Tearsheet

Geovax Labs (GOVX)

Market Price (12/15/2025): $0.373 | Market Cap: $7.6 Mil
Sector: Health Care | Industry: Biotechnology

Geovax Labs (GOVX)

Market Price (12/15/2025): $0.373
Market Cap: $7.6 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52%	Weak multi-year price returns 2Y Excs Rtn is -141%, 3Y Excs Rtn is -170%	Penny stock Mkt Price is 0.4
1		Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -762%
2			Weak revenue growth Rev Chg QQuarterly Revenue Change % is null
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -724%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -724%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -268%
5			High stock price volatility Vol 12M is 104%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52%
1	Weak multi-year price returns 2Y Excs Rtn is -141%, 3Y Excs Rtn is -170%
2	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
3	Penny stock Mkt Price is 0.4
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -762%
5	Weak revenue growth Rev Chg QQuarterly Revenue Change % is null
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -724%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -724%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -268%
8	High stock price volatility Vol 12M is 104%

Valuation, Metrics & Events

	12/15/25	2024	2023	2022	2021
Share Price CYE	$0.37	$2.47	$5.42	$9.45	$54.30
Market Cap CYE ($ Mil)	7.6	26.0	10.7	16.6	23.1
Total Debt ($ Mil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Mil)	5.0	5.5	6.5	27.6	11.4
Enterprise Value ($ Mil)	2.6	26.0	10.7	16.6	23.1
Valuation Ratios
P/S TTM	2.2	3.2	0.0	131.2	57.3
P/EBIT TTM	-0.4	-0.5	-0.4	-0.8	-1.2
P/E TTM	-0.3	-0.5	-0.4	-0.8	-1.2
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0	5.0	10.4
P/EBIT TTM (Sector)	29.1	31.2	26.5	17.6	29.4
P/E TTM (Sector)	37.5	39.9	36.4	22.9	42.6

	12/15/25	2024	2023
Share Price CYE	$0.37	$2.47	$5.42
Market Cap CYE ($ Mil)	7.6	26.0	10.7
Total Debt ($ Mil)	0.0	0.0	0.0
Total Cash ($ Mil)	5.0	5.5	6.5
Enterprise Value ($ Mil)	2.6	26.0	10.7
Valuation Ratios
P/S TTM	2.2	3.2	0.0
P/EBIT TTM	-0.4	-0.5	-0.4
P/E TTM	-0.3	-0.5	-0.4
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0
P/EBIT TTM (Sector)	29.1	31.2	26.5
P/E TTM (Sector)	37.5	39.9	36.4

	GOVX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	-100.0%	15.9%
Rev Chg LTM	8.5%	13.2%
Rev Chg 3Y Avg	-45.7%	12.2%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-761.6%	37.5%
CFO/Rev LTM	-723.6%	35.5%
Net Inc Mgn	-754.7%	27.6%
VALUATION	MODERATE
P/S	2.2	11.4
P/CFO	-0.3	30.6
P/FCF	-0.3	54.0
P/E	-0.3	37.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.03
Cash/Assets	0.74	0.16

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Active Clinical Trials	3	9252025	Link
Number of Pipeline Programs	7	2052025	Link
Government Funding (BARDA Award)	24300000	6182024	Link
Number of Granted or Pending Patents	135	3272025	Link
Number of Analysts Covering	4	11072025	Link

Upcoming
3/26/2026	Earnings Release	Rev: - EPS: -

GOVX Stock

Return (1M):

null

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Nasdaq Deficiency and Delisting Risk. Geovax Labs received a deficiency letter from Nasdaq on July 31, 2025, indicating that its common stock's closing bid price had fallen below the $1.00 minimum requirement for 30 consecutive business days. The company was given until January 27, 2026, to regain compliance, or it could face potential delisting from the Nasdaq Capital Market.

2. Termination of Key COVID-19 Vaccine Project. On April 11, 2025, GeoVax Labs announced the termination of its COVID-19 vaccine project, GEO-CM04S1, under a collaboration with Advanced Technology International (ATI), which was funded by the Biomedical Advanced Research and Development Authority (BARDA). This decision by BARDA to terminate the contract for convenience meant the halt of all activities related to the Phase 2B clinical trial for the vaccine, significantly impacting a major development program and its associated funding.

3. Dilutive Equity Offering. On September 30, 2025, Geovax Labs announced a registered direct offering to institutional investors for 3,968,256 shares of its common stock (or equivalents) and warrants, with gross proceeds of approximately $2.5 million. The purchase price was set at $0.63 per share. Additionally, on November 26, 2025, stockholders approved the potential issuance of nearly 12 million shares from a prior private placement, which could result in over 40% dilution to existing shareholders.

