Evaxion Biotech A/S
EVAXHealthcare|Biotechnology|DK
$3.00
+0.24 (+8.70%)
DCF Value
$33.35
Tangible Book / Share
$22.86
Cash / Share
$33.57
Financials
Financial Snapshot
Market Cap
$18.9M
Enterprise Value
$12.1M
Revenue (TTM)
$7.5M
Net Income (TTM)
-$8.7M
Cash & Investments
$14.0M
Net Cash
$6.9M
Free Cash Flow (TTM)
$0.00
Operating CF (TTM)
$0.00
Debt/Equity
0.75
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.4M | $9.6M | $5.8M | $32.2M | $13.2M | $5.6M | $5.1M | $23.2M | $14.0M | |
| Operating Cash Flow | -$2.0M | -$7.0M | -$12.4M | -$21.9M | -$25.8M | -$17.7M | -$12.9M | -$6.6M | $0.00 | |
| Free Cash Flow | -$2.0M | -$7.1M | -$12.8M | -$23.3M | -$26.1M | -$17.8M | -$12.9M | -$6.7M | $0.00 | |
| Capital Expenditure | -$7.0K | -$68.0K | -$393.0K | -$1.4M | -$292.0K | -$87.0K | $0.00 | -$11.0K | $0.00 | |
| Financing Cash Flow | $9.0M | $9.5M | $8.8M | $49.8M | $7.9M | $10.7M | $13.1M | $22.5M | $0.00 |
R&D Spending
R&D (TTM)
$10.3M
R&D Intensity
137.2%
R&D Growth vs Prior
+3.1%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $73.0K | $3.3M | $7.5M | $7.5M | |
| R&D Expense | $3.7M | $8.6M | $11.7M | $19.6M | $17.1M | $11.9M | $10.5M | $10.0M | $10.3M | |
| R&D % of Revenue | — | — | — | — | — | 16323.3% | 312.7% | 132.5% | 137.2% | |
| SG&A | $1.9M | $2.6M | $5.7M | $6.2M | $8.1M | $10.1M | $7.3M | $6.5M | $5.6M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $73.0K | $3.3M | $7.5M | $7.5M | |
| Cost of Revenue | $73.9K | $81.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$73.9K | -$81.0K | $0.00 | $0.00 | $0.00 | $73.0K | $3.3M | $7.5M | $7.5M | |
| R&D | $3.7M | $8.6M | $11.7M | $19.6M | $17.1M | $11.9M | $10.5M | $10.0M | $10.3M | |
| SG&A | $1.9M | $2.6M | $5.7M | $6.2M | $8.1M | $10.1M | $7.3M | $6.5M | $5.6M | |
| Operating Income | -$5.6M | -$11.4M | -$16.6M | -$25.8M | -$25.3M | -$22.2M | -$14.7M | -$9.2M | -$8.7M | |
| Interest Expense | $698.0K | $1.2M | $223.0K | $915.0K | $1.5M | $897.0K | $962.0K | $876.0K | $730.8K | |
| Pretax Income | -$6.3M | -$12.0M | -$16.6M | -$24.7M | -$23.9M | -$22.9M | -$11.4M | -$8.6M | -$9.6M | |
| Net Income | -$5.5M | -$11.2M | -$15.0M | -$24.5M | -$23.2M | -$22.1M | -$10.6M | -$7.7M | -$8.7M | |
| EPS (Diluted) | -11.52 | -27.60 | -37.00 | -50.40 | -39.20 | -32.40 | -9.80 | -1.21 | -6.13 | |
| EBITDA | -$6.2M | -$11.9M | -$16.5M | -$24.2M | -$22.6M | -$21.4M | -$9.8M | -$7.1M | -$9.9M | |
| Shares Out. (M) | 0.48 | 0.40 | 0.40 | 0.49 | 0.59 | 0.68 | 1.07 | 6.41 | 0.42 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.4M | $9.6M | $5.8M | $32.2M | $13.2M | $5.6M | $5.1M | $23.2M | $14.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $8.4M | $11.0M | $10.9M | $34.7M | $17.0M | $8.3M | $8.8M | $24.9M | $15.9M | |
