On Wednesday, Evaxion Biotech A/S (NASDAQ:EVAX) was in the news after the company announced its financial results for the first fiscal quarter. The innovative company, which is involved in developed artificial intelligence based immunotherapies, could not impress investors however and the stock tanked by as much as 15% for the day.
Trading Data
On Wednesday, EVAX stock moved down 15.11% to $1.91 with more than 287K shares, compared to its average volume of 391K shares. The stock moved within a range of $1.9100 – 2.1000 after opening trade at $2.
Earnings Review
In this context, it could be a sound move from investors to consider taking a look at the actual financial results and then make their minds up about the stock one way or another. At the end of March 31, 2022 the company had cash and cash equivalents of $31.4 million, which was slightly lower than the $32.2 million at the end of December 31, 2021.
On the other hand, the research and development expenses for the quarter stood at $4.8 million and that was higher than the expenses of $3.9 million under the same overhead back in the prior year period. That being said, the general and administrative expenses went up slightly to $1.6 million for the quarter from the $1.3 million that had been spent in the prior year period. Net losses widened to $5.8 million from $4.1 million in the prior year period.
Key Quote
Lars Wegner, CEO of Evaxion, said: “Evaxion continued exciting clinical momentum in the first quarter of 2022, progressing our lead cancer therapy towards a new Phase 2b clinical trial. The upcoming trial will combine EVX-01 with Merck’s KEYTRUDA®, for treatment of patients with metastatic melanoma, a condition for which there is a significant unmet medical need. We also completed recruitment for the Phase 1/2a clinical trial for our second cancer therapy, EVX-02, and we are advancing this product candidate into a dedicated Phase 2b clinical trial in patients with resectable melanoma.”
Technical Data
EVAX stock is below the 20-Day and 50-Day Moving averages of $2.73 and $2.88 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.04.
