--- title: "Evaxion says cash funds operations into second half of 2027" url: "https://aibio.space/news/evaxion-says-cash-funds-operations-second-half-2027/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-03-05" section: "Financings" tickers: "NASDAQ:EVAX" source: "https://www.sec.gov/Archives/edgar/data/1828253/000117184326001348/exh_991.htm" summary: "Evaxion says its cash can fund operations into the second half of 2027, after a $7.5 million option exercise fee and a debt conversion with the European In" --- By the aibio.space news desk. Sources - [Evaxion A/S 6-K (2026-03-05)](https://www.sec.gov/Archives/edgar/data/1828253/000117184326001348/exh_991.htm) [EVAX](https://aibio.space/companies/evaxion/) 2026-03-05 # Evaxion says cash funds operations into second half of 2027 Tickers [EVAX](https://aibio.space/companies/evaxion/) Evaxion says its cash can fund operations into the second half of 2027, after a $7.5 million option exercise fee and a debt conversion with the European Investment Bank. The release reports a cash burn of about $14 million for 2026 and names no bank or agent for its amended at-the-market facility. ## Key facts - **Company**: Evaxion A/S (NASDAQ: EVAX) - **News type**: Financings - **Primary source**: [Evaxion A/S 6-K (2026-03-05)](https://www.sec.gov/Archives/edgar/data/1828253/000117184326001348/exh_991.htm) *A city skyline in morning haze. CC0, via rawpixel. The picture shows the field, not the companies named.* Evaxion A/S (Nasdaq: [EVAX](https://aibio.space/companies/evaxion/)) published a [business update and full-year 2025 results](https://www.sec.gov/Archives/edgar/data/1828253/000117184326001348/exh_991.htm) in a 6-K filed March 5, 2026. The Copenhagen company says it strengthened its financial position in 2025 through a partnership deal, capital market activity and a debt conversion, with more than $30 million of new capital in total. Chief executive Helen Tayton-Martin says the company has cash on hand to fund operations into the second half of 2027. ## Cash and equity The release gives cash and cash equivalents of $23.2 million at December 31, 2025, up from $6.0 million a year earlier. Total equity was $17.0 million at year-end. For 2026, the company says it expects cash expenditure similar to 2025, "e.g. an operational cash burn of ~$14 million." The 20-F filed the same day reports cash used in operations of $6.6 million for 2025, against $12.9 million for 2024. The release does not reconcile the $14 million estimate with the 2025 operating figure. It also does not say how much of the $23.2 million is set aside for 2026, or whether the 2027 runway date assumes any sales under the facility. ## The MSD licence and the EIB loan The main 2025 deal was the licence of EVX-B3, an infectious disease vaccine candidate, to MSD, which the release says is the tradename of Merck & Co., Inc. Evaxion received a $7.5 million option exercise fee and is eligible for future payments of up to $592 million. The release says MSD will carry all future development costs of EVX-B3. MSD did not exercise its option on EVX-B2, a gonorrhea candidate. The release says Evaxion retains full global rights to that program and is looking for another licensing partner. The release does not name any advisers on the MSD agreement. The release also describes a debt conversion agreement with the European Investment Bank, which it says was finalized in July 2025. It notes that the conversion gave $2.6 million of financial income from a share price premium, and it says the arrangement reduces interest payments going forward. ## The amended at-the-market facility Following the rise in market value after the MSD option exercise, Evaxion amended its Form F-3 shelf registration and its at-the-market facility. The release says this potentially allows funding until March 2028, and that the company may issue up to $45.5 million of shares during the coming three years, if and when market conditions allow. The release says the company has no imminent need for new capital, but that it wants better funding options. The release does not name the sales agent for the amended facility, and it names no counsel or other advisers for it. The release calls the facility a source of flexible funding, but it does not say how much of the $45.5 million the company expects to use. ## Results for 2025 The company reports a net loss of $7.7 million for 2025, an improvement of $2.9 million on 2024. Revenue was $7.5 million, which the release ties to the MSD option fee and a grant from the Gates Foundation. Research and development expense was $10.0 million, against $10.5 million, and general and administrative expense was $6.8 million, against $7.6 million. Net financial income was $0.6 million. That figure combines $2.6 million of income from the EIB conversion with $2.4 million of expense from remeasuring a derivative liability linked to warrants issued in the January 2025 public offering. The clinical results the company highlights rest on small numbers. For its personalized cancer vaccine EVX-01, the release reports an objective response rate of 75%, with 12 of 16 patients responding and four complete responses. It reports 92% of patients still responding at two years of follow-up, with no relapses. The release calls the results unprecedented. It does not say whether the trial had a control group. ## What comes next The 2026 milestones include additional biomarker and immunogenicity data for EVX-01 in the first half, and a new AI-Immunology application for autoimmune diseases, three-year Phase 2 data for EVX-01 and a regulatory filing for a Phase 1 trial of EVX-04 in the second half. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story EVAX Evaxion A/S NASDAQ ยท Denmark Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/evaxion-says-cash-funds-operations-second-half-2027/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Evaxion says cash funds operations into second half of 2027", 2026-03-05, https://aibio.space/news/evaxion-says-cash-funds-operations-second-half-2027/