Evaxion A/S, a clinical-stage biotechnology company utilizing its AI-Immunology™ platform, achieved significant revenue growth in 2025 driven by licensing and collaborative agreements with Merck & Co. The company reduced its operating loss compared to the prior year amid steady R&D spending focused on advancing its vaccine pipeline. Capital structure improvements through equity issuance and debt conversion enhanced liquidity, providing a runway into late 2027. While losses continue reflecting reinvestment typical of the clinical stage, operational progress and financial resilience position Evaxion for upcoming milestones tied to clinical development and partnerships.