Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Evaxion A/S files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0.07
3.34
7.53
Research and development
3.73
8.22
10.9
19.6
17.1
11.9
10.5
9.98
Operating income
-5.63
-10.9
-16.6
-25.8
-25.3
-22.2
-14.7
-9.23
Interest expense
0.72
1.22
0.22
0.92
1.51
1.68
3.12
4
Interest income
0.08
0.07
0.22
2.04
2.83
0.96
6.5
4.62
Pre-tax income
-6.27
-12
-16.6
-24.7
-23.9
-22.9
-11.4
-8.62
Income tax
-0.74
-0.83
-1.56
-0.18
-0.77
-0.79
-0.79
-0.91
Net income
-5.54
-11.2
-15
-24.5
-23.2
-22.1
-10.6
-7.71
EPS, basic
-0.43
-0.81
-0.97
-1.26
-0.98
-0.81
-0.20
-0.02
EPS, diluted
-0.43
-0.81
-0.97
-1.26
-0.98
-0.81
-0.20
-0.02
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
7.43
9.56
5.83
32.2
13.2
5.58
5.95
23.2
Receivables
0.58
1.55
1.14
2.79
1.95
Total current assets
11
11
34.7
17
8.35
8.77
24.9
Property, plant and equipment
0.1
0.22
5.17
4.68
4.34
3.51
3.32
Lease right-of-use assets
0.09
0.04
0.02
2.6
2.22
2.1
1.74
1.7
Intangible assets
0.1
0.09
0
0
0
Total assets
11.1
12
40.2
22
12.9
12.5
28.4
Short-term debt
8.57
Total current liabilities
1.72
4.93
4.32
3.76
7.08
4.37
4.26
Lease liabilities
2.21
1.95
1.9
1.62
1.61
Total liabilities
1.72
4.93
7.73
13.7
17.6
14.1
11.4
Total debt
1.17
8
8.65
8.17
5.54
Retained earnings
-15.8
-27.3
-50.4
-85.8
-108
-119
-126
Total equity
-0.93
9.36
7.04
32.4
8.3
-4.73
-1.65
17
Total liabilities and equity
11.1
12
40.2
22
12.9
12.5
28.4
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-5.54
-11.2
-15
-24.5
-23.2
-22.1
-10.6
-7.71
Cash from operations
-1.99
-7.02
-12.4
-21.9
-25.8
-17.7
-12.9
-6.63
Capital expenditures
-0.01
-0.06
-0.15
-1.3
-0.29
-0.09
0
-0.01
Cash from investing
0.01
-0.07
-0.39
-1.33
-0.27
-0.09
-0
-0.01
Debt issued
8
0.15
7.85
0.07
0
0
Debt repaid
-0.06
-0.12
-0.37
-0.81
-0.4
Stock issued
1.09
9.44
9.02
53.9
0.43
11.3
14.2
23.2
Cash from financing
9.03
9.51
8.82
49.8
7.85
10.7
13.1
22.4
Exchange rate effect
-0.08
-0.3
0.29
-0.21
-0.79
-0.51
0.18
1.51
Free cash flow
-2
-7.08
-12.6
-23.2
-26.1
-17.8
-12.9
-6.64
Interest paid
0.02
0.04
0.03
0.03
0.17
0.07
0.06
0.11
Income taxes paid
0.45
0.69
0.81
0.85
-0.75
-1.6
0
-1.63
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.34 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-122.7%
Operating income / revenue.
Pre-tax margin
-114.4%
Pre-tax income / revenue.
Net margin
-102.4%
Net income / revenue.
FCF margin
-88.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-88.0%
Cash from operations / revenue.
Return on assets (ROA)
-37.7%
Net income / average total assets.
R&D / revenue
132.5%
Research and development expense / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
125.1%
Revenue vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
127.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
8.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
18.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.85x
Current assets / current liabilities.
Quick ratio
5.46x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.46x
(Cash + short-term investments) / current liabilities.
Debt / assets
19.5%
Total debt / total assets.
Liabilities / assets
40.0%
Total liabilities / total assets.
Net debt
-$17.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
-2.31x
Operating income / interest expense.
Working capital
$20.6M
Current assets - current liabilities.
Goodwill and intangibles / assets
0.0%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.37x
Revenue / average total assets.
Fixed asset turnover
2.20x
Revenue / average property, plant and equipment.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.02
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.02
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$27.9M
Share price x shares outstanding.
Enterprise value
$10.2M
Market cap + total debt - cash - short-term investments.
P/S
3.70x
Market cap / revenue.
EV/Sales
1.35x
Enterprise value / revenue.
FCF yield
-23.8%
Free cash flow / market cap.
Earnings yield
-27.7%
Net income / market cap (the inverse of P/E).
What was Evaxion A/S's revenue in fiscal 2025?
Evaxion A/S reported revenue of $7.5M for fiscal 2025, 125.1% higher than the year before.
Was Evaxion A/S profitable in fiscal 2025?
No. It reported a net loss of $7.7M.
How much free cash flow did Evaxion A/S generate in fiscal 2025?
Cash from operations of $6.6M minus capital expenditures of $11.0K left free cash flow of -$6.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.