Evaxion AS Financials
Evaxion AS (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).
A capital-markets-funded turnaround rebuilt liquidity faster than operations, while cash burn narrowed sharply over the last two years.
By FY2025, operating cash outflow of$6.6M was much closer to the$7.7M net loss than in earlier years, which suggests earnings quality has improved as losses shrink. That cleaner loss profile still did not fund the balance-sheet repair by itself: financing inflow of$22.4M lifted cash to$23.2M and restored positive equity in FY2025.
Because capital spending was almost nonexistent at
Long-term debt was only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Evaxion AS's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Evaxion AS, and counted as zero in the overall score.
Evaxion AS's revenue surged 125.1% year-over-year to $7.5M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
Evaxion AS carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.85, Evaxion AS holds $5.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.
Evaxion AS's operations used $6.6M of cash, and capex of $11K added to the outflow, for a free cash flow shortfall of $6.6M. This results in a cash flow score of 5/100.
Not available for Evaxion AS, and counted as zero in the overall score.
Evaxion AS 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 AS 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
Evaxion AS generated $7.5M in revenue in fiscal year 2025. This represents an increase of 125.1% from the prior year.
Evaxion AS reported -$7.7M in net income in fiscal year 2025. This represents an increase of 27.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Evaxion AS recorded an outflow of $6.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 48.7% from the prior year.
Evaxion AS held $23.2M in cash against $1.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Evaxion AS's ROE was -45.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Evaxion AS invested $11K in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
Not reported for fiscal year 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.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $37K | N/A | $154K | N/A | $0 | N/A | N/A |
| Interest Expense | N/A | $39K | N/A | $40K | N/A | $44K | N/A | N/A |
| Income Tax | N/A | -$195K | N/A | -$199K | N/A | -$225K | N/A | N/A |
| Net Income | N/A | -$4.8M | N/A | -$6.2M | N/A | -$5.7M+8.9% | -$6.2M | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).
EVAX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $28.4M+26.5% | $22.4M+79.8% | $12.5M-18.0% | $15.2M+18.2% | $12.9M-23.1% | $16.8M | N/A | $22.0M |
| Current Assets | $24.9M+37.0% | $18.2M+107.4% | $8.8M-18.1% | $10.7M+28.1% | $8.3M-26.5% | $11.4M | N/A | $17.0M |
| Cash & Equivalents | $23.2M+57.6% | $14.7M+147.7% | $6.0M-25.5% | $8.0M+43.2% | $5.6M-21.6% | $7.1M | N/A | $13.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | $2.0M | N/A | N/A | $2.8M |
| Total Liabilities | $11.4M-29.9% | $16.2M+14.8% | $14.1M+1.1% | $14.0M-20.7% | $17.6M+23.9% | $14.2M | N/A | $13.7M |
| Current Liabilities | $4.3M-20.0% | $5.3M+21.8% | $4.4M+14.3% | $3.8M-46.1% | $7.1M+74.9% | $4.0M | N/A | $3.8M |
| Long-Term Debt | $1.6M-6.1% | $1.7M+5.7% | $1.6M-7.4% | $1.8M-7.7% | $1.9M-2.6% | $1.9M | N/A | $2.0M |
| Total Equity | $17.0M+173.7% | $6.2M+476.9% | -$1.7M-231.8% | $1.3M+126.5% | -$4.7M-286.5% | $2.5M-61.4% | $6.6M-20.8% | $8.3M |
| Retained Earnings | -$126.2M-1.0% | -$124.9M-5.4% | -$118.5M-4.9% | -$113.0M-4.6% | -$108.0M-28.1% | -$84.3M | N/A | -$85.8M |
Not reported in any period shown, so not listed: Inventory, 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.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q1'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, 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.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| 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% | N/A | -494.7% | N/A | -224.2%-129.3pp | -94.9% | N/A |
| Return on Assets | N/A | -21.5% | N/A | -40.7% | N/A | -33.9% | N/A | N/A |
| Current Ratio | 5.85+2.4x | 3.42+1.4x | 2.01-0.8x | 2.80+1.6x | 1.18-1.6x | 2.81 | N/A | 4.51 |
| Debt-to-Equity | 0.09-0.2x | 0.28 | N/A | 1.40 | N/A | 0.77 | N/A | 0.24 |
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.
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Where Evaxion AS Ranks
Frequently Asked Questions
What is Evaxion AS's annual revenue?
Evaxion AS (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 AS's revenue growing?
Evaxion AS (EVAX) revenue grew by 125.1% year-over-year, from $3.3M to $7.5M in fiscal year 2025.
Is Evaxion AS profitable?
No, Evaxion AS (EVAX) reported a net income of -$7.7M in fiscal year 2025.
How much debt does Evaxion AS have?
As of fiscal year 2025, Evaxion AS (EVAX) had $23.2M in cash and equivalents against $1.6M in long-term debt.
What is Evaxion AS's return on equity (ROE)?
Evaxion AS (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 AS's free cash flow?
Evaxion AS (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 AS's operating cash flow?
Evaxion AS (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 AS's total assets?
Evaxion AS (EVAX) had $28.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Evaxion AS's capital expenditures?
Evaxion AS (EVAX) invested $11K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Evaxion AS's current ratio?
Evaxion AS (EVAX) had a current ratio of 5.85 as of fiscal year 2025, which is generally considered healthy.
What is Evaxion AS's debt-to-equity ratio?
Evaxion AS (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 AS's return on assets (ROA)?
Evaxion AS (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 AS's Piotroski F-Score?
Evaxion AS (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 AS's earnings high quality?
Evaxion AS (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.
How financially healthy is Evaxion AS?
Evaxion AS (EVAX) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.