| Total Assets | $8.5M | $11.1M | $12.0M | $40.2M | $22.0M | $12.9M | $12.5M | $28.4M | $19.4M | |
| Total Current Liabilities | $9.4M | $1.7M | $4.9M | $4.3M | $3.8M | $7.1M | $4.4M | $4.3M | $3.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $1.0M | $7.9M | $8.5M | $8.0M | $5.3M | $5.1M | |
| Total Liabilities | $9.4M | $1.7M | $4.9M | $7.7M | $13.7M | $17.6M | $14.1M | $11.4M | $9.8M | |
| Stockholders' Equity | -$931.0K | $9.4M | $7.0M | $32.4M | $8.3M | -$4.7M | -$1.7M | $17.0M | $9.5M | |
| Retained Earnings | -$7.0M | -$15.8M | -$27.3M | -$50.4M | -$85.8M | -$108.0M | -$118.5M | -$126.2M | -$133.6M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.0M | -$7.0M | -$12.4M | -$21.9M | -$25.8M | -$17.7M | -$12.9M | -$6.6M | $0.00 | |
| Capital Expenditure | -$7.0K | -$68.0K | -$393.0K | -$1.4M | -$292.0K | -$87.0K | $0.00 | -$11.0K | $0.00 | |
| Free Cash Flow | -$2.0M | -$7.1M | -$12.8M | -$23.3M | -$26.1M | -$17.8M | -$12.9M | -$6.7M | $0.00 | |
| Investing Cash Flow | $6.0K | -$68.0K | -$393.0K | -$1.3M | -$268.0K | -$93.0K | -$3.0K | -$14.0K | $0.00 | |
| Financing Cash Flow | $9.0M | $9.5M | $8.8M | $49.8M | $7.9M | $10.7M | $13.1M | $22.5M | $0.00 | |
| Issuance of Stock | $1.1M | $9.4M | $9.0M | $53.9M | $428.0K | $9.2M | $16.6M | $23.2M | $0.00 | |
| Repurchase of Stock | $0.00 | -$13.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $7.9M | $79.0K | -$74.0K | -$289.0K | $7.4M | -$632.0K | -$1.1M | -$400.2K | $0.00 | |
| Stock Based Comp. | $2.1M | $2.4M | $3.4M | $1.4M | $942.0K | $479.0K | $357.0K | $0.00 | $0.00 | |
| Net Change in Cash | $7.0M | $2.1M | -$3.7M | $26.3M | -$19.0M | -$7.6M | $369.0K | $17.3M | $12.7M |
Dilution Tracker
Shares outstanding grew 1482.4% over 5 years — significant dilution
Shares Outstanding
6M
5-Year Share Growth
+1482.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.48 | 0.40 | 0.40 | 0.49 | 0.59 | 0.68 | 1.07 | 6.41 | 0.42 | |
| Change vs Prior % | — | -15.6% | 0.0% | 20.3% | 21.3% | 15.6% | 57.0% | 497.3% | -93.5% | |
| Stock Issuance | $1.1M | $9.4M | $9.0M | $53.9M | $428.0K | $9.2M | $16.6M | $23.2M | $0.00 | |
| Stock Repurchase | $0.00 | -$13.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $2.4M | $3.4M | $1.4M | $942.0K | $479.0K | $357.0K | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin % | — | — | — | — | — | -30406.8% | -440.6% | -122.7% | -116.0% | |
| Net Margin % | — | — | — | — | — | -30308.2% | -316.0% | -102.4% | -115.5% | |
| EBITDA Margin % | — | — | — | — | — | -29319.2% | -292.6% | -94.6% | -132.5% | |
| FCF Margin % | — | — | — | — | — | -24353.4% | -387.0% | -88.4% | 0.0% | |
