Geovax Labs Inc Financials

GOVX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Geovax Labs Inc (GOVX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 23 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).

Financial Health Signals

Financial Profile 27/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Geovax Labs Inc has an operating margin of -635.8%, meaning the company retains $-636 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.

Leverage

Geovax Labs Inc carries a low D/E ratio of 0.62, meaning only $0.62 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Geovax Labs Inc's current ratio of 2.55 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Geovax Labs Inc generated -$24.7M in operating cash flow, capex of $21K consumed most of it, leaving -$24.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Geovax Labs Inc generates a -495.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -450.5% the prior year.

Piotroski F-Score Weak

3/9

Geovax Labs Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.99x

For every $1 of reported earnings, Geovax Labs Inc generates $0.99 in operating cash flow (-$24.7M OCF vs -$25.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-1176.3x

Geovax Labs Inc earns $-1176.3 in operating income for every $1 of interest expense (-$25.1M vs $21K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.0M

5Y CAGR+27.5%

Geovax Labs Inc generated $4.0M in revenue in fiscal year 2024.

EBITDA

-$25.0M

YoY+6.1%

Geovax Labs Inc's EBITDA was -$25.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.1% from the prior year.

Net Income

-$25.0M

YoY+3.8%

Geovax Labs Inc reported -$25.0M in net income in fiscal year 2024. This represents an increase of 3.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$24.7M

YoY+2.1%

Geovax Labs Inc generated -$24.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 2.1% from the prior year.

Cash & Debt

$5.5M

YoY-14.7%

5Y CAGR+81.0%

10Y CAGR+17.5%

Geovax Labs Inc held $5.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

11M

Geovax Labs Inc had 11M shares outstanding in fiscal year 2024. This represents an increase of 432.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-635.8%

5Y CAGR-434.1pp

Geovax Labs Inc's operating margin was -635.8% in fiscal year 2024, reflecting core business profitability.

Net Margin

-632.0%

5Y CAGR-430.4pp

Geovax Labs Inc's net profit margin was -632.0% in fiscal year 2024, showing the share of revenue converted to profit.

Return on Equity

-495.0%

YoY-44.5pp

10Y CAGR-256.6pp

Geovax Labs Inc's ROE was -495.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 44.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$23.7M

YoY+14.4%

5Y CAGR+65.5%

10Y CAGR+29.3%

Geovax Labs Inc invested $23.7M in research and development in fiscal year 2024. This represents an increase of 14.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$21K

YoY-57.8%

5Y CAGR+22.1%

10Y CAGR-5.3%

Geovax Labs Inc invested $21K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 57.8% from the prior year.

