Balance Sheet Evaxion A/S

Equities

EVAX

US29970R3030

Biotechnology & Medical Research

Market Closed - Nasdaq Other stock markets 01:30:00 07/03/2026 +04			5-day change	1st Jan Change
3.220 ^USD	-5.29%		+1.90%	-32.49%

03-06	European Equities Traded in the US as American Depositary Receipts Fall in Friday Trading; Down 5% for Week	MT
03-06	Evaxion A/S, 2025 Earnings Call, Mar 06, 2026

1.gFu7Ylomngg5a-MzlZgNLUfFc53kZC54uajfioRbqOw.uRX5DgUR3211KK9mza1BfTKIAKvcVGJO4eCQ3v0h_4f3F84qFWTNQnYNqg

Published financial data: EVAXION A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	-	-	73K	3.34M	7.53M
Total Revenues	-	-	73K	3.34M	7.53M
Gross Profit	-	-	73K	3.34M	7.53M
Selling General & Admin Expenses, Total	6.25M	8.21M	10.35M	7.62M	6.79M
R&D Expenses	19.58M	17.06M	11.92M	10.46M	9.98M
Other Operating Expenses, Total	25.83M	25.26M	22.27M	18.08M	16.76M
Operating Income	-25.83M	-25.26M	-22.2M	-14.73M	-9.23M
Interest Expense, Total	-159K	-798K	-897K	-962K	-4M
Interest And Investment Income	-	13K	154K	254K	4.62M
Net Interest Expenses	-159K	-785K	-743K	-708K	619K
Currency Exchange Gains (Loss)	1.28M	1.71M	-257K	181K	-
Other Non Operating Income (Expenses)	-	395K	282K	3.9M	-
EBT, Excl. Unusual Items	-24.71M	-23.94M	-22.92M	-11.36M	-8.62M
EBT, Incl. Unusual Items	-24.71M	-23.94M	-22.92M	-11.36M	-8.62M
Income Tax Expense	-178K	-772K	-790K	-788K	-908K
Earnings From Continuing Operations	-24.53M	-23.17M	-22.12M	-10.57M	-7.71M
Net Income to Company	-24.53M	-23.17M	-22.12M	-10.57M	-7.71M
Net Income - (IS)	-24.53M	-23.17M	-22.12M	-10.57M	-7.71M
Net Income to Common Incl Extra Items	-24.53M	-23.17M	-22.12M	-10.57M	-7.71M
Net Income to Common Excl. Extra Items	-24.53M	-23.17M	-22.12M	-10.57M	-7.71M
Per Share Items
Net EPS - Basic	-62.92	-49.01	-40.47	-9.85	-1
Basic EPS - Continuing Operations	-62.92	-49.01	-40.47	-9.85	-1
Basic Weighted Average Shares Outstanding	390K	473K	547K	1.07M	7.71M
Net EPS - Diluted	-62.92	-49.01	-40.47	-9.85	-1
Diluted EPS - Continuing Operations	-62.92	-49.01	-40.47	-9.85	-1
Diluted Weighted Average Shares Outstanding	390K	473K	547K	1.07M	7.71M
Normalized Basic EPS	-39.61	-31.65	-26.2	-6.61	-0.7
Normalized Diluted EPS	-39.61	-31.65	-26.2	-6.61	-0.7
American Depositary Receipts Ratio (ADR)	50	50	50	50	50
Supplemental Items
EBITDA	-25.67M	-24.91M	-21.8M	-14.37M	-8.62M
EBITA	-25.83M	-25.26M	-22.2M	-14.73M	-9.23M
EBIT	-25.83M	-25.26M	-22.2M	-14.73M	-9.23M
Effective Tax Rate - (Ratio)	0.72	3.22	3.45	6.94	10.54
Normalized Net Income	-15.44M	-14.96M	-14.32M	-7.1M	-5.38M
Interest on Long-Term Debt	154K	764K	896K	962K	-
Supplemental Operating Expense Items
General and Administrative Expenses	6.25M	8.21M	10.35M	7.62M	6.79M
Research And Development Expense From Footnotes	19.88M	17.56M	11.92M	10.76M	9.98M
Stock-Based Comp., R&D Exp. (Total)	1.05M	760K	377K	101K	-
Stock-Based Comp., G&A Exp. (Total)	328K	182K	102K	256K	-
Total Stock-Based Compensation	1.38M	942K	479K	357K	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	32.17M	13.18M	5.58M	5.95M	23.23M
Total Cash And Short Term Investments	32.17M	13.18M	5.58M	5.95M	23.23M
Other Receivables	1.9M	1.31M	1.08M	1.86M	866K
Total Receivables	1.9M	1.31M	1.08M	1.86M	866K
Prepaid Expenses	638K	2.49M	1.69M	955K	801K
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	34.7M	16.98M	8.35M	8.76M	24.9M
Gross Property Plant And Equipment	5.55M	5.59M	5.87M	5.54M	-
