Evaxion Biotech A/S Adr (EVAX)
NASDAQ:EVAX
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Evaxion Biotech
(NASDAQ:EVAX)
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Rating:53Neutral
Price Target:
$4.50
▲(1.12% Upside)
Action:Reiterated
Date:05/10/26
Overall score reflects weak-to-mixed financial performance driven by continued losses and negative cash flow (despite a stronger balance sheet), partially offset by a positive earnings call emphasizing strong clinical/platform progress and a defined cash runway. Technicals are mildly supportive, while valuation is difficult to assess meaningfully due to negative earnings and no dividend.
Positive Factors
Clinically validated AI-Immunology platform
Clinical validation across three oncology trials materially reduces translational risk and supports a durable competitive advantage. A proven, multi-modality discovery engine strengthens BD leverage, enabling recurring collaboration opportunities and long-term platform licensing across oncology and infectious disease.
Negative Factors
Persistent negative cash generation
Consistent negative operating and free cash flow means the business cannot self-fund development. Even with improved burn, ongoing cash deficits force reliance on financings or deals, elevating dilution risk and potentially constraining multi-program execution over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinically validated AI-Immunology platform
Clinical validation across three oncology trials materially reduces translational risk and supports a durable competitive advantage. A proven, multi-modality discovery engine strengthens BD leverage, enabling recurring collaboration opportunities and long-term platform licensing across oncology and infectious disease.
Read all positive factors
Evaxion Biotech (EVAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$33.86M
Dividend YieldN/A
Average Volume (3M)33.05K
Price to Earnings (P/E)―
Beta (1Y)1.93
Revenue Growth127.03%
EPS Growth87.33%
CountryUS
Employees46
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.52
Shares Outstanding8,340,215
10 Day Avg. Volume30,678
30 Day Avg. Volume33,055
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.79
Price to Sales (P/S)4.06
P/FCF Ratio-4.59
Enterprise Value/Market Cap0.30
Enterprise Value/Revenue1.33
Enterprise Value/Gross Profit1.33
Enterprise Value/Ebitda-1.15
Forecast
1Y Price Target
$11.25Price Target Upside152.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.03
Revenue Forecast (FY)$5.27M
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’s business model is typical of a clinical-stage biotech: it seeks to fund R&D and create value by advancing proprietary vaccine/immunotherapy candidates and by partnering its technology and programs with larger pharmaceutical or biotechnol...
Evaxion Biotech Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call conveyed strong R&D and platform momentum, highlighted by robust EVX-01 immunogenicity (86% immunogenicity and de novo response rates), supportive clinical signals (75% overall response rate previously reported), platform scalability into GBM (fully personalized designs for 24/24 cases, with 21/24 designs including both neoantigen and ERV components), and novel vaccine concepts (polio work with The Gates Foundation). The company also reinforced disciplined financial management and confirmed cash runway into H2 2027. Key risks discussed include a finite cash runway, a Q1 net loss of USD 3.6M and reduced equity, and the absence of finalized partnerships to extend funding or accelerate certain programs. On balance, the positive clinical and platform developments materially outweigh the financial and partnership uncertainties, though the latter remain important near-term considerations.Positive Updates
EVX-01 Strong Immunogenicity in Phase II
EVX-01 Phase II translational data showed an 86% immunogenicity conversion rate and 86% de novo T-cell response rate, demonstrating broad and novel T-cell activation. The call also reported a positive correlation between predicted vaccine-target quality and magnitude of T-cell response, supporting the predictive power of the AI-Immunology platform.
Negative Updates
Finite Cash Runway and Funding Risk
Cash and equivalents of USD 18.4 million and an expected 2026 burn of ~USD 14 million imply runway into H2 2027, leaving the company dependent on partnerships or financing to fund operations beyond that point. Management acknowledged the runway figure explicitly and noted projections are made without assumed partnerships.
Read all updates
Q1-2026 Updates
Positive
Negative
EVX-01 Strong Immunogenicity in Phase II
EVX-01 Phase II translational data showed an 86% immunogenicity conversion rate and 86% de novo T-cell response rate, demonstrating broad and novel T-cell activation. The call also reported a positive correlation between predicted vaccine-target quality and magnitude of T-cell response, supporting the predictive power of the AI-Immunology platform.
