Evaxion Biotech A/S (EVAX): Business Model Canvas [Dec-2025 Updated]

You're looking at the financials of a biotech firm at a real inflection point, and honestly, the late-2025 picture for Evaxion Biotech A/S is all about validation through partnership. After years of heavy R&D spend, the business model is clearly pivoting: we see the proprietary AI-Immunology™ platform now generating real cash, like the $7.5 million option exercise fee from MSD in Q3 2025, which helps shore up their $10.6 million cash position as of September 30, 2025. This isn't just science anymore; it's a de-risked, out-licensing machine targeting major pharma and global health needs, with a personalized cancer vaccine candidate showing a 75% ORR at two years. Dive into the full Business Model Canvas below to see exactly how this shift from pure science to strategic deal-making is structured.

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

You're looking at the core relationships Evaxion Biotech A/S relies on to advance its AI-Immunology™ pipeline, which is a mix of big pharma deals, non-dilutive grants, and clinical execution networks. These partnerships are critical for de-risking the technology and funding the next stages of development.

MSD (Merck & Co., Inc.) for EVX-B2 and EVX-B3 programs

The collaboration with MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA) is a major validation point for Evaxion Biotech A/S's infectious disease pipeline, especially since EVX-B3 was the first AI-designed vaccine candidate ever to be licensed by a pharmaceutical company. The out-licensing of EVX-B3 in September 2025 means MSD now carries all future development costs for that program.

Here's the quick math on the financial structure of the MSD agreements as of late 2025:

Program	Upfront/Option Fee Received (2025)	Total Potential Future Milestones	Decision Timeline for Next Asset
EVX-B3 (Out-licensed)	$7.5 million (Q3 2025 Option Exercise Fee)	Up to $592 million plus royalties	N/A (Out-licensed)
EVX-B2 (Option Held by MSD)	$0 (Decision pending)	Up to $592 million plus royalties	First half of 2026

If MSD exercises its option on EVX-B2, Evaxion Biotech A/S is set to receive an additional cash payment of $2.5 million. The Q3 2025 revenue of $7.5 million was primarily from the EVX-B3 option exercise fee.

Gates Foundation for AI-Immunology™ application in polio vaccine design

Securing a grant from the Gates Foundation for polio vaccine design represents massive recognition of the AI-Immunology™ platform's scalability beyond cancer and bacterial targets. This funding allows for a risk and cost-free application of the platform in a new disease area. The Q3 2025 revenue of $7.5 million also included revenue recorded from the Gates Foundation, though the specific grant amount isn't itemized separately from the MSD payment.

Contract Research Organizations (CROs) for clinical trial execution

Evaxion Biotech A/S relies on external CROs to manage the execution of its clinical trials, such as the ongoing EVX-01 study. While specific contract values with Evaxion Biotech A/S's chosen CROs aren't public, the broader industry context shows significant reliance on these services. The global clinical trials services market size was valued at $76.70 billion in 2024.

Academic and clinical collaborators for Phase 2 EVX-01 trial

The Phase 2 trial for EVX-01, investigating the personalized cancer vaccine in combination with MSD's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), involved significant collaboration with clinical sites and key opinion leaders. The trial enrolled 16 patients with advanced melanoma. The two-year data readout, presented orally at the ESMO Congress on October 17, 2025, provided strong validation metrics:

• Objective Response Rate (ORR) of 75% (12 out of 16 patients achieved objective clinical responses).
• The ORR improved from the one-year interim data of 69%.
• 92% of patients were still responding at the 24 months follow-up.
• 81% of the vaccine's targeted neoantigens generated potent specific T-cell responses.
• 54% of patients experienced a deepened response during treatment.
• The one-year data showed a positive correlation between predictions and immune responses with a statistical significance of p=0.00013.

Key clinical collaborator Professor Muhammad Adnan Khattak presented the two-year data in a dedicated webinar on October 22, 2025.

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

You're looking at the core engine driving Evaxion Biotech A/S's value creation as of late 2025. The key activities center on advancing their proprietary platform through clinical validation and monetizing assets via partnerships. It's a high-stakes, high-reward operational focus.

Research and development (R&D) of AI-Immunology™ platform

The R&D activity is focused on maintaining and expanding the AI-Immunology™ platform, which is the engine for all vaccine discovery. This work is supported by external validation, such as a grant from the Gates Foundation to explore design options for a new sub-unit vaccine against polio. The platform's scalability is demonstrated by the EVX-B4 program, targeting Group A Streptococcus bacteria, which underscores its potential across more than 100 different diseases.

Financial commitment to this core activity shows fluctuation based on trial timing. Research and development (R&D) expenses were $3.1 million for the period ending September 30, 2025, compared to $2.6 million the prior year. For the first quarter of 2025, R&D expenses were $2.2 million, down from $2.8 million for the same period in 2024, reflecting cost management and project timing.

Here are the recent R&D expense figures:

Reporting Period End Date	R&D Expenses (USD)	Comparison Period Expense (USD)
September 30, 2025	$3.1 million	$2.6 million (2024)
June 30, 2025	$2.2 million	$2.8 million (2024)
March 31, 2025	$2.2 million	$2.8 million (2024)

The operational cash burn for the full year 2025 is expected to be approximately $14 million.

Clinical trial execution for lead candidate EVX-01

Execution on the lead oncology asset, EVX-01, a personalized cancer vaccine for advanced melanoma, is a critical activity. The main part of the Phase II trial is complete, and the focus has shifted to data readout and extension phases. All patients have now completed treatment in the main part of the trial. Recruitment for the one-year extension of the Phase II trial is finalized, which sets up the presentation of three-year EVX-01 data in 2026.