Accumulated Depreciation	-374K	-918K	-1.53M	-2.03M	-
Net Property Plant And Equipment	5.17M	4.68M	4.34M	3.51M	3.32M
Other Intangibles, Total	93K	-	-	-	-
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	191K	365K	196K	206K	185K
Total Assets	40.16M	22.02M	12.89M	12.48M	28.41M
Liabilities
Accounts Payable, Total	2.85M	2.08M	2.69M	2.97M	2.19M
Accrued Expenses, Total	989K	353K	894K	860K	-
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	126K	136K	159K	159K	190K
Current Portion of Leases	314K	303K	326K	314K	360K
Other Current Liabilities	46K	885K	3.02M	67K	1.52M
Total Current Liabilities	4.32M	3.76M	7.08M	4.37M	4.26M
Long-Term Debt	1.04M	7.86M	8.49M	8.01M	5.35M
Long-Term Leases	2.21M	1.95M	1.9M	1.62M	1.61M
Other Non Current Liabilities	153K	144K	149K	141K	158K
Total Liabilities	7.73M	13.72M	17.62M	14.14M	11.37M
Common Stock, Total	3.76M	3.89M	5.9M	10.52M	15.79M
Additional Paid In Capital	80.43M	80.73M	87.45M	95.94M	-
Retained Earnings	-50.43M	-72.66M	-108M	-119M	-126M
Comprehensive Income and Other	-1.32M	-3.65M	9.89M	10.43M	127M
Total Common Equity	32.44M	8.3M	-4.73M	-1.65M	17.04M
Total Equity	32.44M	8.3M	-4.73M	-1.65M	17.04M
Total Liabilities And Equity	40.16M	22.02M	12.89M	12.48M	28.41M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	464K	483K	1.04M	6.27M	13.44M
ECS Total Common Shares Outstanding	464K	483K	758K	1.4M	13.44M
Book Value / Share	69.9	17.2	-6.24	-1.18	1.27
Tangible Book Value	32.34M	8.3M	-4.73M	-1.65M	17.04M
Tangible Book Value Per Share	69.7	17.2	-6.24	-1.18	1.27
Total Debt	3.69M	10.26M	10.87M	10.1M	7.5M
Net Debt	-28.48M	-2.93M	5.29M	4.15M	-15.73M
Account Code - Inventory Valuation	3	3	3	3	-
Machinery, Total	1.22M	1.37M	1.44M	1.36M	-
Full Time Employees	61	63	49	46	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-24.53M	-23.17M	-22.12M	-10.57M	-7.71M
Depreciation & Amortization - CF	344K	571K	615K	607K	615K
Depreciation & Amortization, Total	344K	571K	615K	607K	615K
Asset Writedown & Restructuring Costs	-	87K	-	-	-
Stock-Based Compensation (CF)	1.38M	942K	479K	357K	307K
Other Operating Activities, Total	-361K	-1.33M	1.78M	-3.86M	297K
Change In Accounts Receivable	1.86M	-1.49M	1.11M	374K	178K
Change In Accounts Payable	-647K	-599K	502K	449K	-536K
Change in Other Net Operating Assets	21K	-792K	-47K	-303K	221K
Cash from Operations	-21.93M	-25.77M	-17.69M	-12.94M	-6.62M
Capital Expenditure	-1.3M	-292K	-87K	-	-11K
Sale (Purchase) of Intangible assets	-60K	-	-	-	-
Other Investing Activities, Total	30K	24K	-6K	-3K	-3K
Cash from Investing	-1.33M	-268K	-93K	-3K	-14K
Long-Term Debt Issued, Total	-	7.85M	65K	59K	-
Total Debt Issued	-	7.85M	65K	59K	-
Long-Term Debt Repaid, Total	-289K	-424K	-697K	-1.14M	-751K
Total Debt Repaid	-289K	-424K	-697K	-1.14M	-751K
Issuance of Common Stock	53.85M	428K	9.17M	16.55M	23.16M
Other Financing Activities, Total	-3.76M	-	2.16M	-2.34M	-
Cash from Financing	49.8M	7.85M	10.69M	13.13M	22.41M
Foreign Exchange Rate Adjustments	-210K	-793K	-508K	183K	1.51M
Net Change in Cash	26.33M	-18.98M	-7.6M	369K	17.28M
Supplemental Items
Cash Interest Paid	25K	172K	65K	56K	-
Cash Income Tax Paid (Refund)	-846K	-754K	-1.6M	-	-
Levered Free Cash Flow	-14.33M	-16.89M	-9.12M	-11.59M	-6.71M
Unlevered Free Cash Flow	-14.23M	-16.39M	-8.56M	-10.99M	-4.21M
Change In Net Working Capital	-1.55M	1.82M	-4.31M	2.75M	-958K
Net Debt Issued / Repaid	-289K	7.42M	-632K	-1.08M	-751K

