Evaxion Biotech A/S (EVAX) Balance Sheet
EVAX balance sheet, 2025
December 31, 2025 · U.S. dollars$28.4M assets = $11.4M liabilities + $17.0M equity
Both columns are drawn to the same scale: what EVAX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EVAX financial health
Descriptive bands, not a rating. Fiscal 2025.
EVAX balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.9M2017 | $28.4M2025 | +32.7%/yr | |
| Total liabilities | $399,0002017 | $11.4M2025 | +52.0%/yr | |
| Shareholders’ equity | $2.5M2017 | $17.0M2025 | +26.8%/yr | |
| Cash & short-term investments | $468,0002017 | $23.2M2025 | +62.9%/yr | |
| Total debt | $162,0002017 | $7.5M2025 | +61.5%/yr | |
| Net cash (debt) | $306,0002017 | $15.7M2025 | +$15.4M | |
| Working capital | $2.4M2017 | $20.6M2025 | +$18.2M | |
| Book value per share | $0.162017 | $2.662025 | +42.4%/yr | |
| Current ratio | 9.042017 | 5.852025 | −3.19 | |
| Debt / equity | 0.062017 | 0.442025 | +0.38 | |
| Shares outstanding | 16.2M2017 | 6.4M2025 | −10.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EVAX assets
EVAX liabilities and equity
EVAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EVAX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $23.2M | $5.1M | $5.6M | $13.2M | $32.2M | $5.8M | $9.6M | $7.4M | $468,000 |
| Cash & equivalents | $23.2M | $5.1M | $5.6M | $13.2M | $32.2M | $5.8M | $9.6M | $7.4M | $468,000 |
| Short-term investments | — | — | $165 | — | — | — | — | — | — |
| Receivables | $1.1M | $1.9M | $1.1M | $1.3M | $1.9M | $1.8M | $931,000 | $772,000 | $2.1M |
| Inventory | $0 | $0 | $0 | −$2.5M | −$1.9M | −$6.9M | −$6 | −$1.4M | $0 |
| Other current assets | $615,991 | $1.9M | $1.7M | $5.0M | $2.5M | $10.2M | $468,006 | $1.5M | $133,000 |
| Total current assets | $24.9M | $8.8M | $8.3M | $17.0M | $34.7M | $10.9M | $11.0M | $8.4M | $2.7M |
| Property, plant & equipment (net) | $3.3M | $3.5M | $4.3M | $4.7M | $5.2M | $221,000 | $101,000 | $130,000 | $213,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $93,000 | $100,000 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $184,997 | $206,000 | $196,000 | $365,000 | $191,000 | $694,000 | $25,000 | $0 | $0 |
| Total assets | $28.4M | $12.5M | $12.9M | $22.0M | $40.2M | $12.0M | $11.1M | $8.5M | $2.9M |
| Liabilities | |||||||||
| Accounts payable | $2.2M | $3.0M | $2.7M | $2.1M | $2.8M | $3.7M | $646,000 | $139,000 | $59,000 |
| Short-term debt | $550,000 | $473,000 | $485,000 | $439,000 | $440,000 | $20,000 | $36,000 | $8.6M | $66,000 |
| Deferred revenue | — | — | $2 | — | — | — | — | — | — |
| Total current liabilities | $4.3M | $4.4M | $7.1M | $3.8M | $4.3M | $4.9M | $1.7M | $9.4M | $303,000 |
| Long-term debt | $5.3M | $8.0M | $8.5M | $7.9M | $1.0M | $0 | $0 | $0 | $0 |
| Lease obligations | $2.0M | $1.9M | $2.2M | $2.3M | $2.5M | $20,000 | $36,000 | $99,000 | $162,000 |
| Other long-term liabilities | $1.8M | $1.8M | $2.0M | $2.1M | $2.4M | $2.7M | $682,000 | $24,000 | $96,000 |
| Total liabilities | $11.4M | $14.1M | $17.6M | $13.7M | $7.7M | $4.9M | $1.7M | $9.4M | $399,000 |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $15.8M | $10.5M | $5.9M | $3.9M | $3.8M | $2.6M | $2.5M | $2.1M | $2.1M |
