Detailed financial statements for Evaxion Biotech A/S (EVAX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Evaxion Biotech A/S is a clinical-stage biotechnology firm dedicated to creating artificial intelligence-driven immunotherapies. Its innovative pipeline targets cancers, bacterial infections, and viral diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 100.0%, operating margin -116.0%, net margin -115.5%.
At the current price of $3.03, EVAX has negative trailing earnings (P/E not meaningful) and an ROE of -45.23%. Market capitalisation stands at $19M.
Balance sheet quality for EVAX: current ratio of 5.8, net cash position of $15.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $73000 | $3.3M | $7.5M |
| Cost of Revenue | $73928 | $80984 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$73928 | -$80984 | 0 | 0 | 0 | $73000 | $3.3M | $7.5M |
| Research & Development | $3.7M | $8.6M | $11.7M | $19.6M | $17.1M | $11.9M | $10.5M | $10.0M |
| Selling, General & Admin | $1.9M | $2.6M | $5.7M | $6.2M | $8.1M | $10.1M | $7.3M | $6.5M |
| Operating Expenses | $5.6M | $11.3M | $16.6M | $25.8M | $25.3M | $22.3M | $18.1M | $16.8M |
| Operating Income | -$5.6M | -$11.4M | -$16.6M | -$25.8M | -$25.3M | -$22.2M | -$14.7M | -$9.2M |
| EBITDA | -$6.2M | -$11.9M | -$16.5M | -$24.2M | -$22.6M | -$21.4M | -$9.8M | -$7.1M |
| Interest Expense | $698000 | $1.2M | $223000 | $915000 | $1.5M | $897000 | $962000 | $876000 |
| Pre-tax Income | -$6.3M | -$12.0M | -$16.6M | -$24.7M | -$23.9M | -$22.9M | -$11.4M | -$8.6M |
| Income Tax | -$735000 | -$824837 | -$1.6M | -$178000 | -$772000 | -$790000 | -$788000 | -$908000 |
| Net Income | -$5.5M | -$11.2M | -$15.0M | -$24.5M | -$23.2M | -$22.1M | -$10.6M | -$7.7M |
| EPS | $-11.52 | $-27.60 | $-37.00 | $-50.40 | $-39.20 | $-32.40 | $-9.80 | $-1.21 |
| EPS (Diluted) | $-11.52 | $-27.60 | $-37.00 | $-50.40 | $-39.20 | $-32.40 | $-9.80 | $-1.21 |
| Shares Outstanding (Diluted) | $479966 | $404966 | $404966 | $487328 | $590967 | $683395 | $1.1M | $6.4M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $468000 | $7.4M | $9.6M | $5.8M | $32.2M | $13.2M | $5.6M | $5.1M | $23.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.1M | $772000 | 0 | 0 | 0 | 0 | 0 | $1.9M | $1.1M |
| Inventory | 0 | -$1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.7M | $8.4M | $11.0M | $10.9M | $34.7M | $17.0M | $8.3M | $8.8M | $24.9M |
| Property, Plant & Equipment | $213000 | $130000 | $101000 | $221000 | $5.2M | $4.7M | $4.3M | $3.5M | $3.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $100000 | $93000 | 0 | 0 | 0 | 0 |
| Total Assets | $2.9M | $8.5M | $11.1M | $12.0M | $40.2M | $22.0M | $12.9M | $12.5M | $28.4M |
| Accounts Payable | $59000 | $139000 | $646000 | $3.7M | $2.8M | $2.1M | $2.7M | $3.0M | $2.2M |
| Short-term Debt | 0 | $8.6M | 0 | 0 | $126000 | $136000 | $159000 | $159000 | $190000 |
| Total Current Liabilities | $303000 | $9.4M | $1.7M | $4.9M | $4.3M | $3.8M | $7.1M | $4.4M | $4.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | $1.0M | $7.9M | $8.5M | $8.0M | $5.3M |
| Total Liabilities | $399000 | $9.4M | $1.7M | $4.9M | $7.7M | $13.7M | $17.6M | $14.1M | $11.4M |
