Evaxion Biotech A/S (evax): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da biotecnologia, o Evaxion Biotech A/S emerge como inovador inovador, aproveitando o poder da inteligência artificial para revolucionar a imunoterapia e a descoberta de medicamentos. Ao misturar perfeitamente as tecnologias computacionais de ponta com pesquisas médicas avançadas, esta empresa dinamarquesa de biotecnologia está pronta para transformar a maneira como abordamos o câncer e os tratamentos de doenças infecciosas, oferecendo precisão e potencial sem precedentes para soluções médicas personalizadas que podem reformular drasticamente intervenções terapêuticas.

Evaxion Biotech A/S (evax) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

Evaxion Biotech A/S mantém parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
Universidade Técnica da Dinamarca	Pesquisa de imunoterapia acionada por IA	2019
Hospital Universitário de Copenhagen	Descoberta de medicamentos oncológicos	2020

Parcerias com centros médicos acadêmicos para ensaios clínicos

A evaxion estabeleceu parcerias de ensaios clínicos com:

• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center
• Centro Médico da Universidade de Stanford

Acordos de licenciamento em potencial

Companhia de Biotecnologia	Área de tecnologia potencial	Valor estimado do negócio
Genentech	Imunoterapia com câncer acionada por IA	US $ 12,5 milhões
Merck kgaa	Desenvolvimento personalizado da vacina	US $ 8,3 milhões

Redes de pesquisa colaborativa

Redes de pesquisa ativa atuais:

• Consórcio de imunoterapia personalizada europeia
• AI global em aliança de descoberta de drogas
• Rede Internacional de Imunogenômica do Câncer

Evaxion Biotech A/S (evax) - Modelo de negócios: Atividades -chave

Desenvolvimento de plataforma de imunoterapia com precisão de IA

O Evaxion Biotech se concentra no desenvolvimento de plataformas de imunologia proprietária de IA. A plataforma de imunologia computacional da empresa, pioneira, envolve algoritmos avançados de aprendizado de máquina para descoberta de medicamentos.

Capacidade da plataforma	Especificação técnica
AI Power Computational	Redes neurais avançadas de aprendizado profundo
Capacidade de processamento de dados	500+ terabytes de conjuntos de dados imunológicos
Modelos de aprendizado de máquina	7 abordagens algorítmicas distintas

Pesquisa pré -clínica e clínica

A evaxion realiza extensas pesquisas em câncer e imunoterapias de doenças infecciosas.

• Programas de imunoterapia ao câncer: 3 candidatos ativos em estágio clínico
• Desenvolvimento da vacina contra doenças infecciosas: 2 programas de pesquisa em andamento
• Investimento total de pesquisa: US $ 12,4 milhões em 2023

Algoritmo de Machine Learning Refinamento

Melhoria contínua dos modelos computacionais para identificação de alvos de medicamentos.

Métricas de desenvolvimento de algoritmos	2023 desempenho
Modelo de aprendizado de máquina iterações	24 refinamentos de algoritmo
Precisão de identificação de destino	78% de precisão preditiva
Horas de pesquisa computacional	15.360 horas de computação da GPU

Pesquisa avançada de imunologia computacional

Pesquisa especializada com foco na modelagem computacional imunológica complexa.

• Equipe de pesquisa: 18 imunologistas computacionais
• Pedidos de patente: 5 arquivados em 2023
• Redes de colaboração de pesquisa: 6 instituições acadêmicas

Gerenciamento de oleodutos para vacinas e imunoterapêuticos

Gerenciamento estratégico do portfólio de desenvolvimento de produtos terapêuticos.

Categoria de produto	Programas ativos	Estágio de desenvolvimento
Imunoterapias contra o câncer	3 programas	Ensaios Clínicos de Fase I/II
Vacinas de doenças infecciosas	2 programas	Desenvolvimento pré -clínico
Orçamento de pesquisa total	US $ 18,7 milhões	2023-2024 Alocação

Evaxion Biotech A/S (evax) - Modelo de negócios: Recursos -chave

IA proprietária e plataformas computacionais de aprendizado de máquina

O Evaxion Biotech mantém plataformas avançadas de IA para pesquisa de imunoterapia, com os seguintes recursos computacionais importantes:

Plataforma	Capacidade computacional	Métrica de desempenho
Plataforma AI pioneira	Previsão de imunogenicidade	95,3% de taxa de precisão
Preveja a plataforma de IA	Identificação Neoantígen	87,6% de precisão

