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EVAX

Evaxion Biotech A/S

EVAX

Evaxion Biotech A/S • NASDAQ
$5.93 ▲ 5.04% (+0.28)
Market Cap $37.49 M
52w High $12.15
52w Low $1.20
Dividend Yield 0%
P/E -1.48
Volume 64.12K
Outstanding Shares 6.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.492M ▲ $4.47M ▲ $4.618M ▲ 61.639% ▲ $4.2 ▲ $5.712M ▲
Q2-2025 $37K ▲ $4.377M ▲ $-4.831M ▼ -13.057K% ▼ $-4.4 ▼ $-4.785M ▼
Q1-2025 $0 ▼ $3.868M ▼ $-1.58M ▲ 0% ▲ $-1.43 ▲ $-1.375M ▲
Q4-2024 $122K ▼ $4.146M ▼ $-3.629M ▼ -2.975K% ▼ $-3.4 ▼ $-5.516M ▼
Q3-2024 $3.017M $4.748M $-1.935M -64.137% $-1.4 $-1.647M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.572M ▼ $29.737M ▲ $13.138M ▼ $16.599M ▲
Q2-2025 $14.746M ▼ $22.449M ▼ $16.223M ▲ $6.226M ▼
Q1-2025 $17.843M ▲ $25.239M ▲ $14.918M ▲ $10.321M ▲
Q4-2024 $5.052M ▲ $12.485M ▼ $14.137M ▼ $-1.652M ▼
Q3-2024 $4.576M $15.185M $15.111M $74K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.618M ▲ $0 $0 $0 $0 $0
Q2-2025 $-4.831M ▼ $0 $0 $0 $0 $0
Q1-2025 $-1.58M ▲ $0 $0 $0 $0 ▼ $0
Q4-2024 $-3.604M ▼ $0 $0 $0 $1.376M ▲ $0
Q3-2024 $-1.935M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Evaxion is still a pure research-stage biotech: it has essentially no product revenue yet, and its income statement is driven almost entirely by R&D and operating expenses. Losses have been consistent over the past several years, though they appear relatively stable rather than sharply widening. This pattern is typical for an early-stage biotech that is investing heavily in its pipeline long before any commercial sales. The key point is that the business is not yet self-funding and is structurally loss-making until one or more products or deals change that picture.

Balance Sheet

Balance Sheet The balance sheet is very lean, with a small asset base largely made up of cash and only modest tangible resources beyond that. Debt is present but not large in absolute terms, which helps, though equity has hovered around break-even or negative territory at times, reflecting accumulated losses. This combination points to a company that has historically relied on external financing and partnerships rather than balance-sheet strength. The separate note that management sees a cash runway into the second half of 2027 suggests more recent funding or deal inflows not fully visible in the historical numbers, but the overall capital structure remains delicate and sensitive to future funding access.

Cash Flow

Cash Flow Cash flow trends show a steady, ongoing cash burn from operations, with no offsetting inflows from a commercial business. Free cash flow is negative and closely tracks operating cash flow because the company has virtually no capital spending; most cash goes straight into research, clinical development, and overhead. This makes the business model simple but also underlines its dependency on periodic equity raises, grants, or partnership payments to sustain operations. The pace of burn appears controlled rather than explosive, but the company still depends on continued external support until a larger revenue source emerges.

Competitive Edge

Competitive Edge Evaxion’s competitive edge comes from its AI-Immunology platform, which uses multiple proprietary AI models to design personalized and “off-the-shelf” immunotherapies for cancer and infectious diseases. The platform has shown clinical promise, particularly with its melanoma vaccine candidate EVX-01, which has delivered strong early response data in combination with a leading checkpoint inhibitor. A major partnership with MSD (Merck) for bacterial vaccine programs adds external validation and potential scale. The moat is built on speed of design, breadth of disease coverage, and a growing patent portfolio. That said, Evaxion competes in a crowded and well-funded field of AI-enabled biotech and immuno-oncology players, so execution, data quality, and partner expansion will be crucial to maintaining and deepening this advantage.

Innovation and R&D

Innovation and R&D Innovation and R&D are the core of Evaxion’s story. The company has developed several specialized AI engines—such as PIONEER for personalized cancer vaccines, EDEN and RAVEN for bacterial vaccines, and ObsERV for targeting endogenous retroviruses in cancer—that feed into a diversified pipeline. Key assets include EVX-01 for melanoma, an “off-the-shelf” AML vaccine (EVX-04), and a suite of infectious disease vaccines, some tied to the MSD collaboration. An automated vaccine design module further shortens development cycles and could increase pipeline throughput. R&D intensity is high, as reflected in ongoing losses, and the roadmap is rich in catalysts: more mature data from EVX-01, advancement of EVX-04 into the clinic, decision points on MSD options, and additional partnerships and grants. As with all biotech R&D, these are high-risk, high-uncertainty activities—strong early science does not guarantee regulatory or commercial success.

Summary

Evaxion Biotech is a pre-revenue, clinical-stage biotech built around a sophisticated AI platform for designing immunotherapies, rather than around current product sales. Financially, it operates with recurring losses, a thin but currently adequate balance sheet, and steady cash burn, making it reliant on outside capital and partnership funding. Strategically, its strengths lie in a differentiated AI technology stack, encouraging early clinical signals in oncology, and a notable partnership with a major pharmaceutical company, all supported by an active patent and innovation strategy. The main uncertainties center on clinical outcomes, regulatory pathways, the timing and scale of partner decisions, and the company’s long-term ability to convert scientific promise into sustainable revenues. Overall, this is a high-innovation, high-risk profile typical of early-stage biotech: the upside potential is tied to successful R&D execution and deal-making, while the financial foundation remains dependent on future milestones and financing access.

NEWS

November 12, 2025 · 8:00 AM UTC

Evaxion announce 2026 financial calendar

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November 7, 2025 · 5:10 PM UTC

Evaxion presents new immune data from phase 2 trial with AI-designed personalized cancer vaccine EVX-01

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November 6, 2025 · 7:30 AM UTC

Evaxion announces business update and third quarter 2025 financial results

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November 3, 2025 · 9:00 AM UTC

Evaxion expands R&D pipeline with new AI-designed precision cancer vaccine candidate

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October 31, 2025 · 9:05 AM UTC

Correction: Evaxion to announce business update and third quarter 2025 financial results on November 6, 2025

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