MeritValue

Evaxion A/S

EVAXdata completeness 100%8 fiscal years on file
The thesis, from the filings

Evaxion A/S earns about -1179% on invested capital, but has diluted owners by 1697% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$01$73,0002$3.34M2$7.53M2
Net income−$24.5M3−$23.2M4−$22.1M5−$10.6M5−$7.71M5
Operating cash flow−$21.9M6−$25.8M7−$17.7M8−$12.9M8−$6.63M8
Capital expenditure$1.3M9$292,00010$87,00011$011$11,00011
Free cash flow (derived)−$23.2M6,9−$26.1M7,10−$17.8M8,11−$12.9M8,11−$6.64M8,11
Total debt$1.17M12$8M13$8.65M14$8.17M14$5.54M14
Cash & equivalents$32.2M15$13.2M16$5.58M16$5.95M16$23.2M16
Diluted shares23.2M24.1M37.9M70.1M417.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.41
your share of equity
Profit it earned you last year
−$0.18
Free cash flow it threw off
−$0.16
Debt you’d be carrying
$0.13

10 shares is a claim on $0.41 of net worth that earned you −$0.18 and generated −$0.16 of cash last year, against $0.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1179% avg · 5y
FY21 -1353%FY22 -604%FY23 —FY24 -1579%FY25 —

It earned an average -1179% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1697% shares · 5y

Share count is up 1697% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 373% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2025-04-01 · period ending 2022-12-31 · accession 0001171843-25-001916 (Revenue)
  2. 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001171843-26-001346 (Revenue)
  3. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-039004 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F filed 2025-04-01 · period ending 2022-12-31 · accession 0001171843-25-001916 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001171843-26-001346 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-039004 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F filed 2025-04-01 · period ending 2022-12-31 · accession 0001171843-25-001916 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001171843-26-001346 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F filed 2024-03-26 · period ending 2021-12-31 · accession 0001104659-24-039004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F filed 2025-04-01 · period ending 2022-12-31 · accession 0001171843-25-001916 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001171843-26-001346 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F filed 2023-04-28 · period ending 2021-12-31 · accession 0001104659-23-051798 (Borrowings)
  13. 20-F filed 2025-04-01 · period ending 2022-12-31 · accession 0001171843-25-001916 (Borrowings)
  14. 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001171843-26-001346 (Borrowings)
  15. 20-F filed 2025-04-01 · period ending 2021-12-31 · accession 0001171843-25-001916 (CashAndCashEquivalents)
  16. 20-F filed 2026-03-05 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001171843-26-001346 (CashAndCashEquivalents)