Evaxion announced its third‑quarter 2025 financial results today, reporting a net income of $4.6 million and revenue of $7.5 million. The earnings were driven by a $7.5 million option exercise from MSD and financial income from the European Investment Bank’s debt‑to‑equity conversion.
The company’s net income of $4.6 million represents a sharp turnaround from the $1.9 million loss recorded in the same quarter last year, underscoring improved cash flow and profitability as the company continues to monetize its platform and partnerships.
Revenue of $7.5 million was primarily generated from the MSD option exercise and Gates Foundation revenue, highlighting the strength of Evaxion’s partnership pipeline and its ability to generate non‑recurring income streams.
The earnings also detail operating expenses: R&D costs of $3.1 million, general and administrative expenses of $1.4 million, and net financial income of $1.3 million, reflecting disciplined cost management and a projected cash runway extending into the second half of 2027.
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