Evaxion A/s key statistics and ratios

In fiscal 2025, Evaxion A/s had return on equity of -100.2%, an operating margin of -122.7%, debt equal to 32.5% of equity and a current ratio of 5.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Evaxion A/s: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	—	<−999%	−440.6%	−122.7%
Net margin	—	<−999%	−316.0%	−102.4%
Free-cash-flow margin	—	<−999%	−387.0%	−88.2%
Return on equity	—	—	—	−100.2%
Return on assets	−105.2%	−126.7%	−83.3%	−37.7%
Asset turnover	—	0.00	0.26	0.37
Current ratio	4.51	1.18	2.01	5.85
Debt to equity	96.4%	—	—	32.5%
Interest cover (operating income ÷ interest)	n/m	n/m	—	—
R&D as % of revenue	—	>999%	312.7%	132.5%
Capital spending as % of revenue	—	119.2%	0.0%	0.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 5 checks passed · December 31, 2025

What it owns · $28m

Short-term assets $25mLonger-term assets $4m

What it owes, and who funded it · $28m

Short-term liabilities $4mLonger-term liabilities $7mShareholders' equity $17m

Short-term assets cover short-term liabilities $25m of assets due within a year against $4m of liabilities due within a year.
Short-term assets cover long-term liabilities $25m short-term assets against $7m of longer-dated liabilities.
More cash than debt $23m of cash against $6m of debt.
Debt below 40% of shareholders' equity Debt is 32% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$7m of operating cash flow against $6m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Evaxion A/s's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Evaxion A/s's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Evaxion A/s.