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Evaxion A/S, a clinical-stage biotech company, develops artificial intelligence-powered immunology vaccines. The company develops EVX-01, which is in phase 2 global multi-center clinical trial for the treatment of advanced melanoma; EVX-03, DNA-based cancer vaccine for the treatment of solid tumors; and EVX-04, a therapeutic cancer vaccine candidate, which is in phase 1 trial for acute myeloid leukemia. Its programs also include vaccines that are in pre-clinical stage, which includes EVX-B1, a multi-component prophylactic vaccine targeting skin and soft tissue infections with S. aureus bacteria; EVX-B2 to target multi-component prophylactic vaccine against gonorrhea bacteria; EVX-B3 to target bacterial pathogen associated with repeated infections; and EVX-V1, a multi-component prophylactic vaccine candidate for cytomegalovirus. The company was formerly known as Evaxion Biotech A/S and changed its name to Evaxion A/S in May 2025. Evaxion A/S was incorporated in 2008 and is based in Horsholm, Denmark.
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Evaxion Biotech AS is a clinical-stage Danish biotech that uses artificial intelligence and computational immunology to develop immunotherapies and vaccines for cancer and infectious diseases. Long-term growth drivers include clinical trial progress, partnerships to scale development, and the platform's potential to accelerate antigen discovery, which may benefit from broader indications and commercialization opportunities.
Principal investment risks include clinical and regulatory setbacks, limited revenue and financing needs, intense competition in immuno-oncology, and reliance on the success of its AI-driven platform.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -8.64M | -11.36M | -22.95M | -23.94M | -24.71M |
| Net income | -7.73M | -10.57M | -22.16M | -23.17M | -24.53M |
| Selling general administrative | 6.49M | 7.32M | 10.08M | 8.21M | 6.25M |
| Selling and marketing expenses | - | - | 0.02M | - | - |
| Gross profit | 7.53M | 3.34M | 0.07M | -0.57M | -0.34M |
| Reconciled depreciation | 0.61M | 0.61M | 0.61M | 0.57M | 0.34M |
| Ebit | -9.26M | -10.39M | -22.23M | -25.26M | -25.83M |
| Ebitda | -8.65M | -9.79M | -21.62M | -22.43M | -23.80M |
| Depreciation and amortization | 0.62M | 0.61M | 0.62M | 2.83M | 2.04M |
| Operating income | -9.26M | -14.73M | -22.23M | -25.26M | -25.83M |
| Other operating expenses | 16.81M | 18.08M | 22.30M | 25.26M | 25.83M |
| Interest expense | 0.88M | 0.96M | 0.90M | 1.51M | 0.92M |
| Tax provision | -0.91M | -0.79M | -0.79M | -0.77M | -0.18M |
| Interest income | 0.30M | 0.25M | 2.34M | 2.83M | 2.04M |
| Net interest income | 1.99M | -0.71M | -3.01M | 1.32M | 1.12M |
| Income tax expense | -0.91M | -0.79M | -0.79M | -0.77M | -0.18M |
| Total revenue | 7.55M | 3.34M | 0.07M | 0.00M | 0.00M |
| Total operating expenses | 16.76M | 18.08M | 21.69M | 25.26M | 25.83M |
| Cost of revenue | - | - | - | 0.57M | 0.34M |
| Total other income expense net | 0.62M | 3.38M | -0.72M | 1.32M | 1.12M |
| Net income from continuing ops | -7.71M | -10.57M | -24.47M | -23.17M | -24.53M |
| Net income applicable to common shares | - | - | - | - | -24.53M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 28.41M | 12.48M | 12.89M | -58.94M | 40.16M |
| Intangible assets | - | - | - | - | 0.09M |
| Other current assets | 0.62M | 1.85M | 1.69M | - | 2.54M |
| Total liab | 11.37M | 14.14M | 17.62M | 13.72M | 7.73M |
| Total stockholder equity | 17.04M | -1.65M | -4.73M | -72.66M | -50.43M |
| Other current liab | 1.52M | 0.93M | 3.91M | 1.37M | 1.03M |
| Common stock | 15.79M | 10.52M | 5.90M | 3.89M | 3.75M |
| Capital stock | 15.79M | 10.52M | 5.90M | 3.89M | 3.75M |
| Retained earnings | -126.24M | -118.54M | -107.97M | -72.66M | -50.43M |
| Other liab | - | - | - | - | 0.15M |
| Other assets | - | - | - | -77.95M | 0.19M |
| Cash | 23.23M | 5.05M | 5.58M | 13.18M | 32.17M |
| Total current liabilities | 4.26M | 4.37M | 7.08M | 3.76M | 4.32M |
| Current deferred revenue | - | - | 0.00M | - | - |
| Net debt | -15.73M | 5.05M | 5.29M | -10.93M | -28.48M |
| Short term debt | 0.55M | 0.47M | 0.48M | 0.30M | 0.44M |
| Short long term debt | 0.19M | 0.16M | 0.16M | 0.14M | 0.13M |
| Short long term debt total | 7.50M | 10.10M | 10.87M | 2.25M | 3.69M |
| Other stockholder equity | 120.73M | 109.97M | 87.45M | -0.23M | -82.87M |
| Property plant equipment | - | - | - | - | 5.17M |
| Total current assets | 24.90M | 8.77M | 8.35M | 13.97M | 34.70M |
