Evaxion Biotech AS
NASDAQ: EVAX · HEALTHCARE · BIOTECHNOLOGY
Updated 2026-06-02
Evaxion Biotech AS (EVAX) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $-1.99M | $-7.03M | $-12.44M | $-21.93M | $-25.77M | $-17.69M | $-12.94M | $-6.65M |
| Capital expenditures | $7000.00 | $61000.00 | $393000.00 | $1.36M | $292000.00 | $87000.00 | $4.00 | $11034.00 |
| Depreciation | $74000.00 | $81000.00 | $105000.00 | $344000.00 | $571000.00 | $615000.00 | $607000.00 | — |
| Stock-based comp | $2.07M | $2.36M | $3.41M | $1.38M | $942000.00 | $479000.00 | $357000.00 | $307000.00 |
| Free cash flow | $-2.00M | $-7.09M | $-12.83M | $-23.29M | $-26.07M | $-17.78M | $-12.94M | $-6.66M |
| Investing cash flow | $6000.00 | $-68000.00 | $-393000.00 | $-1.33M | $-268000.00 | $-93000.00 | $-3000.00 | — |
| Financing cash flow | $9.03M | $9.51M | $8.82M | $49.80M | $7.85M | $10.69M | $13.13M | — |
| Dividends paid | — | $165000.00 | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — | — | — |
Frequently asked questions
What is Evaxion Biotech AS's revenue?
Evaxion Biotech AS's trailing twelve-month revenue is $7.53M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is EVAX?
In its most recent fiscal year, EVAX ran a gross margin of 100.00%, an operating margin of -122.66%, and a net margin of -102.38%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does EVAX generate?
EVAX produced $-6.66M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is EVAX's balance sheet healthy?
EVAX holds $23.23M in cash and equivalents against $5.35M in long-term debt, on $17.04M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.