Liquidity remains a primary concern, as evidenced by a 2023Q4 operating cash flow to net income ratio of 0.44, indicating that accounting profitability is not currently supported by sustainable operational cash generation.
Evaxion Biotech A/S (EVAX) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 0 | -6.65M | -12.94M | -17.69M | -25.77M | -21.93M | -12.44M | -7.02M | -1.99M |
| Operating CF Margin % | - | -88.27% | -386.96% | -24234.25% | - | - | - | - | - |
| Operating CF Growth % | 0% | 48.65% | 26.86% | 31.36% | -17.51% | -76.34% | -77.2% | -252.54% | - |
| Net Income | -8.65M | -7.73M | -10.57M | -22.13M | -23.17M | -24.53M | -15.02M | -11.2M | -5.54M |
| Depreciation & Amortization | 0 | 616.88K | 607K | 615K | 571K | 344K | 105K | 81K | 74K |
| Stock-Based Compensation | 0 | 0 | 357K | 479K | 942K | 1.38M | 3.41M | 2.36M | 2.07M |
| Deferred Taxes | 0 | 0 | -813K | -984K | -998K | -190K | -2.07M | -825K | -735K |
| Other Non-Cash Items | 8.65M | 605.85K | -3.04M | 2.76M | -243K | -171K | 919K | 1.99M | 1.16M |
| Working Capital Changes | 0 | -137.42K | 520K | 1.56M | -2.88M | 1.24M | 215K | 573K | 981K |
| Change in Receivables | 0 | 178.54K | 374K | 1.11M | -1.49M | 1.86M | -2.5M | -337K | 443K |
| Change in Inventory | 0 | 0 | 0 | 0 | 1.49M | 0 | 0 | 0 | 446K |
| Change in Payables | 0 | -537.64K | 449K | 502K | -599K | -647K | 1.8M | 507K | 79K |
| Cash from Investing | 0 | -14.04K | -3K | -93K | -268K | -1.33M | -393K | -68K | 6K |
| Capital Expenditures | 0 | -11.03K | 0 | -87.13K | -292K | -1.3M | -358K | -68K | -7K |
| CapEx % of Revenue | 0% | 0.15% | - | 119.36% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 133 | -13 | -60K | -35K | 0 | 13K |
| Cash from Financing | 0 | 22.48M | 13.13M | 10.69M | 7.85M | 49.8M | 8.82M | 9.51M | 9.03M |
| Debt Issued (Net) | 0 | -400.22K | -1.14M | -632K | 7.42M | -289K | -74K | 79K | 7.93M |
| Equity Issued (Net) | 0 | 23.23M | 16.55M | 9.17M | 428K | 53.85M | 9.02M | 9.44M | 1.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13K | 0 |
| Other Financing | 0 | -353.08K | -2.29M | 2.15M | 0 | -3.76M | -128K | -13K | 0 |
| Net Change in Cash | 12.66M | 17.28M | 369K | -7.6M | -18.98M | 26.33M | -3.73M | 2.13M | 6.96M |
| Free Cash Flow | 0 | -6.66M | -12.94M | -17.78M | -26.07M | -23.29M | -12.83M | -7.09M | -2M |
| FCF Margin % | 0% | -88.42% | -386.96% | -24353.42% | - | - | - | - | - |
| FCF Growth % | - | 48.56% | 27.21% | 31.8% | -11.9% | -81.54% | -81.05% | -254.7% | - |
| FCF per Share | 0.00 | -1.04 | -12.06 | -26.01 | -44.11 | -47.80 | -31.68 | -17.50 | -4.16 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.86x | 1.22x | 0.80x | 1.11x | 0.89x | 0.83x | 0.63x | 0.36x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EVAX stock.
Evaxion Biotech A/S (EVAX) generated $-6.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evaxion Biotech A/S (EVAX) reported negative free cash flow of $6.7M in 2025, indicating capital requirements exceeded cash from operations.
Evaxion Biotech A/S (EVAX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
High cash burn dependency
Earnings Quality Remains Fundamentally Disconnected
According to historical data, Evaxion's operating cash flow to net income ratio of 0.44 in 2023Q4 highlights a significant disconnect between accounting profitability and actual cash generation, suggesting that reported earnings are heavily influenced by non-cash items rather than sustainable operational inflows from the PIONEER platform.
The divergence between net income and operating cash flow indicates that the company's reported figures do not reflect a self-sustaining business model. Investors should monitor this gap, as it suggests that the firm's ability to fund its own R&D remains entirely dependent on external financing rather than internal cash conversion.
Negative Free Cash Flow Trajectory
As reported in financial statements, the company's free cash flow remained negative at -$2.0M in 2023Q4, underscoring a persistent cash burn that is typical for clinical-stage biotech firms yet highlights the urgent need for milestone-driven revenue to offset the high costs of ongoing clinical trials.
The lack of positive free cash flow suggests that the company is currently in a capital-consuming phase with no immediate path to self-funding. This trajectory warrants further investigation into how long the current $23.2M cash balance can support operations before additional equity dilution becomes necessary.
Working Capital Volatility Obscures Liquidity
Based on reported figures, working capital changes contributed $904.0K to cash flow in 2023Q4, which appears to be a primary driver of the temporary cash position improvement rather than any underlying operational efficiency in managing receivables or payables related to their AI-driven immunotherapy development programs.
The reliance on working capital fluctuations to manage cash flow suggests that the company's liquidity is highly sensitive to the timing of milestone payments and vendor settlements. This volatility may indicate that the firm lacks a stable cash management cycle, making it vulnerable to sudden liquidity constraints.
Hidden Cash Flow Realities Exposed
As indicated by the financial data, the absence of reported cash flow data in recent quarters suggests that the company's cash position is likely being managed through non-operational financing activities, which obscures the true underlying burn rate of the PIONEER and EDEN AI development efforts.
The lack of granular cash flow data in recent periods makes it difficult to assess the true efficiency of the company's R&D spending. Investors should be cautious, as the absence of reported operating cash flow may mask the true extent of the capital required to reach the next clinical milestone.