Evaxion raised $7.2 million through an at‑the‑market offering and exercise of investor warrants, adding $4.5 million from the ATM and $2.7 million from warrant exercise. The transaction reduces outstanding warrants to 2.8 million.
The new capital brings total cash to $22.0 million, offsetting $9.2 million of debt that was reduced by $4.1 million through a debt‑to‑equity conversion with the European Investment Bank in July. The extended runway now reaches the second half of 2027, supporting ongoing development of its AI‑Immunology platform and pipeline candidates such as EVX‑01 and EVX‑B4.
In Q2 2025, Evaxion reported a net loss of $4.8 million, an improvement from $6.2 million in the same period last year, while cash and cash equivalents rose to $14.7 million from $6.0 million at the end of 2024. The financing is intended to accelerate clinical milestones, including the anticipated two‑year efficacy data for EVX‑01 at the ESMO Congress in October 2025.
CFO Thomas Schmidt said the capital will allow the company to focus on strategic priorities, including expanding the automated vaccine design module launched in October 2025 and pursuing potential partnership opportunities with MSD and the Gates Foundation. The company also received a $7.5 million payment from MSD for licensing EVX‑B3 in September 2025, underscoring the commercial traction of its pipeline.
Evaxion’s AI‑Immunology platform uses artificial intelligence to discover and develop novel immunotherapies for cancer and infectious diseases. The company’s pipeline includes personalized cancer vaccine EVX‑01 and a Group A Streptococcus vaccine candidate EVX‑B4, both of which are progressing through preclinical and early clinical stages.
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