4. Approval of Reverse Stock Split. Stockholders of Geovax Labs approved a proposal on November 26, 2025, authorizing the Board of Directors to implement a reverse stock split at a ratio between 1-for-10 and 1-for-25. This action is typically a measure taken by companies to raise their per-share stock price to meet minimum listing requirements, such as Nasdaq's $1.00 minimum bid price, but does not address underlying operational or financial issues.

5. Persistent Financial Challenges and Cash Burn. Throughout 2025, Geovax Labs continued to report significant financial challenges. For instance, in its Q1 2025 results, the company reported a net loss of $5.4 million, with research and development expenses surging by 21% year-over-year to $5.4 million. The company's cash balance as of March 31, 2025, was $7.4 million, with a quarterly burn rate of approximately $5.4 million, indicating a limited cash runway of about 14 months and a continuous need for additional funding.

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Stock Movement Drivers

Fundamental Drivers

The -46.6% change in GOVX stock from 9/14/2025 to 12/14/2025 was primarily driven by a -45.4% change in the company's Total Revenues ($ Mil).

	9142025	12142025	Change
Stock Price ($)	0.70	0.37	-46.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6.14	3.35	-45.41%
P/S Multiple	1.75	2.27	29.20%
Shares Outstanding (Mil)	15.36	20.29	-32.08%
Cumulative Contribution			-52.10%

LTM = Last Twelve Months as of date shown

Market Drivers

9/14/2025 to 12/14/2025

	Return	Correlation
GOVX	-46.6%
Market (SPY)	3.7%	29.1%
Sector (XLV)	11.5%	6.0%

Fundamental Drivers

The -63.6% change in GOVX stock from 6/15/2025 to 12/14/2025 was primarily driven by a -69.7% change in the company's Shares Outstanding (Mil).

	6152025	12142025	Change
Stock Price ($)	1.03	0.37	-63.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5.59	3.35	-40.02%
P/S Multiple	2.20	2.27	2.96%
Shares Outstanding (Mil)	11.95	20.29	-69.70%
Cumulative Contribution			-81.29%

LTM = Last Twelve Months as of date shown

Market Drivers

6/15/2025 to 12/14/2025

	Return	Correlation
GOVX	-63.6%
Market (SPY)	14.5%	20.7%
Sector (XLV)	13.7%	11.8%

Fundamental Drivers

The -84.1% change in GOVX stock from 12/14/2024 to 12/14/2025 was primarily driven by a -216.8% change in the company's Shares Outstanding (Mil).

	12142024	12142025	Change
Stock Price ($)	2.35	0.37	-84.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3.09	3.35	8.52%
P/S Multiple	4.87	2.27	-53.45%
Shares Outstanding (Mil)	6.40	20.29	-216.75%
Cumulative Contribution			-158.98%

LTM = Last Twelve Months as of date shown

Market Drivers

12/14/2024 to 12/14/2025

	Return	Correlation
GOVX	-84.1%
Market (SPY)	13.9%	27.2%
Sector (XLV)	10.7%	18.2%

Fundamental Drivers

The -95.5% change in GOVX stock from 12/15/2022 to 12/14/2025 was primarily driven by a -1197.0% change in the company's Shares Outstanding (Mil).

	12152022	12142025	Change
Stock Price ($)	8.28	0.37	-95.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.25	3.35	1260.54%
P/S Multiple	52.57	2.27	-95.69%
Shares Outstanding (Mil)	1.56	20.29	-1197.04%
Cumulative Contribution			-743.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/15/2023 to 12/14/2025

	Return	Correlation
GOVX	-92.1%
Market (SPY)	48.0%	15.5%
Sector (XLV)	18.2%	10.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
GOVX Return	1126567%	7%	-83%	-43%	-54%	-84%	8516%
Peers Return	642%	15%	-57%	-56%	45%	-9%	113%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
GOVX Win Rate	42%	33%	17%	33%	33%	25%
Peers Win Rate	57%	45%	32%	30%	43%	55%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
GOVX Max Drawdown	0%	-3%	-85%	-52%	-80%	-85%
Peers Max Drawdown	-20%	-26%	-68%	-64%	-48%	-49%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: EBS, SIGA, TNXP, MRNA, NVAX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/12/2025 (YTD)

How Low Can It Go

Unique Key	Event	GOVX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-96.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	2713.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-54.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	121.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	183 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-100.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	349900.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	269 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-65.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	188.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	72 days	1480 days

Compare to VRTX, AIXC, ALPS, BBOT, EVMN

In The Past

Geovax Labs's stock fell -96.4% during the 2022 Inflation Shock from a high on 2/17/2021. A -96.4% loss requires a 2713.3% gain to breakeven.

