1. MSD declines option for EVAX's Gonorrhea vaccine candidate EVX-B2. 2. Evaxion retains global rights for EVX-B2 and seeks new licensing partner. 3. EVX-B2 shows protective effects against Gonorrhea in preclinical studies. 4. Cash runway remains unaffected, extending to the second half of 2027. 5. Evaxion also developing an mRNA-version of EVX-B2 with Afrigen.
FAQ
Why Neutral?
Evaxion retains rights to EVX-B2 but lost a major partner. Historical examples show loss of partnerships can affect stock prices but not always negatively.
How important is it?
The impact of losing MSD’s partnership is dampened by a solid cash runway and potential future partnerships.
Why Long Term?
The search for a new partner could take significant time. Successful future partnerships may improve EVAX’s valuation over the long term.
Evaxion Provides Update on MSD Collaboration and Retains Rights to Gonorrhea Vaccine Candidate EVX-B2
COPENHAGEN, Denmark, December 19, 2025 - Evaxion A/S (NASDAQ: EVAX) has announced that MSD (the trade name of Merck & Co., Inc.) has opted not to exercise its development option on the Gonorrhea vaccine candidate, EVX-B2. This decision allows Evaxion to retain global rights to EVX-B2 and explore new licensing partnerships.
Details of the Collaboration and Its Implications
Earlier this year, MSD exercised its option on another Evaxion vaccine candidate, EVX-B3, which connects Evaxion with potential milestone payments that could reach up to $592 million tied to the development of EVX-B3, alongside royalties from net sales.
Gonorrhea remains a significant public health issue, infecting over 80 million people worldwide each year. Despite extensive research efforts, no vaccine for Gonorrhea has been approved to date. However, preclinical studies indicate that EVX-B2 may offer protective benefits against the Gonorrhea-causing bacteria, underscoring the potential of Evaxion's AI-Immunology™ platform for developing innovative vaccine candidates.
Statements from Leadership
Helen Tayton-Martin, CEO of Evaxion, stated, “While we are disappointed by MSD’s decision not to exercise its option, we remain excited by and committed to the EVX-B2 program. The data we have generated to date are encouraging and underscore EVX-B2’s potential to be the first approved vaccine for Gonorrhea, addressing a major unmet medical need.”
Tayton-Martin also emphasized that the lack of an option exercise by MSD will not impact Evaxion’s cash runway, which continues to extend through the second half of 2027.
Future Directions for EVX-B2
As Evaxion looks to move forward, the company plans to initiate the search for another development partner for EVX-B2. Notably, MSD's option pertained to the protein-based version of the candidate, while Evaxion is also advancing an mRNA version in collaboration with Afrigen Biologics.
About Evaxion
Evaxion is an innovative TechBio company that leverages its AI-Immunology™ platform to create vaccines targeting various diseases, including cancer and bacterial infections. The company's commitment lies in enhancing patient outcomes through the development of novel immunotherapies aimed at critical health challenges.
Contact Information
For more information, please contact:
- Mad Kronborg
- Vice President, Investor Relations & Communication
- Phone: +45 53 54 82 96
- Email: mak@evaxion.ai