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Evaxion Biotech
(NASDAQ:EVAX)
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Rating:54Neutral
Price Target:
$4.00
▲(19.40% Upside)
Action:Reiterated
Date:10/21/26
EVAX scores mid-range primarily because financial fundamentals remain constrained by persistent losses and negative cash flow despite a meaningfully improved balance sheet. Technicals are a clear positive (price above major moving averages with positive MACD), but elevated RSI suggests near-term pullback risk. Valuation is difficult to support with a negative P/E and no dividend, while the earnings call was constructive on pipeline milestones but tempered by a modest cash balance and ongoing burn.
Positive Factors
Durable EVX-01 clinical response
Durable three-year responses and the absence of reported tumor progression strengthen EVX-01’s clinical profile beyond an early efficacy signal. Sustained benefit can improve credibility with clinicians and potential partners, supporting the lead program’s strategic value over the next several quarters.
Negative Factors
Persistent cash burn and financing dependence
Negative operating and free cash flow show that Evaxion is not yet self-funding its research and development activities. Continued burn makes progress dependent on equity raises, partnerships, or other financing, which can constrain strategy and increase dilution or refinancing pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable EVX-01 clinical response
Durable three-year responses and the absence of reported tumor progression strengthen EVX-01’s clinical profile beyond an early efficacy signal. Sustained benefit can improve credibility with clinicians and potential partners, supporting the lead program’s strategic value over the next several quarters.
Read all positive factors
Evaxion Biotech (EVAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.94M
Dividend YieldN/A
Average Volume (3M)76.61K
Price to Earnings (P/E)―
Beta (1Y)2.14
Revenue Growth134.15%
EPS Growth82.33%
CountryUS
Employees46
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-6.13
Shares Outstanding8,340,215
10 Day Avg. Volume147,153
30 Day Avg. Volume76,613
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)1.79
Price to Sales (P/S)4.06
P/FCF Ratio-4.59
Enterprise Value/Market Cap0.61
Enterprise Value/Revenue2.53
Enterprise Value/Gross Profit2.53
Enterprise Value/Ebitda-1.91
Forecast
1Y Price Target
$12.25Price Target Upside265.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.01
Revenue Forecast (FY)$15.80M
Evaxion Biotech Business Overview & Revenue Model
Company Description
Evaxion Biotech A/S is a clinical-stage biotechnology firm dedicated to creating artificial intelligence-driven immunotherapies. Its innovative pipeline targets cancers, bacterial infections, and viral diseases. The company's oncology portfolio fe...
How the Company Makes Money
Evaxion is a clinical-stage biotech and, as such, its business model has historically been centered on funding research and development rather than generating recurring product sales. The company’s potential and existing sources of cash and revenu...
Evaxion Biotech Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Positive
The call emphasized substantial scientific and platform progress (strong EVX-01 immunogenicity and response data, new EVX-05 program, EVX-04 and EVX-V1 advances, and external validation of the personalized vaccine field). Financial discipline was highlighted and the cash runway was reconfirmed into H2 2027, with an ATM activated for optionality. Offsetting risks include a modest cash balance ($14.0M), a quarterly net loss of $3.7M, reliance on ATM/partnerships to extend runway, and early-stage status/timeline uncertainty for key new programs (EVX-05) and pending IND-enabling/CMC work for EVX-04.Positive Updates
Strong EVX-01 Immunogenicity and Clinical Response Data
EVX-01 Phase 2 data show high immunogenicity: 86% of vaccine targets triggered a tumor-specific immune response and 86% induced de novo T cell responses. Prior 2-year outcomes reported a 75% overall response rate, 25% complete responses, and 92% of patients still in response, with 3-year extension data to be presented at ESMO in October.
Negative Updates
Limited Near-Term Cash Cushion and Quarterly Loss
Cash balance of $14.0 million at quarter end and a reported net loss of $3.7 million for the period. Reported H1 cash use approximately $8.3 million and a current quarterly burn of roughly $4+ million, leaving runway dependent on disciplined spending, ATM activity and future partnerships to reach H2 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong EVX-01 Immunogenicity and Clinical Response Data
EVX-01 Phase 2 data show high immunogenicity: 86% of vaccine targets triggered a tumor-specific immune response and 86% induced de novo T cell responses. Prior 2-year outcomes reported a 75% overall response rate, 25% complete responses, and 92% of patients still in response, with 3-year extension data to be presented at ESMO in October.