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-61.95	-50.78	-79.47	-72.57	-28.23
Return on Total Capital	-74.78	-57.75	-112.34	-126.22	-34.99
Return On Equity %	-124.29	-113.74	-1.24K	331.2	-100.18
Return on Common Equity	-124.29	-113.74	-1.24K	331.2	-100.18
Margin Analysis
Gross Profit Margin %	-	-	100	100	100
SG&A Margin	-	-	14.18K	227.84	90.16
EBITDA Margin %	-	-	-29.86K	-429.69	-114.49
EBITA Margin %	-	-	-30.41K	-440.55	-122.66
EBIT Margin %	-	-	-30.41K	-440.55	-122.66
Income From Continuing Operations Margin %	-	-	-30.31K	-316	-102.38
Net Income Margin %	-	-	-30.31K	-316	-102.38
Net Avail. For Common Margin %	-	-	-30.31K	-316	-102.38
Normalized Net Income Margin	-	-	-19.62K	-212.23	-71.52
Levered Free Cash Flow Margin	-	-	-12.49K	-346.73	-89.1
Unlevered Free Cash Flow Margin	-	-	-11.72K	-328.75	-55.91
Asset Turnover
Asset Turnover	-	-	0	0.26	0.37
Fixed Assets Turnover	-	-	0.02	0.85	2.2
Short Term Liquidity
Current Ratio	8.03	4.51	1.18	2.01	5.85
Quick Ratio	7.88	3.85	0.94	1.79	5.66
Operating Cash Flow to Current Liabilities	-5.07	-6.85	-2.5	-2.96	-1.56
Long Term Solvency
Total Debt/Equity	11.38	123.51	-229.86	-611.44	44.04
Total Debt / Total Capital	10.21	55.26	177.01	119.55	30.57
LT Debt/Equity	10.02	118.22	-219.6	-582.81	40.81
Long-Term Debt / Total Capital	9	52.89	169.11	113.95	28.33
Total Liabilities / Total Assets	19.24	62.3	136.69	113.23	40.02
EBIT / Interest Expense	-162.48	-31.66	-24.75	-15.31	-2.31
EBITDA / Interest Expense	-160.31	-30.94	-24.06	-14.68	-2.16
(EBITDA - Capex) / Interest Expense	-168.49	-31.31	-24.16	-14.68	-2.16
Total Debt / EBITDA	-0.14	-0.42	-0.5	-0.72	-0.87
Net Debt / EBITDA	1.12	0.12	-0.24	-0.29	1.83
Total Debt / (EBITDA - Capex)	-0.14	-0.41	-0.5	-0.72	-0.87
Net Debt / (EBITDA - Capex)	1.06	0.12	-0.24	-0.29	1.82
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-	-	4.48K	125.12
Gross Profit, 1 Yr. Growth %	-	-	-	4.48K	125.12
EBITDA, 1 Yr. Growth %	55.23	-2.97	-12.48	-34.17	-40.02
EBITA, 1 Yr. Growth %	55.93	-2.21	-12.14	-33.63	-37.32
EBIT, 1 Yr. Growth %	55.93	-2.21	-12.14	-33.63	-37.32
Earnings From Cont. Operations, 1 Yr. Growth %	63.35	-5.56	-4.51	-52.24	-27.07
Net Income, 1 Yr. Growth %	63.35	-5.56	-4.51	-52.24	-27.07
Normalized Net Income, 1 Yr. Growth %	49.08	-3.11	-4.29	-50.45	-24.13
Diluted EPS Before Extra, 1 Yr. Growth %	29.34	-22.12	-17.42	-75.66	-89.85
Net Property, Plant and Equip., 1 Yr. Growth %	2.24K	-9.64	-7.1	-19.09	-5.46
Total Assets, 1 Yr. Growth %	235.67	-45.16	-41.48	-3.13	127.54
Tangible Book Value, 1 Yr. Growth %	366.19	-74.33	-156.96	-65.07	-1.13K
Common Equity, 1 Yr. Growth %	360.88	-74.4	-156.96	-65.07	-1.13K
Cash From Operations, 1 Yr. Growth %	76.34	17.51	-31.36	-26.86	-48.8
Capital Expenditures, 1 Yr. Growth %	772.48	-77.54	-70.21	-	-
Levered Free Cash Flow, 1 Yr. Growth %	90.04	17.87	-46.02	27.18	-42.15
Unlevered Free Cash Flow, 1 Yr. Growth %	89.18	15.18	-47.8	28.49	-61.71
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-	-	915.5
