Evaxion A/s is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$1.7
Revenue-to-maturity cash-flow model
Base case. Range ~$1.4–$2.2 across our lower- and higher-growth cases (25%–35% a year).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Evaxion A/s valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $8m. That growth ranks 34 of 172 among the biotechnology companies we cover. The diluted share count is up 497.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.74 a share, against a share price of $2.93.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Evaxion A/s's trailing-twelve-month revenue grew 125.1% year on year, with a free-cash-flow margin of -88.2%. Where it stands out: stock pay as % of revenue of 4.1% ranks 28 of 179 biotechnology companies we cover. Where it lags: change in share count of 497.3% ranks 156 of 156 biotechnology companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 125.1% (-4355.7pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for EVAX from the sources we follow. See filings →
We value Evaxion A/s as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$1.7 ~$1.4–$2.2 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$1.1 ~$2.4–$8.5 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.6 ~$1.1–$1.7 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Evaxion A/s with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Next | — | — | $5m | 0% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.01 | −$0.01 | 0.0% |
| Mar 2026 | −$0.01 | −$0.01 | 0.0% |
| Dec 2025 | −$0.01 | −$0.01 | 0.0% |
| Sept 2025 | −$0.01 | $0.01 | +200.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $0 |
| FY23 Q4 | $73K |
| FY24 Q4 | $3.3M |
| FY25 Q4 | $7.5M |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 0 | 0 | 3 | 8 |
| EBITDA | −25 | −22 | −14 | — |
| Operating income | −25 | −22 | −15 | −9 |
| Net income | −23 | −22 | −11 | −8 |
| Diluted EPS | −$24.50 | −$20.25 | −$10.00 | — |
| Growth (year on year) | ||||
| Revenue | — | — | +>999% | +125.1% |
| Margins | ||||
| EBITDA margin | — | <−999% | −422.4% | — |
| Operating margin | — | <−999% | −440.6% | −122.7% |
| Net margin | — | <−999% | −316.0% | −102.4% |
| Free-cash-flow margin | — | <−999% | −387.0% | −88.2% |
| Cash flow | ||||
| Cash from operations | −26 | −18 | −13 | −7 |
| Capital spending | 0 | 0 | 0 | 0 |
| Free cash flow | −26 | −18 | −13 | −7 |
| Stock-based pay | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | −27 | −18 | −13 | −7 |
| Balance sheet | ||||
| Cash | 13 | 6 | 6 | 23 |
| Total debt | 8 | 9 | 8 | 6 |
| Net debt (negative = net cash) | −5 | 3 | 2 | −18 |
| Diluted shares | — | 1m | 1m | 6m |
| Last 12 months unless stated | EVAX | ROIV | ADAG | TCRX | COYA | ACRS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $8m | $8m | $8m | $7m | $8m | $8m | $56m |
| Revenue growth, last 12 months | 125.1% | −67.6% | >999% | 2.2% | >999% | −51.0% | 12.6% |
| Revenue growth, 3-year average | — | −46.4% | — | −24.3% | — | −35.9% | 13.7% |
| Revenue growth, latest quarter | — | −33.5% | — | −65.8% | 49.0% | −8.3% | 10.2% |
| Operating margin | −122.7% | <−999% | −279.5% | <−999% | −288.7% | <−999% | −189.4% |
| Operating margin, 3-year average | — | −102.3% | — | <−999% | <−999% | −711.4% | −363.5% |
| Net margin | −102.4% | <−999% | −229.6% | <−999% | −270.2% | −921.5% | −169.8% |
| Cash from operations / revenue | −88.0% | <−999% | −204.1% | <−999% | −196.1% | −755.1% | −168.0% |
| Free-cash-flow margin | −88.2% | <−999% | −204.3% | <−999% | −196.3% | −756.5% | −162.4% |
| Free-cash-flow margin, 3-year average | — | <−999% | — | <−999% | <−999% | −339.9% | −310.0% |
| Stock pay / revenue | 4.1% | >999% | 48.8% | 138.4% | 66.3% | 141.8% | 20.0% |
| Change in share count | 497.3% | 0.6% | 4.8% | 4.1% | 22.4% | 25.5% | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 125.1% | 12.6% | 34 of 172 |
| Change in growth rate Growth | -4355.7pp | -0.1pp | 170 of 172 |
| Operating margin Profitability | -122.7% | -189.4% | 78 of 175 |
| Net margin Profitability | -102.4% | -157.3% | 82 of 180 |
| Free-cash-flow margin Cash generation | -88.2% | -145.4% | 81 of 176 |
| Stock pay as % of revenue Cash generation | 4.1% | 19.2% | 28 of 179 |
| Long-term debt as % of assets Balance sheet | 18.8% | 20.6% | 38 of 78 |
| Change in share count Balance sheet | 497.3% | 7.9% | 156 of 156 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Merck & Co., Inc. | $3.8M | 1.2M | 76.3% | New |
| Ikarian Capital, LLC | $231,564 | 75K | 4.7% | 0.0% |
| Rathbones Group PLC | $141,741 | 46K | 2.9% | ▼ 50.0% |
| Citadel Advisors LLC | $113,410 | 37K | 2.3% | ▲ 105.8% |
| Renaissance Technologies LLC | $104,780 | 34K | 2.1% | ▼ 13.8% |
| Annis Gardner Whiting Capital Advisors, LLC | $93,000 | 30K | 1.9% | 0.0% |
| J. Safra Sarasin Holding AG | $70,999 | 23K | 1.4% | New |
| Rhumbline Advisers | $67,723 | 22K | 1.4% | ▲ 0.9% |
| Jane Street Group, LLC | $63,801 | 21K | 1.3% | New |
| Boothbay Fund Management, LLC | $57,121 | 18K | 1.2% | 0.0% |
| Stonepine Capital Management, LLC | $54,442 | 18K | 1.1% | ▼ 10.9% |
| Smartharvest Portfolios, LLC | $41,726 | 13K | 0.8% | ▼ 2.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Evaxion A/s's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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