Evaxion Biotech shared positive first quarter results with improved cash position and upcoming milestones.

From GlobeNewswire: 2024-05-28 08:21:00

Evaxion Biotech A/S shared its business update and first quarter financial results for 2024. The company continued to advance its three-pronged business model with recent publications in peer-reviewed journals and presentations at key scientific conferences. Strong interest in the AI-Immunology™ platform was noted, with key milestones planned for 2024. The Company’s cash position improved to $11.7 million as of March 31, 2024, compared to $5.6 million on December 31, 2023, and expects cash to last until Q1 2025.

Evaxion received a Nasdaq equity deficiency letter on May 7, partially due to the IFRS accounting treatment of investor warrants. The Company agreed to convert the exercise prices of the warrants into DKK to eliminate derivative liabilities. The first quarter of 2024 showed positive results, with net income of $1.2 million compared to a net loss of $6.2 million in the first quarter of 2023. Total equity was impacted by derivative liabilities from investor warrants.

Evaxion’s AI-Immunology™ platform uses AI to develop immunotherapies for cancer, bacterial, and viral infections. The Company aims to transform patient’s lives with innovative treatment options. Forward-looking statements in the announcement highlight the company’s commitment to its mission and continued growth in the field of vaccine development. For more information, visit the Evaxion website.



Read more at GlobeNewswire:: Evaxion Announces Business Update and First Quarter 2024