Evaxion Biotech A/S Adr ( (EVAX) ) has released its Q3 earnings. Here is a breakdown of the information Evaxion Biotech A/S Adr presented to its investors.
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Evaxion Biotech A/S is a clinical-stage TechBio company that develops AI-Immunology™ powered vaccines to target cancer, bacterial, and viral infections, leveraging artificial intelligence to decode the human immune system. In its third quarter of 2024, Evaxion reported significant strides in its vaccine development efforts, highlighted by a transformative collaboration with MSD and promising clinical data for its personalized cancer vaccine, EVX-01. The company also launched an improved AI-Immunology™ platform for vaccine antigen prediction and appointed Thomas Schmidt as interim CFO.
Key financial metrics for the third quarter include a revenue of $3.0 million, marking a significant improvement from the previous year, driven primarily by a new agreement with MSD. The company’s net loss reduced to $1.9 million from $5.7 million in the same quarter of 2023, attributed to increased revenue and decreased general and administrative expenses. Despite a strong cash position, concerns about Evaxion’s ability to meet Nasdaq’s equity requirements remain, with plans to appeal a potential delisting.
Looking ahead, Evaxion remains optimistic about its strategic partnerships and innovative vaccine pipeline, although the company acknowledges the need for further funding to ensure long-term sustainability. The collaboration with MSD, alongside ongoing discussions with potential partners, is expected to bolster future business development income, supporting Evaxion’s growth and compliance objectives.