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About Geovax Labs (GOVX)

GeoVax Labs, Inc., a clinical-stage biotechnology company, develops human vaccines and immunotherapies against infectious diseases and cancers using modified vaccinia ankara virus-like particle vaccine platform. It is developing various preventive vaccines against (COVID-19), human immunodeficiency virus (HIV); Zika virus; malaria; and hemorrhagic fever viruses, such as Ebola, Sudan, Marburg, and Lassa, as well as therapeutic vaccines for HIV, chronic Hepatitis B infections, and solid tumor cancers. The company has collaboration and partnership agreements with the National Institute of Allergy and Infectious Diseases of the National Institutes of Health; Centers for Disease Control and Prevention; U.S. Department of Defense; Emory University; University of Pittsburgh; and the Burnet Institute. GeoVax Labs, Inc. was incorporated in 1988 and is based in Smyrna, Georgia.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for Geovax Labs (GOVX):

An early-stage **Moderna** or **BioNTech**, focused on developing vaccines and immunotherapies for a diverse range of infectious diseases and cancers.
A small, specialized vaccine R&D company, similar to a startup **Novavax**, but leveraging its unique viral vector platform.

AI Generated Analysis | Feedback

GEO-CM04S1 (COVID-19 Vaccine): A next-generation vaccine candidate designed to provide broad and durable protection against COVID-19 and its variants.
GEO-PRV01 (Monkeypox/Smallpox Vaccine): A vaccine candidate for the prevention of monkeypox and smallpox infections.
Gedeptin (Oncology Immunotherapy): A gene-directed enzyme prodrug therapy for the treatment of various solid tumors.
GV-MVA-VLP-GMCSF (Glioblastoma Immunotherapy): An immunotherapy candidate targeting glioblastoma, a severe form of brain cancer.

AI Generated Analysis | Feedback

Geovax Labs (GOVX) is a clinical-stage biotechnology company focused on developing vaccines and immunotherapies against infectious diseases and cancer. As a development-stage company, Geovax does not currently have commercialized products generating widespread sales to individuals or other companies in the traditional sense of product purchases. Instead, its primary sources of revenue come from research grants, contracts, and strategic licensing agreements with other entities.

Considering its business model, Geovax's "major customers" can be interpreted as the organizations that fund its research and development or license its technology, rather than purchasers of finished goods.

Major Funding Bodies and Strategic Partners:

National Institutes of Health (NIH): The NIH, particularly the National Institute of Allergy and Infectious Diseases (NIAID), has been a significant long-term source of grant funding and contracts for Geovax's research and development programs. The NIH is a U.S. government agency.
Biomedical Advanced Research and Development Authority (BARDA): BARDA, part of the U.S. Department of Health and Human Services, has provided funding for certain of Geovax's infectious disease programs, supporting advanced research and development. BARDA is a U.S. government agency.
Providence Therapeutics Holdings Inc.: Geovax has an exclusive license agreement with Providence Therapeutics, a private Canadian biotechnology company. Under this agreement, Providence Therapeutics is developing certain cancer vaccine candidates utilizing Geovax's MVA-VLP vaccine platform. This represents a strategic partnership and potential source of future milestone payments and royalties; as a private company, it does not have a public stock symbol.

Therefore, while not selling finished products, Geovax's key financial and collaborative relationships are primarily with government agencies funding R&D and other biotechnology companies licensing its technology.

AI Generated Analysis | Feedback

WuXi Biologics (symbol: 2269.HK)
Catalent, Inc. (symbol: CTLT)

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David A. Dodd, Chairman, President & CEO

Mr. Dodd was appointed CEO of GeoVax Labs in September 2018 and has served as Chairman since January 2011 and as a Director since March 2010. His executive management experience spans over 40 years in the pharmaceutical and biotechnology industries. Prior to GeoVax, he served as President & CEO at AEterna Zentaris Inc. and Medizone International, Inc. Notably, during his six-year tenure as President, CEO, and Director of Serologicals Corporation, the company's market value increased from $85 million to $1.5 billion, culminating in an all-cash sale to Millipore Corporation in 2006. He also oversaw the sale of Stem Cell Sciences Plc. as non-executive chairman. Mr. Dodd previously served as President, CEO & Director of Solvay Pharmaceuticals, Inc., where the enterprise value grew from $100 million to $2.5 billion over five years. He is also the founder and CEO of RiversEdge BioVentures LLC, an investment and advisory firm.