| Retained Earnings | -$3.5M | -$7.0M | -$15.8M | -$27.3M | -$50.4M | -$85.8M | -$108.0M | -$118.5M | -$126.2M |
| Total Equity | $2.5M | -$931000 | $9.4M | $7.0M | $32.4M | $8.3M | -$4.7M | -$1.7M | $17.0M |
| Total Debt | $162000 | $8.7M | $36000 | $20000 | $3.7M | $10.3M | $10.9M | $10.1M | $7.5M |
| Net Debt | -$306000 | $1.2M | -$9.5M | -$5.8M | -$28.5M | -$2.9M | $5.3M | $5.0M | -$15.7M |
| Working Capital | $2.4M | -$1.0M | $9.2M | $6.0M | $30.4M | $13.2M | $1.3M | $4.4M | $20.6M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.5M | -$11.2M | -$15.0M | -$24.5M | -$23.2M | -$22.1M | -$10.6M | -$7.7M |
| Depreciation & Amortization | $74000 | $81000 | $105000 | $344000 | $571000 | $615000 | $607000 | $616882 |
| Stock-based Compensation | $2.1M | $2.4M | $3.4M | $1.4M | $942000 | $479000 | $357000 | 0 |
| Change in Working Capital | $981000 | $573000 | $215000 | $1.2M | -$2.9M | $1.6M | $520000 | -$137419 |
| Operating Cash Flow | -$2.0M | -$7.0M | -$12.4M | -$21.9M | -$25.8M | -$17.7M | -$12.9M | -$6.6M |
| Capital Expenditure | -$7000 | -$68000 | -$393000 | -$1.4M | -$292000 | -$87000 | 0 | -$11034 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$13000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.0M | -$7.1M | -$12.8M | -$23.3M | -$26.1M | -$17.8M | -$12.9M | -$6.7M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4480.8% | +125.1% | ||||||
| Net Income Growth (YoY) | -102.2% | -34.2% | -63.4% | +5.6% | +4.5% | +52.2% | +27.1% | |
| EPS Growth (YoY) | -139.6% | -34.1% | -36.2% | +22.2% | +17.3% | +69.8% | +87.7% | |
| Shares Change (YoY) | -15.6% | +0.0% | +20.3% | +21.3% | +15.6% | +57.0% | +497.3% | |
| FCF Growth (YoY) | -254.7% | -81.0% | -81.5% | -11.9% | +31.8% | +27.2% | +48.6% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | |||||
| Operating Margin | -30406.8% | -440.6% | -122.7% | |||||
| EBITDA Margin | -29319.2% | -292.6% | -94.6% | |||||
| Net Margin | -30308.2% | -316.0% | -102.4% | |||||
| FCF Margin | -24353.4% | -387.0% | -88.4% | |||||
| Effective Tax Rate | 11.7% | 6.9% | 9.4% | 0.7% | 3.2% | 3.4% | 6.9% | 10.5% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.16 | $-17.50 | $-31.68 | $-47.80 | $-44.11 | $-26.01 | $-12.06 | $-1.04 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $479966 | $404966 | $404966 | $487328 | $590967 | $683395 | $1.1M | $6.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -45.23% |
| Return on Invested Capital | -33.44% |
| Return on Assets | -27.13% |
| Gross Margin | 100.00% |
| Operating Margin | -115.98% |
| Net Margin | -115.49% |
Financial Health
| Debt / Equity | 0.75 |
| Current Ratio | 5.06 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -4.54 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | -42.93 | -17.92 | -13.36 | -4.38 | -2.26 | -1.06 | -0.43 | -3.94 |
| P/B | 0.00 | -254.93 | 21.39 | 28.45 | 3.32 | 6.32 | -4.95 | -2.75 | 1.79 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 320.92 | 1.36 | 4.06 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -30406.8% | -440.6% | -122.7% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -30308.2% | -316.0% | -102.4% |
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Explore sector: Healthcare · Biotechnology
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