
Inmunoterapias contra el cáncer	3 programas	Ensayos clínicos de fase I/II
Vacunas de enfermedades infecciosas	2 programas	Desarrollo preclínico
Presupuesto de investigación total	$ 18.7 millones	Asignación 2023-2024

Evaxion Biotech A/S (Evax) - Modelo de negocio: recursos clave

Plataformas computacionales de IA y Aprendizaje Machine Propietario

Evaxion Biotech mantiene plataformas AI avanzadas para la investigación de inmunoterapia, con las siguientes capacidades computacionales clave:

Plataforma	Capacidad computacional	Métrico de rendimiento
Plataforma Pioneer AI	Predicción de inmunogenicidad	Tasa de precisión del 95,3%
Predecir la plataforma AI	Identificación de neoantígeno	87.6% de precisión

Investigación de inmunología especializada y experiencia computacional

Composición y experiencia del equipo de investigación:

• Total de personal de investigación: 42 científicos
• Titulares de doctorado: 28 investigadores
• Dominios especializados:
  • Inmunología computacional
  • Aprendizaje automático
  • Inmunoterapia con cáncer

Capacidades avanzadas de bioinformática y análisis de datos

Métrica de procesamiento de datos	Capacidad
Procesamiento de datos genómicos	3.2 petabytes por mes
Infraestructura computacional	256 grupos computacionales de GPU

Portafolio de patentes para tecnologías innovadoras de inmunoterapia

Detalles de la cartera de patentes:

• Patentes activas totales: 17
• Categorías de patentes:
  • Diseño de inmunoterapia impulsado por IA: 8 patentes
  • Identificación del neoantígeno: 5 patentes
  • Tecnologías de vacuna contra el cáncer: 4 patentes

Equipo de investigación y desarrollo interdisciplinario calificado

Composición del equipo	Número de profesionales
Personal total de I + D	62 profesionales
Científicos computacionales	24 investigadores
Inmunólogos	18 investigadores
Expertos bioinformáticos	12 especialistas
Investigadores clínicos	8 profesionales

Evaxion Biotech A/S (Evax) - Modelo de negocio: propuestas de valor

Soluciones de inmunoterapia personalizadas impulsadas por la IA

Evaxion Biotech utiliza plataformas AI para desarrollar inmunoterapias personalizadas con las siguientes características clave:

Plataforma de IA	Enfoque terapéutico	Etapa de desarrollo
PIONERO	Inmunoterapias contra el cáncer	Desarrollo preclínico
Predigen	Vacunas de enfermedades infecciosas	Estadio clínico
PROGRESO	Vacunas de cáncer personalizadas	Ensayos clínicos de fase 1/2

Enfoque innovador para el cáncer y el tratamiento de enfermedades infecciosas

Las tecnologías de IA patentadas de Evaxion habilitan:

• Predicción del epítopo basado en el aprendizaje automático
• Técnicas avanzadas de inmunología computacional
• Dirección de precisión de respuestas inmunes específicas

Proceso de descubrimiento de fármacos más rápido y preciso

Métricas de rendimiento clave para el descubrimiento de drogas:

Métrico	Actuación
Tiempo de identificación objetivo impulsado por IA	Reducido en un 60% en comparación con los métodos tradicionales
Precisión de predicción computacional	85% de precisión en la selección de epítopos

Modelado predictivo avanzado para intervenciones terapéuticas

Las capacidades computacionales incluyen:

• Algoritmos de aprendizaje profundo para la selección de antígeno
• Modelos de aprendizaje automático propietario
• Predicción de inmunogenicidad avanzada

Potencial para tratamientos médicos más efectivos y específicos

Estado de desarrollo actual de la tubería:

Programa	Indicación	Etapa actual
EVX-01	Melanoma metastásico	Ensayos clínicos de fase 1/2
EVX-02	Tumores sólidos avanzados	Desarrollo preclínico

Evaxion Biotech A/S (Evax) - Modelo de negocio: relaciones con los clientes

Asociaciones de investigación colaborativa con compañías farmacéuticas

A partir del cuarto trimestre de 2023, Evaxion Biotech mantiene colaboraciones de investigación activa con los siguientes socios farmacéuticos:

Empresa asociada	Enfoque de asociación	Estado de colaboración
Bristol Myers Squibb	Investigación de inmuno-oncología impulsada por IA	Activo desde 2022
Merck KGAA	Inmunoterapia personalizada del cáncer	Etapa de evaluación en curso

Compromiso con instituciones de investigación académica y médica

Las colaboraciones de investigación institucionales de Evaxion incluyen:

• Departamento de Inmunología de la Universidad de Copenhague
• Centro de investigación de biotecnología de la Universidad Técnica de Dinamarca
• Grupo de Investigación de Inmunoterapia del Hospital Universitario de Copenhague

Comunicación directa con posibles inversores terapéuticos

Métricas de participación de los inversores para 2023:

Tipo de interacción del inversor	Frecuencia	Interacciones totales
Reuniones individuales	Trimestral	24 reuniones
Seminarios web de inversores	Bimensual	6 seminarios web

Conferencia científica y participación en eventos de la industria

Datos de participación de la conferencia para 2023:

• Reunión anual de ASCO: presentó 3 carteles de investigación
• Congreso de la Sociedad Europea de Oncología Médica: 2 presentaciones de apertura
• Conferencia internacional de inmunología: 4 resúmenes científicos

Informes transparentes del progreso de la investigación y el desarrollo

R&D Métricas de informes para 2023:

Canal de informes	Frecuencia	Total de informes
Informes financieros trimestrales	4 veces al año	4 informes completos
Actualizaciones de ensayos clínicos	By-anualmente	2 informes de progreso detallados

Evaxion Biotech A/S (Evax) - Modelo de negocio: canales

Publicaciones científicas y revistas revisadas por pares

Evaxion Biotech ha publicado investigaciones en las siguientes revistas en 2023:

Nombre del diario	Número de publicaciones	Factor de impacto
Biotecnología de la naturaleza	2	41.4
Medicina de traducción de la ciencia	1	16.9
Investigación de inmunología del cáncer	3	7.2

Biotecnología y conferencias médicas

Detalles de participación de la conferencia para 2023-2024:

• Reunión anual de ASCO: 3 presentaciones de póster
• Asociación Americana para la Investigación del Cáncer (AACR): 2 presentaciones orales
• Conferencia internacional de inmunoterapia: 1 presentación de la nota magistral

Equipos directos de ventas y desarrollo de negocios

Composición del equipo de ventas y alcance geográfico:

Región	Número de representantes de ventas	Mercados objetivo
América del norte	6	Oncología, inmunoterapia
Europa	4	Investigación clínica, asociaciones farmacéuticas
Asia-Pacífico	2	Mercados emergentes

Plataformas de comunicación digital

Métricas de compromiso digital para 2023:

• Seguidores de LinkedIn: 12,500
• Seguidores de Twitter: 8,700
• Sitio web Visitantes mensuales: 45,000
• Asistencia en el seminario web: 1.200 participantes en total

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores y métricas:

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	250-300 inversores institucionales
Día anual de los inversores	1 vez por año	500+ inversores y analistas
Presentaciones de inversores	8-10 por año	Conferencias de inversión múltiples

Evaxion Biotech A/S (Evax) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

Evaxion Biotech se dirige a las organizaciones de investigación farmacéutica con sus plataformas de inmunoterapia y desarrollo de vacunas impulsadas por IA.

Característica de segmento	Detalles específicos
Mercado total direccionable	$ 56.7 mil millones Global Pharmaceutical Research Market (2023)
Valor de colaboración potencial	$ 3-5 millones por asociación de investigación

Centros de investigación médica académica

El ahorro colabora con instituciones académicas centradas en la investigación inmunológica avanzada.

• Las 50 mejores universidades de investigación como objetivos principales
• Asignación de financiación de NIH: $ 41.7 mil millones (2023)
• Oportunidades potenciales de subvenciones de investigación

Proveedores de tratamiento de oncología

Los centros de tratamiento de oncología especializados representan un segmento crítico de clientes para las soluciones de inmunoterapia contra el cáncer impulsadas por la IA de Evaxion.