| ROE % | 594.5% | -119.6% | -213.4% | -75.6% | -279.0% | 467.9% | 639.6% | -45.2% | -61.4% | |
| ROA % | -65.0% | -101.0% | -125.5% | -61.1% | -105.2% | -171.7% | -84.6% | -27.1% | -44.6% | |
| ROIC % | -64.2% | -112.6% | -212.7% | -70.7% | -130.7% | -340.7% | -159.6% | -33.4% | -46.7% | |
| R&D / Revenue % | — | — | — | — | — | 16323.3% | 312.7% | 132.5% | 137.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4480.8% | 125.1% | |
| Gross Profit | 0.0% | 0.0% | -9.5% | 100.0% | 0.0% | 0.0% | 0.0% | 4480.8% | 125.1% | |
| Operating Income | 0.0% | 0.0% | -101.9% | -45.8% | -55.9% | 2.2% | 12.1% | 33.6% | 37.3% | |
| Net Income | 0.0% | 0.0% | -102.2% | -34.2% | -63.4% | 5.6% | 4.5% | 52.2% | 27.1% | |
| EPS (Diluted) | 0.0% | 0.0% | -139.6% | -34.1% | -36.2% | 22.2% | 17.3% | 69.8% | 87.7% | |
| Operating Cash Flow | 0.0% | 0.0% | -252.5% | -77.2% | -76.3% | -17.5% | 31.4% | 26.9% | 48.6% | |
| Free Cash Flow | 0.0% | 0.0% | -254.7% | -81.0% | -81.5% | -11.9% | 31.8% | 27.2% | 48.6% | |
| R&D Expense | 0.0% | 0.0% | 131.9% | 35.3% | 67.3% | -12.9% | -30.1% | -12.2% | -4.6% | |
| SG&A Expense | 0.0% | 0.0% | 39.7% | 115.4% | 9.1% | 30.5% | 25.0% | -27.4% | -11.4% | |
| Total Assets | 0.0% | 188.7% | 30.2% | 7.9% | 235.7% | -45.2% | -41.5% | -3.1% | 127.5% | |
| Book Value / Share | 0.0% | 0.0% | 1291.8% | -24.8% | 283.0% | -78.9% | -149.3% | 77.7% | 272.7% | |
| Debt | 0.0% | 5250.6% | -99.6% | -44.4% | 18350.0% | 177.9% | 6.0% | -7.1% | -25.7% | |
| Diluted Shares | 0.0% | 0.0% | -15.6% | 0.0% | 20.3% | 21.3% | 15.6% | 57.0% | 497.3% |
Valuation
P/E (TTM)At Loss
P/S2.53
10Y Low / Med / High1.36 / 4.06 / 320.92
P/B0.13
10Y Low / Med / High1.79 / 6.32 / 28.45
EV/EBITDAAt Loss
EV/Revenue1.61
10Y Low / Med / High1.97 / 2.87 / 393.34
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$33.35
Tangible Book / Share
$22.86
Net Current Assets / Share
$0.95
Graham Net-Net
$13.30
Cash / Share
$33.57
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -42.93 | -17.92 | -13.36 | -4.38 | -2.26 | -1.06 | -0.43 | -3.94 | -0.49 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 320.92 | 1.36 | 4.06 | 2.53 | |
| P/B Ratio | -254.93 | 21.39 | 28.45 | 3.32 | 6.32 | -4.95 | -2.75 | 1.79 | 0.13 | |
| EV/EBITDA | -38.63 | -16.03 | -11.81 | -3.27 | -2.19 | -1.34 | -0.98 | -2.08 | -1.21 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 393.34 | 2.87 | 1.97 | 1.61 |
Analyst Estimates & Quality
Altman Z-Score
-9.01
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $15.8M | $6.2M | $15.4M |
| Net Income | -$256.3K | -$96.1K | $192.2K |
| EPS | $-0.04 | $-0.01 | $0.03 |
| # Analysts (EPS) | 1 | 1 | 2 |