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) Beneish M-score
Evaxion A/S - Sponsored ADR's Beneish M-score for fiscal 2025 is −2.17; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.17 | (39.91) |
| FY2024 | 37.74 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.25 | — | 0.23 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.39 | — | 0.16 | |
| Sales growth index | 2.25 | — | 2.01 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.40 | — | −0.07 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 0.35 | — | −0.12 | |
| Beneish M-score | Elevated | −2.17 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ABVC ABVC BioPharma, Inc. compare | −4.0× |
| IMMP Prima BioMed Ltd compare | −3.5× |
| EVAX Evaxion A/S - Sponsored ADR | −2.2× |
| CYAD Celyad SA compare | 10.5× |
| ESLA Estrella Immunopharma, Inc. compare | — |
| PLRZ Polyrizon Ltd. compare | — |
| CNTX Context Therapeutics Inc. compare | — |
| QNTM Quantum Biopharma Ltd. compare | — |
| BYSI BeyondSpring Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI