olivLaw · US equity research
Evaxion A/S EVAX
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Evaxion A/S is a Danish TechBio company that uses its proprietary AI-Immunology™ platform to discover and design vaccines against cancer and infectious diseases. Interest in the company rests on the MSD licence for EVX-B3 and clinical data for EVX-01, while revenue remains modest at about 7.5 million dollars in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Evaxion A/S (EVAX) stock was 2.97 USD (+0.34% on the day), with market capitalisation 1.2 bn USD, beta 0.74, 52-week range 2.76–6.63 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 2.43 – 3.87
- in the lower half of the band · %B 0.38 · band width 45.6%
- SMA 50 / 200
- 3.16 / 3.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.7% | −1.1% | −4.6 pp | — |
| 3 months | −0.3% | −0.5% | +0.1 pp | — |
| 6 months | −32.7% | +4.4% | −37.0 pp | — |
| Year to date | −37.7% | +12.3% | −50.1 pp | — |
| 1 year | −47.0% | +13.5% | −60.5 pp | −3.8% |
| 3 years | −94.8% | +76.4% | −171.2 pp | +18.6% |
| 5 years | −99.2% | +63.7% | −162.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | 0 | 73.0 k | 3.3 m | 7.5 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +4,480.8% | +125.1% |
| Net income | -5.5 m | -11.2 m | -15.0 m | -24.5 m | -23.2 m | -22.1 m | -10.6 m | -7.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.81 | -0.97 | -1.26 | -0.98 | -0.81 | -0.20 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | -30,308.2% | -316.0% | -102.4% |
| Free cash flow | -2.0 m | -7.1 m | -12.6 m | -23.2 m | -26.1 m | -17.8 m | -12.9 m | -6.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 23.2 m USD
- Financial debt
- 5.5 m USD
- Net debt
- -17.7 m USD
- Equity
- 17.0 m USD
- Total assets
- 28.4 m USD
- Debt / equity
- 0.32x
- Current ratio
- 5.85x
- ROE
- unavailable
- ROA
- -37.7%
- FCF margin
- -88.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | 0 | 73.0 k | 3.3 m | 7.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Research & development | 10.9 m | 19.6 m | 17.1 m | 11.9 m | 10.5 m | 10.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | -16.6 m | -25.8 m | -25.3 m | -22.2 m | -14.7 m | -9.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Interest expense | 223.0 k | 915.0 k | 1.5 m | 1.7 m | 3.1 m | 4.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Pre-tax income | -16.6 m | -24.7 m | -23.9 m | -22.9 m | -11.4 m | -8.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | -1.6 m | -178.0 k | -772.0 k | -790.0 k | -788.0 k | -908.0 k | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -15.0 m | -24.5 m | -23.2 m | -22.1 m | -10.6 m | -7.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | -0.97 | -1.26 | -0.98 | -0.81 | -0.20 | -0.02 | SEC (XBRL)· 05 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.8 m | 32.2 m | 13.2 m | 5.6 m | 6.0 m | 23.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 1.6 m | 1.1 m | 2.8 m | 2.0 m | — | — | SEC (XBRL)· 26 Mar 2024verified |
| Current assets | 11.0 m | 34.7 m | 17.0 m | 8.4 m | 8.8 m | 24.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 221.0 k | 5.2 m | 4.7 m | 4.3 m | 3.5 m | 3.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 100.0 k | 93.0 k | — | 0 | 0 | 0 | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 12.0 m | 40.2 m | 22.0 m | 12.9 m | 12.5 m | 28.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Short-term debt | — | 126.0 k | 136.0 k | 159.0 k | 159.0 k | 190.0 k | SEC (XBRL)· 05 Mar 2026verified |
| Long-term debt | — | 1.0 m | 7.9 m | 8.5 m | 8.0 m | 5.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 4.9 m | 4.3 m | 3.8 m | 7.1 m | 4.4 m | 4.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 4.9 m | 7.7 m | 13.7 m | 17.6 m | 14.1 m | 11.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 7.0 m | 32.4 m | 8.3 m | -4.7 m | -1.7 m | 17.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Shares outstanding at year end | 16.2 m | 23.2 m | 24.1 m | 37.9 m | 70.1 m | 417.0 m | SEC (XBRL)· 05 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -12.4 m | -21.9 m | -25.8 m | -17.7 m | -12.9 m | -6.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 149.0 k | 1.3 m | 292.0 k | 87.0 k | 0 | 11.0 k | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | -12.6 m ≈ | -23.2 m ≈ | -26.1 m ≈ | -17.8 m ≈ | -12.9 m ≈ | -6.6 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | -393.0 k | -1.3 m | -268.0 k | -93.0 k | -3.0 k | -14.0 k | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | 8.8 m | 49.8 m | 7.9 m | 10.7 m | 13.1 m | 22.4 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -102.4% | 57 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 5.8x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.5% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial57/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Evaxion A/S (EVAX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.5 m USD in 2025; YoY growth 125.1%; net margin -102.4%; ROE -100.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.8x
What contradicts it
- Interest coverage: -2.3x
- FCF yield: -0.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 258.8 bn | 27.7 | 78.4% | 24.1% | +10.0% | +39% / +77% |
| GILDGilead Sciences, Inc. | 216.4 bn | — | -22.3% | -12.5% | +2.4% | +39% / +128% |
| MRNAModerna, Inc. | 103.2 bn | — | -39.0% | -141.4% | −39.9% | +895% / +233% |
| RVMDRevolution Medicines, Inc. | 43.2 bn | — | -93.6% | -946.8% | unavailable | +157% / +756% |
| BIIBBiogen Inc. | 37.6 bn | 108.8 | 1.9% | 3.4% | +2.2% | +40% / +9% |
| MESOMesoblast Limited | 18.5 bn | — | -19.0% | -593.9% | +191.4% | −17% / +425% |
| EXELExelixis, Inc. | 17.8 bn | 21.7 | 44.3% | 35.5% | +7.0% | +65% / +234% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| TWSTTwist Bioscience Corporation | 8.9 bn | — | -29.6% | -31.7% | +20.3% | +345% / +493% |
| SCNIScinai Immunotherapeutics Ltd. | 6.2 bn | — | -91.9% | -633.6% | +99.2% | −96% / −99% |
| CGONCG Oncology, Inc. | 6.0 bn | — | -26.4% | -3,602.7% | +254.7% | +51% / unavailable |
| TARSTarsus Pharmaceuticals, Inc. | 3.4 bn | — | -319.8% | -102.9% | +146.7% | −14% / +318% |
| DNLIDenali Therapeutics Inc. | 3.4 bn | — | -33.9% | -1,470.5% | unavailable | +8% / +13% |
| VCELVericel Corporation | 2.3 bn | 107.7 | 7.2% | 7.9% | +16.5% | +13% / +28% |
| ADMAAdma Biologics, Inc. | 2.3 bn | 13.6 | 41.9% | 35.1% | +19.6% | −45% / +183% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -37.4% | +94.1% | +15% / +40% |
| VIRVir Biotechnology, Inc. | 2.0 bn | — | -21.8% | -61.0% | −7.6% | +83% / +24% |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| INBXInhibrx Biosciences, Inc. | 1.3 bn | — | -1,773.6% | — | +550.0% | +3% / unavailable |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −47% / −95% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| SRZNSurrozen, Inc. | 372.0 m | — | — | -2,885.3% | −67.4% | +91% / +340% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| LXEOLexeo Therapeutics, Inc. | 265.0 m | — | -46.8% | — | unavailable | −67% / −75% |
1- and 3-year price returns: for EVAX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (30 Oct 2026), 6-K (23 Oct 2026), 6-K (19 Oct 2026).
In brief
Evaxion A/S is a Danish TechBio company that uses its proprietary AI-Immunology™ platform to discover and design vaccines against cancer and infectious diseases. Interest in the company rests on the MSD licence for EVX-B3 and clinical data for EVX-01, while revenue remains modest at about 7.5 million dollars in 2025 1.
SWOT
Strengths
- The AI-Immunology™ platform has been developed over many years and supports rapid vaccine target discovery across cancer and infectious diseases 1.
- The licence granted to MSD for EVX-B3 is a validation signal from a major industry player that is also a shareholder 1.
- Two-year clinical data for EVX-01 show durable responses in patients, supporting a promising clinical profile 1.
Weaknesses
- Revenue remains low and is largely tied to one partner, which leaves the company exposed to changes in that agreement 1.
- The company reports net losses and a large accumulated deficit, and its balance sheet depends on raised capital and complex financial instruments 1.
- Most candidates are at preclinical or early development stages, so their clinical success is not yet proven 1.
Opportunities
- The target markets in cancer and infectious diseases are described as very large, which could support new licences if the platform's potential is confirmed 1.
- Extending the platform to autoimmune diseases, planned for the second half of 2026, could open new partnership avenues 1.
- Three-year data for EVX-01 and advancing EVX-04 toward a phase 1 trial could strengthen the company's position in partner negotiations 1.
Threats
- Clinical development is inherently uncertain, and the failure of a major candidate could seriously affect the value of the portfolio 1.
- The company depends on further funding to continue development, and capital market conditions could limit available options 1.
- Competition in cancer vaccines and vaccines against drug-resistant bacteria is intense, and other players could reach the market first 1.
Risks
- Dependence on a single partnerhigh
Revenue comes mainly from the MSD agreement, so changes in the partner's strategy could quickly reduce cash inflows 1.
- Need for additional fundinghigh
Net losses and negative operating cash flow could force the company to raise capital on less favourable terms 1.
- Uncertain clinical resultshigh
Most candidates are at early stages, and clinical results could fall short of preclinical data 1.
