Tearsheet

Geovax Labs (GOVX)

Market Price (3/14/2026): $1.72 | Market Cap: $1.4 Mil
Sector: Health Care | Industry: Biotechnology

Geovax Labs (GOVX)

Market Price (3/14/2026): $1.72
Market Cap: $1.4 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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 -359%	Weak multi-year price returns 2Y Excs Rtn is -129%, 3Y Excs Rtn is -169%	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%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -65%		Weak revenue growth Rev Chg QQuarterly Revenue Change % is null
2			Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%
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 -1817%
5			High stock price volatility Vol 12M is 122%
6			Significant 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 26%

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 -359%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -65%
2	Weak multi-year price returns 2Y Excs Rtn is -129%, 3Y Excs Rtn is -169%
3	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%
4	Weak revenue growth Rev Chg QQuarterly Revenue Change % is null
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30%
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 -1817%
8	High stock price volatility Vol 12M is 122%
9	Significant 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 26%

Valuation, Metrics & Events

	3/14/26	2025	2024	2023	2022	2021
Share Price CYE	$1.72	$4.28	$61.75	$135.38	$236.32	$1,357.50
Market Cap CYE ($ Mil)	1.4	3.5	15.8	9.6	14.8	23.0
Total Debt ($ Mil)	0.0	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Mil)	5.0	5.0	8.6	12.7	34.7	18.1
Enterprise Value ($ Mil)	-3.6	3.5	15.8	9.6	14.8	23.0
Valuation Ratios
P/S TTM	0.4	1.0	5.1	-	60.0	48.7
P/EBIT TTM	-0.1	-0.1	-0.7	-0.4	-0.7	-3.7
P/E TTM	-0.1	-0.1	-0.7	-0.4	-0.7	-3.7
P/FCF TTM	-0.1	-0.1	-0.6	-0.4	-0.8	-3.7
Sector Ratios
P/S TTM (Sector)	3.6	4.2	3.9	4.2	4.4	7.7
P/EBIT TTM (Sector)	-1.6	-1.6	-1.5	-1.4	-1.2	-3.3
P/E TTM (Sector)	-1.9	-1.8	-1.6	-1.6	-1.2	-3.5
P/FCF TTM (Sector)	-1.5	-1.5	-1.5	-1.3	-1.6	-3.6

	3/14/26	2025	2024
Share Price CYE	$1.72	$4.28	$61.75
Market Cap CYE ($ Mil)	1.4	3.5	15.8
Total Debt ($ Mil)	0.0	0.0	0.0
Total Cash ($ Mil)	5.0	5.0	8.6
Enterprise Value ($ Mil)	-3.6	3.5	15.8
Valuation Ratios
P/S TTM	0.4	1.0	5.1
P/EBIT TTM	-0.1	-0.1	-0.7
P/E TTM	-0.1	-0.1	-0.7
P/FCF TTM	-0.1	-0.1	-0.6
Sector Ratios
P/S TTM (Sector)	3.6	4.2	3.9
P/EBIT TTM (Sector)	-1.6	-1.6	-1.5
P/E TTM (Sector)	-1.9	-1.8	-1.6
P/FCF TTM (Sector)	-1.5	-1.5	-1.5

	GOVX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	-100.0%	7.3%
Rev Chg LTM	8.5%	6.6%
Rev Chg 3Y Avg	-45.7%	5.7%
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%	18.7%
CFO/Rev LTM	-723.6%	20.9%
Net Inc Mgn	-754.7%	12.8%
VALUATION	VERY LOW
P/S	0.4	3.1
P/CFO	-0.1	15.3
P/FCF	-0.1	20.0
P/E	-0.1	24.2
STABILITY	VERY GOOD
Debt/Equity	0.00	0.22
Cash/Assets	0.74	0.07

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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: -
4/29/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Geovax Labs (GOVX) stock has lost about 85% since 11/30/2025 because of the following key factors:

1. Reverse Stock Split to Maintain Nasdaq Listing.

GeoVax Labs implemented a 1-for-25 reverse stock split, effective January 9, 2026, to regain compliance with Nasdaq's $1.00 minimum bid price requirement. This corporate action, which reduced the number of outstanding shares from approximately 43.3 million to 1.7 million, is typically viewed negatively by investors as it signals a company's struggle to maintain its listing and does not fundamentally improve its business operations.