Mark W. Reynolds, Chief Financial Officer & Corporate Secretary

Mr. Reynolds joined GeoVax in 2006 and currently serves as the Chief Financial Officer and Corporate Secretary. Prior to joining GeoVax, he held CFO positions at HealthWatchSystems, Inc. (a privately held company), Duska Therapeutics, Inc. (a publicly held biotechnology company), and CytRx Corporation (a publicly held biopharmaceutical company) from 1988 to 2002. He began his career as an auditor with Arthur Andersen & Co. Mr. Reynolds is a certified public accountant.

Dr. Mark J. Newman, Chief Scientific Officer

Dr. Newman is the Chief Scientific Officer at GeoVax, serving in a full-time capacity since March 2022, after previously working on a part-time basis. He holds a PhD.

Dr. Kelly T. McKee, Chief Medical Officer

Dr. McKee serves as the Chief Medical Officer for GeoVax. He holds an M.D. and M.P.H. degrees.

Dr. John W. Sharkey, Vice President, Business Development

Dr. Sharkey has been the Vice President of Business Development for GeoVax since 2022, previously serving as part-time Head of Business Development. He led two transformational transactions for the company that advanced it into Phase 2 programs in Covid-19 and Oncology. He founded Cogas Consulting, LLC in 2010, which provides executive management, technical development, regulatory, and business development services to pharma and medical device companies. Earlier, as CEO of Largent Health, LLC, he oversaw the development and launch of several medical devices. He has held senior executive positions at Novartis and Shionogi, contributing to several significant partnering transactions. Dr. Sharkey holds a Ph.D. in Chemistry.

AI Generated Analysis | Feedback

The advancement and potential market dominance of universal influenza vaccines and other infectious disease vaccine candidates developed by larger, well-funded pharmaceutical companies utilizing potentially more efficacious and rapidly adaptable platforms, such as mRNA technology. Companies like Moderna and Pfizer are actively progressing mRNA-based universal flu vaccine candidates through clinical trials, which, if successful, could significantly diminish the market opportunity for Geovax's MVA-based universal flu program and other pipeline candidates leveraging similar technology.

AI Generated Analysis | Feedback

The addressable markets for Geovax Labs' main products and services are estimated as follows:

GEO-CM04S1 (COVID-19 vaccine): The global COVID-19 vaccine market was valued at US$13.43 billion in 2024 and is projected to reach US$29.98 billion by 2033.
Gedeptin® (therapy for head and neck cancer): The global head and neck cancer therapeutics market size was estimated at USD 2.27 billion in 2024 and is projected to reach USD 6.25 billion by 2033. The U.S. head and neck cancer therapeutics market was valued at USD 0.83 billion in 2024 and is expected to reach USD 1.91 billion by 2032.
Preventive vaccines against Mpox: The global monkeypox vaccine market size was valued at USD 99.1 million in 2024 and is expected to reach USD 434.3 million by 2033.
Preventive vaccines against smallpox: The global smallpox vaccine market size was valued at USD 69.26 million in 2024 and is projected to reach USD 102.73 million by 2032.
Preventive vaccines against Ebola: The global Ebola vaccine market is projected to reach an estimated $2.5 billion in 2025 and $5.875 billion by 2033.
Preventive vaccines against Marburg: The global Marburg Hemorrhagic Fever Drug market size is expected to reach approximately USD 100.996 million by the end of 2025 and USD 154.997 million by 2033.
Preventive vaccines against Malaria: The global malaria vaccines market size was valued at USD 491.90 million in 2024, growing at a CAGR of 12.7% from 2025 to 2034. However, another report estimates the global malaria vaccines market size at USD 620.0 million in 2025 and forecasted to reach around USD 1,432.7 million by 2032.
Preventive vaccines against Zika virus: The global Zika virus vaccine market is expected to reach an estimated $27.5 billion by 2031. Other estimates place the global market at USD 19.35 billion in 2024, growing to USD 20.43 billion in 2025, and projected to reach around USD 33.37 billion by 2034.
HIV vaccine: The global HIV vaccine market is anticipated to expand from $521.224 million in 2021 to $1,606.27 million by 2033.
GEO-CM02 (Pan-Coronavirus Vaccine): Null
Immunotherapies for multiple solid tumors (general): Null

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for GeoVax Labs (GOVX) over the next 2-3 years:

Advancement and Potential Commercialization of GEO-MVA Smallpox Vaccine: GeoVax is prioritizing the clinical evaluation of its GEO-MVA smallpox vaccine. The European Medicines Agency (EMA) has granted an expedited development path for this vaccine, allowing it to bypass Phase I and II clinical trials and proceed directly to a Phase III immunobridging trial. This accelerated pathway could significantly hasten market authorization and subsequent revenue generation.
Progress and Potential Commercialization of GEO-CM04S1 COVID-19 Vaccine: The company is actively advancing its GEO-CM04S1 COVID-19 vaccine, with a particular focus on immunocompromised patients. This demographic represents a substantial target market, encompassing over 40 million adults in the U.S. and an estimated 400 million worldwide. Phase II trials are currently underway for this vaccine candidate.
Development and Potential Commercialization of Gideptin Cancer Therapy: GeoVax is concentrating on its oncology pipeline, specifically the Gideptin cancer therapy. CEO David Dodd has highlighted the significant potential of Gideptin as a novel cancer treatment.