Read all positive updates
Company Guidance
Management's guidance reiterated that the company has cash of $14.0 million and a cash runway into the second half of 2027 (with an ATM facility recently activated to supplement funding), reported a Q2 net loss of $3.7 million and equity of $9.5 million, and used roughly $8.3 million in H1 (implying a current quarterly burn of about $4+ million); on the R&D side they will present 3‑year EVX‑01 Phase 2 data at ESMO in October, target a regulatory filing for off‑the‑shelf EVX‑04 by year‑end, and are progressing EVX‑05 after mining ~1.5 million ERV fragments and selecting 16 fragments for lead selection/IND‑enabling prior to first‑in‑human work with Duke — all supported by clinical metrics (EVX‑01: 86% of vaccine targets elicited tumor‑specific responses, 86% induced de novo T cells, prior 2‑year outcomes showed 75% overall response rate, 25% complete responses, and 92% of patients still in response) and the claim that AI‑Immunology is clinically validated in 3/3 oncology trials.Evaxion Biotech Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.49M | 7.53M | 3.34M | 73.00K | 0.00 | 0.00 |
| Gross Profit | 7.49M | 7.53M | 3.34M | 73.00K | 0.00 | 0.00 |
| EBITDA | -9.93M | -7.12M | -9.79M | -21.40M | -22.57M | -24.21M |
| Net Income | -8.65M | -7.71M | -10.57M | -22.13M | -23.17M | -24.53M |
Balance Sheet | ||||||
| Total Assets | 19.38M | 28.41M | 12.48M | 12.89M | 22.02M | 40.16M |
| Cash, Cash Equivalents and Short-Term Investments | 14.00M | 23.23M | 5.05M | 5.58M | 13.18M | 32.17M |
| Total Debt | 7.10M | 7.50M | 10.10M | 10.87M | 10.26M | 3.69M |
| Total Liabilities | 9.85M | 11.37M | 14.14M | 17.62M | 13.72M | 7.73M |
| Stockholders Equity | 9.53M | 17.04M | -1.65M | -4.73M | 8.30M | 32.44M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -6.66M | -12.94M | -17.78M | -26.07M | -23.29M |
| Operating Cash Flow | 0.00 | -6.65M | -12.94M | -17.69M | -25.77M | -21.93M |
| Investing Cash Flow | 0.00 | -14.04K | -3.00K | -93.00K | -268.00K | -1.33M |
| Financing Cash Flow | 0.00 | 22.48M | 13.13M | 10.69M | 7.85M | 49.80M |
Evaxion Biotech Technical Analysis
Positive
3.35
Price Trends
3.19
Positive
3.20
Positive
3.56
Positive
Market Momentum
0.10
Negative
63.24
Neutral
68.81
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 3.35 is above the 20-day moving average (MA) of 3.20, above the 50-day MA of 3.19, and below the 200-day MA of 3.56, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 63.24 is Neutral, neither overbought nor oversold. The STOCH value of 68.81 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 | $258.10M | 3.11 | 76.88% | ― | ― | ― | |
57 Neutral | $99.46M | -10.29 | -173.28% | ― | 65.22% | 24.92% | |
54 Neutral | $30.94M | -0.61 | -61.39% | ― | 134.15% | 82.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $35.90M | 0.63 | 940.81% | ― | -48.76% | -3.02% | |
49 Neutral | $25.33M | -2.95 | -113.58% | ― | ― | ― | |
47 Neutral | $62.36M | -2.09 | -444.44% | ― | 106.21% | 79.84% |
* Healthcare Sector Average
EVAX
Evaxion Biotech
3.71
-1.90
-33.87%
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Evaxion Biotech Corporate Events
Evaxion Posts Durable Three-Year Responses in Phase 2 Trial of Personalized Cancer Vaccine EVX-01
Oct 19, 2026
Evaxion A/S reported on October 19, 2026, that all patients in its phase 2 trial of personalized cancer vaccine EVX-01 for advanced melanoma maintained their clinical responses at the three-year follow-up, with no tumor progression observed. The t...
Evaxion to Unveil New Phase 2 Immune Data for Personalized Cancer Vaccine EVX-01 in October and November 2026
Oct 2, 2026
On October 2, 2026, Evaxion reported that new immune data from its phase 2 trial of EVX-01 in advanced melanoma will be presented at the Society for Immunotherapy of Cancer 2026 meeting in Phoenix in early November. The data, from patients treated...
Evaxion Expands AI-Immunology Platform into Autoimmune Diseases
Sep 14, 2026
On September 14, 2026, Evaxion A/S reported that it has begun applying its AI-Immunology platform to autoimmune diseases, marking an expansion beyond its existing focus in cancer and infectious diseases. The company is experimentally testing two n...
Evaxion Biotech Boosts Share Capital With August 2026 ATM ADS Offering
Sep 4, 2026
Between August 19 and August 21, 2026, Evaxion A/S raised $2.11 million in net proceeds through the sale of 681,268 American Depositary Shares in an at-the-market offering at an average price of $3.1987 per ADS. The transaction increased the compa...
Evaxion Biotech Posts Continued Losses in Q2 2026 SEC Filing
Aug 20, 2026
On August 20, 2026, Evaxion A/S filed a Form 6-K with the U.S. Securities and Exchange Commission reporting its unaudited condensed consolidated interim financial results for the quarter and six months ended June 30, 2026. The filing shows the com...
Evaxion posts Q2 loss but extends cash runway as AI-Immunology vaccine pipeline advances
Aug 20, 2026
On August 20, 2026, Evaxion reported a business update alongside second-quarter 2026 financial results, underscoring progress across its AI-Immunology-powered vaccine pipeline. The company highlighted upcoming three-year data for melanoma vaccine ...
Evaxion Adds AI-Designed Glioblastoma Vaccine EVX-05 as It Refocuses R&D Pipeline
Aug 17, 2026
On August 17, 2026, Evaxion A/S reported that it is expanding and refocusing its RD pipeline with EVX-05, an AI-designed off-the-shelf therapeutic vaccine targeting glioblastoma, one of the most aggressive and deadly brain cancers. Developed using...
Evaxion to Present Q2 2026 Results and Business Update on August 20
Aug 14, 2026
On August 14, 2026, Evaxion A/S announced that it will release a business update and report second quarter 2026 financial results on August 20, 2026, before the opening of the Nasdaq Capital Market. The update is expected to give investors and oth...
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.