EVAX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2018βFY2025
Evaxion A/S had $7.5M of revenue in fiscal 2025, up 125.1% on the year before.
Hi! I read Evaxion A/Sβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+125.1%
Yes. Sales grew 125.1% last year.
Does it make a profit?
β102.4%
No. It lost money last year.
Does profit turn into cash?
β88.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Evaxion A/S did it, and the next one. Share prices often move a lot on those days.
Next results
November 19, 2026
Thursday Β· in 24 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Mar 5, 2026 | Period ended Dec 31, 2025 | Before the market opens | 20-F β |
| Apr 1, 2025 | Period ended Dec 31, 2024 | During market hours | 20-F β |
| Mar 26, 2024 | Period ended Dec 31, 2023 | After the market closes | 20-F β |
| Apr 28, 2023 | Period ended Dec 31, 2022 | Time not announced | 20-F β |
| Mar 31, 2022 | Q4 '21 | After the market closes | 20-F β |
| Apr 7, 2021 | Q4 '20 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Evaxion A/S had $7.5M of revenue in fiscal 2025, up 125.1% on the year before. Its operating margin was β122.7%, up 317.9Β pts: of every 100 in sales, about β123 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Evaxion A/S lost $7.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$6.6M in fiscal 2025, β88.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Evaxion A/S has $17.7M more cash than debt.
Cash, debt and the ratios that show how comfortably Evaxion A/S can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | 0.0x | 1.0x | β | β | 0.3x |
| Interest coverage | β5,166.8x | β743.1x | β22,197.0x | β | β |
| Current ratio | 8.0x | 4.5x | 1.2x | 2.0x | 5.8x |
| Quick ratio | 8.0x | 4.5x | 1.2x | 2.0x | 5.8x |
| 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 | $8.3M | β$4.7M | β$1.7M | $17.0M |
| Net debt (β = net cash) | β$31.0M | β$5.2M | $3.1M | $2.2M | β$17.7M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Evaxion A/S passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | β / 6 | β / 6 | 0 / 7 | 2 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | β | β37.7% | β22.4% | β10.0% | 8.4% | β25.4% | 18.7% | β5.3% |
| Altman Z'' | β | β0.06 | β11.94 | 0.95 | β15.84 | β38.52 | β36.69 | β10.33 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | β | β | β | β | $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 | β$5.6M | β$10.9M | β$16.6M | β$25.8M | β$25.3M | β$22.2M | β$14.7M | β$9.2M |
| Interest expense | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | β$6.3M | β$12.0M | β$16.6M | β$24.7M | β$23.9M | β$22.9M | β$11.4M | β$8.6M |
| Income tax | β$0.7M | β$0.8M | β$1.6M | β$0.2M | β$0.8M | β$0.8M | β$0.8M | β$0.9M |
| Net income | β$5.5M | β$11.2M | β$15.0M | β$24.5M | β$23.2M | β$22.1M | β$10.6M | β$7.7M |
| Net income to common | β$5.5M | β$11.2M | β$15.0M | β$24.5M | β$23.2M | β$22.1M | β$10.6M | β$7.7M |
| Diluted EPS | β$21.50 | β$40.50 | β$48.50 | β$63.00 | β$49.00 | β$40.50 | β | β |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.01B |
| Cash flow | ||||||||
| Cash from operations | β$2.0M | β$7.0M | β$12.4M | β$21.9M | β$25.8M | β$17.7M | β$12.9M | β$6.6M |
| Capital expenditure | $0.0M | $0.1M | $0.1M | $1.3M | $0.3M | $0.1M | $0.0M | $0.0M |
| Free cash flow | β$2.0M | β$7.1M | β$12.6M | β$23.2M | β$26.1M | β$17.8M | β$12.9M | β$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 | β | β | $1.2M | $8.0M | $8.6M | $8.2M | $5.5M |
| Current assets | β | $11.0M | $11.0M | $34.7M | $17.0M | $8.4M | $8.8M | $24.9M |
| Current liabilities | β | $1.7M | $4.9M | $4.3M | $3.8M | $7.1M | $4.4M | $4.3M |
| Property and equipment, net | β | $0.1M | $0.2M | $5.2M | $4.7M | $4.3M | $3.5M | $3.3M |
| Intangible assets | β | β | $0.1M | $0.1M | β | $0.0M | $0.0M | $0.0M |
| Total assets | β | $11.1M | $12.0M | $40.2M | $22.0M | $12.9M | $12.5M | $28.4M |
| Total liabilities | β | $1.7M | $4.9M | $7.7M | $13.7M | $17.6M | $14.1M | $11.4M |
| Shareholders' equity | β$0.9M | $9.4M | $7.0M | $32.4M | $8.3M | β$4.7M | β$1.7M | $17.0M |
| Margins | ||||||||
| Operating margin | β | β | β | β | β | β30,406.8% | β440.6% | β122.7% |
| Net margin | β | β | β | β | β | β30,308.2% | β316.0% | β102.4% |
| FCF margin | β | β | β | β | β | β24,353.4% | β387.0% | β88.2% |
| Returns | ||||||||
| Return on capital | β2,168.5% | β | β | β1,416.3% | β639.9% | β | β2,067.2% | β |
| Return on capital employed | β | β116.0% | β235.4% | β72.1% | β138.3% | β382.4% | β181.5% | β38.2% |
| Return on equity | β | β265.6% | β183.1% | β124.3% | β113.7% | β1,238.1% | β | β100.2% |
| Return on assets | β | β101.0% | β130.3% | β94.1% | β74.5% | β126.7% | β83.3% | β37.7% |
| Return on tangible equity | β | β119.6% | β216.5% | β75.8% | β279.0% | β | β | β45.2% |
| Growth | ||||||||
| Revenue growth | β | β | β | β | β | β | 4,480.8% | 125.1% |
| Share count change | β | 7.5% | 11.1% | 26.3% | 21.3% | 15.6% | 96.3% | 497.3% |
| Financial health | ||||||||
| Debt / equity | β | β | β | 0.0x | 1.0x | β | β | 0.3x |
| Interest coverage | β562.7x | β301.8x | β571.3x | β5,166.8x | β743.1x | β22,197.0x | β | β |
| Current ratio | β | 6.4x | 2.2x | 8.0x | 4.5x | 1.2x | 2.0x | 5.8x |
| Quick ratio | β | 6.4x | 2.2x | 8.0x | 4.5x | 1.2x | 2.0x | 5.8x |
| Capital allocation | ||||||||
| Capex / revenue | β | β | β | β | β | 119.2% | 0.0% | 0.1% |
| Stock comp / revenue | β | β | β | β | β | 656.2% | 10.7% | 4.1% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | β | β | 0.0 | 2.0 | 4.0 | 4.0 |
| Altman Z'' | β | β0.1 | β11.9 | 1.0 | β15.8 | β38.5 | β36.7 | β10.3 |
| Accruals ratio | β | β37.7% | β22.4% | β10.0% | 8.4% | β25.4% | 18.7% | β5.3% |
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 β not investment advice. Check the original filings before relying on any figure.