- Regulatory and trial timingmedium
Timelines for regulatory filings and later-stage trials could slip for technical or administrative reasons 1.
- Complex financial instrumentsmedium
Changes in the value of warrants and derivative liabilities could add volatility to reported results, independent of operations 1.
Investment thesis
What would need to be true (bull case)
- If the AI-Immunology™ platform consistently yields effective vaccines, the company could attract new partnerships across several targets, extending revenue beyond the current agreement 1.
- The EVX-B3 licence to MSD, with potential milestone payments, could provide a meaningful revenue source if development advances 1.
- EVX-01 two-year results and the planned three-year data could support a competitive position in advanced melanoma 1.
What would break the thesis
- Revenue remains modest and depends on a single agreement, which could limit financial stability if the partner relationship changes 1.
- Losses and the accumulated deficit suggest that further capital will be needed, and shareholder dilution could follow 1.
- Most candidates have not reached advanced stages, so the platform's value remains largely unproven clinically 1.
What to watch
- Three-year data for EVX-01 from the phase 2 studysecond half of 2026
- Regulatory filing for a phase 1 trial of EVX-04end of 2026
- Extension of the AI platform to autoimmune diseasessecond half of 2026
- Next annual report on revenue and net lossnext 20-F
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (30 Oct 2026), 6-K (23 Oct 2026), 6-K (19 Oct 2026).
The business
Evaxion describes its business model as combining the AI-Immunology™ platform, developed over 18 years, with a proprietary pipeline of vaccine candidates at preclinical and clinical stages 1. The company focuses on target discovery and early development, and its model relies on partnerships for both the platform and the pipeline 1. Revenue in 2025 came mainly from licence and service income under the agreement with Merck & Co., Inc. (MSD), plus a grant from the Gates Foundation 1.
Segments
Cancer vaccines
The lead oncology candidate is EVX-01, a personalised peptide vaccine evaluated as first-line treatment for advanced melanoma in combination with pembrolizumab, which has received Fast Track designation from the FDA 1. Two-year data presented at ESMO 2025 showed a 75% objective response rate and a 25% complete response rate 1. Other candidates include EVX-03 and EVX-04, which use antigens derived from endogenous retroviruses 1.
Infectious disease vaccines
The pipeline includes candidates against bacteria and viruses for which no vaccine exists today, such as S. aureus, Group A streptococcus, N. gonorrhoeae and cytomegalovirus 1. EVX-B3 was licensed to MSD in September 2025, the first AI-designed vaccine candidate licensed by a pharmaceutical company, with potential payments of up to 592 million dollars 1. EVX-B2 showed protection in mouse models and killing activity against 50 clinically relevant strains 1.
Market context
The company operates in the market for AI-based drug discovery, which is projected by the company to grow to more than 40 billion dollars by 2040, at an average annual rate of 25% 1. The cancer immunotherapy market is projected to reach 229 billion dollars by 2030, and the infectious disease vaccine market 68 billion dollars by 2031 1. These growth estimates are the company's own projections and could differ from actual outcomes 1.
Trends
- AI-driven drug discoverytailwind
Demand for AI solutions able to deliver advanced therapeutics is rising, which could favour companies like Evaxion that offer end-to-end platforms 1.
- Rising chronic disease prevalencetailwind
Higher chronic disease prevalence and greater pharmaceutical R&D investment support demand for new vaccines 1.
- Antimicrobial resistancetailwind
Growing antimicrobial resistance raises the threat from infectious disease and could increase interest in new vaccines, such as those against gonorrhoea 1.
- Funding of early-stage developmentmixed
Reliance on partnerships and external funding makes access to capital and licences an uncertain factor for the pace of development 1.
Competitive position
Evaxion distinguishes its approach from traditional biotech companies, which base their value only on development candidates, and from tech companies that have only a platform 1. The company argues its platform can find targets that conventional methods such as reverse vaccinology cannot identify 1. The source does not name direct competitors, so the comparison stays qualitative 1.
Evaxion distinguishes its approach from traditional biotech companies, which base their value only on development candidates, and from tech companies that have only a platform 1. The company argues its platform can find targets that conventional methods such as reverse vaccinology cannot identify 1. The source does not name direct competitors, so the comparison stays qualitative 1.
The company positions its AI platform against conventional vaccine development, which relies heavily on previously tested antigens 1. Its claimed edge is faster and broader target discovery across many diseases 1. No specific competing companies are named in the source 1.
- Merck & Co., Inc. (MSD)MRK
Partner and licensee rather than a direct competitor: it licensed EVX-B3 and is a major shareholder through its venture arm 1.
- Conventional reverse vaccinology methods
Established vaccine development approach that the company considers less effective at identifying novel targets 1.
- Traditional candidate-based biotech companies
Companies whose value rests only on development candidates, a model the company says it differs from 1.
- Tech companies with AI platforms but no pipeline
Companies offering only a platform without a proprietary candidate portfolio, as described by the company 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)20 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Evaxion A/S · 05 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.