2. Dilutive Equity Offerings.

The company engaged in significant equity offerings that diluted existing shareholder value. GeoVax completed a Composite Units Offering of approximately $6.49 million on December 22, 2025, and filed a Follow-on Equity Offering of approximately $1.00 million on February 13, 2026. These capital raises, particularly for a company with ongoing losses, typically exert downward pressure on the stock price by increasing the number of shares outstanding.

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Stock Movement Drivers

Fundamental Drivers

The -83.3% change in GOVX stock from 11/30/2025 to 3/13/2026 was primarily driven by a -83.3% change in the company's P/S Multiple.

(LTM values as of)	11302025	3132026	Change
Stock Price ($)	10.28	1.72	-83.3%
Change Contribution By:
Total Revenues ($ Mil)	3	3	0.0%
P/S Multiple	2.5	0.4	-83.3%
Shares Outstanding (Mil)	1	1	0.0%
Cumulative Contribution			-83.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026

	Return	Correlation
GOVX	-83.3%
Market (SPY)	-3.1%	13.4%
Sector (XLV)	-5.0%	4.6%

Fundamental Drivers

The -90.8% change in GOVX stock from 8/31/2025 to 3/13/2026 was primarily driven by a -77.7% change in the company's P/S Multiple.

(LTM values as of)	8312025	3132026	Change
Stock Price ($)	18.64	1.72	-90.8%
Change Contribution By:
Total Revenues ($ Mil)	6	3	-45.4%
P/S Multiple	1.9	0.4	-77.7%
Shares Outstanding (Mil)	1	1	-24.3%
Cumulative Contribution			-90.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026

	Return	Correlation
GOVX	-90.8%
Market (SPY)	3.0%	20.0%
Sector (XLV)	9.5%	7.6%

Fundamental Drivers

The -95.2% change in GOVX stock from 2/28/2025 to 3/13/2026 was primarily driven by a -86.1% change in the company's P/S Multiple.

(LTM values as of)	2282025	3132026	Change
Stock Price ($)	36.00	1.72	-95.2%
Change Contribution By:
Total Revenues ($ Mil)	3	3	8.5%
P/S Multiple	3.0	0.4	-86.1%
Shares Outstanding (Mil)	0	1	-68.4%
Cumulative Contribution			-95.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026

	Return	Correlation
GOVX	-95.2%
Market (SPY)	12.4%	24.5%
Sector (XLV)	1.9%	18.2%

Fundamental Drivers

The -99.3% change in GOVX stock from 2/28/2023 to 3/13/2026 was primarily driven by a -99.3% change in the company's P/S Multiple.

(LTM values as of)	2282023	3132026	Change
Stock Price ($)	252.15	1.72	-99.3%
Change Contribution By:
Total Revenues ($ Mil)	0	3	1260.5%
P/S Multiple	64.0	0.4	-99.3%
Shares Outstanding (Mil)	0	1	-92.3%
Cumulative Contribution			-99.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026

	Return	Correlation
GOVX	-99.3%
Market (SPY)	73.4%	14.6%
Sector (XLV)	23.3%	9.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
GOVX Return	7%	-83%	-43%	-54%	-93%	-56%	-100%
Peers Return	15%	-57%	-56%	45%	-11%	19%	-67%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	80%
Monthly Win Rates [3]
GOVX Win Rate	33%	17%	33%	33%	25%	33%
Peers Win Rate	45%	32%	30%	43%	53%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
GOVX Max Drawdown	-3%	-85%	-52%	-80%	-94%	-67%
Peers Max Drawdown	-26%	-68%	-64%	-48%	-49%	-12%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 3/13/2026 (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	1,480 days

Compare to EBS, SIGA, TNXP, MRNA, NVAX

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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Here are 1-3 brief analogies for GeoVax Labs (GOVX):

A Moderna that uses a unique virus-like particle (MVA-VLP) platform for a broad portfolio of vaccines against infectious diseases and cancers.
Similar to how CRISPR Therapeutics leverages its gene-editing platform for diverse medical applications, GeoVax Labs uses its MVA-VLP platform for vaccines and immunotherapies.

