Evaxion recently reduced its second-quarter net loss by about 23% year over year while maintaining enough cash to fund operations into the second half of 2027 as the company advances its AI-designed cancer and infectious disease vaccine pipeline.
The clinical-stage TechBio company reported a second-quarter 2026 net loss of $3.7 million, compared with $4.8 million in the prior-year quarter and $3.6 million in the first quarter of 2026. The year-over-year improvement primarily reflected lower capital markets transaction costs and lower financial expenses associated with a significantly reduced derivative liability.
Research and development expenses were $2.3 million, approximately unchanged sequentially and slightly higher year-over-year as Evaxion continued advancing its pipeline.
General and administrative expenses declined to $1.5 million from $2.2 million a year earlier, while net financial expense fell to $0.1 million from $0.7 million.
Evaxion ended June with $14 million of cash and cash equivalents, compared with $18.4 million at the end of March. The company maintained its expectation that existing cash will support operations into the second half of 2027.
The financial runway gives Evaxion additional time to advance several important clinical and preclinical programs.
The company plans to present three-year clinical efficacy data from EVX-01, its personalized cancer vaccine candidate for advanced melanoma, at the ESMO Congress in October 2026. Evaxion is also progressing EVX-04, an off-the-shelf vaccine targeting acute myeloid leukemia, and recently added EVX-05, an off-the-shelf therapeutic vaccine program targeting glioblastoma.
Its infectious disease pipeline includes EVX-V1, a next-generation multi-component cytomegalovirus vaccine program. Evaxion also expects to begin applying its AI-Immunology platform to autoimmune diseases during the second half of 2026.
The company remains involved in multiple partnership discussions involving both its AI-Immunology platform and individual R&D programs.
KEY QUOTE:
“Progress remains strong in recent months, particularly regarding the expansion and progression of our R&D pipeline.”
Helen Tayton-Martin, CEO of Evaxion
