Evaxion Biotech (EVAX)
NASDAQ:EVAX
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Evaxion Biotech
(NASDAQ:EVAX)
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Rating:58Neutral
Price Target:
$4.00
▼(-1.48% Downside)
Action:ReiteratedDate:03/14/26
The score is driven primarily by improved capitalization but still-weak cash generation and profitability. Technicals are moderately favorable with improving momentum, while valuation remains limited by losses. Earnings-call commentary adds support via clear milestone roadmap, strong EVX-01 results, and runway into H2 2027, tempered by dilution/partnering execution risks.
Positive Factors
Clinical validation: EVX‑01 Phase II results
Durable, high response and immunogenicity rates from EVX‑01 materially de‑risk the platform scientifically. Robust two‑year efficacy signals strengthen credibility with regulators and partners, improve likelihood for further licensing, and create a foundation for sustaining clinical development across oncology indications.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow indicate the company is not self‑funding and remains reliant on external capital or partnership payments. Continued burn creates structural dilution and refinancing risk if clinical timelines slip or partnerships are slower than expected, constraining long‑term flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical validation: EVX‑01 Phase II results
Durable, high response and immunogenicity rates from EVX‑01 materially de‑risk the platform scientifically. Robust two‑year efficacy signals strengthen credibility with regulators and partners, improve likelihood for further licensing, and create a foundation for sustaining clinical development across oncology indications.
Read all positive factors
Evaxion Biotech (EVAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.28M
Dividend YieldN/A
Average Volume (3M)29.39K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth4455.07%
EPS Growth77.31%
CountryUS
Employees46
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.02
Shares Outstanding8,340,215
10 Day Avg. Volume17,115
30 Day Avg. Volume29,387
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.79
Price to Sales (P/S)4.05
P/FCF Ratio-4.59
Enterprise Value/Market Cap0.30
Enterprise Value/Revenue1.35
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-1.18
Forecast
1Y Price Target
$11.25Price Target Upside177.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.6
Revenue Forecast (FY)$7.90M
Evaxion Biotech Business Overview & Revenue Model
Company Description
Evaxion Biotech A/S, a clinical-stage biotech company, engages in developing artificial intelligence-powered immunotherapies for cancers, bacterial diseases, and viral infections. The company develops EVX-01, a cancer immunotherapy that is in clin...
How the Company Makes Money
Evaxion is a clinical-stage biotech and does not primarily generate revenue from marketed products. Its monetization model is centered on (1) collaboration and licensing arrangements in which partners may pay upfront payments, research funding/cos...
Evaxion Biotech Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 02, 2026
Earnings Call Sentiment Positive
The call emphasized substantial scientific and operational progress: strong Phase II EVX-01 results with high response and immunogenicity rates, multiple platform innovations (including an automated design module), notable partnerships and external recognition, and improved financing that extends runway into H2 2027. Headwinds include a continued net loss, remaining dilution risk from warrants/ADS conversion, the need to further validate programs to convert partner interest into transactions, and that several programs are still preclinical/early clinical. Overall, positives around clinical validation, platform advances, partnerships and cash runway materially outweigh the operational and commercialization risks at this stage.Positive Updates
Strong EVX-01 Clinical Results (Phase II, Advanced Melanoma)
Objective response rate of 75% and complete response rate of 25% at 2 years; 92% of responders remained in response at the 2-year mark. High immunogenicity: 81% of individual neoantigens administered elicited a specific T-cell response, positioning the platform above comparable programs (others reported hit rates <60%). Additional biomarker/immunogenicity updates expected H1 2026 and 3-year data in H2 2026.
Negative Updates
MSD Did Not Exercise Option on EVX-B2
While MSD exercised on EVX-B3, it chose not to exercise its option on EVX-B2 (gonorrhea). Evaxion has retained full global rights and must now drive partner interest or fund further development internally — potentially delaying clinical advancement unless partnered or self-funded.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong EVX-01 Clinical Results (Phase II, Advanced Melanoma)
Objective response rate of 75% and complete response rate of 25% at 2 years; 92% of responders remained in response at the 2-year mark. High immunogenicity: 81% of individual neoantigens administered elicited a specific T-cell response, positioning the platform above comparable programs (others reported hit rates <60%). Additional biomarker/immunogenicity updates expected H1 2026 and 3-year data in H2 2026.
