Evaxion Biotech A/S reported its third quarter 2024 financial results, with revenue reaching $3.0 million, a significant increase compared to nil in the same period of 2023. The net loss for the quarter improved to $1.9 million, or $(0.04) per basic and diluted share, down from $5.7 million in Q3 2023.
Research and Development expenses decreased to $2.6 million, primarily due to reduced headcount, while General and Administrative expenses also saw a reduction to $2.1 million. The company's cash position as of September 30, 2024, was $4.6 million, with an expected cash runway into March 2025.
Evaxion also provided an update on its Nasdaq listing, stating it did not expect to regain compliance with the minimum stockholders' equity requirement by November 4, 2024, and anticipated a delisting notification. The company plans to appeal this determination and seek a further 180-day extension.
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