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Preventive Vaccines: Vaccines developed to prevent infectious diseases such such as COVID-19, HIV, Zika virus, malaria, and various hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa).
Therapeutic Vaccines and Immunotherapies: Vaccines and immunotherapies designed to treat existing conditions including HIV, chronic Hepatitis B infections, and solid tumor cancers.

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Geovax Labs (GOVX) is a clinical-stage biotechnology company focused on research and development. As such, it does not currently have traditional commercial customers that purchase finished products for resale or direct use by individuals. Instead, its primary interactions and sources of funding/support come from governmental agencies and academic/research institutions through collaboration and partnership agreements.

Therefore, the major entities that support Geovax Labs' operations and R&D efforts, which can be considered its "major customers" in the context of a clinical-stage company, are:

The National Institute of Allergy and Infectious Diseases (NIAID) of the National Institutes of Health (NIH)
The Centers for Disease Control and Prevention (CDC)
The U.S. Department of Defense (DoD)
Emory University
University of Pittsburgh
The Burnet Institute

These entities are governmental bodies or academic/research institutions and do not have public company stock symbols.

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Bavarian Nordic A/S (BAVA)
Oncotelic Therapeutics, Inc. (OTLC)
Virionyx, Inc.
KBI Biopharma, Inc.

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The emergence and increasing dominance of mRNA vaccine technology presents a clear emerging threat to companies like GeoVax Labs that rely on alternative vaccine platforms for their pipeline across multiple disease areas, including infectious diseases and cancers.

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Interactive Breakdown

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Better Bets vs. Geovax Labs (GOVX)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Geovax Labs Stock Slides 61% With A 9-Day Losing Spree	12/20/2025
2	Geovax Labs Earnings Notes	12/16/2025
3	Would You Still Hold Geovax Labs Stock If It Fell Another 30%?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to GOVX.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K	02282026	QDEL	QuidelOrtho	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
CHE_2272026_Dip_Buyer_FCFYield	02272026	CHE	Chemed	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	0.0%	0.0%	0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper	02272026	LLY	Eli Lilly	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	0.0%
HAE_2202026_Dip_Buyer_FCFYield	02202026	HAE	Haemonetics	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	3.5%	3.5%	0.0%
IQV_2132026_Dip_Buyer_ValueBuy	02132026	IQV	IQVIA	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	-3.0%

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QDEL	QuidelOrtho	1.2	-40.6%	-40.1%
HRI	Herc	3.6	-39.8%	-26.3%
DCH	Dauch	0.6	-39.7%	-36.9%

Peer Comparisons

Peers to compare with:

Financials

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
Mkt Price	1.72	8.07	5.26	13.24	52.56	10.23	9.15
Mkt Cap	0.0	0.4	0.4	0.1	20.6	1.7	0.4
Rev LTM	3	705	172	10	1,922	1,083	439
Op Inc LTM	-26	112	90	-96	-3,074	551	32
FCF LTM	-24	157	116	-77	-2,075	-251	-51
FCF 3Y Avg	-24	-22	65	-87	-3,318	-375	-56
CFO LTM	-24	171	117	-75	-1,873	-245	-50
CFO 3Y Avg	-24	8	65	-82	-2,665	-349	-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%	-30.4%	-0.9%	-8.8%	-39.9%	58.8%	-4.8%
Rev Chg 3Y Avg	-	-12.2%	104.9%	-	-52.3%	-0.7%	-6.5%
Rev Chg Q	-100.0%	-24.0%	-73.8%	16.6%	-29.3%	66.6%	-26.7%
QoQ Delta Rev Chg LTM	-45.4%	-6.1%	-4.1%	4.8%	-12.7%	5.7%	-5.1%
Op Mgn LTM	-761.6%	15.9%	52.4%	-932.4%	-159.9%	50.8%	-72.0%
Op Mgn 3Y Avg	-	-3.9%	28.1%	-1,584.1%	-115.3%	-22.4%	-22.4%
QoQ Delta Op Mgn LTM	-354.3%	0.1%	-3.8%	-140.7%	-2.7%	11.3%	-3.3%
CFO/Rev LTM	-723.6%	24.2%	67.7%	-726.5%	-97.5%	-22.6%	-60.0%
CFO/Rev 3Y Avg	-	3.3%	43.6%	-1,296.8%	-79.2%	-46.1%	-46.1%
FCF/Rev LTM	-724.4%	22.2%	67.5%	-751.3%	-108.0%	-23.2%	-65.6%
FCF/Rev 3Y Avg	-	0.2%	43.6%	-1,408.1%	-97.1%	-49.9%	-49.9%