| Retained earnings (deficit) | −$126.2M | −$118.5M | −$108.0M | −$85.8M | −$50.4M | −$27.3M | −$15.8M | −$7.0M | −$3.5M |
| Accumulated other comprehensive income | $6.8M | −$3.6M | $9.9M | $9.5M | −$1.3M | $225,999 | −$168,999 | $3.9M | $4.0M |
| Total shareholders' equity | $17.0M | −$1.7M | −$4.7M | $8.3M | $32.4M | $7.0M | $9.4M | −$931,000 | $2.5M |
| Key figures | |||||||||
| Total debt | $7.5M | $10.1M | $10.9M | $10.3M | $3.7M | $20,000 | $36,000 | $8.7M | $162,000 |
| Net cash (debt) | $15.7M | −$5.0M | −$5.3M | $2.9M | $28.5M | $5.8M | $9.5M | −$1.2M | $306,000 |
| Working capital | $20.6M | $4.4M | $1.3M | $13.2M | $30.4M | $6.0M | $9.2M | −$1.0M | $2.4M |
| Tangible book value | $17.0M | −$1.7M | −$4.7M | $8.3M | $32.3M | $6.9M | $9.4M | −$931,000 | $2.5M |
| Book value per share | $2.66 | — | — | — | — | — | — | — | $0.16 |
| Shares outstanding | 6.4M | — | — | — | — | — | — | — | 16.2M |
| Current ratio | 5.85 | 2.01 | 1.18 | 4.51 | 8.03 | 2.22 | 6.36 | 0.89 | 9.04 |
| Quick ratio | 5.70 | 1.58 | 0.94 | 3.85 | 7.88 | 1.55 | 6.09 | 0.87 | 8.60 |
| Debt / equity | 0.44 | — | — | 1.24 | 0.11 | 0.00 | 0.00 | — | 0.06 |
| Equity / assets | 60.0% | −13.2% | −36.7% | 37.7% | 80.8% | 58.8% | 84.5% | −10.9% | 86.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $14.0M | $18.4M | $23.2M | $10.6M | $14.7M | $17.8M | $6.0M | $4.6M | $8.0M | $11.7M | $5.6M | $2.6M |
| Cash & equivalents | $14.0M | $18.4M | $23.2M | $10.6M | $14.7M | $17.8M | $6.0M | $4.6M | $8.0M | $11.7M | $5.6M | $2.6M |
| Receivables | $1.9M | $0 | $1.1M | $0 | $864,018 | $1.9M | $0 | $0 | $2.7M | $0 | $1.1M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $615,991 | $0 | $2.6M | $0 | $2.8M | $0 | $0 | $0 | $1.7M | $4.2M |
| Total current assets | $15.9M | $18.4M | $24.9M | $10.6M | $18.2M | $17.8M | $8.8M | $4.6M | $10.7M | $11.7M | $8.3M | $6.9M |
| Property, plant & equipment (net) | $2.9M | $0 | $3.3M | $0 | $3.6M | $3.5M | $3.5M | $0 | $3.9M | $0 | $4.3M | $4.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $601,992 | $5.2M | $184,997 | $19.2M | $649,000 | $3.9M | $206,000 | $10.6M | $628,000 | $10.9M | $196,000 | $777,000 |
| Total assets | $19.4M | $23.6M | $28.4M | $29.7M | $22.4M | $25.2M | $12.5M | $15.2M | $15.2M | $22.7M | $12.9M | $11.9M |
| Liabilities | ||||||||||||
| Accounts payable | $1.6M | — | $2.2M | — | $2.5M | $3.0M | $3.0M | — | $2.6M | — | $2.7M | $2.6M |
| Short-term debt | $541,993 | — | $550,000 | — | $540,000 | $473,000 | — | — | $477,000 | — | $485,000 | $461,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | $1 | — | $2 | — |
| Total current liabilities | $3.1M | — | $4.3M | — | $5.3M | $4.4M | $4.4M | — | $3.8M | — | $7.1M | $4.7M |
| Long-term debt | $5.1M | $0 | $5.3M | $0 | $9.0M | $0 | $8.0M | $0 | $8.3M | $0 | $8.5M | $0 |
| Lease obligations | $1.8M | — | $2.0M | — | $2.1M | — | $1.9M | — | $2.1M | — | $2.2M | — |
| Other long-term liabilities | $1.6M | $10.4M | $1.8M | $13.1M | $1.9M | $14.9M | $1.8M | $15.2M | $1.9M | $20.0M | $2.0M | $10.0M |
| Total liabilities | $9.8M | $10.4M | $11.4M | $13.1M | $16.2M | $14.9M | $14.1M | $15.2M | $14.0M | $20.0M | $17.6M | $14.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $15.8M | $16.0M | $15.8M | $13.8M | $11.8M | $11.8M | — | $8.7M | $8.2M | $8.0M | $5.9M | $4.4M |