Read all positive updates
Company Guidance
The call provided clear 2026 guidance and financial runway metrics: EVX‑01 will report additional biomarker and immunogenicity data in H1 2026 (AACR) and 3‑year clinical data in H2 2026; EVX‑B4 (Group B strep) data is expected in H2 2026; the company plans to submit a clinical/regulatory application for EVX‑04 in H2/by the end of 2026 and will outline autoimmune program work later in the year. Key clinical and platform metrics reiterated on the call include EVX‑01 2‑year Phase II results with a 75% objective response rate, 25% complete response rate, 92% of responders remaining in response at 2 years and an 81% per‑antigen immunogenicity hit rate; EVX‑04 was designed with 16 ERV fragments; the AI‑Immunology platform produces ranked antigen lists within 24 hours and now includes an automated design module to improve expression and manufacturability. Financial guidance/positioning included year‑end cash of ~$23M, cash inflows of ~$32M during 2025 (public offerings/ATM, MSD exercise fee and warrant exercises), an EIB debt‑to‑equity conversion reported as USD 4.1, a net loss for 2025 of ~$7.7M, a reported net financial position impact of ~$4.6M, ~8.3M ADS on an as‑converted basis, warrants reduced by ~1M leaving ~2.8M outstanding, and a cash runway into the second half of 2027.Evaxion Biotech Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.55M | 3.34M | 73.00K | 0.00 | 0.00 |
| Gross Profit | 7.53M | 3.34M | 73.00K | 0.00 | 0.00 |
| EBITDA | -8.65M | -9.79M | -21.40M | -22.57M | -24.21M |
| Net Income | -7.73M | -10.57M | -22.13M | -23.17M | -24.53M |
Balance Sheet | |||||
| Total Assets | 28.41M | 12.48M | 12.89M | 22.02M | 40.16M |
| Cash, Cash Equivalents and Short-Term Investments | 23.23M | 5.05M | 4.18M | 13.18M | 32.17M |
| Total Debt | 7.50M | 10.10M | 10.87M | 10.26M | 3.69M |
| Total Liabilities | 11.37M | 14.14M | 17.62M | 13.72M | 7.73M |
| Stockholders Equity | 17.04M | -1.65M | -4.73M | 8.30M | 32.44M |
Cash Flow | |||||
| Free Cash Flow | -6.66M | -12.94M | -17.78M | -26.07M | -23.29M |
| Operating Cash Flow | -6.65M | -12.94M | -17.69M | -25.77M | -21.93M |
| Investing Cash Flow | -14.04K | -3.00K | -93.00K | -268.00K | -1.33M |
| Financing Cash Flow | 22.48M | 13.13M | 10.69M | 7.85M | 49.80M |
Evaxion Biotech Technical Analysis
Positive
4.06
Price Trends
3.52
Positive
4.36
Negative
4.15
Negative
Market Momentum
0.08
Negative
59.39
Neutral
78.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVAX, the sentiment is Positive. The current price of 4.06 is above the 20-day moving average (MA) of 3.85, above the 50-day MA of 3.52, and below the 200-day MA of 4.15, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 59.39 is Neutral, neither overbought nor oversold. The STOCH value of 78.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EVAX.
Evaxion Biotech Risk Analysis
Evaxion Biotech disclosed 117 risk factors in its most recent earnings report. Evaxion Biotech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Our failure to meet Nasdaq's continued listing requirements could result in a delisting of our ADSs. Q4, 2022
2.
Raising additional capital may cause dilution to our shareholders, restrict our operations or require us to relinquish rights to our technologies or product candidates. Q4, 2022
3.