Read all positive updates
Company Guidance
Management's guidance reiterated disciplined financial and development plans: an expected operating cash burn of roughly USD 14.0M for 2026, cash and equivalents of $18.4M at quarter end supporting runway into H2 2027 (assuming no new deals), a Q1 net loss of $3.6M and total equity of $13.2M, with operating expenses broadly flat (R&D up slightly, G&A down modestly). On the program and milestone side, EVX‑01 delivered an 86% vaccine target immunogenicity rate and 86% de novo T‑cell responses (prior clinical readouts cited a 75% overall response rate, 25 complete responders and 92 sustained responses), the last patient/last visit in the Phase II extension is complete, and 3‑year clinical outcome data are expected in H2 2026; EVX‑04 is targeted for clinical readiness by year‑end 2026; the AI‑Immunology platform is described as clinically validated (3/3 oncology trials) and scalable (24 GBM patient designs feasible: 21/24 included both neoantigens and ER antigens, 2 neoantigen‑only, 1 ER‑only), and management emphasized continued partnership discussions across the platform and assets.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 | 7.53M | 3.34M | 73.00K | 0.00 | 0.00 |
| Gross Profit | 7.53M | 3.34M | 73.00K | 0.00 | 0.00 |
| EBITDA | -7.12M | -9.79M | -21.40M | -22.57M | -24.21M |
| Net Income | -7.71M | -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
4.45
Price Trends
4.07
Positive
3.96
Positive
4.40
Negative
Market Momentum
-0.02
Positive
48.18
Neutral
28.56
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 4.45 is above the 20-day moving average (MA) of 4.21, above the 50-day MA of 4.07, and above the 200-day MA of 4.40, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.18 is Neutral, neither overbought nor oversold. The STOCH value of 28.56 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 0 New Risks
Evaxion Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $101.35M | -1.46 | -1136.50% | ― | 417.63% | 91.39% | |
53 Neutral | $33.86M | -2.13 | -77.90% | ― | 127.03% | 87.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $93.26M | -2.97 | 230.68% | ― | ― | ― | |
48 Neutral | $92.02M | -11.50 | -185.74% | ― | 45.88% | 34.17% | |
46 Neutral | $53.05M | -1.51 | -560.64% | ― | -32.64% | 56.66% | |
42 Neutral | $28.92M | ― | -76.54% | ― | ― | ― |
* Healthcare Sector Average
EVAX
Evaxion Biotech
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Evaxion Biotech Corporate Events
Evaxion Posts Q1 2026 Results as AI-Immunology Platform Hits Key Cancer Vaccine Milestone
May 7, 2026
On May 7, 2026, Evaxion reported a strong operational start to the year, highlighting new data showing its AI-Immunology platform correctly identified vaccine targets in 86% of cases for its EVX-01 personalized melanoma vaccine and confirming scal...
Evaxion Biotech Schedules Q1 2026 Results and Business Update for May 7
May 4, 2026
On May 4, 2026, Evaxion A/S, a Nasdaq-listed clinical-stage TechBio firm, filed a Form 6-K in the United States to incorporate a new press release into its existing shelf and registration statements. The filing underscores the company’s ongo...
Evaxion Elevates CSO Birgitte Rønø to Dual CSO-COO Role to Drive AI Vaccine Strategy
Apr 27, 2026
On April 27, 2026, Evaxion A/S announced that Chief Scientific Officer Birgitte Rønø has been promoted to a dual role as both Chief Scientific Officer and Chief Operating Officer. The move follows an internal management review aimed at o...
Evaxion A/S Wins Shareholder Approval for Expanded Equity and Convertible Financing Powers
Apr 22, 2026
On April 16, 2026, Evaxion A/S held its Annual General Meeting, where shareholders representing 25.15% of outstanding ordinary shares approved the 2025 audited annual report and resolved that the year’s loss be carried forward. The meeting r...
Evaxion Unveils New Glioblastoma Vaccine Data Showcasing Scalability of AI-Immunology Platform
Apr 17, 2026
Evaxion A/S reported on April 17, 2026, that new data validate the scalability of its AI-Immunology platform for designing vaccines against glioblastoma, a highly lethal brain cancer with limited treatment options. In collaboration with Duke Unive...
Evaxion Posts Strong Phase 2 Data as AI-Designed Cancer Vaccine Hits 86% Target Precision
Apr 17, 2026
Evaxion A/S reported new phase 2 data on April 17, 2026, showing that 86% of the vaccine targets in its personalized cancer vaccine EVX-01 triggered tumor-specific immune responses in advanced melanoma patients. The data, to be presented at the AA...
Evaxion Approves 2025 Report and Refreshes Board at April 16 AGM
Apr 16, 2026
On April 16, 2026, Evaxion A/S held its Annual General Meeting at its offices in Denmark, where shareholders approved the 2025 Annual Report and passed all proposals put forward by the Board of Directors. The meeting also confirmed the re-election...
Evaxion Completes One-Year Extension of Phase 2 Trial for AI-Designed Melanoma Vaccine EVX-01
Apr 7, 2026
On April 7, 2026, Evaxion announced it has completed the one-year extension of its phase 2 trial of EVX-01, a personalized cancer vaccine for advanced melanoma, with the last patient having had their final physician visit. The study design allows ...
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...
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.