Valuation

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
Mkt Cap	0.0	0.4	0.4	0.1	20.6	1.7	0.4
P/S	0.4	0.6	2.2	11.5	10.7	1.5	1.9
P/EBIT	-0.1	3.0	4.2	-2.8	-7.5	3.6	1.5
P/E	-0.1	8.0	5.1	-1.2	-7.3	3.8	1.9
P/CFO	-0.1	2.5	3.2	-1.6	-11.0	-6.8	-0.8
Total Yield	-1,813.3%	12.5%	19.8%	-84.0%	-13.7%	26.5%	-0.6%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-367.2%	-58.4%	15.1%	-51,904.5%	-17.7%	-53.6%	-56.0%
D/E	0.0	1.4	0.0	0.0	0.1	0.1	0.0
Net D/E	-3.6	0.9	-0.5	-1.6	-0.2	-0.3	-0.4

Returns

	GOVX	EBS	SIGA	TNXP	MRNA	NVAX	Median
Name	Geovax L.	Emergent.	SIGA Tec.	Tonix Ph.	Moderna	Novavax
1M Rtn	-32.5%	-26.8%	-20.8%	-16.5%	29.7%	14.1%	-18.7%
3M Rtn	-81.6%	-29.3%	-18.6%	-31.3%	78.4%	55.8%	-23.9%
6M Rtn	-90.2%	-0.9%	-41.0%	-53.7%	123.6%	28.3%	-20.9%
12M Rtn	-95.5%	46.5%	6.6%	-2.9%	53.2%	25.3%	15.9%
3Y Rtn	-99.3%	-16.8%	22.3%	-99.9%	-65.3%	63.2%	-41.0%
1M Excs Rtn	-30.2%	-24.4%	-18.4%	-14.1%	32.1%	16.5%	-16.3%
3M Excs Rtn	-81.0%	-28.6%	-14.2%	-31.4%	82.7%	53.5%	-21.4%
6M Excs Rtn	-93.3%	-4.8%	-44.9%	-60.4%	104.2%	20.8%	-24.8%
12M Excs Rtn	-116.8%	10.2%	-24.0%	-22.3%	29.1%	5.3%	-8.5%
3Y Excs Rtn	-169.1%	-91.8%	-55.7%	-169.6%	-132.7%	-21.2%	-112.3%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

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	-47.35	-120.50	-357.25	-309.75	-1140.00	-802.50	-60785.36
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	-7.75	-8.75	-11.25	-19.60	-22.75	-49.75	-61.75	-96.75	-118.75	-94.75	-57.50	-76.66
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%

Segment Financials

null

Price Behavior

Price Behavior

Market Price	$1.72
Market Cap ($ Bil)	0.0
First Trading Date	02/23/2007
Distance from 52W High	-95.5%
	50 Days	200 Days
DMA Price	$2.65	$12.74
DMA Trend	down	down
Distance from DMA	-35.1%	-86.5%
	3M	1YR
Volatility	144.0%	122.0%
Downside Capture	544.63	447.52
Upside Capture	-435.54	46.30
Correlation (SPY)	13.2%	26.4%

GOVX Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.08	1.92	2.07	2.10	1.56	1.37
Up Beta	11.18	5.17	3.53	2.24	1.31	0.59
Down Beta	6.14	3.45	3.20	2.86	1.09	1.34
Up Capture	-626%	-328%	-335%	-128%	21%	21%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	6	12	16	41	107	304
Down Capture	130%	366%	459%	300%	171%	113%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	13	26	42	79	134	425

