Evaxion Biotech A / S (EVAX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la biotechnologie, Evaxion Biotech a / s apparaît comme un innovateur révolutionnaire, exploitant le pouvoir de l'intelligence artificielle pour révolutionner l'immunothérapie et la découverte de médicaments. En mélangeant de manière transparente les technologies de calcul de pointe avec des recherches médicales avancées, cette entreprise de biotechnologie danoise est prête à transformer la façon dont nous abordons le cancer et les traitements de maladies infectieuses, offrant une précision et un potentiel sans précédent pour des solutions médicales personnalisées qui pourraient radicalement remodeler les interventions thérapeutiques.

Evaxion Biotech A / S (EVAX) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Evaxion Biotech A / S maintient des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Université technique du Danemark	Recherche d'immunothérapie dirigée par l'IA	2019
Hôpital universitaire de Copenhague	Découverte de médicaments en oncologie	2020

Partenariats avec les centres médicaux académiques pour les essais cliniques

Evaxion a établi des partenariats d'essais cliniques avec:

• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center
• Centre médical de l'Université de Stanford

Accords de licence potentiels

Entreprise de biotechnologie	Zone technologique potentielle	Valeur estimée de l'accord
Genentech	Immunothérapie contre le cancer basé sur l'IA	12,5 millions de dollars
Merck Kgaa	Développement de vaccins personnalisés	8,3 millions de dollars

Réseaux de recherche collaborative

Réseaux de recherche actifs actuels:

• Consortium d'immunothérapie personnalisé européen
• AI mondiale dans l'alliance de découverte de médicaments
• Réseau international d'immunogénomique du cancer

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: Activités clés

Développement de la plate-forme d'immunothérapie de précision alimentée par l'IA

Evaxion Biotech se concentre sur le développement de plateformes d'immunologie propriétaire axées sur l'IA. La plate-forme d'immunologie informatique de l'entreprise Pioneer implique des algorithmes avancés d'apprentissage automatique pour la découverte de médicaments.

Capacité de plate-forme	Spécifications techniques
Puissance de calcul de l'IA	Réseaux de neurones avancés d'apprentissage en profondeur
Capacité de traitement des données	Plus de 500 téraoctets d'ensembles de données immunologiques
Modèles d'apprentissage automatique	7 approches algorithmiques distinctes

Recherche préclinique et clinique

Evaxion mène des recherches approfondies sur les immunothérapies contre le cancer et les maladies infectieuses.

• Programmes d'immunothérapie contre le cancer: 3 candidats à stade clinique actif
• Développement des vaccins contre les maladies infectieuses: 2 programmes de recherche en cours
• Investissement total de recherche: 12,4 millions de dollars en 2023

Raffinement de l'algorithme d'apprentissage automatique

Amélioration continue des modèles de calcul pour l'identification des cibles médicamenteuses.

Métriques de développement d'algorithmes	Performance de 2023
Itérations du modèle d'apprentissage automatique	24 raffinements d'algorithmes
Précision d'identification cible	78% de précision prédictive
Heures de recherche informatique	15 360 heures de calcul GPU

Recherche avancée de l'immunologie informatique

Des recherches spécialisées axées sur la modélisation complexe de calcul immunologique.

• Équipe de recherche: 18 immunologues informatiques
• Demandes de brevet: 5 déposées en 2023
• Réseaux de collaboration de recherche: 6 établissements universitaires

Gestion des vaccins et des pipelines de produits immunothérapeutiques

Gestion stratégique du portefeuille de développement de produits thérapeutiques.