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Share Issuance

In January 2022, GeoVax completed a private placement issuing common stock and warrants for gross proceeds of approximately $10.0 million.
In March 2025, the company executed a registered direct offering raising approximately $4.5 million in gross proceeds through the sale of common stock and warrants.
A registered direct offering in September 2025 generated approximately $2.5 million in gross proceeds (net proceeds of about $2.325 million) from the sale of common stock and warrants.

Inbound Investments

Institutional investors purchased approximately $1.04 million in GeoVax stock transactions over the last 24 months.
The March and September 2025 registered direct offerings involved healthcare-focused institutional investors.

Capital Expenditures

Over the last 12 months, capital expenditures for GeoVax Labs amounted to -$20.65K.
Net proceeds from the September 2025 offering are designated to advance product candidates, including for capital expenditures, research and development, manufacturing, and clinical studies.

Better Bets than Geovax Labs (GOVX)

	GOVX	Better Performance than GOVX
Metric	Value	INDUSTRY: Biotechnology
Rev Chg LTM	8.5%	ALNY (53.2%), INSM (30.3%), UTHR (13.5%), AMGN (10.6%), VRTX (10.3%)
Op Mgn LTM	-761.6%	GILD (38.3%), REGN (26.7%), AMGN (24.1%), ABBV (24.1%), VRTX (-0.8%)
CFO/Rev LTM	-723.6%	AMGN (36.5%), REGN (35.6%), ABBV (35.0%), GILD (33.2%), VRTX (31.7%)
FCF/Rev LTM	-724.4%	ABBV (33.0%), AMGN (32.1%), GILD (31.5%), VRTX (28.5%), REGN (27.2%)
Total Yield	-337.2%	GILD (8.8%), REGN (8.3%), AMGN (7.9%), VRTX (3.7%), ABBV (3.4%)
P/S	2.2	FTRE (0.3), SRPT (0.8), NVAX (1.4), HRMY (1.9), BIIB (2.0)
P/Op Inc	-0.4

	GOVX	Better Performance than GOVX
Metric	Value	SECTOR: Health Care
Rev Chg LTM	8.5%	LLY (36.8%), ISRG (22.2%), BSX (21.6%), AMGN (10.6%), UNH (10.5%)
Op Mgn LTM	-761.6%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	-723.6%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), UNH (4.8%)
FCF/Rev LTM	-724.4%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), UNH (4.0%), LLY (-0.1%)
Total Yield	-337.2%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), ABBV (3.4%), LLY (2.7%)
P/S	2.2	CVS (0.2), MCK (0.2), UNH (0.7), HCA (1.4), BMY (1.9)
P/Op Inc	-0.4

	GOVX	Better Performance than GOVX
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	8.5%	NVDA (65.2%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Op Mgn LTM	-761.6%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-723.6%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-724.4%	NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-337.2%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.2%)
P/S	2.2	WMT (1.2), XOM (1.5), COST (1.5), CVX (1.6), HD (2.1)
P/Op Inc	-0.4

		Best Bets In Health Care Sector
	GOVX	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	-0.3	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	-0.4	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	-100.0%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	8.5%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	�	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	�	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With Geovax Labs Stock Sliding, Have You Assessed The Risk?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to GOVX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.0%	15.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-5.1%	-5.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.0%	9.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.0%	16.0%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.0%	15.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-5.1%	-5.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.0%	9.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.0%	16.0%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	310.0%	466.9%
WVE	WAVE Life Sciences	2.7	138.1%	33.9%
TERN	Terns Pharmaceuticals	4.1	121.7%	712.3%
ALMS	Alumis	0.9	119.3%	46.2%
CDTX	Cidara Therapeutics	5.9	106.0%	720.9%
SGML	Sigma Lithium	1.2	87.2%	-2.6%
ANNX	Annexon	0.7	75.0%	-3.1%
NUVB	Nuvation Bio	2.9	71.0%	216.9%
ARWR	Arrowhead Pharmaceuticals	9.7	69.2%	272.8%
SVRA	Savara	1.5	68.0%	125.4%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.0%	-63.3%
FRMI	Fermi	7.1	-53.6%
JANX	Janux Therapeutics	0.9	-46.4%	-71.4%
UP	Wheels Up Experience	0.5	-41.9%	-57.4%
AGIO	Agios Pharmaceuticals	1.6	-37.5%	-17.0%
ARDT	Ardent Health	1.2	-37.4%	-48.5%
CTEV	Claritev	0.6	-36.1%
METC	Ramaco Resources	1.0	-35.9%	54.3%
QURE	uniQure	1.1	-35.2%	10.5%
IBTA	Ibotta	0.6	-34.6%	-67.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