GOVX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.0M	$0-100.0%	$82K-78.9%	$386K-78.9%	$1.8M+55.1%	$1.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$23.7M+14.4%	$20.7M+127.1%	$9.1M-41.3%	$15.6M+536.3%	$2.4M+27.9%	$1.9M
SG&A Expenses	$5.4M-10.6%	$6.0M+20.8%	$5.0M+39.4%	$3.6M+62.9%	$2.2M+34.1%	$1.6M
Operating Income	-$25.1M+6.0%	-$26.7M-90.6%	-$14.0M+25.2%	-$18.7M-565.5%	-$2.8M-18.7%	-$2.4M
Interest Expense	$21K	$0	$0-100.0%	$1K-99.1%	$144K+3093.0%	$4K
Income Tax	N/A	N/A	N/A	$0	$0	$0
Net Income	-$25.0M+3.8%	-$26.0M-85.2%	-$14.0M+24.5%	-$18.6M-527.8%	-$3.0M-24.8%	-$2.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$0-100.0%	$852K-47.9%	$1.6M	N/A	$2.8M+827.7%	$301K	$0	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$5.0M+6.7%	$4.7M-11.7%	$5.4M	N/A	$7.4M+73.1%	$4.3M-3.4%	$4.4M	N/A
SG&A Expenses	$1.3M-13.8%	$1.5M-8.6%	$1.7M	N/A	$1.2M+14.3%	$1.1M-25.5%	$1.5M	N/A
Operating Income	-$6.4M-17.6%	-$5.4M-0.3%	-$5.4M	N/A	-$5.9M-15.7%	-$5.1M+14.0%	-$5.9M	N/A
Interest Expense	$0	$0	N/A	N/A	$14K+93.1%	$7K	N/A	N/A
Income Tax	N/A	N/A	$0	N/A	N/A	N/A	$0	N/A
Net Income	-$6.3M-17.7%	-$5.4M-0.2%	-$5.4M	N/A	-$5.8M-14.8%	-$5.1M+13.4%	-$5.9M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GOVX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.2M-12.1%	$9.3M-70.4%	$31.3M+165.7%	$11.8M+13.5%	$10.4M+2116.8%	$469K
Current Assets	$7.9M+0.6%	$7.9M-72.8%	$28.9M+148.8%	$11.6M+13.6%	$10.2M+2188.4%	$447K
Cash & Equivalents	$5.5M-14.7%	$6.5M-76.6%	$27.6M+141.7%	$11.4M+15.6%	$9.9M+3388.3%	$283K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$659K	$0	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.1M-11.7%	$3.5M-25.9%	$4.7M-36.1%	$7.4M+801.2%	$825K-59.6%	$2.0M
Current Liabilities	$3.1M-11.7%	$3.5M-25.9%	$4.7M-12.6%	$5.4M+570.8%	$810K-59.8%	$2.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.0M-12.4%	$5.8M-78.3%	$26.6M+509.9%	$4.4M-54.4%	$9.6M+707.7%	-$1.6M
Retained Earnings	-$129.4M-23.9%	-$104.4M-33.1%	-$78.4M-21.8%	-$64.4M-40.5%	-$45.8M-6.9%	-$42.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$6.7M+25.8%	$5.4M-50.6%	$10.8M+32.8%	$8.2M-26.6%	$11.1M+171.4%	$4.1M+21.9%	$3.4M-63.8%	$9.3M
Current Assets	$6.5M+26.9%	$5.1M-51.6%	$10.6M+33.7%	$7.9M-27.0%	$10.9M+182.8%	$3.8M+34.3%	$2.9M-63.7%	$7.9M
Cash & Equivalents	$5.0M+61.9%	$3.1M-58.4%	$7.4M+35.1%	$5.5M-35.9%	$8.6M+450.2%	$1.6M+103.1%	$769K-88.1%	$6.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0-100.0%	$533K-64.4%	$1.5M+127.1%	$659K+20.4%	$548K+82.1%	$301K	N/A	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.8M-27.9%	$2.5M-13.8%	$2.9M-5.5%	$3.1M+19.1%	$2.6M-59.3%	$6.4M+93.8%	$3.3M-6.1%	$3.5M
Current Liabilities	$1.8M-27.9%	$2.5M-13.8%	$2.9M-5.5%	$3.1M+19.1%	$2.6M-59.3%	$6.4M+93.8%	$3.3M-6.1%	$3.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.9M+73.9%	$2.8M-64.3%	$7.9M+56.4%	$5.0M-40.6%	$8.5M+468.3%	-$2.3M-4354.7%	$54K-99.1%	$5.8M
Retained Earnings	-$146.4M-4.5%	-$140.1M-4.0%	-$134.7M-4.1%	-$129.4M-6.8%	-$121.1M-5.0%	-$115.3M-4.6%	-$110.2M-5.6%	-$104.4M