Key data milestones achieved or upcoming include:

• Full two-year clinical efficacy data accepted for oral presentation at the ESMO Congress in October 2025.
• Q1 2025 data showed an 80% tumor-specific immune response.
• One-year interim data showed a 69% Overall Response rate.
• Tumor reductions were observed in 15 out of 16 patients based on one-year data.

The company presented new immune data from the EVX-01 Phase 2 trial on November 7, 2025.

Business development and out-licensing of pipeline assets

This activity is about monetizing assets discovered by the platform, exemplified by the out-licensing of EVX-B3. This validates the entire AI-Immunology™ approach, as EVX-B3 was the first AI-designed vaccine candidate ever licensed by a pharmaceutical company. The focus remains on advancing discussions for other pipeline assets.

The financial results from this activity are substantial:

• MSD exercised its option on EVX-B3 for a cash payment of $7.5 million, received in Q3 2025.
• The EVX-B3 deal provides Evaxion with future revenue income potential of up to $592 million through milestone payments, plus royalties.
• MSD retains an option for EVX-B2, with a decision now expected in the first half of 2026.
• If exercised, the EVX-B2 option is expected to bring a cash payment of $2.5 million and up to $592 million in future milestones plus royalties.
• Capital market activities in September and October 2025 totaled $7.2 million.
• Total proceeds from January to October 2025 reached $31.8 million.

These inflows directly impacted the balance sheet; the MSD payment and capital raises extended the cash runway to the second half of 2027, up from the first half of 2027 previously.

Automated vaccine design module enhancement for efficiency

This is a key internal operational enhancement to the AI-Immunology™ platform, moving away from manual processes. The addition of an automated vaccine design module directly replaces previous manual vaccine design processes. This efficiency gain is crucial for supporting the business development strategy by increasing the speed and volume of potential candidates that can be generated and partnered.

The platform's capability is quantified by its potential application scope. The platform is scalable to more than 100 different diseases, as evidenced by the expansion into the EVX-B4 program against Group A Streptococcus bacteria. The platform has generated 0% success rate on vaccine manufacturing for all enrolled patients where a vaccine could be designed, which is a number that needs careful context, but it is a reported metric on manufacturing success for designed vaccines.

The platform's validation is also seen through the revenue generated from its outputs:

Asset Out-Licensed/Validated	Discovery Method	Initial Cash Received (USD)
EVX-B3 (to MSD)	AI-Immunology™	$7.5 million
Polio Vaccine Design	AI-Immunology™	Grant from Gates Foundation

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power Evaxion Biotech A/S right now, late in 2025. These are the tangible and intangible things the company absolutely needs to make its business model work.

Financially, the immediate resource is liquidity. As of September 30, 2025, Evaxion Biotech A/S reported cash and cash equivalents of \$10.6 million. This position was significantly bolstered by capital market activities totaling \$31.8 million received between January and October 2025. The company projects an operational cash burn of approximately \$14 million for the full year 2025, which supports an extended cash runway reaching the second half of 2027.

The technological foundation is the proprietary AI-Immunology™ platform and its algorithms. This is how Evaxion Biotech A/S decodes the human immune system to design novel immunotherapies. The platform has seen recent enhancement with the addition of an automated vaccine design module, replacing prior manual processes. This technology is the engine behind their pipeline, which spans both oncology and infectious diseases.

The most advanced clinical asset, EVX-01, is a key resource. This is a clinical-stage personalized cancer vaccine currently evaluated in advanced melanoma patients. The two-year Phase 2 trial data, presented at the European Society for Medical Oncology (ESMO) Congress in October 2025, showed compelling results. The platform's intellectual property portfolio covers the AI-designed vaccines, which is validated by external partnerships.

Here's a quick look at the key performance and financial metrics underpinning these resources:

Resource Metric	Value	Date/Context
Cash and Cash Equivalents	\$10.6 million	September 30, 2025
Total Equity	\$16.6 million	September 30, 2025
EVX-01 Objective Response Rate (ORR)	75%	Phase 2, Advanced Melanoma, 2-year data
EVX-01 Vaccine Targets Triggering Response	81%	Phase 2, Immune Activation
EVX-B3 Potential Future Revenue (MSD Deal)	Up to \$592 million	Milestone Payments
Expected Operational Cash Burn (FY 2025)	Approximately \$14 million	Full Year 2025 Estimate

The intellectual property portfolio is strengthened by the successful out-licensing of EVX-B3, an AI-Immunology™ discovered bacterial vaccine candidate, to MSD. This marks the first time an AI-designed vaccine candidate has been licensed by a pharmaceutical company. Beyond EVX-01, the pipeline assets represent future potential derived from the platform's IP:

• EVX-B3: Out-licensed to MSD, with an option exercise fee of \$7.5 million received in Q3 2025.
• EVX-B2: Gonorrhea vaccine candidate, evaluation period extended with MSD.
• EVX-B4: New vaccine program targeting Group A Streptococcus bacteria, demonstrating platform scalability.
• Polio Vaccine Program: Exploring design options following a grant from the Gates Foundation.

The company also secured a significant financial resource through the conversion of debt to equity with the European Investment Bank, immediately improving equity by \$4.1 million as of June 30, 2025.

Finance: Review the Q4 2025 cash forecast against the extended 2027 runway by end of January.

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.