| Net tangible assets | - | - | - | - | 16.55M |
| Net receivables | 1.05M | 1.86M | 1.07M | 0.79M | 1.90M |
| Long term debt | 5.35M | 8.01M | 8.49M | 7.86M | 1.04M |
| Inventory | - | - | - | - | -1.90M |
| Accounts payable | 2.19M | 2.97M | 2.69M | 2.08M | 2.85M |
| Accumulated other comprehensive income | 6.76M | -3.60M | 9.89M | -3.65M | 79.11M |
| Non currrent assets other | 0.18M | 0.16M | 0.17M | 0.36M | 0.09M |
| Non current assets total | 3.51M | 3.72M | 4.54M | 5.04M | 5.46M |
| Capital lease obligations | 1.97M | 1.93M | 2.22M | 2.25M | 2.52M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -0.00M | -0.00M | -0.09M | -0.27M | -1.33M |
| Change to liabilities | - | - | - | - | -0.65M |
| Total cashflows from investing activities | -0.01M | -0.00M | - | - | -1.33M |
| Net borrowings | -0.75M | -1.14M | - | - | -0.29M |
| Total cash from financing activities | 22.48M | 13.13M | 10.71M | 7.85M | 49.80M |
| Change to operating activities | - | - | - | - | 0.02M |
| Net income | -7.73M | -10.57M | -22.16M | -23.17M | -24.53M |
| Change in cash | 17.28M | 0.37M | -7.60M | -18.98M | 26.33M |
| Begin period cash flow | 5.95M | 5.58M | 13.18M | 32.17M | 5.83M |
| End period cash flow | 23.23M | 5.95M | 5.58M | 13.18M | 32.17M |
| Total cash from operating activities | -6.65M | -12.94M | -17.72M | -25.77M | -21.93M |
| Issuance of capital stock | 23.16M | 16.55M | 9.17M | 0.43M | 53.85M |
| Depreciation | 0.62M | 0.61M | 0.62M | 0.57M | 0.34M |
| Other cashflows from investing activities | - | - | - | - | 0.03M |
| Change to inventory | - | - | 0.00M | 1.49M | -1.86M |
| Change to account receivables | 0.18M | 0.37M | 1.11M | -1.49M | 1.86M |
| Other cashflows from financing activities | -0.35M | -2.29M | -0.43M | 0.43M | -3.76M |
| Change to netincome | - | - | - | - | 1.02M |
| Capital expenditures | 0.01M | 0.00M | 0.09M | 0.29M | 1.36M |
| Change in working capital | -0.14M | 0.52M | 1.56M | -2.88M | 1.24M |
| Stock based compensation | 0.31M | 0.36M | 0.48M | 0.94M | 1.38M |
| Other non cash items | 0.61M | -3.04M | 2.77M | -0.24M | -0.17M |
| Free cash flow | -6.66M | -12.94M | -17.81M | -26.07M | -23.29M |
Sector: Healthcare Industry: Biotechnology
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| EVAX Evaxion Biotech AS |
0.24 8.70% |
3.00 | - | 3.57 | 3.66 | 2.94 | 2.83 | -0.59 |
| NVO Novo Nordisk A/S |
0.01 0.02% |
40.31 | 41.58 | 31.15 | 2.13 | 32.99 | 2.11 | 4.70 |
| VRTX Vertex Pharmaceuticals Inc |
4.59 0.85% |
547.09 | 30.22 | 24.27 | 10.36 | 6.50 | 9.99 | 24.66 |
| REGN Regeneron Pharmaceuticals Inc |
1.45 0.16% |
904.35 | 29.07 | 20.12 | 7.57 | 3.82 | 6.95 | 19.42 |
| ARGNF argenx SE |
- -% |
900.30 | 45.77 | 31.25 | 13.84 | 7.12 | 11.38 | 36.06 |
Evaxion A/S, a clinical-stage biotech company, develops artificial intelligence-powered immunology vaccines. The company develops EVX-01, which is in phase 2 global multi-center clinical trial for the treatment of advanced melanoma; EVX-03, DNA-based cancer vaccine for the treatment of solid tumors; and EVX-04, a therapeutic cancer vaccine candidate, which is in phase 1 trial for acute myeloid leukemia. Its programs also include vaccines that are in pre-clinical stage, which includes EVX-B1, a multi-component prophylactic vaccine targeting skin and soft tissue infections with S. aureus bacteria; EVX-B2 to target multi-component prophylactic vaccine against gonorrhea bacteria; EVX-B3 to target bacterial pathogen associated with repeated infections; and EVX-V1, a multi-component prophylactic vaccine candidate for cytomegalovirus. The company was formerly known as Evaxion Biotech A/S and changed its name to Evaxion A/S in May 2025. Evaxion A/S was incorporated in 2008 and is based in Horsholm, Denmark.
| Name | Title | Year Born |
|---|---|---|
| Dr. Niels Iversen Moeller M.D. | Co-Founder, VP of Bus. & Director | 1979 |
| Mr. Andreas Holm Mattsson | Co-Founder and Chief AI & Culture Officer | 1976 |
| Dr. Birgitte Rono Ph.D. | Chief Scientific Officer | 1976 |
| Dr. Erik Deichmann Heegaard DMSC, M.D., Ph.D. | Chief Medical Officer | 1968 |
| Dr. Per Norlen | Chief Exec. Officer | 1970 |
| Mr. Bo Lokke Karmark | Chief Financial Officer | 1965 |
| Mr. Jesper Nyegaard Nissen | Chief Operating Officer | 1970 |
| Dr. Jürgen Langhärig EMBA, Ph.D. | Head of Bus. Devel. & Member of Advisory Board | NA |
| Mr. Christian Kanstrup M.Sc. | Chief Executive Officer | 1972 |
| Mr. Jesper Nyegaard Nissen M.Sc. | Interim CFO & COO | 1970 |
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