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Evaxion A/S

EVAX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2018โ€“FY2025

Revenue Total sales reported in the income statement.
$7.5M
125.1% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’122.7%
317.9ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$7.7M
Free cash flow Cash from operations minus capital spending.
โˆ’$6.6M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”

What Evaxion A/S does

No business description yet.

Legal name
Evaxion A/S
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Mar 5, 2026
Accession ยท CIK
0001171843-26-001346
0001828253

Revenue and margins

Evaxion A/S had $7.5M of revenue in fiscal 2025, up 125.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$6.6M in fiscal 2025, โˆ’88.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Evaxion A/S returned โ€” to shareholders in fiscal 2025. The diluted share count rose 497.3%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Evaxion A/S can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $32.2M$13.2M$5.6M$6.0M$23.2M
Debt incl. finance leases $1.2M$8.0M$8.6M$8.2M$5.5M
Debt / equity 0.0x1.0xโ€”โ€”0.3x
Interest coverage โˆ’5,166.8xโˆ’743.1xโˆ’22,197.0xโ€”โ€”
Current ratio 8.0x4.5x1.2x2.0x5.8x
Quick ratio 8.0x4.5x1.2x2.0x5.8x
Total assets $40.2M$22.0M$12.9M$12.5M$28.4M
Total liabilities $7.7M$13.7M$17.6M$14.1M$11.4M
Shareholders' equity $32.4M$8.3Mโˆ’$4.7Mโˆ’$1.7M$17.0M
Net debt (โˆ’ = net cash) โˆ’$31.0Mโˆ’$5.2M$3.1M$2.2Mโˆ’$17.7M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โ€” โœ• โœ“ โœ• โœ• โœ“ โœ“
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ• โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โœ• โœ• โœ“ โœ“
Current ratio rose โ€” โ€” โœ• โœ“ โœ• โœ• โœ“ โœ“
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โ€” โ€” โ€” โ€” โœ“ โœ“ โœ•
F-score โ€” / 3โ€” / 4โ€” / 6โ€” / 60 / 72 / 84 / 84 / 8
Accruals ratio โ€”โˆ’37.7%โˆ’22.4%โˆ’10.0%8.4%โˆ’25.4%18.7%โˆ’5.3%
Altman Z'' โ€”โˆ’0.06โˆ’11.940.95โˆ’15.84โˆ’38.52โˆ’36.69โˆ’10.33