| Retained earnings (deficit) | −$133.6M | −$133.7M | −$126.2M | −$127.3M | −$124.9M | −$120.1M | −$118.5M | −$114.9M | −$113.0M | −$112.0M | −$108.0M | −$89.8M |
| Accumulated other comprehensive income | $6.6M | $130.9M | $6.8M | $130.1M | −$3.1M | $118.6M | — | $106.2M | $10.1M | $106.7M | $9.9M | −$3.5M |
| Total shareholders' equity | $9.5M | $13.2M | $17.0M | $16.6M | $6.2M | $10.3M | −$1.7M | $74,000 | $1.3M | $2.6M | −$4.7M | −$2.7M |
| Key figures | ||||||||||||
| Total debt | $7.1M | — | $7.5M | — | $11.3M | $10.1M | $8.0M | — | $10.5M | — | $10.9M | $10.3M |
| Net cash (debt) | $6.9M | — | $15.7M | — | $3.5M | $7.7M | −$2.1M | — | −$2.5M | — | −$5.3M | −$7.7M |
| Working capital | $12.7M | — | $20.6M | — | $12.9M | $13.5M | $4.4M | — | $6.9M | — | $1.3M | $2.2M |
| Tangible book value | $9.5M | $13.2M | $17.0M | $16.6M | $6.2M | $10.3M | −$1.7M | $74,000 | $1.3M | $2.6M | −$4.7M | −$2.7M |
| Book value per share | — | $1.58 | $2.66 | — | — | — | — | — | — | $0.56 | — | — |
| Shares outstanding | — | 8.3M | 6.4M | — | — | — | — | — | — | 4.7M | — | — |
| Current ratio | 5.06 | — | 5.85 | — | 3.42 | 4.08 | 2.01 | — | 2.80 | — | 1.18 | 1.46 |
| Quick ratio | 5.06 | — | 5.70 | — | 2.93 | 4.51 | 1.36 | — | 2.80 | — | 0.94 | 0.56 |
| Debt / equity | 0.75 | — | 0.44 | — | 1.81 | 0.98 | — | — | 8.37 | — | — | — |
| Equity / assets | 49.2% | 55.9% | 60.0% | 55.8% | 27.7% | 41.0% | −13.2% | 0.5% | 8.2% | 11.5% | −36.7% | −22.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.
EVAX financial position
At the end of fiscal 2025 (December 31, 2025), Evaxion Biotech A/S had total assets of $28.4 million (up 127.5% from a year earlier), total liabilities of $11.4 million and shareholders' equity of $17.0 million. It held $23.2 million in cash and short-term investments against $7.5 million of debt, a net cash position of $15.7 million. Its current ratio was 5.85. In the latest quarter (ended June 30, 2026) total assets were $19.4 million and equity $9.5 million.
Related: EVAX income statement, EVAX cash flow statement, EVAX key metrics. See the EVAX stock overview for the latest quote and news.
EVAX balance sheet FAQ
What are Evaxion Biotech A/S's total assets?
Evaxion Biotech A/S reported total assets of $28.4 million at the end of fiscal 2025 (December 31, 2025), compared with $12.5 million a year earlier.
How much debt does Evaxion Biotech A/S have?
Evaxion Biotech A/S had $7.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.44.
How much cash does Evaxion Biotech A/S have?
Evaxion Biotech A/S held $23.2 million in cash and short-term investments at the end of fiscal 2025; with $7.5 million of debt that is net cash of $15.7 million.
What is Evaxion Biotech A/S's book value?
Evaxion Biotech A/S's shareholders' equity (book value) was $17.0 million at the end of fiscal 2025, or $2.66 per share.
What is Evaxion Biotech A/S's current ratio?
Evaxion Biotech A/S had current assets of $24.9 million and current liabilities of $4.3 million, a current ratio of 5.85 (it can cover its short-term obligations).