Revenue performance remains highly erratic, characterized by a 148.3% growth spike in 2025Q3 followed by a total revenue absence in 2025Q4, while operating margins remain deeply negative at -117.3% as of 2025Q2.
| Sales/Revenue | 7.53M | 3.34M | 73K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 125.12% | 4480.82% | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 80.98K | 73.93K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 7.53M | 3.34M | 73K | 0 | 0 | 0 | -80.98K | -73.93K |
| Gross Margin % | 100% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | 125.12% | 4480.82% | - | - | - | 100% | -9.54% | - |
| Operating Expenses | 16.76M | 18.08M | 22.27M | 25.26M | 25.83M | 16.57M | 11.28M | 5.63M |
| OpEx % of Revenue | 222.66% | 540.55% | 30506.85% | - | - | - | - | - |
| Selling, General & Admin | 6.49M | 7.32M | 10.08M | 8.06M | 6.18M | 5.67M | 2.63M | 1.88M |
| SG&A % of Revenue | 86.16% | 218.81% | 13806.85% | - | - | - | - | - |
| Research & Development | 9.97M | 10.46M | 11.92M | 17.06M | 19.58M | 11.7M | 8.65M | 3.73M |
| R&D % of Revenue | 132.51% | 312.71% | 16323.29% | - | - | - | - | - |
| Other Operating Expenses | 301K | 302K | 275K | 144K | 71K | -800K | 0 | 15K |
| Operating Income | -9.23M | -14.73M | -22.2M | -25.26M | -25.83M | -16.57M | -11.36M | -5.63M |
| Operating Margin % | -122.66% | -440.55% | -30406.85% | - | - | - | - | - |
| Operating Income Growth % | 37.32% | 33.63% | 12.14% | 2.21% | -55.93% | -45.84% | -101.9% | - |
| EBITDA | -8.62M | -14.13M | -21.58M | -24.69M | -25.49M | -16.46M | -11.28M | -5.55M |
| EBITDA Margin % | -114.49% | -422.4% | -29564.38% | - | - | - | - | - |
| EBITDA Growth % | 38.98% | 34.55% | 12.6% | 3.13% | -54.83% | -45.95% | -103.13% | - |
| D&A (Non-Cash Add-back) | 615K | 607K | 615K | 571K | 344K | 105K | 80.98K | 73.93K |
| EBIT | -7.74M | -10.39M | -22.02M | -23.14M | -24.55M | -16.57M | -11.98M | -6.25M |
| Net Interest Income | -577K | -708K | -743K | 1.32M | 1.12M | -7K | -1.21M | -696K |
| Interest Income | 299K | 254K | 154K | 2.83M | 2.04M | 216K | 9K | 2K |
| Interest Expense | 876K | 962K | 897K | 1.51M | 915K | 223K | 1.22M | 698K |
| Other Income/Expense | 619K | 3.38M | -718K | 1.32M | 1.12M | -7K | -656.87K | -636.93K |
| Pretax Income | -8.62M | -11.36M | -22.91M | -23.94M | -24.71M | -16.57M | -12.02M | -6.27M |
| Pretax Margin % | -114.44% | -339.56% | -31390.41% | - | - | - | - | - |
| Income Tax | -908K | -788K | -790K | -772K | -178K | -1.56M | -824.84K | -735K |
| Effective Tax Rate % | 10.54% | 6.94% | 3.45% | 3.22% | 0.72% | 9.39% | 6.86% | 11.72% |
| Net Income | -7.71M | -10.57M | -22.13M | -23.17M | -24.53M | -15.02M | -11.19M | -5.54M |
| Net Margin % | -102.38% | -316% | -30308.22% | - | - | - | - | - |
| Net Income Growth % | 27.07% | 52.24% | 4.51% | 5.56% | -63.35% | -34.18% | -102.22% | - |
| Net Income (Continuing) | -7.71M | -10.57M | -22.13M | -23.17M | -24.53M | -15.02M | -11.19M | -5.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.21 | -9.80 | -32.40 | -39.20 | -50.40 | -37.00 | -27.60 | -11.52 |
| EPS Growth % | 87.65% | 69.75% | 17.35% | 22.22% | -36.22% | -34.06% | -139.58% | - |
| EPS (Basic) | -1.21 | -9.80 | -32.40 | -39.20 | -50.40 | -37.00 | -27.60 | -11.52 |
| Diluted Shares Outstanding | 6.41M | 1.07M | 683.39K | 590.97K | 487.33K | 404.97K | 404.97K | 479.97K |
| Basic Shares Outstanding | 6.41M | 1.07M | 683.39K | 590.97K | 487.33K | 404.97K | 404.97K | 479.97K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High cash burn dependency
As reported in financial statements, Evaxion's revenue trajectory remains highly volatile, characterized by a 148.3% surge in 2025Q3 followed by a total revenue absence in 2025Q4, illustrating the company's reliance on intermittent milestone payments rather than a consistent, recurring commercial business model for its AI-driven immunotherapy platform.
The extreme fluctuations in top-line performance suggest that revenue recognition is tied to specific, non-recurring clinical events rather than organic growth. Investors should interpret these figures as project-based inflows that provide temporary liquidity but fail to demonstrate a sustainable or predictable path toward commercial scale.
Based on reported figures, the company maintains a rigid cost structure where R&D spending consistently consumes the majority of operating resources, with quarterly R&D outlays averaging approximately $2.5M, reflecting the capital-intensive nature of advancing the PIONEER platform through clinical trials without any offsetting commercial product revenue.
The persistent R&D spend, despite the absence of consistent revenue, indicates a high-burn operational profile that is typical for pre-commercial biotech firms. This cost discipline appears focused on maintaining clinical momentum, yet it leaves the company highly exposed to capital market conditions for continued survival.
According to recent SEC filings, Evaxion's operating leverage is currently non-existent, as the company reported a negative operating margin of 117.3% in 2025Q2, highlighting that the firm has yet to achieve the scale necessary to cover its fixed operating expenses through its current licensing and partnership model.
The inability to scale operating income alongside gross profit suggests that the company's current business model is not yet optimized for profitability. Without a significant shift in the revenue-to-cost ratio, the firm will likely continue to face substantial operating losses that necessitate ongoing external financing.
As indicated by the financial data, the company's cash position of $23.2M against recurring quarterly operating losses suggests a precarious financial runway, warranting further investigation into the timing of potential future capital raises or the necessity of securing additional strategic partnerships to avoid significant shareholder dilution.
Short-term observers may focus on the 2025Q3 profitability as a sign of progress, but the subsequent 2025Q4 loss underscores the fragility of the current model. The lack of a consistent revenue base makes the company highly vulnerable to any delays in clinical trial milestones or shifts in investor sentiment.
Quick answers to the most common questions about buying EVAX stock.
For fiscal year 2025, Evaxion Biotech A/S (EVAX) reported total revenue of $7.5M.
Evaxion Biotech A/S (EVAX) reported a net loss of $7.7M for the fiscal year ending 2025.
Evaxion Biotech A/S (EVAX) reported an operating income of $-9.2M, resulting in an operating profit margin of -122.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Evaxion Biotech A/S (EVAX) generated $7.5M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.