Evaxion A/S (EVAX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EVAX SEC filings page.
Evaxion A/S (EVAX) reported $7.5M in revenue for fiscal year 2025, up 125.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Evaxion remains development-funded: improving losses and cash use in FY2025 accompanied a financing-led balance-sheet rebuild.
Operating momentum improved: from FY2024 to FY2025, revenue more than doubled while the net loss narrowed from$10.6M to$7.7M . Operating cash use also nearly halved, from$12.9M to$6.6M , and free cash flow nearly matched operating cash flow, showing that the improvement was not created by unusually low investment spending.
The FY2025 financing inflow of
Capital intensity is minimal: capital expenditures were only
Financial Health Signals
Evaxion A/S does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Evaxion A/S passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Evaxion A/S reported a net loss of $7.7M while operations used $6.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Evaxion A/S held $23.2M in cash against $1.6M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
EVAX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'256-K | Q4'2420-F | Q2'246-K | Q4'2310-K | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $37K-76.0% | N/A | $154K | N/A | $0 | N/A | N/A |
| Interest Expense | N/A | $202K+9.2% | N/A | $185K+4.5% | N/A | $177K-21.3% | N/A | N/A |
| Income Tax | N/A | -$195K+2.0% | N/A | -$199K+11.6% | N/A | -$225K-27.1% | N/A | N/A |
| Net Income | N/A | -$4.8M+22.1% | N/A | -$6.2M-9.1% | N/A | -$5.7M-19.2% | -$6.2M+47.7% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
EVAX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'256-K | Q4'2420-F | Q2'246-K | Q4'2310-K | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $28.4M+127.5% | $22.4M+47.4% | $12.5M-3.1% | $15.2M-9.1% | $12.9M-41.5% | $16.8M-50.7% | N/A | $22.0M-45.2% |
| Current Assets | $24.9M+184.1% | $18.2M+69.9% | $8.8M+5.0% | $10.7M-5.9% | $8.3M-50.8% | $11.4M-60.2% | N/A | $17.0M-51.1% |
| Cash & Equivalents | $23.2M+290.4% | $14.7M+84.5% | $6.0M+6.6% | $8.0M+12.3% | $5.6M-57.7% | $7.1M-71.8% | N/A | $13.2M-59.0% |
| Accounts Receivable | N/A | N/A | N/A | N/A | $2.0M-30.1% | N/A | N/A | $2.8M+145.3% |
| Total Liabilities | $11.4M-19.6% | $16.2M+16.1% | $14.1M-19.8% | $14.0M-1.7% | $17.6M+28.4% | $14.2M+2.6% | N/A | $13.7M+77.6% |
| Current Liabilities | $4.3M-2.5% | $5.3M+39.3% | $4.4M-38.3% | $3.8M-5.7% | $7.1M+88.3% | $4.0M-8.1% | N/A | $3.8M-13.0% |
| Non-Current Liabilities | $7.1M-27.2% | $10.9M+7.3% | $9.8M-7.3% | $10.2M-0.1% | $10.5M+5.8% | $10.2M+7.7% | N/A | $10.0M+192.7% |
| Long-Term Debt | $1.6M-0.8% | $1.7M-2.2% | $1.6M-14.6% | $1.8M-10.1% | $1.9M-2.9% | $1.9M-1.1% | N/A | $2.0M-11.5% |
| Total Equity | $17.0M+1131.4% | $6.2M+396.9% | -$1.7M+65.1% | $1.3M-50.6% | -$4.7M-157.0% | $2.5M-87.4% | $6.6M+159.4% | $8.3M-74.4% |
| Retained Earnings | -$126.2M-6.5% | -$124.9M-10.6% | -$118.5M-9.8% | -$113.0M-34.1% | -$108.0M-25.8% | -$84.3M-39.7% | N/A | -$85.8M-70.2% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill.
EVAX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
EVAX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'256-K | Q4'2420-F | Q2'246-K | Q4'2310-K | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | N/A | -13056.8% | N/A | -4024.7% | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | -77.6%+417.1pp | N/A | -494.7%-270.5pp | N/A | -224.2%-200.5pp | -94.9%+375.5pp | N/A |
| Return on Assets | N/A | -21.5%+19.2pp | N/A | -40.7%-6.8pp | N/A | -33.9%-19.9pp | N/A | N/A |
| Current Ratio | 5.85+3.8x | 3.42+0.6x | 2.01+0.8x | 2.800.0x | 1.18-3.3x | 2.81-3.7x | N/A | 4.51-3.5x |
| Debt-to-Equity | 0.09 | 0.28-1.1x | N/A | 1.40+0.6x | N/A | 0.77+0.7x | N/A | 0.24+0.2x |
| Asset Turnover | N/A | 0.000.0x | N/A | 0.010.0x | N/A | 0.00 | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Evaxion A/S EVAX | FY2025 | $7.5M | -$7.7M | N/A | $24.9M | — |
| Pulmatrix, Inc. PULM | FY2025 | N/A | -$5.2M | N/A | $5.0M | — |
| GeoVax Labs, Inc. New GOVX | FY2025 | $2.5M | -$21.5M | N/A | $2.4M | 45/100 |
| Lisata Therapeutics, Inc. LSTA | FY2025 | $170K | -$17.0M | N/A | $11.7M | — |
| iBio, Inc. IBIO | FY2026 | $100K | -$32.8M | N/A | $50.3M | — |
| SYNLOGIC INC SYBX | FY2025 | $0 | -$1.0M | N/A | $6.6M | — |
Where Evaxion A/S Ranks
Frequently Asked Questions
What is Evaxion A/S's annual revenue?
Evaxion A/S (EVAX) reported $7.5M in total revenue for fiscal year 2025. This represents a 125.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Evaxion A/S's revenue growing?
Evaxion A/S (EVAX) revenue grew by 125.1% year-over-year, from $3.3M to $7.5M in fiscal year 2025.
Is Evaxion A/S profitable?
No, Evaxion A/S (EVAX) reported a net income of -$7.7M in fiscal year 2025.
How much debt does Evaxion A/S have?
As of fiscal year 2025, Evaxion A/S (EVAX) had $23.2M in cash and equivalents against $1.6M in long-term debt.
What is Evaxion A/S's return on equity (ROE)?
Evaxion A/S (EVAX) has a return on equity of -45.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Evaxion A/S's free cash flow?
Evaxion A/S (EVAX) recorded an outflow of $6.6M in free cash flow during fiscal year 2025. This represents a 48.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Evaxion A/S's operating cash flow?
Evaxion A/S (EVAX) recorded an outflow of $6.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Evaxion A/S's total assets?
Evaxion A/S (EVAX) had $28.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Evaxion A/S's capital expenditures?
Evaxion A/S (EVAX) invested $11K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Evaxion A/S's current ratio?
Evaxion A/S (EVAX) had a current ratio of 5.85 as of fiscal year 2025, which is generally considered healthy.
What is Evaxion A/S's debt-to-equity ratio?
Evaxion A/S (EVAX) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Evaxion A/S's return on assets (ROA)?
Evaxion A/S (EVAX) had a return on assets of -27.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Evaxion A/S's P/E ratio?
Evaxion A/S (EVAX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $24.9M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Evaxion A/S's price-to-sales ratio?
Evaxion A/S (EVAX) trades at 3.3x sales, its market capitalization divided by revenue of $7.5M revenue, FY2025. The market capitalization is $24.9M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Evaxion A/S's Piotroski F-Score?
Evaxion A/S (EVAX) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Evaxion A/S's earnings high quality?
Evaxion A/S (EVAX) reported a net loss of $7.7M while operations used $6.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.