Catégorie de produits	Programmes actifs	Étape de développement
Immunothérapies contre le cancer	3 programmes	Essais cliniques de phase I / II
Vaccins contre les maladies infectieuses	2 programmes	Développement préclinique
Budget total de recherche	18,7 millions de dollars	2023-2024 allocation

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: Ressources clés

Plates-formes de calcul de l'installation de l'IA et de l'apprentissage machine propriétaire

Evaxion Biotech entretient des plateformes AI avancées pour la recherche sur l'immunothérapie, avec les principales capacités de calcul suivantes:

Plate-forme	Capacité de calcul	Métrique de performance
Plate-forme Pioneer AI	Prédiction d'immunogénicité	Taux de précision de 95,3%
Prédire la plate-forme AI	Identification du néoantigène	87,6% de précision

Recherche d'immunologie spécialisée et expertise informatique

Composition et expertise de l'équipe de recherche:

• Personnel de recherche total: 42 scientifiques
• Tapisseurs de doctorat: 28 chercheurs
• Domaines spécialisés:
  • Immunologie informatique
  • Apprentissage automatique
  • Immunothérapie contre le cancer

Capacités avancées de bioinformatique et d'analyse des données

Métrique de traitement des données	Capacité
Traitement des données génomiques	3,2 pétaoctets par mois
Infrastructure informatique	256 grappes informatiques GPU

Portefeuille de brevets pour les technologies d'immunothérapie innovantes

Détails du portefeuille de brevets:

• Brevets actifs totaux: 17
• Catégories de brevets:
  • Conception d'immunothérapie dirigée par l'IA: 8 brevets
  • Identification du néoantigène: 5 brevets
  • Cancer Vaccine Technologies: 4 brevets

Équipe de recherche et développement interdisciplinaire qualifiée

Composition de l'équipe	Nombre de professionnels
Personnel total de R&D	62 professionnels
Scientifiques informatiques	24 chercheurs
Immunologues	18 chercheurs
Experts en bioinformatique	12 spécialistes
Chercheurs en clinique	8 professionnels

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie personnalisées sur l'IA

Evaxion Biotech utilise des plates-formes d'IA pour développer des immunothérapies personnalisées avec les caractéristiques clés suivantes:

Plate-forme AI	Focus thérapeutique	Étape de développement
PIONNIER	Immunothérapies contre le cancer	Développement préclinique
Prédigen	Vaccins contre les maladies infectieuses	Étape clinique
PROGRÈS	Vaccines de cancer personnalisés	Essais cliniques de phase 1/2

Approche innovante du cancer et du traitement des maladies infectieuses

Les technologies d'IA propriétaires d'Evaxion permettent:

• Prédiction épitope basée sur l'apprentissage automatique
• Techniques d'immunologie informatique avancées
• Ciblage de précision de réponses immunitaires spécifiques

Processus de découverte de médicaments plus rapide et plus précis

Mesures de performance clés pour la découverte de médicaments:

Métrique	Performance
Temps d'identification cible basé sur l'IA	Réduit de 60% par rapport aux méthodes traditionnelles
Précision de prédiction informatique	85% de précision dans la sélection des épitopes

Modélisation prédictive avancée pour les interventions thérapeutiques

Les capacités de calcul comprennent:

• Algorithmes d'apprentissage en profondeur pour la sélection de l'antigène
• Modèles d'apprentissage automatique propriétaires
• Prédiction avancée de l'immunogénicité

Potentiel de traitements médicaux plus efficaces et ciblés

État de développement du pipeline actuel:

Programme	Indication	Étape actuelle
EVX-01	Mélanome métastatique	Essais cliniques de phase 1/2
EVX-02	Tumeurs solides avancées	Développement préclinique

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: relations avec les clients

Partenariats de recherche collaborative avec les sociétés pharmaceutiques

Depuis le quatrième trimestre 2023, Evaxion Biotech entretient des collaborations de recherche active avec les partenaires pharmaceutiques suivants:

Entreprise partenaire	Focus de partenariat	Statut de collaboration
Bristol Myers Squibb	Recherche d'immuno-oncologie dirigée par l'IA	Actif depuis 2022
Merck Kgaa	Immunothérapie de cancer personnalisé	Étape d'évaluation continue

Engagement avec des établissements de recherche universitaire et médicale

Les collaborations de recherche institutionnelle d'Evaxion comprennent:

