Evaxion is a clinical-stage Danish biotech developing AI-designed vaccines for cancer and infectious diseases. Its core asset is a proprietary AI platform called AI-Immunology, which it uses to develop its own vaccine candidates and to partner with pharma companies on target discovery. Evaxion's most advanced program is EVX-01, a personalized neoantigen cancer vaccine for advanced melanoma, administered alongside MSD's KEYTRUDA. EVX-01 analyzes each patient's tumor mutations using AI, then formulates a custom peptide vaccine to train the immune system to attack cancer cells. Beyond EVX-01, Evaxion's pipeline includes ERV-targeting cancer vaccines (EVX-04, targeting AML, with a Phase 1 filing planned for late 2026) and several prophylactic bacterial and viral vaccine programs targeting diseases with no currently approved vaccines, including gonorrhea, S. aureus, Group A Streptococcus, and CMV. MSD is both a key licensing partner and a close to 20% shareholder. In September 2025, MSD licensed EVX-B3, a bacterial vaccine candidate, paying a $7.5M upfront fee and taking on all further development costs, with Evaxion eligible for up to $592M in milestones plus royalties. Evaxion's business model is capital-light: it advances candidates through early clinical stages, then out-licenses them to larger partners who fund expensive late-stage trials. Revenue comes from upfront fees and milestone payments, with future royalties if programs succeed. Evaxion does not own manufacturing facilities and relies on CMOs.