Peer Comparisons for Geovax Labs

Peers to compare with:

Financials

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
Mkt Price	0.37	11.41	6.46	19.28	29.46	6.57	8.99
Mkt Cap	0.0	0.6	0.5	0.2	11.5	1.1	0.5
Rev LTM	3	812	172	10	2,202	1,024	492
Op Inc LTM	-26	106	90	-96	-3,463	405	32
FCF LTM	-24	155	116	-77	-2,663	-385	-51
FCF 3Y Avg	-24	-55	65	-87	-3,092	-408	-71
CFO LTM	-24	169	117	-75	-1,978	-378	-50
CFO 3Y Avg	-24	-11	65	-82	-2,421	-375	-53

Growth & Margins

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
Rev Chg LTM	8.5%	-24.4%	-0.9%	-8.8%	-56.4%	20.9%	-4.8%
Rev Chg 3Y Avg	-	-16.9%	104.9%	-	-52.3%	14.1%	-1.4%
Rev Chg Q	-100.0%	-47.5%	-73.8%	16.6%	-46.0%	-16.6%	-46.7%
QoQ Delta Rev Chg LTM	-45.4%	-12.7%	-4.1%	4.8%	-27.9%	-1.4%	-8.4%
Op Mgn LTM	-761.6%	13.1%	52.4%	-932.4%	-157.3%	39.5%	-72.1%
Op Mgn 3Y Avg	-	-9.3%	28.1%	-1,584.1%	-79.9%	-27.4%	-27.4%
QoQ Delta Op Mgn LTM	-354.3%	20.8%	-3.8%	-140.7%	-50.1%	5.6%	-27.0%
CFO/Rev LTM	-723.6%	20.8%	67.7%	-726.5%	-89.8%	-36.9%	-63.4%
CFO/Rev 3Y Avg	-	0.3%	43.6%	-1,296.8%	-58.7%	-45.9%	-45.9%
FCF/Rev LTM	-724.4%	19.1%	67.5%	-751.3%	-120.9%	-37.6%	-79.2%
FCF/Rev 3Y Avg	-	-4.0%	43.6%	-1,408.1%	-76.1%	-50.2%	-50.2%

Valuation

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
Mkt Cap	0.0	0.6	0.5	0.2	11.5	1.1	0.5
P/S	2.2	0.6	3.8	20.9	4.6	1.4	3.0
P/EBIT	-0.4	2.0	7.3	-	-3.2	3.8	2.0
P/E	-0.3	3.4	8.8	-2.2	-3.2	4.1	1.6
P/CFO	-0.3	2.8	5.6	-2.9	-5.1	-3.7	-1.6
Total Yield	-337.2%	29.2%	11.4%	-46.0%	-30.9%	24.3%	-9.8%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-196.8%	-55.7%	11.5%	-	-16.2%	-43.3%	-43.3%
D/E	0.0	1.4	0.0	-	0.1	0.2	0.1
Net D/E	-0.5	0.8	-0.3	-	-0.4	-0.4	-0.4

