Evaxion Biotech (EVAX) Q2 2026 Earnings Report

The call emphasized substantial scientific and platform progress (strong EVX-01 immunogenicity and response data, new EVX-05 program, EVX-04 and EVX-V1 advances, and external validation of the personalized vaccine field). Financial discipline was highlighted and the cash runway was reconfirmed into H2 2027, with an ATM activated for optionality. Offsetting risks include a modest cash balance ($14.0M), a quarterly net loss of $3.7M, reliance on ATM/partnerships to extend runway, and early-stage status/timeline uncertainty for key new programs (EVX-05) and pending IND-enabling/CMC work for EVX-04.

Management's guidance reiterated that the company has cash of $14.0 million and a cash runway into the second half of 2027 (with an ATM facility recently activated to supplement funding), reported a Q2 net loss of $3.7 million and equity of $9.5 million, and used roughly $8.3 million in H1 (implying a current quarterly burn of about $4+ million); on the R&D side they will present 3‑year EVX‑01 Phase 2 data at ESMO in October, target a regulatory filing for off‑the‑shelf EVX‑04 by year‑end, and are progressing EVX‑05 after mining ~1.5 million ERV fragments and selecting 16 fragments for lead selection/IND‑enabling prior to first‑in‑human work with Duke — all supported by clinical metrics (EVX‑01: 86% of vaccine targets elicited tumor‑specific responses, 86% induced de novo T cells, prior 2‑year outcomes showed 75% overall response rate, 25% complete responses, and 92% of patients still in response) and the claim that AI‑Immunology is clinically validated in 3/3 oncology trials.