The amount of NOLs and research and development credits and our ability to use the same to offset future taxable income may be subject to certain limitations and uncertainty. Q4, 2022
Evaxion Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $34.28M | -3.95 | -61.62% | ― | 4455.07% | 77.31% | |
58 Neutral | $71.98M | 0.18 | 1630.23% | ― | ― | 49.57% | |
54 Neutral | $81.11M | -5.29 | -3071.15% | ― | 36.89% | 43.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $48.35M | 0.54 | -225.83% | ― | -14.92% | 72.81% | |
47 Neutral | $100.15M | -4.95 | 252.30% | ― | 234.73% | 81.16% | |
44 Neutral | $29.74M | -9.21 | -96.36% | ― | -6.51% | 58.31% |
* Healthcare Sector Average
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Evaxion Biotech Corporate Events
Evaxion to Unveil AI-Designed Polio and CMV Vaccine Concepts at World Vaccine Congress
Mar 30, 2026
On March 30, 2026, Evaxion A/S announced it will present novel AI-based polio vaccine design concepts, developed in collaboration with the Gates Foundation, at the World Vaccine Congress in Washington, D.C., running from March 31 to April 2, 2026....
Evaxion Calls April 16, 2026 AGM to Expand Capital and Warrant Authorizations
Mar 19, 2026
Evaxion A/S has called its 2026 annual general meeting for April 16, 2026, in Hørsholm, Denmark, with shareholders set to review the 2025 audited annual report, receive a board update on the past year’s activities, and decide that the 2...
Evaxion Biotech Sets April 16, 2026 Date for Annual General Meeting
Mar 19, 2026
Evaxion A/S, a clinical-stage TechBio company listed on Nasdaq and headquartered in Denmark, develops AI-Immunology powered vaccines for cancer and infectious diseases using a proprietary artificial intelligence platform. Its more than 40-strong t...
Evaxion to Present New AI-Driven Cancer Vaccine Data at AACR 2026
Mar 17, 2026
Evaxion A/S, a Danish clinical-stage TechBio firm focused on AI-designed cancer and infectious disease vaccines, is advancing a pipeline that spans personalized and off-the-shelf oncology candidates along with prophylactic programs. Its AI-Immunol...
Evaxion Posts Transformational 2025, Extends Cash Runway Into 2027 on MSD Deal and Vaccine Progress
Mar 5, 2026
On March 5, 2026, Evaxion reported that 2025 was a transformational year marked by strategic, scientific and financial advances, including a historic licensing deal with MSD for its infectious disease vaccine candidate EVX-B3 and strong two-year p...
Evaxion Delays 2025 Annual Report Filing Due to Technical Issues
Mar 5, 2026
On March 5, 2026, Evaxion A/S reported a brief technical delay in filing and publishing its 2025 annual report, which had been scheduled before the opening of the Nasdaq Capital Market that day. The company emphasized that the report itself was fi...
Evaxion Sets March 5 Date for 2025 Results and Business Update
Mar 2, 2026
Evaxion A/S, a clinical-stage TechBio company listed on Nasdaq and focused on AI-driven cancer and infectious disease vaccines, announced that it will deliver a business update alongside its full-year 2025 financial results on March 5, 2026. The c...
Evaxion Biotech Issues Over 9 Million New Warrants to Insiders in February 2026
Feb 27, 2026
On February 5, 2026, Evaxion Biotech’s board granted 6,544,725 warrants to directors, management and employees, with most vesting monthly from January 1, 2026, and a portion fully vested at grant, at an exercise price set in USD and converte...
Evaxion Extends AI-Immunology Platform to Autoimmune Diseases and Sets 2026 Milestones
Jan 13, 2026
On January 13, 2026, Evaxion A/S announced that it is expanding its AI-Immunology platform into autoimmune diseases, adding this as a third core therapeutic area alongside cancer and infectious diseases. The move is intended to leverage the scalab...
Evaxion to Outline 2026 Milestones at Biotech Showcase in San Francisco
Jan 7, 2026
On January 7, 2026, Evaxion A/S announced that it will present its 2026 company milestones and provide a corporate update at the Biotech Showcase conference in San Francisco, held January 12-14, 2026. Chief executive Helen Tayton-Martin is schedul...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.