Evaxion Biotech A/S (EVAX): Marketing Mix Analysis [Dec-2025 Updated]

You're trying to get a clear picture of Evaxion Biotech A/S's market footing right now, late in 2025, and frankly, it's a story of pipeline execution meeting cash management. We've mapped their entire marketing mix-the four P's-to see how their AI-Immunology™ platform and the EVX-01 vaccine candidate are being positioned globally. The key takeaway for you is the financial tightrope: they've got their cash runway stretched into the second half of 2027, bolstered by that recent $7.5 million option exercise fee from MSD, even while holding only $10.6 million in cash as of September 30, 2025. Dive in below to see how the recent ESMO presentation and the November appointment of Dr. Helen Tayton-Martin are designed to de-risk the path toward unlocking that potential $592 million in future milestone payments.

Evaxion Biotech A/S (EVAX) - Marketing Mix: Product

The products Evaxion Biotech A/S offers center around its proprietary technology and the resulting vaccine candidates across oncology and infectious diseases. The core offering is the platform itself, which drives the development of these specific assets.

AI-Immunology™ Platform

Evaxion Biotech A/S's foundational product is its AI-Immunology™ platform, a set of proprietary and scalable Artificial Intelligence prediction models designed to decode the human immune system for novel immunotherapy development. This technology is clinically validated, showing a strong correlation between its predictions and clinical response in patients, such as the p=0.00013 correlation seen with EVX-01 neoantigen predictions. The platform significantly compresses the timeline for vaccine target discovery and design; it can deliver a new vaccine target in as little as 24 hours, compared to the three years traditional methods might require. As of late 2025, the platform was further enhanced with a new automated vaccine design module, launched in October 2025, which automatically provides vaccine designs for maximum protective immune responses. The platform's utility has been recognized externally, evidenced by a grant received from the Gates Foundation to apply the technology to a polio vaccine program.

Oncology Pipeline: EVX-01

EVX-01 is the lead clinical asset, a personalized cancer vaccine currently evaluated in a Phase 2 trial for patients with advanced melanoma. The product is designed to target multiple neoantigens, which are unique proteins arising from cancer mutations. The two-year clinical efficacy data from this trial was presented at the European Society for Medical Oncology (ESMO) Congress in October 2025. The results show compelling efficacy:

• Objective Response Rate (ORR) reached 75% as of the two-year follow-up, an increase from the 69% observed at one year.
• 12 out of 16 patients in the trial achieved an objective clinical response, with four of those achieving a complete response.
• A durable clinical benefit was observed, with 92% of responders still responding at 24 months follow-up.
• 15 out of 16 enrolled patients showed tumor reduction in target lesions.
• The vaccine induced an immune response in all patients, with 81% of the targeted neoantigens generating potent specific T-cell responses.

Pipeline Assets Summary

Evaxion Biotech A/S maintains a broad pipeline, leveraging the AI-Immunology™ platform for both oncology and infectious diseases. The following table summarizes the key assets as of late 2025, including the recently out-licensed candidate.

Infectious Disease Pipeline Expansion

The infectious disease portfolio includes several candidates developed using the AI-Immunology™ platform. EVX-V1 is a multi-component vaccine candidate targeting CMV infections, with lead antigen selection anticipated in the second half of 2025; positive data for lead antigens was announced on November 20, 2025. The pipeline also includes EVX-B4, a new vaccine program targeting Group A Streptococcus bacteria, demonstrating the platform's scalability. Furthermore, the platform is being applied to a polio vaccine program following a grant from the Gates Foundation.

Out-Licensed Asset: EVX-B3 to MSD

The bacterial vaccine candidate EVX-B3 was out-licensed to MSD (Merck & Co., Inc.) in September 2025 under an option and license agreement. Evaxion Biotech A/S received an immediate cash payment of $7.5 million upon exercise of the option. This payment, combined with other capital market activities totaling $31.8 million from January to October 2025, extended the company's cash runway to the second half of 2027. For EVX-B3, Evaxion is eligible for future development, regulatory, and sales milestone payments potentially valued up to $592 million, plus royalties on net sales. MSD assumes full responsibility and carries all costs for the further development of EVX-B3. The other candidate under the agreement, EVX-B2 (Gonorrhea), has an extended evaluation period, with a decision on licensing now expected in the first half of 2026; a potential license for EVX-B2 would bring an additional $2.5 million cash payment.

