Continued ATM sales and warrant exercises will further dilute existing shareholders. Monitor cash runway and next quarterly update for guidance on capital needs. The massive authorized capital (DKK 100M) gives the board flexibility for further dilutive raises.
Price Chart
Executive Summary
Evaxion A/S raised $2.1M net through an at-the-market (ATM) offering of 681,268 ADSs at an average price of $3.1987 per ADS between August 19-21, 2026. The company concurrently registered share capital increases totaling nominal DKK 8,515,850, bringing total share capital to DKK 112,768,539. The accompanying Articles of Association reveal massive warrant overhang and broad authorization for further dilutive issuances, underscoring ongoing cash burn and shareholder dilution for this pre-revenue biotech.
Key Facts
- Sold 681,268 ADSs in ATM offering at avg $3.1987/ADS, net proceeds $2,113,767
- Share capital increased to nominal DKK 112,768,539 (451,074,156 shares of DKK 0.25 each)
- Board authorized to issue up to nominal DKK 100M in shares without pre-emptive rights (section 3.1)
- Outstanding warrants include 99.9M+ warrants to investors/lenders with exercise prices far above current market price
- 29,925,000 prefunded warrants exercised by Jan 2025; 52.8M warrants exercised by Nov 2025
Financial Impact
ATM raised $2.1M net, representing ~8% of $26M market cap; ongoing dilution from warrant exercises and authorized capital
Risk Factors
- Ongoing dilution from ATM program and outstanding warrants
- Pre-revenue status with no approved products or revenue stream
- Cash burn requires frequent capital raises, pressuring stock price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (EVAX) — Batch item 1 | 0001171843-26-005887 |
| Document: f6k_090426.htm | 0001171843-26-005887 |
| Document: 0001171843-26-005887-index-headers.html | 0001171843-26-005887 |
| Document: 0001171843-26-005887.txt | 0001171843-26-005887 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $3.07 $3.21 | ▲ +4.56% | ▲ +4.45% | $3.21 (+4.63%) |
Sep 4, 2026 28d ago | 6-K | $3.12 $3.07 | ▲ +1.60% | ▲ +0.39% | $3.21 (−2.96%) |
Aug 20, 2026 6w ago | 6-K | $3.28 $3.15 | ▼ −3.96% | ▼ −5.08% | $3.21 (−2.07%) |
Aug 20, 2026 6w ago | Press Release | $3.28 $3.15 | ▼ −3.96% | ▼ −5.08% | $3.21 (−2.07%) |
Aug 17, 2026 6w ago | 6-K | $3.13 $3.40 | ▲ +8.63% | ▲ +9.82% | $3.21 (+2.63%) |
Aug 14, 2026 7w ago | 6-K | $3.34 $3.31 | ▼ −0.90% | ▲ +0.47% | $3.21 (−3.83%) |
Aug 14, 2026 7w ago | Press Release | $3.34 $3.31 | ▼ −0.90% | ▲ +0.47% | $3.21 (−3.83%) |
Jul 17, 2026 11w ago | 6-K | $3.08 $3.05 | ▼ −0.81% | ▼ −0.13% | $3.21 (+4.46%) |
Jul 17, 2026 11w ago | Press Release | $3.08 $3.05 | ▼ −0.81% | ▼ −0.13% | $3.21 (+4.46%) |
Jul 13, 2026 11w ago | 6-K | $3.02 $3.08 | ▲ +1.82% | ▲ +2.61% | $3.21 (+6.36%) |
US Market Status
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