Evaxion Biotech A/S (EVAX) Cash Flow Statement
Where EVAX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$6.6M
- Capital expenditures
- $11,034 0.1% of revenue
- Free cash flow
- −$6.7M −88.4% margin
- Returned to shareholders
- —
- Change in cash
- $17.3M cash at year-end $23.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EVAX operating cash flow, capex and free cash flow
EVAX cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.0M2018 | −$6.6M2025 | — | |
| Capital expenditures | $7,0002018 | $11,0342025 | +6.7%/yr | |
| Free cash flow | −$2.0M2018 | −$6.7M2025 | — | |
| Free cash flow margin | −24,353.4%2023 | −88.4%2025 | +24,265.0 pts | |
| Stock-based compensation | $2.1M2018 | $307,0002025 | −23.9%/yr | |
| Share buybacks (net) | $02018 | $128,0002020 | — | |
| Capex / revenue | 119.2%2023 | 0.1%2025 | −119.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EVAX cash flow by activity
EVAX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EVAX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$7.7M | −$10.6M | −$22.1M | −$23.2M | −$24.5M | −$15.0M | −$11.2M | −$5.5M |
| Depreciation & amortization | $615,000 | $607,000 | $615,000 | $571,000 | $344,000 | $105,000 | $81,000 | $74,000 |
| Stock-based compensation | $307,000 | $357,000 | $479,000 | $942,000 | $1.4M | $3.4M | $2.4M | $2.1M |
| Change in working capital | −$137,419 | $520,000 | $1.6M | −$2.9M | $1.2M | $215,000 | $566,000 | $981,000 |
| Other non-cash items | $300,731 | −$3.9M | $1.8M | −$1.2M | −$361,000 | −$1.1M | $1.2M | $420,000 |
| Cash from operating activities | −$6.6M | −$12.9M | −$17.7M | −$25.8M | −$21.9M | −$12.4M | −$7.0M | −$2.0M |
| Investing activities | ||||||||
| Capital expenditures | −$11,034 | −$5 | −$87,000 | −$292,000 | −$1.4M | −$393,000 | −$61,000 | −$7,000 |
| Investments (net) | −$3,000 | −$3,000 | −$93,000 | −$268,000 | −$1.3M | −$393,000 | −$61,000 | −$7,000 |
| Acquisitions & other investing | −$8 | $5 | $87,000 | $292,000 | $1.4M | $393,000 | $54,000 | $20,000 |
| Cash from investing activities | −$14,042 | −$3,000 | −$93,000 | −$268,000 | −$1.3M | −$393,000 | −$68,000 | $6,000 |
| Financing activities | ||||||||
| Dividends paid | — | — | — | — | — | — | −$165,000 | — |
| Share repurchases & issuance (net) | — | — | — | — | — | −$128,000 | −$13,000 | $0 |
| Net borrowing (repayment) | −$751,000 | −$1.1M | −$632,000 | $7.4M | −$289,000 | −$74,000 | $79,000 | $7.9M |
| Shares issued | $23.2M | $16.6M | $9.2M | $428,000 | $53.9M | $9.0M | $9.4M | $1.1M |
| Other financing | $68,589 | −$2.3M | $2.2M | $0 | −$3.8M | −$1,000 | $165,000 | $0 |
| Cash from financing activities | $22.5M | $13.1M | $10.7M | $7.9M | $49.8M | $8.8M | $9.5M | $9.0M |
| Summary | ||||||||
| Net change in cash | $17.3M | $369,000 | −$7.6M | −$19.0M | $26.3M | −$3.7M | $2.1M | $7.0M |
| Cash at end of period | $23.2M | $6.0M | $5.6M | $13.2M | $32.2M | $5.8M | $9.6M | $7.4M |
| Free cash flow | −$6.7M | −$12.9M | −$17.8M | −$26.1M | −$23.3M | −$12.8M | −$7.1M | −$2.0M |
| Free cash flow margin | −88.4% | −387.0% | −24,353.4% | — | — | — | — | — |
| Capex / revenue | 0.1% | 0.0% | 119.2% | — | — | — | — | — |
| Dec '25 | Dec '23 | Sep '23 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$5.9M | −$4.5M | −$5.7M |
| Depreciation & amortization | $616,882 | $115,000 | $200,000 |
| Stock-based compensation | — | −$21,000 | $100,000 |
| Change in working capital | −$137,419 | $904,000 | $707,000 |
| Other non-cash items | −$1.2M | $1.5M | $281,000 |
| Cash from operating activities | −$6.6M | −$2.0M | −$4.4M |
| Investing activities | |||
| Capital expenditures | −$11,034 | −$1,000 | −$65,000 |
| Acquisitions & other investing | −$3,008 | $2,000 | $0 |
| Cash from investing activities | −$14,042 | $1,000 | −$65,000 |
| Financing activities | |||
| Shares issued | $0 | $0 | $0 |
| Other financing | $22.5M | $5.3M | $96,000 |
| Cash from financing activities | $22.5M | $5.3M | $96,000 |
| Summary | |||
| Net change in cash | $12.7M | $3.0M | −$4.5M |
| Cash at end of period | $23.2M | $5.6M | $2.6M |
| Free cash flow | −$6.7M | −$2.0M | −$4.5M |
| Free cash flow margin | −30,201.0% | −2,747.9% | — |
| Capex / revenue | 50.1% | 1.4% | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EVAX cash generation
In fiscal 2025 (ended December 31, 2025), Evaxion Biotech A/S generated -$6.6 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$6.7 million, −88.4% of revenue. Cash and equivalents rose by $17.3 million over the year.
Related: EVAX income statement, EVAX balance sheet. See the EVAX stock overview for the latest quote and news.
EVAX cash flow FAQ
What is Evaxion Biotech A/S's free cash flow?
Evaxion Biotech A/S's free cash flow was -$6.7 million in fiscal 2025: -$6.6 million of operating cash flow minus $0.0 million of capital expenditures It was -$12.9 million a year earlier..
How much cash does Evaxion Biotech A/S generate from operations?
Evaxion Biotech A/S generated -$6.6 million of cash from operating activities in fiscal 2025.
How much does Evaxion Biotech A/S spend on capital expenditures?
Evaxion Biotech A/S spent $0.0 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with $0.0 million the year before.