Evaxion Biotech A/S (EVAX) - Marketing Mix: Place

Evaxion Biotech A/S manages its physical presence and market access through a focused operational base complemented by a strategy heavily reliant on international partnerships and capital market listings. This approach is typical for a clinical-stage biotechnology firm where physical product distribution is replaced by clinical trial site access and strategic commercialization agreements.

Primary Operations and Research Footprint

Evaxion Biotech A/S maintains its core corporate headquarters and research laboratory facility in the DTU Science Park in Hørsholm, near Copenhagen, Denmark. This single site unites the company's diverse research and corporate operations, which previously spanned across Denmark and Italy. The new facility is designed to house more than 60 employees and support all current research activities, including bioinformaticians, preclinical, clinical, and manufacturing teams working together to advance the AI-Immunology™ platform and product candidates.

• Primary Operations Base: Hørsholm, Denmark.
• Facility Capacity: Can house over 60 employees.
• Operational Consolidation: United operations previously in Denmark and Italy.

Global Market Access via Partnerships

The 'Place' for commercial success for Evaxion Biotech A/S is largely defined by its strategic partnerships, which provide a pathway to global market access for its developed assets. The collaboration with MSD (Merck & Co., Inc., Rahway, NJ, USA) serves as the prime example of this distribution strategy. MSD exercised its option on the EVX-B3 bacterial vaccine candidate in September 2025, marking the first in-licensing of an AI-discovered vaccine candidate by a major pharmaceutical company. This deal immediately provided Evaxion Biotech A/S with a $7.5 million option exercise fee. Furthermore, Evaxion Biotech A/S is entitled to future milestone payments potentially reaching up to $592 million upon successful progression of EVX-B3, and MSD also holds an option for the EVX-B2 Gonorrhea vaccine candidate. The company is actively pursuing its 2025 target of securing at least two new business development deals to further expand this out-licensing footprint.

International Research Presence through Clinical Trials

The physical presence for clinical development and data generation is international, leveraging clinical trial sites across various regions. The most advanced asset, EVX-01, completed treatment for all patients in its Phase 2 trial, with the full two-year clinical efficacy data presented at the European Society for Medical Oncology (ESMO) Congress in Berlin in October 2025. Engagement with global stakeholders, including potential partners, is facilitated by presenting data at numerous international conferences. For the second half of 2025, Evaxion Biotech A/S scheduled participation and presentations across the US, Europe, and Asia, including events in Kyoto, New York, Lisbon, and Berlin.

Here's a look at the international engagement schedule for late 2025:

Access to US and Global Capital Markets

Evaxion Biotech A/S's listing on the Nasdaq Capital Market (ticker: EVAX) is central to its access to global capital, particularly the US market. The company confirmed full compliance with Nasdaq's minimum stockholders' equity requirement in February 2025, following capital market activities. The public offering on January 31, 2025, raised gross proceeds of approximately $10.8 million. This, combined with a debt-to-equity conversion from the European Investment Bank (EIB) and subsequent capital raises in September and October 2025 totaling $7.2 million, significantly bolstered the balance sheet. As of the Q3 2025 update, the company's cash runway was extended to the second half of 2027. Cash and cash equivalents stood at $14.7 million as of June 30, 2025, supporting an expected operational cash burn of approximately $14 million for the full year 2025.

The Nasdaq listing provides the necessary infrastructure for US investor relations and capital deployment.

Evaxion Biotech A/S (EVAX) - Marketing Mix: Promotion

Promotion for Evaxion Biotech A/S as of late 2025 centered heavily on validating its AI-Immunology™ platform through high-impact clinical data disclosures and strategic business development milestones, directly targeting the scientific community and the investment base.