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with GOVX
GOVX	-95.9%	121.8%	-1.96	-
Sector ETF (XLV)	5.0%	17.5%	0.12	19.1%
Equity (SPY)	19.6%	18.9%	0.81	26.9%
Gold (GLD)	71.9%	26.3%	2.05	-3.6%
Commodities (DBC)	19.3%	17.3%	0.89	0.9%
Real Estate (VNQ)	6.2%	16.3%	0.19	16.2%
Bitcoin (BTCUSD)	-15.0%	44.2%	-0.24	20.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with GOVX
GOVX	-75.0%	160.7%	-0.24	-
Sector ETF (XLV)	7.5%	14.5%	0.33	10.9%
Equity (SPY)	13.1%	17.0%	0.61	14.6%
Gold (GLD)	24.1%	17.3%	1.14	4.0%
Commodities (DBC)	11.2%	19.0%	0.47	4.9%
Real Estate (VNQ)	4.8%	18.8%	0.16	10.4%
Bitcoin (BTCUSD)	6.4%	56.7%	0.33	9.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with GOVX
GOVX	-68.8%	191.5%	-0.20	-
Sector ETF (XLV)	10.1%	16.5%	0.50	2.8%
Equity (SPY)	14.5%	17.9%	0.70	3.5%
Gold (GLD)	14.4%	15.6%	0.77	5.8%
Commodities (DBC)	8.6%	17.6%	0.40	1.6%
Real Estate (VNQ)	5.6%	20.7%	0.23	0.6%
Bitcoin (BTCUSD)	67.5%	66.8%	1.07	3.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	0.2 Mil
Short Interest: % Change Since 2152026	-22.7%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	1.3 days
Basic Shares Quantity	0.8 Mil
Short % of Basic Shares	26.0%

Returns Analyses

	Title
0	Would You Still Hold Geovax Labs Stock If It Fell Another 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/13/2025	-3.8%	-14.5%	-38.9%
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%	-26.3%
Max Positive	5.1%	82.6%	92.1%
Max Negative	-9.8%	-24.4%	-66.9%

	Forward Returns
11/13/2025	-3.8%	-14.5%	-38.9%
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%
8/10/2023	-0.8%	-7.0%	2.2%
3/24/2023	4.5%	-0.8%	-3.6%
11/14/2022	-1.9%	-5.1%	-28.2%
8/4/2022	-9.8%	-24.4%	-66.9%
3/10/2022	0.7%	2.7%	-29.3%
11/12/2021	-1.2%	3.2%	-10.1%
8/11/2021	-3.9%	-5.1%	13.1%
3/23/2021	0.2%	-13.8%	-0.8%
11/5/2020	-3.1%	-2.4%	11.7%
8/10/2020	0.0%	0.0%	0.0%
3/25/2020	-4.6%	15.1%	15.1%
SUMMARY STATS
# Positive	7	7	7
# Negative	12	12	12
Median Positive	1.2%	3.2%	11.7%
Median Negative	-3.6%	-6.0%	-26.3%
Max Positive	5.1%	82.6%	92.1%
Max Negative	-9.8%	-24.4%	-66.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/13/2025	10-Q
06/30/2025	07/28/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	03/27/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/06/2024	10-Q
03/31/2024	05/14/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	03/23/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/03/2022	10-Q
03/31/2022	04/27/2022	10-Q
12/31/2021	03/09/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Spencer, John N Jr		Direct	Buy	10202025	0.55	10,000	5,498	11,767	Form
2	McKee, Kelly T Jr	Chief Medical Officer	Direct	Buy	8082025	0.67	1,107	742	2,341	Form
3	Spencer, John N Jr		Direct	Buy	4112025	0.98	10,000	9,800	11,174	Form
4	Sharkey, John W	VP, Business Development	Direct	Buy	4102025	0.99	6,000	5,940	6,129	Form
5	Dodd, David A	President, CEO	Direct	Buy	4012025	1.08	10,000	10,800	39,594	Form

GOVX Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing GOVX?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What GOVX Makes & Who Pays

TTM figures based on

GOVX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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 (3/14/2026): $1.72 | Market Cap: $1.4 MilSector: Health Care | Industry: Biotechnology

Geovax Labs (GOVX)

Market Price (3/14/2026): $1.72Market Cap: $1.4 MilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Geovax Labs (GOVX)

Interactive Breakdown

Better Bets vs. Geovax Labs (GOVX)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

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Top Gainers

Top Losers

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Research & Analysis

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Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

GOVX Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

External Quote Links

Market Price (3/14/2026): $1.72 | Market Cap: $1.4 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (3/14/2026): $1.72
Market Cap: $1.4 Mil
Sector: Health Care
Industry: Biotechnology