Evaxion A/S - Sponsored ADR
EVAX Healthcare Biotechnology
Evaxion A/S - Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $7.5 million, up 125.1% from fiscal 2024. In the quarter to June 2026, revenue grew 14,590.2%, EPS fell 72.4% and free cash flow fell 56.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Evaxion A/S - Sponsored ADR (EVAX) Altman Z-score
Evaxion A/S - Sponsored ADR's Altman Z-score for fiscal 2025 is −4.54, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.54 | 11.76 |
| FY2024 | −16.30 | 0.35 |
| FY2023 | −16.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.73 | — | 0.87 | |
| Retained earnings / total assets | (4.44) | — | −6.22 | |
| EBIT / total assets | (0.33) | — | −1.07 | |
| Market value of equity / total liabilities | 2.69 | — | 1.61 | |
| Sales / total assets | 0.26 | — | 0.26 | |
| Altman Z-score | Distress zone | −4.54 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.33 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| QNTM Quantum Biopharma Ltd. compare | −0.3× |
| EVAX Evaxion A/S - Sponsored ADR | −4.5× |
| IMMP Prima BioMed Ltd compare | −10.5× |
| BYSI BeyondSpring Inc. compare | −12.5× |
| ABVC ABVC BioPharma, Inc. compare | −14.9× |
| ESLA Estrella Immunopharma, Inc. compare | — |
| PLRZ Polyrizon Ltd. compare | — |
| CNTX Context Therapeutics Inc. compare | — |
| CYAD Celyad SA compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets