Market reactionShares rose 12% on Nov 6.
Evaxion is a clinical-stage company that uses its AI-Immunology platform to design vaccines; its lead, EVX-01, is a personalized cancer vaccine for advanced melanoma, and none of its products is approved.
Evaxion's case rests on EVX-01, its AI-designed personalized cancer vaccine. Phase 2 responses in advanced melanoma and durable follow-up support further development, but the small pembrolizumab-treated cohort limits attribution to the vaccine. Partnership discussions remain central to financing the next development step. EVX-04 offers an additional preclinical opportunity, with a clinical filing planned before year-end. Management guides cash runway well into the second half of 2027; funding a broader clinical program remains a separate question.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: EVX-01 responses keep holding
Do longitudinal immune findings reinforce the durability of vaccine-specific responses and clarify their relationship to sustained clinical benefit?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
Select an event marker to read the update below. Marker colors show Thesis status.
EVX-01 durability supports partnering; next immune-data presentations scheduled at SITC
Upcoming three-year Phase 2 melanoma data anchor Evaxion's AI vaccine platform, but EVX-01 needs a partnership or registrational path before cash runs out in H2 2027
EVX-01's three-year melanoma data will test whether durable neoantigen vaccine responses translate to survival benefit that can attract a partner or support advancement
MSD exercises EVX-B3 option for $7.5M payment
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Blood cancers, Other cancers, Infectious diseases, Autoimmune and inflammatory diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
20 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.