The oral presentation of EVX-01 two-year Phase 2 data at the European Society for Medical Oncology (ESMO) Congress in Berlin, Germany, between October 17-21, 2025, served as a major promotional event for the lead asset. This presentation included two-year clinical efficacy, immunogenicity, and safety data, specifically highlighting an Objective Response Rate (ORR) of 75% among the 16 advanced melanoma patients treated. Furthermore, the data showed durable clinical benefit, with 11 of the 12 initial responders continuing to respond at 24 months follow-up. The company maintained a presence at booth #3035 to facilitate discussions with stakeholders following the presentation.

External validation of the platform's versatility was promoted through the announcement of a grant from the Gates Foundation in June 2025 to design a novel polio vaccine. This non-dilutive funding was explicitly noted to allow for platform application and validation without adding to Evaxion Biotech A/S's operational spend. This success in infectious disease, alongside the oncology data, supported the narrative of a broadly applicable technology. The Q3 2025 revenue of $7.5 million included income recorded from the Gates Foundation grant, alongside the MSD option exercise fee.

Investor relations promotion focused on extending the financial runway and securing value-creating partnerships, which de-risks the near-term operational outlook.

The investor narrative emphasized a strengthened financial position, with the cash runway now extending past the potential MSD option exercise and the EVX-01 two-year data readout. The expected operational cash burn for the full year 2025 was approximately $14 million. The company confirmed its target of securing at least two new business development agreements in 2025.

A significant promotional move signaling a new strategic phase was the appointment of Dr. Helen Tayton-Martin as the new Chief Executive Officer, effective November 24, 2025. Her selection, announced in late October 2025, was promoted based on her 30 years of experience, including co-founding Adaptimmune and managing partnerships with entities like Astellas and GlaxoSmithKline, positioning her to drive business development.

Key communication channels and promotional activities included:

• Oral presentation at the ESMO Congress 2025 on October 17, 2025.
• Webinar with Key Opinion Leader Professor Muhammad Adnan Khattak on October 22, 2025.
• Investor calls and webcasts following Q3 2025 financial results on November 6, 2025.
• Active engagement at scientific conferences to support the multi-partner strategy.

Evaxion Biotech A/S (EVAX) - Marketing Mix: Price

You're looking at the pricing element of Evaxion Biotech A/S's strategy, and for a company at this stage, price isn't about shelf tags; it's about the financial architecture of your partnerships and the resulting liquidity. Effective pricing here means structuring deals that reflect the perceived value of your AI-Immunology™ platform and pipeline assets, like EVX-B3, while ensuring you have the capital to operate. This involves setting upfront fees, defining milestone payments, and managing the burn rate to maximize the time you have to hit those value inflection points.

The immediate financial position, which underpins all strategic pricing decisions, shows a solid footing as of the third quarter of 2025. This liquidity is a direct result of recent capital market activities and the upfront payment from the MSD deal. Here's the quick math on where the company stood at the end of Q3 2025:

The most significant component reflecting the pricing strategy for a specific asset, EVX-B3, is the revenue realized from the out-licensing to MSD. This upfront payment acts as a crucial, immediate cash injection, directly impacting the runway calculation you see above. The terms set a clear initial value for the asset.

• MSD option exercise fee received for EVX-B3: $7.5 million.
• This payment, combined with capital raises, extended the cash runway.

Beyond the immediate cash, the long-term pricing structure embedded in the MSD agreement defines the potential future financial return, which is tied to the successful development and commercialization of EVX-B3. This structure is what truly reflects the perceived long-term value of the AI-discovered vaccine candidate. The potential future value is substantial, contingent on hitting specific development, regulatory, and sales targets set by the agreement.

The structure of future payments is designed to reward Evaxion Biotech A/S as the asset progresses through the partner's development pipeline. You need to track these milestones closely, as they represent the realization of the asset's maximum potential price tag under the current deal terms.

• Total potential future milestone payments from the MSD deal: up to $592 million.
• The agreement also includes royalties on net sales, which are not quantified here but add to the long-term pricing realization.

Finance: draft 13-week cash view by Friday.