Returns

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
1M Rtn	-16.9%	12.9%	7.7%	21.3%	18.9%	-5.7%	10.3%
3M Rtn	-46.6%	40.2%	-27.6%	-32.6%	25.3%	-17.7%	-22.6%
6M Rtn	-63.6%	82.6%	1.6%	-39.7%	10.5%	-5.3%	-1.9%
12M Rtn	-84.1%	34.6%	15.4%	-19.8%	-29.6%	-27.9%	-23.9%
3Y Rtn	-95.5%	2.4%	9.1%	-99.7%	-85.8%	-42.0%	-63.9%
1M Excs Rtn	-24.4%	5.9%	4.4%	9.1%	10.6%	-8.4%	5.1%
3M Excs Rtn	-48.6%	39.4%	-31.4%	-33.7%	20.2%	-21.9%	-26.7%
6M Excs Rtn	-77.8%	68.3%	-12.7%	-53.9%	-3.8%	-19.6%	-16.1%
12M Excs Rtn	-97.8%	19.4%	-2.9%	-15.1%	-42.2%	-38.2%	-26.6%
3Y Excs Rtn	-170.2%	-81.4%	-72.3%	-173.3%	-157.1%	-135.4%	-146.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/13/2025	3/27/2025	2/29/2024	3/23/2023	3/9/2022	3/23/2021	3/24/2020
Key Financials
Total Revenue	3	4	0	0	0	2	1
EBITDA	-25	-25	-26	-14	-19	-3	-2
Operating Income	-26	-25	-27	-14	-19	-3	-2
Net Income	-25	-25	-26	-14	-19	-3	-2
EPS	-1.89	-4.82	-14.29	-12.39	-45.60	-32.10	-2373.00
Growth Rates
Total Revenue Growth	8.5%	∞%	-100.0%	-78.9%	-78.9%	55.1%	22.1%
EBITDA Growth	-4.3%	3.9%	-85.3%	24.6%	-563.0%	-18.5%	7.1%
Operating Income Growth	-4.3%	6.0%	-90.6%	25.2%	-565.5%	-18.7%	7.4%
Net Income Growth	-4.1%	3.8%	-85.2%	24.5%	-527.8%	-24.8%	7.4%
Margins
EBITDA Margin	-754.0%	-629.0%	-	-17138.4%	-4806.9%	-153.3%	-200.5%
Operating Income Margin	-761.6%	-635.8%	-	-17207.5%	-4862.7%	-154.5%	-201.8%
Net Income Margin	-754.7%	-632.0%	-	-17198.3%	-4817.2%	-162.2%	-201.6%
Cash & Debt
Total Cash	5	6	6	28	11	10	0
Total Debt	0	0	0	0	0	0	0
Net Debt / (Cash)	-5	-6	-6	-28	-11	-10	-0
Cash Flows
Net Cash from Operations	-24	-25	-25	-19	-11	-3	-1
Free Cash from Operations	-24	-25	-25	-19	-11	-3	-1
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/13/2025	7/28/2025	5/1/2025	3/27/2025	11/12/2024	8/6/2024	5/14/2024	2/29/2024	11/8/2023	8/9/2023	5/4/2023	3/23/2023
Key Financials Quarterly
Total Revenue	0	1	2	1	3	0	0	0	0	0	0	0
Ebitda	-6	-5	-5	-8	-6	-5	-6	-8	-8	-6	-4	-5
Operating Income	-6	-5	-5	-8	-6	-5	-6	-8	-9	-6	-4	-5
Net Income	-6	-5	-5	-8	-6	-5	-6	-8	-8	-6	-4	-5
EPS	-0.31	-0.35	-0.45	-0.78	-0.91	-1.99	-2.47	-3.87	-4.75	-3.79	-2.30	-3.07
Key Financials TTM
Total Revenue TTM	3	6	6	4	3	0	0	0	0	0	0	0
Ebitda TTM	-25	-25	-24	-25	-24	-27	-28	-26	-24	-19	-16	-14
Operating Income TTM	-26	-25	-25	-25	-24	-27	-28	-27	-24	-20	-16	-14
Net Income TTM	-25	-25	-24	-25	-24	-27	-28	-26	-24	-19	-16	-14
Growth Rates Quarterly
Total Revenue Growth	-100.0%	183.5%	-	-	-	-	-	-	-	-	-100.0%	-100.0%
EBITDA Growth	-9.2%	-6.4%	8.1%	-8.9%	31.2%	14.8%	-37.9%	-40.9%	-112.3%	-165.0%	-76.1%	60.9%
Operating Income Growth	-8.9%	-7.0%	8.1%	-8.5%	31.9%	18.1%	-37.8%	-42.8%	-116.6%	-175.5%	-75.9%	60.8%
Net Income Growth	-8.7%	-6.0%	8.4%	-8.8%	30.8%	14.6%	-44.9%	-41.0%	-111.9%	-164.4%	-66.3%	60.8%
Margins Quarterly
EBITDA Margin	-	-628.1%	-329.2%	-953.4%	-206.9%	-1673.9%	-	-	-	-	-	-
Operating Income Margin	-	-635.8%	-330.2%	-965.3%	-209.9%	-1683.6%	-	-	-	-	-	-
Net Income Margin	-	-630.0%	-327.3%	-955.9%	-208.5%	-1684.2%	-	-	-	-	-	-
Cash & Debt
Total Cash	5	3	7	6	9	2	1	6	13	18	24	28
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-5	-3	-7	-6	-9	-1	-1	-6	-13	-18	-24	-28
Cash Flows Quarterly
FCF from Operations	-6	-4	-6	-8	-9	-2	-6	-10	-5	-6	-4	-7
Cash Flows TTM
FCF from Operations TTM	-24	-27	-25	-25	-27	-23	-27	-25	-22	-21	-18	-19
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-17.4%	-15.5%	-16.0%	-25.9%	-19.4%	-18.2%	-21.5%	-29.7%	-36.9%	-28.2%	-21.0%	-27.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-17.5%	-17.9%	-18.2%	-19.5%	-20.2%	-24.4%	-25.9%	-25.8%	-26.2%	-22.6%	-19.5%	-18.1%

