Evaxion A/S (EVAX): Financial results for Q2 2026
Evaxion A/S (EVAX) furnished an SEC Form 6-K — earnings release. EXHIBIT 99.1 Evaxion announces business update and second quarter 2026 financial results COPENHAGEN, Denmark, August 20, 2026 - Evaxion A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company developing novel vaccines with its pioneering AI-Immunology™ platform, provides
How this was made
The 30-second read
Why it matters
Earnings release provides the first public financial snapshot for Q2 2026 and outlines upcoming clinical data presentations.
Market read
First‑time earnings disclosure for a micro‑cap biotech with AI‑driven pipeline; may trigger short‑term price movement.
What to watch
Cash runway only to H2 2027; financing needs could pressure share price.
Evaxion reported a second-quarter net loss of $3.7 million, held cash at $14.0 million, and reconfirmed cash runway into the second half of 2027.
The quarterly net loss narrowed from the second quarter of 2025 and operating costs were controlled, but cash declined from March 31, 2026, revenue was not reported for the quarter, and the company remains dependent on pipeline execution and prospective partnerships.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q2 2026other | - | – | – |
| Research and development expenses, Q2 2026other | (2,334) (USD in thousands) | aligned with first quarter 2026 | – |
| General and administrative expenses, Q2 2026other | (1,512) (USD in thousands) | at same level with first quarter 2026 | – |
| Operating loss, Q2 2026other | (3,846) (USD in thousands) | – | – |
| Finance income, Q2 2026other | 147 (USD in thousands) | – | – |
| Finance expenses, Q2 2026other | (234) (USD in thousands) | – | – |
| Net financial expense, Q2 2026other | $0.1 million | – | a reduction of net expense |
| Net loss before tax, Q2 2026other | (3,933) (USD in thousands) | – | – |
| Income tax benefit, Q2 2026other | 204 (USD in thousands) | – | – |
| Net loss for the period, Q2 2026other | (3,729) (USD in thousands) | – | – |
| Net loss attributable to shareholders of Evaxion A/S, Q2 2026other | (3,729) (USD in thousands) | – | – |
| Loss per share – basic and diluted, Q2 2026other | (0.01) | – | – |
| Number of shares used for calculation (basic and diluted), Q2 2026other | 417,010,756 | – | – |
| Revenue, six months ended June 30, 2026other | - | – | – |
| Research and development expenses, six months ended June 30, 2026other | (4,631) (USD in thousands) | – | – |
| General and administrative expenses, six months ended June 30, 2026other | (3,034) (USD in thousands) | – | – |
| Operating loss, six months ended June 30, 2026other | (7,665) (USD in thousands) | – | – |
| Finance income, six months ended June 30, 2026other | 405 (USD in thousands) | – | – |
| Finance expenses, six months ended June 30, 2026other | (519) (USD in thousands) | – | – |
| Net loss before tax, six months ended June 30, 2026other | (7,779) (USD in thousands) | – | – |
| Income tax benefit, six months ended June 30, 2026other | 420 (USD in thousands) | – | – |
| Net loss for the period, six months ended June 30, 2026other | (7,359) (USD in thousands) | – | – |
| Net loss attributable to shareholders of Evaxion A/S, six months ended June 30, 2026other | (7,359) (USD in thousands) | – | – |
| Loss per share – basic and diluted, six months ended June 30, 2026other | (0.02) | – | – |
| Number of shares used for calculation (basic and diluted), six months ended June 30, 2026other | 417,010,756 | – | – |
| Cash and cash equivalents as of June 30, 2026other | 14,000 (USD in thousands) | – | – |
| Cash and cash equivalents as of December 31, 2025other | 23,234 (USD in thousands) | – | – |
| Total assets as of June 30, 2026other | 19,380 (USD in thousands) | – | – |
| Total assets as of December 31, 2025other | 28,408 (USD in thousands) | – | – |
| Total liabilities as of June 30, 2026other | 9,849 (USD in thousands) | – | – |
| Total liabilities as of December 31, 2025other | 11,369 (USD in thousands) | – | – |
| Share capital as of June 30, 2026other | 15,791 (USD in thousands) | – | – |
| Share capital as of December 31, 2025other | 15,791 (USD in thousands) | – | – |
| Other reserves as of June 30, 2026other | 127,343 (USD in thousands) | – | – |
| Other reserves as of December 31, 2025other | 127,492 (USD in thousands) | – | – |
| Accumulated deficit as of June 30, 2026other | (133,603) (USD in thousands) | – | – |
| Accumulated deficit as of December 31, 2025other | (126,244) (USD in thousands) | – | – |
| Total equity as of June 30, 2026other | 9,531 (USD in thousands) | – | – |
| Total equity as of December 31, 2025other | 17,039 (USD in thousands) | – | – |
| Total liabilities and equity as of June 30, 2026other | 19,380 (USD in thousands) | – | – |
| Total liabilities and equity as of December 31, 2025other | 28,408 (USD in thousands) | – | – |
second half of 2027 outlook
- NoteCash at hand to fund operations into the second half of 2027.
- NoteThe regulatory filing for clinical testing of EVX-04 is expected to be submitted before the end of the year.
- NotePrograms for autoimmune diseases are expected to supplement the R&D pipeline following application of AI-Immunology™ in this space in the second half of 2026.
What drove it
- The reduced loss compared to the second quarter of 2025 primarily relates to lower capital market transaction costs and financial expenses from significantly reduced derivative liability.
- Lower general and administrative expense compared to the second quarter of 2025 was primarily driven by lower capital market costs.
- Research and development expenses were aligned with the first quarter of 2026 as the company progresses its pipeline according to plan.
- Evaxion plans to present three-year clinical efficacy data for EVX-01 at the ESMO Congress 2026 in October.
- EVX-04 preclinical data presented at the EHA 2026 Congress showed expression, secretion, immune responses, and targeted cell-killing in the described studies.
- The company expanded its pipeline with EVX-05, an off-the-shelf cancer vaccine candidate for glioblastoma, and presented new data for CMV vaccine program EVX-V1.
- Management stated it remains active in several parallel partnership discussions involving its AI platform and R&D pipeline.
Concerns
- The company reported no revenue for the second quarter of 2026.
- Cash and cash equivalents were $14.0 million as of June 30, 2026, compared to $18.4 million as of March 31, 2026.
- The company reported a net loss of $3.7 million for the second quarter of 2026.
- The filing identifies risks related to financial condition and need for additional capital, development work, clinical trials, partnerships, third parties, regulation, intellectual property, and macro-economic events.
- Key pipeline programs remain in preclinical activities or are preparing regulatory filings, while EVX-01 data are scheduled for presentation.
What to watch
- Three-year clinical efficacy data for EVX-01 at the ESMO Congress 2026 in October.
- Submission of the EVX-04 regulatory filing for clinical testing before the end of the year.
- Preclinical progress for EVX-04, EVX-05, and EVX-V1.
- Potential partnership developments involving AI-Immunology™ and the R&D pipeline.
- Cash runway, which management said remains into the second half of 2027.
Balance sheet and cash flow
- Cash and cash equivalents as of June 30, 2026, were $14.0 million, compared to $18.4 million as of March 31, 2026.
- Cash and cash equivalents were 14,000 (USD in thousands) as of June 30, 2026, and 23,234 (USD in thousands) as of December 31, 2025.
- Total equity amounts to $9.5 million as of June 30, 2026, compared to $17.0 million as of December 31, 2025.
- Total liabilities were 9,849 (USD in thousands) as of June 30, 2026, and 11,369 (USD in thousands) as of December 31, 2025.
- No operating cash flow, free cash flow, capital expenditures, or debt balance was reported.
Analysis
Evaxion reported a second-quarter net loss for the period of (3,729) (USD in thousands), compared with (4,831) (USD in thousands) in the second quarter of 2025. The company also described the quarterly net loss as $3.7 million, compared to $3.6 million in the first quarter of 2026 and $4.8 million in the second quarter of 2025. Revenue was reported as - for the quarter, versus 37 (USD in thousands) in the comparable 2025 period. The filing did not report any non-GAAP measures, gross margin, or segment results.
Cost control was most evident in general and administrative expense, which was (1,512) (USD in thousands) versus (2,212) (USD in thousands) in the prior-year quarter, with management attributing the reduction primarily to lower capital market costs. Research and development expense was (2,334) (USD in thousands), compared with (2,165) (USD in thousands) a year earlier and described as aligned with the first quarter of 2026. Operating loss was (3,846) (USD in thousands), compared with (4,340) (USD in thousands). Finance expenses were (234) (USD in thousands), compared with (1,232) (USD in thousands), which management linked to a significantly reduced derivative liability and related remeasurement.
Liquidity remains the principal financial focus. Cash and cash equivalents were $14.0 million as of June 30, 2026, compared to $18.4 million as of March 31, 2026. The balance-sheet table reported cash and cash equivalents of 14,000 (USD in thousands) at June 30, 2026, versus 23,234 (USD in thousands) at December 31, 2025. Total equity was 9,531 (USD in thousands) at June 30, 2026, versus 17,039 (USD in thousands) at December 31, 2025. Management reconfirmed that cash at hand is expected to fund operations into the second half of 2027.
Operationally, the period centered on advancing the vaccine pipeline and supporting the partnering proposition for AI-Immunology™. The next major disclosed event is presentation of three-year EVX-01 clinical efficacy data at the ESMO Congress 2026 in October. The company is progressing EVX-04 preclinical activities and expects to submit a regulatory filing for clinical testing before the end of the year. It also added EVX-05 for glioblastoma and presented data for EVX-V1. Management stated that it remains engaged in several parallel partnership discussions, but disclosed no partnership agreement or financial terms.
The quarter therefore combines a narrower loss against the second quarter of 2025, lower general and administrative expense, and reaffirmed runway with continuing cash usage and no reported quarterly revenue. The disclosures investors should follow are the EVX-01 data presentation, the timing of the EVX-04 regulatory submission, progress of EVX-05 and EVX-V1, partnership activity, and the development of the cash balance against the stated runway.
Management, verbatim
Progress remains strong in recent months, particularly regarding the expansion and progression of our R&D pipeline. Both EVX-04 and EVX-05 represent completely new concepts in targeting hard-to-treat cancers and are great examples of what we can do with AI-Immunology™ to identify novel, conserved cancer targets for off-the-shelf vaccines. The same is true for EVX-V1 in the infectious disease space and we are excited by the successful progress of this next-generation, multi-component CMV-vaccine program. These programs and the combined R&D pipeline show how our AI-Immunology™ platform can truly deliver product candidates, which is crucial in validating our platform and for partnerships.
Helen Tayton-Martin, CEO of Evaxion
Not in the filing
stated, not guessed- Accounting framework, including whether the financial statements are prepared under IFRS or another local GAAP framework
- Non-GAAP financial metrics and reconciliations
- Gross profit and gross margin
- Segment revenue, segment profit, and segment comparisons
- Total operating expenses as a single reported line item
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance and debt maturities
- Share repurchases, dividends, or other capital-return activity
- Revenue, gross margin, operating expense, and tax-rate financial guidance
- Prior-release outlook for comparison with actual results
- Quantified clinical efficacy data for EVX-01
- Quantified partnership economics or agreement terms
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Evaxion A/S is a clinical‑stage tech‑bio company developing AI‑designed vaccines.
Ticker impact
Evaxion A/S disclosed Q2 2026 earnings with a net loss of $3.7M, updated guidance and pipeline progress.
Potential modest upside as loss narrows and clinical data milestones are announced.
First‑time filing of Q2 results with new data releases provides fresh material for traders.
Market effects
Highlights progress in AI‑driven biotech, may influence other tech‑bio stocks.
Positive signal for Copenhagen‑based biotech sector.
Limited to niche AI‑immunology investors.
Counterpoint
Loss remains sizable; pipeline still pre‑clinical, risk of delays.
Key entities
- ExecutiveHelen Tayton-Martin
CEO of Evaxion, quoted on pipeline progress.