Gross Profit, 2 Yr. CAGR %	-	-	-	-	915.5
EBITDA, 2 Yr. CAGR %	54.3	23	-7.53	-23.72	-37.16
EBITA, 2 Yr. CAGR %	54.21	23.49	-7.31	-23.64	-35.5
EBIT, 2 Yr. CAGR %	54.21	23.49	-7.31	-23.64	-35.5
Earnings From Cont. Operations, 2 Yr. CAGR %	48.03	24.21	-5.03	-32.47	-40.98
Net Income, 2 Yr. CAGR %	48.03	24.21	-5.03	-32.47	-40.98
Normalized Net Income, 2 Yr. CAGR %	43.38	20.18	-3.7	-31.13	-38.68
Diluted EPS Before Extra, 2 Yr. CAGR %	24.97	0.37	-19.8	-55.17	-84.28
Net Property, Plant and Equip., 2 Yr. CAGR %	615.74	359.93	-8.38	-13.3	-12.54
Total Assets, 2 Yr. CAGR %	90.36	35.68	-43.35	-24.71	48.46
Tangible Book Value, 2 Yr. CAGR %	85.87	9.4	-61.76	-55.39	89.82
Common Equity, 2 Yr. CAGR %	86.14	8.62	-61.82	-55.39	89.82
Cash From Operations, 2 Yr. CAGR %	76.77	43.95	-10.19	-29.14	-38.8
Capital Expenditures, 2 Yr. CAGR %	361.64	39.99	-74.13	-	-64.44
Levered Free Cash Flow, 2 Yr. CAGR %	89.97	49.67	-20.24	-17.14	-14.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	89.89	47.62	-22.46	-18.1	-29.86
Compound Annual Growth Rate Over Three Years
EBITDA, 3 Yr. CAGR %	66.58	32.19	9.81	-17.39	-29.59
EBITA, 3 Yr. CAGR %	66.2	32.49	10.24	-17.07	-28.5
EBIT, 3 Yr. CAGR %	66.2	32.49	10.24	-17.07	-28.5
Earnings From Cont. Operations, 3 Yr. CAGR %	64.26	27.44	13.79	-24.48	-30.71
Net Income, 3 Yr. CAGR %	64.26	27.44	13.79	-24.48	-30.71
Normalized Net Income, 3 Yr. CAGR %	57.96	25.82	11.4	-22.83	-28.87
Diluted EPS Before Extra, 3 Yr. CAGR %	43.21	6.74	-5.95	-46.11	-72.67
Net Property, Plant and Equip., 3 Yr. CAGR %	258.81	259.05	169.86	-12.1	-10.76
Total Assets, 3 Yr. CAGR %	67.72	25.72	2.51	-32.26	8.85
Tangible Book Value, 3 Yr. CAGR %	226.3	-3.92	-11.99	-62.9	27.08
Common Equity, 3 Yr. CAGR %	226.61	-3.92	-12.41	-62.93	27.08
Cash From Operations, 3 Yr. CAGR %	122.51	54.28	12.46	-16.13	-36.42
Capital Expenditures, 3 Yr. CAGR %	470.53	68.53	-16.42	-	-66.48
Levered Free Cash Flow, 3 Yr. CAGR %	-	62.03	6.53	-6.82	-26.5
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	60.74	4.39	-8.24	-36.44
Compound Annual Growth Rate Over Five Years
EBITDA, 5 Yr. CAGR %	-	-	31.46	5.91	-12.14
EBITA, 5 Yr. CAGR %	-	-	31.58	6.28	-11.03
EBIT, 5 Yr. CAGR %	-	-	31.58	6.28	-11.03
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	31.93	-1.15	-12.49
Net Income, 5 Yr. CAGR %	-	-	31.93	-1.15	-12.49
Normalized Net Income, 5 Yr. CAGR %	-	-	29.59	-1.13	-12.27
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	13.56	-24.55	-54.02
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	107.83	103.37	71.95
Total Assets, 5 Yr. CAGR %	-	-	8.65	2.41	18.88
Tangible Book Value, 5 Yr. CAGR %	-	-	38.41	-29.31	19.69
Common Equity, 5 Yr. CAGR %	-	-	38.41	-29.31	19.34
Cash From Operations, 5 Yr. CAGR %	-	-	54.79	13.01	-11.84
Capital Expenditures, 5 Yr. CAGR %	-	-	65.53	-	-40.62
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	23.9	-9.33
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	22.74	-17.37