8 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue โ€” โ€” โ€” โ€” $0.0M $0.1M $3.3M $7.5M
Research and development $3.7M $8.2M $10.9M $19.6M $17.1M $11.9M $10.5M $10.0M
Operating income โˆ’$5.6M โˆ’$10.9M โˆ’$16.6M โˆ’$25.8M โˆ’$25.3M โˆ’$22.2M โˆ’$14.7M โˆ’$9.2M
Interest expense $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Pretax income โˆ’$6.3M โˆ’$12.0M โˆ’$16.6M โˆ’$24.7M โˆ’$23.9M โˆ’$22.9M โˆ’$11.4M โˆ’$8.6M
Income tax โˆ’$0.7M โˆ’$0.8M โˆ’$1.6M โˆ’$0.2M โˆ’$0.8M โˆ’$0.8M โˆ’$0.8M โˆ’$0.9M
Net income โˆ’$5.5M โˆ’$11.2M โˆ’$15.0M โˆ’$24.5M โˆ’$23.2M โˆ’$22.1M โˆ’$10.6M โˆ’$7.7M
Net income to common โˆ’$5.5M โˆ’$11.2M โˆ’$15.0M โˆ’$24.5M โˆ’$23.2M โˆ’$22.1M โˆ’$10.6M โˆ’$7.7M
Diluted EPS โˆ’$21.50 โˆ’$40.50 โˆ’$48.50 โˆ’$63.00 โˆ’$49.00 โˆ’$40.50 โ€” โ€”
Diluted shares 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.01B
Cash flow
Cash from operations โˆ’$2.0M โˆ’$7.0M โˆ’$12.4M โˆ’$21.9M โˆ’$25.8M โˆ’$17.7M โˆ’$12.9M โˆ’$6.6M
Capital expenditure $0.0M $0.1M $0.1M $1.3M $0.3M $0.1M $0.0M $0.0M
Free cash flow โˆ’$2.0M โˆ’$7.1M โˆ’$12.6M โˆ’$23.2M โˆ’$26.1M โˆ’$17.8M โˆ’$12.9M โˆ’$6.6M
Stock-based compensation $2.1M $2.4M $3.4M $1.4M $0.9M $0.5M $0.4M $0.3M
Balance sheet
Cash and short-term investments $7.4M $9.6M $5.8M $32.2M $13.2M $5.6M $6.0M $23.2M
Total debt $8.6M โ€” โ€” $1.2M $8.0M $8.6M $8.2M $5.5M
Current assets โ€” $11.0M $11.0M $34.7M $17.0M $8.4M $8.8M $24.9M
Current liabilities โ€” $1.7M $4.9M $4.3M $3.8M $7.1M $4.4M $4.3M
Property and equipment, net โ€” $0.1M $0.2M $5.2M $4.7M $4.3M $3.5M $3.3M
Intangible assets โ€” โ€” $0.1M $0.1M โ€” $0.0M $0.0M $0.0M
Total assets โ€” $11.1M $12.0M $40.2M $22.0M $12.9M $12.5M $28.4M
Total liabilities โ€” $1.7M $4.9M $7.7M $13.7M $17.6M $14.1M $11.4M
Shareholders' equity โˆ’$0.9M $9.4M $7.0M $32.4M $8.3M โˆ’$4.7M โˆ’$1.7M $17.0M
Margins
Operating margin โ€” โ€” โ€” โ€” โ€” โˆ’30,406.8% โˆ’440.6% โˆ’122.7%
Net margin โ€” โ€” โ€” โ€” โ€” โˆ’30,308.2% โˆ’316.0% โˆ’102.4%
FCF margin โ€” โ€” โ€” โ€” โ€” โˆ’24,353.4% โˆ’387.0% โˆ’88.2%
Returns
Return on capital โˆ’2,168.5% โ€” โ€” โˆ’1,416.3% โˆ’639.9% โ€” โˆ’2,067.2% โ€”
Return on capital employed โ€” โˆ’116.0% โˆ’235.4% โˆ’72.1% โˆ’138.3% โˆ’382.4% โˆ’181.5% โˆ’38.2%
Return on equity โ€” โˆ’265.6% โˆ’183.1% โˆ’124.3% โˆ’113.7% โˆ’1,238.1% โ€” โˆ’100.2%
Return on assets โ€” โˆ’101.0% โˆ’130.3% โˆ’94.1% โˆ’74.5% โˆ’126.7% โˆ’83.3% โˆ’37.7%
Return on tangible equity โ€” โˆ’119.6% โˆ’216.5% โˆ’75.8% โˆ’279.0% โ€” โ€” โˆ’45.2%
Growth
Revenue growth โ€” โ€” โ€” โ€” โ€” โ€” 4,480.8% 125.1%
Share count change โ€” 7.5% 11.1% 26.3% 21.3% 15.6% 96.3% 497.3%
Financial health
Debt / equity โ€” โ€” โ€” 0.0x 1.0x โ€” โ€” 0.3x
Interest coverage โˆ’562.7x โˆ’301.8x โˆ’571.3x โˆ’5,166.8x โˆ’743.1x โˆ’22,197.0x โ€” โ€”
Current ratio โ€” 6.4x 2.2x 8.0x 4.5x 1.2x 2.0x 5.8x
Quick ratio โ€” 6.4x 2.2x 8.0x 4.5x 1.2x 2.0x 5.8x
Capital allocation
Capex / revenue โ€” โ€” โ€” โ€” โ€” 119.2% 0.0% 0.1%
Stock comp / revenue โ€” โ€” โ€” โ€” โ€” 656.2% 10.7% 4.1%
Quality scores
Piotroski F-score โ€” โ€” โ€” โ€” 0.0 2.0 4.0 4.0
Altman Z'' โ€” โˆ’0.1 โˆ’11.9 1.0 โˆ’15.8 โˆ’38.5 โˆ’36.7 โˆ’10.3
Accruals ratio โ€” โˆ’37.7% โˆ’22.4% โˆ’10.0% 8.4% โˆ’25.4% 18.7% โˆ’5.3%

Source: SEC EDGAR XBRL filings (CIK 0001828253). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 50 ordinary shares). For information only โ€” not investment advice. Check the original filings before relying on any figure.

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