GOVX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$24.7M+2.0%	-$25.2M-32.3%	-$19.0M-70.0%	-$11.2M-307.1%	-$2.8M-96.7%	-$1.4M
Capital Expenditures	$21K-57.8%	$49K-63.5%	$134K+181.4%	$48K-69.6%	$157K+1961.4%	$8K
Free Cash Flow	-$24.7M+2.1%	-$25.2M-31.6%	-$19.2M-70.4%	-$11.2M-286.7%	-$2.9M-106.8%	-$1.4M
Investing Cash Flow	-$21K+57.8%	-$49K+63.5%	-$134K-181.4%	-$48K+69.6%	-$157K-1961.4%	-$8K
Financing Cash Flow	$23.8M+484.6%	$4.1M-88.5%	$35.4M+176.5%	$12.8M+2.2%	$12.5M+774.8%	$1.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$6.2M-43.3%	-$4.3M+27.3%	-$6.0M+23.1%	-$7.8M+16.6%	-$9.3M-379.0%	-$1.9M+65.8%	-$5.7M+44.7%	-$10.3M
Capital Expenditures	$0-100.0%	$11K-36.6%	$17K	$0-100.0%	$21K	$0	$0-100.0%	$19K
Free Cash Flow	-$6.2M-43.0%	-$4.3M+27.4%	-$6.0M+22.8%	-$7.8M+16.8%	-$9.3M-380.0%	-$1.9M+65.8%	-$5.7M+44.8%	-$10.3M
Investing Cash Flow	$0+100.0%	-$11K+36.6%	-$17K	$0+100.0%	-$21K	$0	$0+100.0%	-$19K
Financing Cash Flow	$8.1M+3888536.4%	$209-100.0%	$7.9M+69.5%	$4.7M-71.4%	$16.3M+498.0%	$2.7M	$0-100.0%	$4.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GOVX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-635.8%	N/A	-17207.5%-12344.8pp	-4862.7%-4708.3pp	-154.5%+47.3pp	-201.8%
Net Margin	-632.0%	N/A	-17198.3%-12381.2pp	-4817.2%-4655.0pp	-162.2%+39.4pp	-201.6%
Return on Equity	-495.0%-44.5pp	-450.5%-397.8pp	-52.7%+373.1pp	-425.8%-394.9pp	-30.9%	N/A
Return on Assets	-306.4%-26.7pp	-279.7%-235.0pp	-44.7%+112.7pp	-157.4%-129.0pp	-28.5%+477.1pp	-505.6%
Current Ratio	2.55+0.3	2.24-3.9	6.10+4.0	2.14-10.5	12.63+12.4	0.22
Debt-to-Equity	0.620.0	0.61+0.4	0.18-1.5	1.70+1.6	0.09+1.4	-1.30
FCF Margin	-624.5%	N/A	-23507.2%-20590.4pp	-2916.8%-2757.3pp	-159.4%-39.8pp	-119.6%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-635.8%-305.6pp	-330.2%	N/A	-209.9%+1473.7pp	-1683.6%	N/A	N/A
Net Margin	N/A	-630.1%-302.7pp	-327.3%	N/A	-208.5%+1475.7pp	-1684.2%	N/A	N/A
Return on Equity	-128.8%+61.6pp	-190.3%-122.5pp	-67.8%	N/A	-68.4%	N/A	-10778.7%	N/A
Return on Assets	-93.9%+6.5pp	-100.4%-50.9pp	-49.5%	N/A	-52.3%+71.3pp	-123.7%+50.6pp	-174.2%	N/A
Current Ratio	3.57+1.5	2.03-1.6	3.62+1.1	2.55-1.6	4.17+3.6	0.60-0.3	0.87-1.4	2.24
Debt-to-Equity	0.37-0.5	0.90+0.5	0.37-0.2	0.62+0.3	0.31+3.1	-2.77-63.6	60.87+60.3	0.61
FCF Margin	N/A	-509.8%-144.3pp	-365.5%	N/A	-334.0%+311.5pp	-645.6%	N/A	N/A

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Frequently Asked Questions

What is Geovax Labs Inc's annual revenue?

Geovax Labs Inc (GOVX) reported $4.0M in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Geovax Labs Inc profitable?

No, Geovax Labs Inc (GOVX) reported a net income of -$25.0M in fiscal year 2024, with a net profit margin of -632.0%.

What is Geovax Labs Inc's EBITDA?

Geovax Labs Inc (GOVX) had EBITDA of -$25.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Geovax Labs Inc's operating margin?

Geovax Labs Inc (GOVX) had an operating margin of -635.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Geovax Labs Inc's net profit margin?

Geovax Labs Inc (GOVX) had a net profit margin of -632.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Geovax Labs Inc's return on equity (ROE)?

Geovax Labs Inc (GOVX) has a return on equity of -495.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Geovax Labs Inc's free cash flow?

Geovax Labs Inc (GOVX) generated -$24.7M in free cash flow during fiscal year 2024. This represents a 2.1% 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 Geovax Labs Inc's operating cash flow?

Geovax Labs Inc (GOVX) generated -$24.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Geovax Labs Inc's total assets?

Geovax Labs Inc (GOVX) had $8.2M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Geovax Labs Inc's capital expenditures?

Geovax Labs Inc (GOVX) invested $21K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Geovax Labs Inc spend on research and development?

Geovax Labs Inc (GOVX) invested $23.7M in research and development during fiscal year 2024.

How many shares does Geovax Labs Inc have outstanding?

Geovax Labs Inc (GOVX) had 11M shares outstanding as of fiscal year 2024.

What is Geovax Labs Inc's current ratio?

Geovax Labs Inc (GOVX) had a current ratio of 2.55 as of fiscal year 2024, which is generally considered healthy.

What is Geovax Labs Inc's debt-to-equity ratio?

Geovax Labs Inc (GOVX) had a debt-to-equity ratio of 0.62 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Geovax Labs Inc's return on assets (ROA)?

Geovax Labs Inc (GOVX) had a return on assets of -306.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Geovax Labs Inc's cash runway?

Based on fiscal year 2024 data, Geovax Labs Inc (GOVX) had $5.5M in cash against an annual operating cash burn of $24.7M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Geovax Labs Inc's Piotroski F-Score?

Geovax Labs Inc (GOVX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Geovax Labs Inc's earnings high quality?

Geovax Labs Inc (GOVX) has an earnings quality ratio of 0.99x, considered low quality (accrual-driven). 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.

Can Geovax Labs Inc cover its interest payments?

Geovax Labs Inc (GOVX) has an interest coverage ratio of -1176.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Geovax Labs Inc?

Geovax Labs Inc (GOVX) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.