Evaxion’s cancer vaccine shows 75% response but funding shortfall limits trial impact

Evaxion’s personalized melanoma vaccine EVX-01 showed a 75% response rate in a Phase 2 trial, but low enrollment prevents statistical analysis.

Why it matters: Despite promising results, the trial's reduced size underscores Evaxion’s financial challenges and limits the vaccine’s near-term regulatory prospects. This is made all the worse by a 34% drop in Evaxion stock after the data release. The company is now looking for a partner to assist in future development.

Backstory: EVX-01 is a personalized immunotherapy designed to target tumor-specific proteins. Patients received Merck’s Keytruda first, followed by EVX-01 over 78 weeks. The trial was downsized from 90 to 17 patients due to 2023 restructuring and layoffs.

Zoom in: 12 of 16 evaluable patients in the trial responded; 4 had complete tumor disappearance. 11 responders remain cancer-free after two years. Adverse events were mostly mild; one severe event was linked to the Keytruda-vaccine combo. 

Big picture: Evaxion must secure a partner to advance EVX-01. Merck, already involved in the trial and a previous partner, could be a candidate, especially given its strong interest in cancer vaccines, as well as having previously licensed another Evaxion vaccine and led its private funding round in 2023.