• Département d'immunologie de l'Université de Copenhague
• Centre technique de recherche de l'Université de Danemark Biotechnology
• Groupe de recherche sur l'immunothérapie de l'hôpital universitaire de Copenhague

Communication directe avec des investisseurs thérapeutiques potentiels

Mesures d'engagement des investisseurs pour 2023:

Type d'interaction des investisseurs	Fréquence	Interactions totales
Réunions individuelles	Trimestriel	24 réunions
Webinaires des investisseurs	Bimensuel	6 webinaires

Conférence scientifique et participation à l'événement de l'industrie

Données de participation à la conférence pour 2023:

• Assemblée annuelle de l'ASCO: présenté 3 affiches de recherche
• Congrès de la Société européenne pour l'oncologie médicale: 2 présentations d'ouverture
• Conférence internationale sur l'immunologie: 4 résumés scientifiques

Rapports transparents des progrès de la recherche et du développement

R&D Reporting Metrics pour 2023:

Canal de rapport	Fréquence	Rapports totaux
Rapports financiers trimestriels	4 fois par an	4 rapports complets
Mises à jour des essais cliniques	Bi-annuellement	2 rapports d'étape détaillés

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Evaxion Biotech a publié des recherches dans les revues suivantes en 2023:

Nom de journal	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	2	41.4
Médecine translationnelle scientifique	1	16.9
Recherche d'immunologie du cancer	3	7.2

Biotechnologie et conférences médicales

Détails de la participation de la conférence pour 2023-2024:

• Assemblée annuelle de l'ASCO: 3 présentations d'affiches
• American Association for Cancer Research (AACR): 2 présentations orales
• Conférence internationale sur l'immunothérapie: 1 présentation d'ouverture

Équipes directes des ventes et du développement commercial

Composition de l'équipe de vente et portée géographique:

Région	Nombre de représentants commerciaux	Marchés cibles
Amérique du Nord	6	Oncologie, immunothérapie
Europe	4	Recherche clinique, partenariats pharmaceutiques
Asie-Pacifique	2	Marchés émergents

Plateformes de communication numérique

Métriques d'engagement numérique pour 2023:

• LinkedIn adepte: 12 500
• Twitter abonnés: 8,700
• Visiteurs mensuels du site Web: 45 000
• Association du webinaire: 1 200 participants au total

Communications des relations avec les investisseurs

Canaux et mesures de communication des investisseurs:

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	250-300 investisseurs institutionnels
Journée annuelle des investisseurs	1 fois par an	Plus de 500 investisseurs et analystes
Présentations des investisseurs	8-10 par an	Plusieurs conférences d'investissement

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Evaxion Biotech cible les organisations de recherche pharmaceutique avec ses plateformes d'immunothérapie et de développement de vaccins basées sur l'IA.

Caractéristique du segment	Détails spécifiques
Marché total adressable	56,7 milliards de dollars sur le marché mondial de la recherche pharmaceutique (2023)
Valeur de collaboration potentielle	3 à 5 millions de dollars par partenariat de recherche

Centres de recherche médicale académique

Evaxion collabore avec des établissements universitaires axés sur la recherche immunologique avancée.

• Top 50 des universités de recherche comme cibles principales
• Attribution du financement du NIH: 41,7 milliards de dollars (2023)
• Opportunités de subvention de recherche potentielles

Fournisseurs de traitement en oncologie

Les centres de traitement spécialisés en oncologie représentent un segment de clientèle essentiel pour les solutions d'immunothérapie contre le cancer par Ai-A-a-AI.

Segment de marché en oncologie	Valeur marchande
Marché mondial d'oncologie	286,5 milliards de dollars (projection 2024)
Part de marché d'immunothérapie	24,3% du marché total d'oncologie

Institutions de recherche sur les maladies infectieuses

Evaxion cible les institutions spécialisées dans la recherche sur les maladies infectieuses et le développement des vaccins.