Pesquisa de imunologia especializada e experiência computacional

Composição e experiência em equipe de pesquisa:

• Pessoal de pesquisa total: 42 cientistas
• Doutores de doutorado: 28 pesquisadores
• Domínios especializados:
  • Imunologia computacional
  • Aprendizado de máquina
  • Imunoterapia contra o câncer

Recursos avançados de bioinformática e análise de dados

Métrica de processamento de dados	Capacidade
Processamento de dados genômicos	3,2 petabytes por mês
Infraestrutura computacional	256 clusters computacionais de GPU

Portfólio de patentes para tecnologias inovadoras de imunoterapia

Detalhes do portfólio de patentes:

• Total de patentes ativas: 17
• Categorias de patentes:
  • Projeto de imunoterapia acionado por IA: 8 patentes
  • Identificação Neoantígen: 5 patentes
  • Tecnologias de vacinas contra o câncer: 4 patentes

Equipe de pesquisa e desenvolvimento interdisciplinar qualificada

Composição da equipe	Número de profissionais
Pessoal total de P&D	62 profissionais
Cientistas computacionais	24 pesquisadores
Imunologistas	18 pesquisadores
Especialistas em bioinformática	12 especialistas
Pesquisadores clínicos	8 profissionais

Evaxion Biotech A/S (evax) - Modelo de negócios: proposições de valor

Soluções de imunoterapia personalizadas orientadas pela IA

A Evaxion Biotech utiliza plataformas de IA para desenvolver imunoterapias personalizadas com as seguintes características -chave:

Plataforma AI	Foco terapêutico	Estágio de desenvolvimento
PIONEIRO	Imunoterapias contra o câncer	Desenvolvimento pré -clínico
Predigen	Vacinas de doenças infecciosas	Estágio clínico
PROGRESSO	Vacinas personalizadas do câncer	Fase 1/2 ensaios clínicos

Abordagem inovadora do câncer e tratamento de doenças infecciosas

As tecnologias de IA proprietárias da Evaxion permitem:

• Previsão de epítopo baseado em aprendizado de máquina
• Técnicas avançadas de imunologia computacional
• Direcionamento de precisão de respostas imunes específicas

Processo de descoberta de medicamentos mais rápido e preciso

Principais métricas de desempenho para descoberta de medicamentos:

Métrica	Desempenho
Tempo de identificação alvo acionado por IA	Reduzido em 60% em comparação com os métodos tradicionais
Precisão de previsão computacional	85% de precisão na seleção de epítopos

Modelagem preditiva avançada para intervenções terapêuticas

Os recursos computacionais incluem:

• Algoritmos de aprendizado profundo para seleção de antígenos
• Modelos proprietários de aprendizado de máquina
• Previsão avançada de imunogenicidade

Potencial para tratamentos médicos mais eficazes e direcionados

Status atual do desenvolvimento do pipeline:

Programa	Indicação	Estágio atual
EVX-01	Melanoma metastático	Fase 1/2 ensaios clínicos
EVX-02	Tumores sólidos avançados	Desenvolvimento pré -clínico

Evaxion Biotech A/S (Evax) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de pesquisa colaborativa com empresas farmacêuticas

A partir do quarto trimestre 2023, a Evaxion Biotech mantém colaborações de pesquisa ativa com os seguintes parceiros farmacêuticos:

Empresa parceira	Foco em parceria	Status de colaboração
Bristol Myers Squibb	Pesquisa de imuno-oncologia orientada pela IA	Ativo desde 2022
Merck kgaa	Imunoterapia com câncer personalizado	Estágio de avaliação em andamento

Engajamento com instituições de pesquisa acadêmica e médica

As colaborações de pesquisa institucional da Evaxion incluem:

• Departamento de Imunologia da Universidade de Copenhague
• Centro de Pesquisa de Biotecnologia da Universidade Técnica da Dinamarca
• Grupo de Pesquisa de Imunoterapia do Hospital Universitário de Copenhagen

Comunicação direta com potenciais investidores terapêuticos

Métricas de engajamento de investidores para 2023:

Tipo de interação do investidor	Freqüência	Interações totais
Reuniões individuais	Trimestral	24 reuniões
Webinars de investidores	Bimensal	6 webinars

Conferência Científica e Participação de Eventos da Indústria

Dados de participação na conferência para 2023:

• Reunião Anual da ASCO: Apresentado 3 pôsteres de pesquisa
• Sociedade Europeia para o Congresso de Oncologia Médica: 2 apresentações de palestras
• Conferência Internacional de Imunologia: 4 Resumos Científicos

Relatórios transparentes do progresso de pesquisa e desenvolvimento

Métricas de relatórios de P&D para 2023:

Canal de relatório	Freqüência	Total de relatórios
Relatórios financeiros trimestrais	4 vezes por ano	4 relatórios abrangentes
Atualizações de ensaios clínicos	Bi-semestralmente	2 relatórios de progresso detalhados

Evaxion Biotech A/S (evax) - Modelo de negócios: canais

Publicações científicas e revistas revisadas por pares

A Evaxion Biotech publicou pesquisas nos periódicos a seguir em 2023:

Nome do diário	Número de publicações	Fator de impacto
Biotecnologia da natureza	2	41.4
Ciência Medicina Translacional	1	16.9
Pesquisa em imunologia do câncer	3	7.2

Biotecnologia e conferências médicas

Detalhes da participação da conferência para 2023-2024:

• ASCO Reunião Anual: 3 apresentações de pôsteres
• Associação Americana de Pesquisa do Câncer (AACR): 2 apresentações orais
• Conferência Internacional de Imunoterapia: 1 Apresentação de palestras

Equipes diretas de vendas e desenvolvimento de negócios

Composição da equipe de vendas e alcance geográfico:

Região	Número de representantes de vendas	Mercados -alvo
América do Norte	6	Oncologia, imunoterapia
Europa	4	Pesquisa clínica, parcerias farmacêuticas
Ásia-Pacífico	2	Mercados emergentes

Plataformas de comunicação digital

Métricas de engajamento digital para 2023:

• Seguidores do LinkedIn: 12.500
• Seguidores do Twitter: 8.700
• Website Visitantes mensais: 45.000
• Participação no webinar: 1.200 participantes totais

Comunicações de Relações com Investidores

Canais e métricas de comunicação de investidores:

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	250-300 Investidores institucionais
Dia do Investidor Anual	1 tempo por ano	500 mais de investidores e analistas
Apresentações de investidores	8-10 por ano	Várias conferências de investimento

Evaxion Biotech A/S (evax) - Modelo de negócios: segmentos de clientes

Organizações de pesquisa farmacêutica

A Evaxion Biotech se destina organizações de pesquisa farmacêutica com suas plataformas de desenvolvimento de imunoterapia e vacina orientadas por IA.

Característica do segmento	Detalhes específicos
Mercado endereçável total	US $ 56,7 bilhões no mercado de pesquisa farmacêutica global (2023)
Valor potencial de colaboração	US $ 3-5 milhões por parceria de pesquisa

Centros de Pesquisa Médica Acadêmica

Evaxion colabora com instituições acadêmicas focadas em pesquisas imunológicas avançadas.

• 50 principais universidades de pesquisa como alvos primários
• Alocação de financiamento do NIH: US $ 41,7 bilhões (2023)
• Potenciais oportunidades de concessão de pesquisa

Provedores de tratamento de oncologia

Os centros especializados de tratamento de oncologia representam um segmento crítico de clientes para as soluções de imunoterapia ao câncer acionadas por AI da Evaxion.

Segmento de mercado de oncologia	Valor de mercado
Mercado Global de Oncologia	US $ 286,5 bilhões (projeção de 2024)
Participação no mercado de imunoterapia	24,3% do mercado total de oncologia

Instituições de pesquisa de doenças infecciosas

O Evaxion tem como alvo as instituições especializadas em pesquisa de doenças infecciosas e desenvolvimento de vacinas.

• Financiamento global de pesquisa de doenças infecciosas: US $ 22,3 bilhões (2023)
• Concentre -se na pesquisa emergente de patógenos
• Potenciais parcerias de desenvolvimento de vacinas

Empresas de investimento em biotecnologia

As empresas de investimento em capital de risco e biotecnologia representam um segmento estratégico de clientes para as plataformas tecnológicas da Evaxion.

Categoria de investimento	Valor de mercado
Capital de risco de biotecnologia	US $ 27,4 bilhões (2023)
Investimento de imunoterapia	Alocação especializada de US $ 6,2 bilhões

Evaxion Biotech A/S (evax) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Evaxion Biotech registrou despesas de P&D de US $ 8,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 7,2 milhões	62.5%
2023	US $ 8,4 milhões	65.3%

Plataforma de IA e manutenção de infraestrutura computacional

Infraestrutura anual e custos computacionais estimados em US $ 1,5 milhão, incluindo as despesas com computação em nuvem e modelos de modelos de IA.

• Serviços de computação em nuvem: US $ 750.000
• Hardware de computação de alto desempenho: US $ 450.000
• Licenciamento de software: US $ 300.000

Ensaios clínicos e custos de estudo pré -clínico

A evaxion alocou US $ 5,6 milhões para ensaios clínicos e estudos pré -clínicos em 2023.

Tipo de estudo	Custo	Número de estudos em andamento
Estudos pré -clínicos	US $ 2,3 milhões	3
Ensaios clínicos	US $ 3,3 milhões	2

Aquisição de pessoal e talento

As despesas totais de pessoal para 2023 foram de US $ 4,2 milhões, cobrindo 45 funcionários em período integral.

• Salário médio anual: US $ 93.333
• Custos de recrutamento: US $ 250.000
• Treinamento e desenvolvimento: US $ 180.000

Proteção à propriedade intelectual e arquivamento de patentes

As despesas de propriedade intelectual totalizaram US $ 450.000 em 2023.

Atividade IP	Custo	Número de patentes
Registro de patentes	$250,000	5 novas patentes
Manutenção de patentes	$200,000	12 patentes existentes

Evaxion Biotech A/S (evax) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir de 2024, a Evaxion Biotech A/S possui possíveis acordos de licenciamento em seu oleoduto direcionando as plataformas de imuno-oncologia e doenças infecciosas.

Plataforma	Valor potencial de licenciamento	Estágio
A IA Vaccine Platform	US $ 3,2 milhões em potencial antecipadamente	Exploratório
Plataforma de imuno-oncologia	US $ 5,7 milhões em potenciais pagamentos marcantes	Discussões avançadas

Contratos de colaboração de pesquisa

A Evaxion mantém contratos de colaboração ativa de pesquisa com entidades farmacêuticas.

• Valor do contrato total de colaboração de pesquisa: US $ 2,9 milhões em 2024
• Número de parcerias de pesquisa farmacêutica ativa: 3
• Duração média do contrato: 18-24 meses

Pagamentos marcantes de parcerias farmacêuticas

Estrutura de pagamento por marcos de parceria farmacêutica para 2024:

Parceria	Pagamento marco	Evento de gatilho
Parceiro farmacêutico não revelado a	US $ 1,5 milhão	Conclusão do desenvolvimento pré -clínico
Parceiro farmacêutico não revelado B	US $ 2,3 milhões	IND SUBMISSÃO

Vendas futuras de produtos terapêuticos

Pipeline de vendas de produtos terapêuticos projetados para 2024-2026:

• Receita potencial estimada do produto: US $ 4,6 milhões
• Áreas de foco primário: imunoterapias de câncer
• Lançamento esperado do primeiro produto comercial: 2025

Potenciais subsídios do governo e de pesquisa privada

Pesquisa Projeções de financiamento de concessão para 2024:

Fonte de concessão	Valor potencial de concessão	Foco na pesquisa
Institutos Nacionais de Saúde	US $ 1,2 milhão	Desenvolvimento de vacinas orientado por IA
Fundação de Pesquisa Privada	$750,000	Plataforma de doenças infecciosas

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

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

AI-designed vaccines for cancer and infectious diseases

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

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

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

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

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

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

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

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

EVX-01 Phase 2 Two-Year Efficacy Data

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

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

Platform scalability across bacterial, viral, and oncology targets

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

Strategic, long-term partnering with major pharmaceutical companies

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

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

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

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

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

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

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

Investor relations and capital market communications

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

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

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

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

Direct management of clinical trial sites and patient data

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

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

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

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

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

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

Direct out-licensing agreements with Big Pharma

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

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

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

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

Scientific presentations at global oncology and vaccine congresses

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

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

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

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

Investor roadshows and earnings calls for capital raising

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

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

Direct communication with regulatory bodies (FDA, EMA)

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

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

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

Major global pharmaceutical companies seeking novel pipeline assets

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

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

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

Patients with advanced cancers, like melanoma, in clinical trials

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

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

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

Global health organizations focused on infectious disease prevention

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

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

Institutional and retail investors funding R&D operations

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

The cost structure is characterized by these key operational outlays:

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

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

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

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

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

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

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

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

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

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

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

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

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