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Evaxion Biotech A/S (EVAX) stock surged in afterhours trading. Why did it happen?

Evaxion Biotech A/S (EVAX) has experienced an increase of 4.61% in the aftermarket. However, the last trading session closed at $9.55 with an increase of 8.4%.

EVAX Appoints Dr. Birgitte Rønø as Chief Scientific Officer

EVAX announced on 21 September 2021 that Birgitte Rn, Ph.D., Senior Director of Immuno-Oncology, is the Chief Scientific Officer, starting immediately.

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Dr. Rn has worked in academia and business for more than 15 years in biopharmaceutical drug development. Dr. Rn worked at Novo Nordisk A/S as a specialist, team leader, and project manager, where she managed early drug discovery initiatives, evaluated in-licensing prospects, and provided pre-clinical and biomarker knowledge to drug development programs.

Second Quarter 2021 Financial Results

EVAX reported second-quarter 2021 financial results on 12th August 2021. Firstly, Cash was $18.8 million as of June 30, 2021. For the quarter ending June 30, 2021, research and development costs were $5.1 million, up from $2.6 million in the same period of 2020. The $2.5 million increase was largely due to increased spending on continuing development using our AI platforms. Furthermore, as a result of the greater workforce, employee-related expenditures increased.

For the quarter ended June 30, 2021, general and administrative expenditures were $1.9 million. The $0.5 million rise was largely due to increases in expenses and professional costs. For the quarter ended June 30, 2021, the net loss was $6.8 million, or ($0.36) loss per basic and diluted share, compared to $3.6 million, or ($0.24) loss per basic and diluted share, in 2020.

Data from Phase 1/2a Trials of EVX-01 and EVX-02

On 8th July 2021, EVAX published findings from the Phase 1/2a study of cancer immunotherapy EVX-01 in metastatic melanoma, and the interim Phase 1/2a trial of cancer immunotherapy EVX-02 in adjuvant melanoma were reported. The safety profile of EVX-01, a new patient-specific cancer neoepitope immunotherapy based on Evaxion’s PIONEER AI technology.

EVAX Reports Preclinical Proof of Concept Data

On 3rd June 2021, EVAX released findings on the company’s Adaptive and Intelligent Vaccine for a Rapid Response against Corona Viruses (AICoV) program. The AICoV program aims to develop the next generation of coronavirus vaccines by combining RAVEN. Moreover, the RAVEN platform integrates sophisticated algorithms from Evaxion’s AI-immunology Core technology. This will find the best T and B cell antigen targets for the creation of new viral vaccines. Early results suggest that RAVEN can identify novel immunogenic T cell epitopes outside of the spike protein. Lastly, this indicates that RAVEN has the potential to quickly aid in the development of novel SARS-COV-2 vaccines.

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