• Financement mondial de recherche sur les maladies infectieuses: 22,3 milliards de dollars (2023)
• Concentrez-vous sur la recherche émergente des agents pathogènes
• Partenariats potentiels de développement des vaccins

Biotechnology Investment Installations

Les sociétés d'investissement en capital-risque et en biotechnologie représentent un segment de clientèle stratégique pour les plateformes technologiques d'Evoxion.

Catégorie d'investissement	Valeur marchande
Capital de capital-risque de biotechnologie	27,4 milliards de dollars (2023)
Investissement d'immunothérapie	Attribution spécialisée de 6,2 milliards de dollars

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Evaxion Biotech a déclaré des dépenses de R&D de 8,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	7,2 millions de dollars	62.5%
2023	8,4 millions de dollars	65.3%

Plateforme d'IA et maintenance d'infrastructure informatique

Les coûts annuels d'infrastructure et de calcul estimés à 1,5 million de dollars, y compris les dépenses de formation des modèles de cloud computing et d'IA.

• Services de cloud computing: 750 000 $
• Matériel informatique haute performance: 450 000 $
• Licence de logiciel: 300 000 $

Essais cliniques et coûts d'étude préclinique

Evaxion a alloué 5,6 millions de dollars pour les essais cliniques et les études précliniques en 2023.

Type d'étude	Coût	Nombre d'études en cours
Études précliniques	2,3 millions de dollars	3
Essais cliniques	3,3 millions de dollars	2

Acquisition du personnel et des talents

Les dépenses totales du personnel pour 2023 étaient de 4,2 millions de dollars, couvrant 45 employés à temps plein.

• Salaire annuel moyen: 93 333 $
• Coûts de recrutement: 250 000 $
• Formation et développement: 180 000 $

Protection de la propriété intellectuelle et dépôt de brevets

Les dépenses de propriété intellectuelle ont totalisé 450 000 $ en 2023.

Activité IP	Coût	Nombre de brevets
Dépôt de brevet	$250,000	5 nouveaux brevets
Entretien de brevets	$200,000	12 brevets existants

Evaxion Biotech A / S (EVAX) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2024, Evaxion Biotech A / S a des accords de licence potentiels dans son pipeline ciblant les plateformes d'immuno-oncologie et de maladies infectieuses.

Plate-forme	Valeur de licence potentielle	Scène
Plateforme de vaccination IA	3,2 millions de dollars potentiels à l'avance	Exploratoire
Plateforme d'immuno-oncologie	5,7 millions de dollars de paiement de jalons potentiels	Discussions avancées

Contrats de collaboration de recherche

Evaxion maintient des contrats de collaboration de recherche actifs avec des entités pharmaceutiques.

• Valeur du contrat de collaboration de recherche totale: 2,9 millions de dollars en 2024
• Nombre de partenariats de recherche pharmaceutique actifs: 3
• Durée du contrat moyen: 18-24 mois

Payments d'étape provenant des partenariats pharmaceutiques

Partenariat pharmaceutique Structure de paiement jalon pour 2024:

Partenariat	Paiement d'étape	Événement de déclenchement
Partenaire pharmaceutique non divulgué A	1,5 million de dollars	Achèvement du développement préclinique
Partenaire pharmaceutique non divulgué B	2,3 millions de dollars	Soumission IND

Ventes de produits thérapeutiques futures

Pipeline de ventes de produits thérapeutiques projetés pour 2024-2026:

• Revenus de produits potentiels estimés: 4,6 millions de dollars
• Principaux domaines d'intervention: immunothérapies contre le cancer
• First de produits commerciaux attendus: 2025

Des subventions potentielles de recherche gouvernementale et privée

Projections de financement des subventions de recherche pour 2024:

Source d'octroi	Montant de subvention potentielle	Focus de recherche
Instituts nationaux de santé	1,2 million de dollars	Développement des vaccins dirigés par l'IA
Fondation de recherche privée	$750,000	Plate-forme de maladie infectieuse

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.