COPENHAGEN, Denmark — May 7, 2026 — Leads & Copy —
Evaxion A/S (NASDAQ: EVAX), a TechBio company focused on developing vaccines using its AI-Immunology™ platform, has announced its first quarter 2026 financial results and provided a business update.
The company reported a net loss of $3.6 million for the first quarter of 2026, compared to a $1.6 million loss in the same period last year. The increased loss is attributed to financial income from the remeasurement of derivative liability in the first quarter of 2025. Operating expenses and results were slightly reduced in the first quarter of 2026.
Research and development expenses for the first quarter of 2026 were $2.3 million, a slight increase from the previous year, reflecting the company’s progress in advancing its pipeline. General and administrative expenses were $1.5 million for the quarter, compared to $1.7 million in the first quarter of 2025. This decrease is primarily due to lower capital market costs.
As of March 31, 2026, Evaxion had $18.4 million in cash and cash equivalents, compared to $23.2 million as of December 31, 2025. The company confirms that this cash runway will fund operations into the second half of 2027.
Total equity amounted to $13.2 million as of March 31, 2026, reflecting the net result of the first quarter of 2026, compared to $17.0 million as of December 31, 2025.
According to Helen Tayton-Martin, CEO of Evaxion, the company is maintaining strong operational momentum and working to consolidate its position as a leader in AI-based target discovery, drug design, and development. She noted that validation of AI-Immunology™ continues to be reinforced with new data, forming a foundation for ongoing business development efforts. Tayton-Martin also stated she is pleased with the strengthening of the organization with the promotion of Birgitte Rønø and the inclusion of Jens Bitsch-Nørhave to the Board of Directors.
Evaxion’s Executive Management is hosting a conference call and webcast today at 8:30 a.m. ET/2:30 p.m. CET to present the business update and financial results, followed by a question and answer session.
The company’s research and development pipeline includes vaccine candidates for cancer and infectious diseases. EVX-01, the company’s most advanced asset, is a personalized cancer vaccine designed to target multiple neoantigens. Data from the phase 2 trial of EVX-01 in patients with advanced melanoma showed that 86% of the vaccine targets triggered a tumor-specific immune response.
Evaxion also presented data at AACR confirming the scalability of AI-Immunology™ for application in diseases such as glioblastoma. This data, generated in collaboration with Duke University School of Medicine, has created interest in the field.
The company has completed the one-year extension of its phase 2 trial with EVX-01, with the last patient having their last physician visit in April. The three-year data is expected to be presented in the second half of 2026.
Evaxion is also working on new polio vaccine design concepts in collaboration with The Gates Foundation. These designs could potentially be superior to currently used vaccines and provide a basis for designing a specific new polio vaccine.
The company says that it remains active in partnership discussions based on interest in its platform and pipeline, and that it is pursuing its strategy of strengthening its platform and building value through multiple partnerships. Birgitte Rønø has been promoted to the dual role of Chief Scientific and Chief Operating Officer and Jens Bitsch-Nørhave has been elected to the Board of Directors to support these partnering activities and internal strategy execution.
Source: Evaxion A/S
