Evaxion Biotech A/S (EVAX) Income Statement
EVAX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEVAX revenue and net income
Where EVAX's revenue goes
2025Each bar shows an amount and its share of revenue. EVAX kept −102.4% of revenue as net income.
EVAX profit margins
EVAX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +125.1% | — | — | — |
| Gross profit | +125.1% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EVAX quarterly EPS vs estimates
Evaxion Biotech A/S beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 19, 2026.
EVAX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5M | $3.3M | $73,000 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $0 | $0 | $112 | $571,319 | $343,452 | $105,719 | $80,984 | $73,928 |
| Gross profit | $7.5M | $3.3M | $73,000 | −$571,319 | −$343,452 | −$105,719 | −$80,984 | −$73,928 |
| Research & development | $10.0M | $10.5M | $11.9M | $17.1M | $19.6M | $11.7M | $8.6M | $3.7M |
| Sales, general & admin | $6.5M | $7.3M | $10.4M | $8.1M | $6.2M | $5.7M | $2.6M | $1.9M |
| Total operating expenses | $16.8M | $18.1M | $22.3M | $25.3M | $25.8M | $16.6M | $11.3M | $5.6M |
| Operating income | −$9.2M | −$14.7M | −$22.2M | −$25.3M | −$25.8M | −$16.6M | −$11.4M | −$5.6M |
| Interest income | $299,000 | $254,000 | $2.3M | $2.8M | $2.0M | $216,000 | $9,000 | $2,000 |
| Interest expense | $876,000 | $962,000 | $897,000 | $1.5M | $915,000 | $223,000 | $1.2M | $698,000 |
| Income before taxes | −$8.6M | −$11.4M | −$22.9M | −$23.9M | −$24.7M | −$16.6M | −$12.0M | −$6.3M |
| Income taxes | −$908,000 | −$788,000 | −$790,000 | −$772,000 | −$178,000 | −$1.6M | −$824,837 | −$735,000 |
| Net income | −$7.7M | −$10.6M | −$22.1M | −$23.2M | −$24.5M | −$15.0M | −$11.2M | −$5.5M |
| EBITDA | −$7.1M | −$9.8M | −$21.4M | −$22.6M | −$24.2M | −$16.5M | −$11.9M | −$6.2M |
| EPS (diluted) | −$1.50 | −$5.97 | −$43.50 | −$25.15 | −$62.50 | −$0.19 | −$23.32 | — |
| Gross margin | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating margin | −122.7% | −440.6% | −30,406.8% | — | — | — | — | — |
| Net margin | −102.4% | −316.0% | −30,308.2% | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $22,040 | $7.5M | $37,000 | $122,000 | $122,000 | $3.0M | $154,000 | $50,881 | $73,000 | $0 |
| Cost of revenue | — | — | $7.6M | $0 | $0 | $0 | — | $0 | $0 | $0 | $0 | — |
| Gross profit | — | — | −$7.5M | $7.5M | $37,000 | $122,000 | — | $3.0M | $154,000 | $50,881 | $73,000 | — |
| Research & development | $2.3M | $2.3M | $2.6M | $3.1M | $2.2M | $2.2M | $2.3M | $2.6M | $2.8M | $2.8M | $2.3M | $2.8M |
| Sales, general & admin | $1.5M | $1.5M | $1.2M | $1.4M | $2.2M | $1.7M | $1.6M | $2.1M | $2.0M | $1.6M | $2.2M | $2.9M |
| Total operating expenses | $3.8M | $3.8M | $4.1M | $4.5M | $4.4M | $3.9M | $4.1M | $4.7M | $4.7M | $4.4M | $4.4M | $5.8M |
| Operating income | −$3.8M | −$3.8M | −$4.1M | $3.0M | −$4.3M | −$3.9M | −$4.0M | −$1.7M | −$4.6M | −$4.4M | −$4.4M | −$5.8M |
| Interest income | $31,000 | $305,000 | $5.4M | $2.7M | $30,000 | $2.5M | $5.7M | $84,000 | $41,000 | $5.6M | $250,000 | $72,000 |
| Interest expense | $160,771 | $332,000 | $1.1M | $1.4M | $241,000 | $397,000 | $1.7M | $385,211 | $225,000 | $246,000 | $168,000 | $182,000 |
| Income before taxes | −$3.9M | −$3.8M | −$6.2M | $4.4M | −$5.0M | −$1.8M | −$3.9M | −$2.0M | −$6.4M | $973,726 | −$4.7M | −$5.9M |
| Income taxes | −$203,709 | −$216,000 | −$256,000 | −$265,000 | −$195,000 | −$192,000 | — | −$96,000 | −$199,000 | −$217,492 | −$177,000 | −$194,000 |
| Net income | −$3.7M | −$3.6M | −$5.9M | $4.6M | −$4.8M | −$1.6M | −$3.6M | −$1.9M | −$6.2M | $1.2M | −$4.5M | −$5.7M |
| EBITDA | −$3.8M | −$3.5M | −$8.3M | $5.7M | −$4.8M | −$1.4M | — | −$1.6M | −$6.2M | $1.2M | −$4.5M | −$5.5M |
| EPS (diluted) | −$0.50 | −$0.01 | −$0.01 | $0.01 | −$1.00 | −$0.50 | −$0.07 | −$0.20 | −$6.00 | $0.30 | −$8.00 | −$10.50 |
| Gross margin | — | — | −34,160.6% | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating margin | — | — | −18,384.8% | 40.3% | −11,729.7% | −3,170.5% | −3,298.4% | −57.4% | −2,974.7% | −8,619.6% | −5,978.1% | — |
| Net margin | — | — | −26,851.2% | 61.6% | −13,056.8% | −1,295.1% | −2,974.6% | −64.1% | −4,024.7% | 2,346.7% | −6,195.9% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EVAX's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EVAX financial results
In fiscal year 2025 (ended December 31, 2025), Evaxion Biotech A/S reported revenue of $7.5 million, up 125.1% from the year before. It had a net loss of $7.7 million, a net profit margin of −102.4%. Diluted earnings per share came to −$1.50.
See the EVAX stock overview for the latest quote and news, or the EVAX chart for price history and technical indicators.
EVAX income statement FAQ
What is Evaxion Biotech A/S's annual revenue?
Evaxion Biotech A/S reported total revenue of $7.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 125.1% from $3.3 million the previous year.
Is Evaxion Biotech A/S profitable?
No. Evaxion Biotech A/S reported a net loss of $7.7 million in fiscal 2025, a net profit margin of −102.4%; its operating margin was −122.7%.
What is Evaxion Biotech A/S's gross margin?
Evaxion Biotech A/S's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Evaxion Biotech A/S kept $100 after the direct cost of its products and services.
How much does Evaxion Biotech A/S spend on research and development?
Evaxion Biotech A/S spent $10.0 million on research and development in fiscal 2025, 132.5% of revenue.
What are Evaxion Biotech A/S's earnings per share?
Evaxion Biotech A/S earned $-1.50 per diluted share in fiscal 2025, compared with $-5.97 a year earlier.
When will Evaxion Biotech A/S report its next earnings?
Evaxion Biotech A/S is expected to report results for the quarter ending September 30, 2026 on November 19, 2026 before the market opens.
When does Evaxion Biotech A/S's fiscal year end?
Evaxion Biotech A/S's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.