Price Behavior

Price Behavior

Market Price	$0.37
Market Cap ($ Bil)	0.0
First Trading Date	02/23/2007
Distance from 52W High	-85.8%
	50 Days	200 Days
DMA Price	$0.49	$0.83
DMA Trend	down	down
Distance from DMA	-23.7%	-54.8%
	3M	1YR
Volatility	86.2%	105.2%
Downside Capture	323.81	316.03
Upside Capture	-41.74	95.23
Correlation (SPY)	27.6%	26.9%

GOVX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.63	2.28	1.99	2.74	1.42	1.33
Up Beta	-1.86	-0.44	1.08	2.08	1.22	0.27
Down Beta	0.75	3.14	2.88	3.34	0.96	1.44
Up Capture	-26%	192%	-26%	111%	81%	77%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	5	18	24	62	108	312
Down Capture	392%	290%	294%	324%	160%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	14	23	37	59	129	417

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of GOVX With Other Asset Classes (Last 1Y)
	GOVX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-85.6%	7.9%	13.8%	61.2%	3.6%	-3.9%	-7.4%
Annualized Volatility	104.4%	17.4%	19.7%	19.4%	15.9%	17.7%	35.6%
Sharpe Ratio	-1.32	0.28	0.54	2.34	0.04	-0.38	-0.05
Correlation With Other Assets		18.4%	27.2%	-4.4%	2.9%	15.8%	23.7%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of GOVX With Other Asset Classes (Last 5Y)
	GOVX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-60.9%	8.1%	14.5%	18.1%	11.5%	4.4%	36.1%
Annualized Volatility	167.4%	14.5%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.08	0.38	0.69	0.94	0.50	0.15	0.63
Correlation With Other Assets		11.2%	14.0%	4.2%	5.2%	9.9%	8.3%

Based On 10-Year Data

		Comparison of GOVX With Other Asset Classes (Last 10Y)
	GOVX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.5%	9.7%	14.4%	14.3%	5.8%	5.3%	73.6%
Annualized Volatility	9,337.8%	16.7%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.51	0.48	0.69	0.80	0.26	0.22	0.93
Correlation With Other Assets		0.9%	0.5%	2.1%	0.7%	-2.0%	-3.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,025,702
Short Interest: % Change Since 11152025	0.3%
Average Daily Volume	488,347
Days-to-Cover Short Interest	6.20
Basic Shares Quantity	20,287,203
Short % of Basic Shares	14.9%

Returns Analyses

	Title
0	With Geovax Labs Stock Sliding, Have You Assessed The Risk?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/13/2025	-3.8%	-14.5%
7/29/2025	1.8%	-3.0%	0.8%
3/28/2025	-4.5%	-8.1%	-10.0%
11/13/2024	-3.3%	-3.3%	-13.0%
8/7/2024	5.1%	82.6%	92.1%
5/15/2024	1.2%	8.7%	-30.2%
3/1/2024	-7.5%	-16.1%	-24.4%
11/9/2023	-1.8%	1.1%	-40.1%
...
SUMMARY STATS
# Positive	7	7	7
# Negative	12	12	12
Median Positive	1.2%	3.2%	11.7%
Median Negative	-3.6%	-6.0%	-24.4%
Max Positive	5.1%	82.6%	92.1%
Max Negative	-9.8%	-24.4%	-66.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11132025	10-Q 9/30/2025
6302025	7282025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	3272025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5142024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	3232023	10-K 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	4272022	10-Q 3/31/2022
12312021	3092022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	SPENCER JOHN N JR		10202025	Buy	0.55	10,000	5,498	11,767	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Geovax Labs (GOVX)

Market Price (12/15/2025): $0.373 | Market Cap: $7.6 MilSector: Health Care | Industry: Biotechnology

Geovax Labs (GOVX)

Market Price (12/15/2025): $0.373Market Cap: $7.6 MilSector: Health CareIndustry: Biotechnology

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GOVX Stock

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Market Price (12/15/2025): $0.373 | Market Cap: $7.6 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (12/15/2025): $0.373
Market Cap: $7.6 Mil
Sector: Health Care
Industry: Biotechnology