Evaxion A/S (NASDAQ:EVAX) highlighted new clinical and translational data from its lead personalized cancer vaccine program, organizational changes aimed at sharpening external engagement, and a reaffirmed cash runway into the second half of 2027 during its first-quarter 2026 business update and financial results call.
Strategic focus and leadership updates
CEO Helen Tayton-Martin said the company remains focused on four areas, led by business development and partnering, alongside continued R&D execution across its AI-Immunology platform and pipeline. Tayton-Martin said partnering discussions are “very much underway,” adding that the company has reorganized internally to increase external outreach and platform awareness.
The company also added Jens Bitsch-Nørhave to its board of directors. Tayton-Martin described him as bringing extensive experience in business development and corporate strategy, including roles at Johnson & Johnson and his current position as Corporate VP and Global Head of Corporate Development at Homrie.
EVX-01 AACR update: immunogenicity and de novo T-cell responses
Rønø’s R&D update centered on EVX-01, Evaxion’s personalized neoantigen-directed peptide-based vaccine in a phase II trial in advanced melanoma. She said the company presented new phase II biomarker and T-cell data at the American Association for Cancer Research (AACR) annual meeting in April.
According to Rønø, Evaxion reported that “86% of the EVX-01 vaccine target triggered a specific immune response,” which she said was “substantially higher than what has been reported for other similar vaccine candidates.” She added that 86% of the immunogenic targets induced a de novo T-cell response—meaning the vaccine triggered new T-cell responses rather than only amplifying pre-existing ones—an outcome she said is important because novel responses have been linked to clinical benefit.
Rønø also said Evaxion observed a positive correlation between the predicted quality of EVX-01 vaccine targets and the magnitude of the induced T-cell response, which she said supports the predictive power of the AI-Immunology platform.
In discussing the broader EVX-01 data package, Rønø referenced results the company previously reported at ESMO, including a 75% overall response rate with 25 complete responders and 92 sustained responses, which she said indicated durability. She also said more than half of patients converted to an improved clinical response after EVX-01 treatment.
Looking ahead, Rønø said Evaxion plans to announce 3-year data, including clinical outcomes, in the second half of 2026. During Q&A, Tayton-Martin said the company intends to present the update “in the context of a scientific meeting,” and will confirm which conference once abstracts are released. Rønø added that Evaxion is evaluating additional cancer indications and expects further trials to be conducted in partnerships. She also noted EVX-01 has received FDA Fast Track designation.
Tayton-Martin also said Evaxion completed the last patient, last visit in the extension phase of the EVX-01 phase II trial, with additional updates expected later in the year.
New platform data: glioblastoma feasibility and polio vaccine concept
Beyond melanoma, Rønø highlighted data presented at AACR from a collaboration with Duke University evaluating the use of AI-Immunology in glioblastoma (GBM). She described GBM as the most common and most aggressive primary malignant brain tumor and noted poor outcomes despite standard-of-care treatment.
Rønø said Evaxion evaluated tumor omics data from 24 GBM patients and found that a fully personalized vaccine design was feasible for all cases. She said the designs incorporated two classes of antigens—classical neoantigens and antigens derived from the “dark genome,” described as endogenous retroviruses (ERVs). In 21 of the 24 designs, both antigen types were included; two designs included only neoantigens, and one relied only on ERV antigens. Rønø said the results demonstrate the platform’s flexibility and support its applicability in low-mutational-burden tumors such as GBM.
Asked whether Evaxion intends to take the GBM work into the clinic, Tayton-Martin said the company anticipates a partnering approach. “We would anticipate that that will be something that we will be partnering,” she said, adding that more could be shared as data and discussions mature.
Rønø also described an infectious-disease application presented at the World Vaccine Congress. In collaboration with the Gates Foundation, Evaxion presented an “improved polio vaccine concept” designed using AI-Immunology, including a novel hybrid capsid antigen and a de novo T-cell antigen intended to elicit broad humoral responses across serotypes.
Pipeline priorities and 2026 milestones
Tayton-Martin reviewed the company’s broader pipeline and milestones for 2026. In oncology, she cited EVX-03, which combines personalized and ERV-based antigens on a DNA platform, and EVX-04, an off-the-shelf vaccine program targeted to acute myeloid leukemia (AML) that the company aims to make clinically ready by year-end 2026.
In infectious diseases, Tayton-Martin outlined preclinical programs including EVX-B1 (Staphylococcus aureus), EVX-B2 (Neisseria gonorrhoeae) being pursued with Aphrogen on an RNA platform, EVX-B3 (an optioned program partnered with MSD), and EVX-B4 (Group A Streptococcus), which she said is advancing through early discovery. She also said the company’s first viral program is progressing in confirming candidate components.
For 2026 milestones, Tayton-Martin said Evaxion has achieved the first milestone—additional EVX-01 biomarker and immunogenicity data—and remains on track to provide updates on autoimmune disease applications of AI-Immunology, EVX-01 three-year data, EVX-04 strategy, and progress in EVX-B4.
Financial results: cash runway reaffirmed into 2H 2027
CFO Thomas Schmidt said the first-quarter highlights included continued discipline in resource allocation aligned with the company’s strategy and value drivers. He said Evaxion remains on track for an operational cash burn of roughly $14 million for 2026, and he reiterated that the cash runway extends into the second half of 2027, “not assuming any partnerships or deals.”
Schmidt reported that operating expenses were largely in line with the prior year but slightly reduced, with R&D showing a minor increase as programs advance and G&A slightly lower year over year, primarily due to lower capital markets costs compared with the first quarter of 2025. He said Evaxion posted a net loss of $3.6 million for the quarter.
On the balance sheet, Schmidt said cash and equivalents were $18.4 million at quarter-end, supporting the runway guidance into the second half of 2027. He reported total equity of $13.2 million at the end of the quarter, down from year-end due to the quarter’s net loss.
In closing remarks, Tayton-Martin said Evaxion is “rigorously following execution of our strategy,” emphasizing the EVX-01 translational data, the platform scalability shown in recent presentations, and ongoing efforts to engage potential partners across both oncology and infectious disease programs.
About Evaxion A/S (NASDAQ:EVAX)
Evaxion A/S is a clinical-stage biotechnology company headquartered in Copenhagen, Denmark, with additional operations in the United States. The company specializes in the development of immunotherapies and vaccines driven by its proprietary AI-based computational immunology platform. By leveraging machine learning and deep learning algorithms, Evaxion identifies and optimizes antigen targets for both therapeutic cancer vaccines and prophylactic vaccines against infectious diseases.
At the core of Evaxion’s business is its AI platform, which analyzes large datasets of genomic, proteomic and immunological information to predict immune-stimulating epitopes.