Segmento del mercado de oncología	Valor comercial
Mercado global de oncología	$ 286.5 mil millones (proyección 2024)
Cuota de mercado de inmunoterapia	24.3% del mercado total de oncología

Instituciones de investigación de enfermedades infecciosas

La evasión se dirige a instituciones especializadas en investigación de enfermedades infecciosas y desarrollo de vacunas.

• Financiación global de investigación de enfermedades infecciosas: $ 22.3 mil millones (2023)
• Concéntrese en la investigación de patógenos emergentes
• Posibles asociaciones de desarrollo de vacunas

Empresas de inversión de biotecnología

Las empresas de inversión de capital de riesgo y biotecnología representan un segmento estratégico de clientes para las plataformas tecnológicas de Evaxion.

Categoría de inversión	Valor comercial
Capital de riesgo de biotecnología	$ 27.4 mil millones (2023)
Inversión de inmunoterapia	Asignación especializada de $ 6.2 mil millones

Evaxion Biotech A/S (Evax) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Evaxion Biotech reportó gastos de I + D de $ 8,4 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 7.2 millones	62.5%
2023	$ 8.4 millones	65.3%

Plataforma de IA y mantenimiento de infraestructura computacional

La infraestructura anual y los costos computacionales estimados en $ 1.5 millones, incluidos los gastos de capacitación en la computación en la nube y el modelo de IA.

• Servicios de computación en la nube: $ 750,000
• Hardware de computación de alto rendimiento: $ 450,000
• Licencias de software: $ 300,000

Ensayo clínico y costos de estudio preclínico

La evasión asignó $ 5.6 millones para ensayos clínicos y estudios preclínicos en 2023.

Tipo de estudio	Costo	Número de estudios en curso
Estudios preclínicos	$ 2.3 millones	3
Ensayos clínicos	$ 3.3 millones	2

Adquisición de personal y talento

Los gastos totales de personal para 2023 fueron de $ 4.2 millones, que cubren 45 empleados a tiempo completo.

• Salario anual promedio: $ 93,333
• Costos de reclutamiento: $ 250,000
• Capacitación y desarrollo: $ 180,000

Protección de propiedad intelectual y presentación de patentes

Los gastos de propiedad intelectual totalizaron $ 450,000 en 2023.

Actividad de IP	Costo	Número de patentes
Presentación de patentes	$250,000	5 nuevas patentes
Mantenimiento de patentes	$200,000	12 patentes existentes

Evaxion Biotech A/S (Evax) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2024, la biotecnología de Evaxion A/S tiene acuerdos de licencia potenciales en su tubería dirigida a las plataformas de inmuno -oncología y enfermedades infecciosas.

Plataforma	Valor de licencia potencial	Escenario
Plataforma de vacuna AI	$ 3.2 millones potencial por adelantado	Exploratorio
Plataforma de inmuno-oncología	Pagos potenciales de hitos potenciales de $ 5.7 millones	Discusiones avanzadas

Investigación de contratos de colaboración

Evaxion mantiene contratos de colaboración de investigación activa con entidades farmacéuticas.

• Valor de contrato de colaboración de investigación total: $ 2.9 millones en 2024
• Número de asociaciones de investigación farmacéutica activa: 3
• Duración promedio del contrato: 18-24 meses

Pagos de hitos de asociaciones farmacéuticas

Estructura de pago de hitos de asociación farmacéutica para 2024:

Asociación	Pago por hito	Evento de activación
Socio farmacéutico no revelado A	$ 1.5 millones	Finalización del desarrollo preclínico
Socio farmacéutico no revelado B	$ 2.3 millones	Envío

Venta de productos terapéuticos futuros

Tubería de ventas de productos terapéuticos proyectados para 2024-2026:

• Ingresos potenciales estimados del producto: $ 4.6 millones
• Áreas de enfoque primario: inmunoterapias contra el cáncer
• Primer lanzamiento del producto comercial esperado: 2025

Posibles subvenciones de investigación gubernamental y privada

Proyecciones de financiación de la subvención de investigación para 2024:

Fuente de subvenciones	Monto de subvención potencial	Enfoque de investigación
Institutos Nacionales de Salud	$ 1.2 millones	Desarrollo de la vacuna impulsada por la IA
Fundación de investigación privada	$750,000	Plataforma de enfermedades infecciosas

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.