Evaxion A/S
EVAX · Biological Products, (No Diagnostic Substances) · EDGAR filings ↗
Grade
D49Pre-commercial AI-vaccine TechBio with a Merck license but still deeply loss-making.
Strengths
- Decent runway (~14 quarters, 83rd pct) and clean liquidity (current ratio 5.8)
- MSD/Merck licensed EVX-B3 ($7.5M upfront plus milestones) — partial platform validation
Risks
- Deeply negative margins (operating -123%, net -102%) and returns (ROA -27%, ROE -45%); $126M accumulated deficit
- No late-stage/pivotal trials underway; dependent on securing further partnerships and capital
Notable findings
- Net lossNet loss (net margin -102.4%)
- Cash burnNegative free cash flow (-6.6M)
- Notable holderHeld by 2 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC (as of 2026-03-31)
Key metrics
Operating margin
-122.7%
Net margin
-102.4%
Return on equity
-45.2%
Return on assets
-27.1%
ROIC
-32.3%
Debt / equity
0.3×
Current ratio
5.8×
Free cash flow
-$7M
Tangible book value
$17M
Cash & investments
$23M
Cash runway
14q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-05 | 2025-12-31 | 0001171843-26-001346 ↗ |
| 20-F | 2025-04-01 | 2024-12-31 | 0001171843-25-001916 ↗ |
| 20-F | 2024-03-26 | 2023-12-31 | 0001104659-24-039004 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001104659-23-051798 ↗ |
| 20-F | 2022-03-31 | 2021-12-31 | 0001104659-22-041054 ↗ |
| 20-F | 2021-04-07 | 2020-12-31 | 0001558370-21-004050 ↗ |