Geovax Labs (GOVX)
Market Price (9/9/2026): $0.4728 | Market Cap: $2.2 MilSector: Health Care | Industry: Biotechnology
Geovax Labs (GOVX)
Market Price (9/9/2026): $0.4728Market Cap: $2.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -131% | Weak multi-year price returns2Y Excs Rtn is -138%, 3Y Excs Rtn is -170% | Penny stockMkt Price is 0.5 Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21 Mil Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -956% High stock price volatilityVol 12M is 142% Key risksGOVX key risks include [1] a high probability of bankruptcy driven by a critically short cash runway and the recent termination of its BARDA government contract, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -131% |
| Weak multi-year price returns2Y Excs Rtn is -138%, 3Y Excs Rtn is -170% |
| Penny stockMkt Price is 0.5 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21 Mil |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null, Rev Chg QQuarterly Revenue Change % is null |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -956% |
| High stock price volatilityVol 12M is 142% |
| Key risksGOVX key risks include [1] a high probability of bankruptcy driven by a critically short cash runway and the recent termination of its BARDA government contract, Show more. |
Qualitative Assessment
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Geovax Labs (GOVX) stock has lost about 75% since 5/31/2026 because of the following key factors:
1. Strategic Reprioritization and Discontinuation of COVID-19 Vaccine Candidate: In May 2026, GeoVax Labs discontinued the development of its GEO-CM04S1 COVID-19 vaccine candidate due to weakening global market demand, resulting in a 12% plunge in share price on the day of the announcement. This strategic shift, while aimed at prioritizing lead programs, eliminated a significant pipeline asset and likely contributed to investor uncertainty regarding the company's future value.
2. Significant Share Dilution and Ongoing Financing Activities: The company undertook substantial dilutive financing activities within the period. In May 2026, GeoVax filed a prospectus for the resale of up to 7.6 million shares of common stock. Later, in August 2026, a warrant inducement transaction generated approximately $3.6 million in gross proceeds through the immediate exercise of 5,697,628 warrants, but simultaneously created future dilution capacity with the issuance of new unregistered warrants for up to 11,395,256 additional shares at the same $0.64 exercise price, contingent on shareholder approval. These actions continuously increase the outstanding share count and dilute existing shareholders' ownership.
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Geovax Labs (GOVX) stock has lost about 75% since 5/31/2026 because of the following key factors:
1. Strategic Reprioritization and Discontinuation of COVID-19 Vaccine Candidate: In May 2026, GeoVax Labs discontinued the development of its GEO-CM04S1 COVID-19 vaccine candidate due to weakening global market demand, resulting in a 12% plunge in share price on the day of the announcement. This strategic shift, while aimed at prioritizing lead programs, eliminated a significant pipeline asset and likely contributed to investor uncertainty regarding the company's future value.
2. Significant Share Dilution and Ongoing Financing Activities: The company undertook substantial dilutive financing activities within the period. In May 2026, GeoVax filed a prospectus for the resale of up to 7.6 million shares of common stock. Later, in August 2026, a warrant inducement transaction generated approximately $3.6 million in gross proceeds through the immediate exercise of 5,697,628 warrants, but simultaneously created future dilution capacity with the issuance of new unregistered warrants for up to 11,395,256 additional shares at the same $0.64 exercise price, contingent on shareholder approval. These actions continuously increase the outstanding share count and dilute existing shareholders' ownership.
3. Nasdaq Delisting Determination: GeoVax Labs received a Nasdaq delisting determination in August 2026 after its common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, specifically from July 16 through August 26, 2026. This was exacerbated by the company's ineligibility for a standard compliance period due to a 1-for-25 reverse stock split in January 2026, and a prior non-compliance notification in July 2026 regarding its failure to meet the $2.5 million minimum stockholders' equity requirement. The imminent threat of delisting significantly eroded investor confidence.
4. Persistent Lack of Product Revenue and "Going Concern" Doubts: As a clinical-stage biotechnology company, GeoVax Labs continued to report no product revenue during fiscal Q1 2026 and fiscal Q2 2026. Despite narrower-than-expected losses in both quarters, the absence of revenue-generating products and the high cash burn rate led management to express substantial doubt about the company's ability to continue as a going concern in May 2026, highlighting the ongoing need for substantial additional funding to sustain operations.
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Stock Movement Drivers
Fundamental Drivers
The -77.3% change in GOVX stock from 5/31/2026 to 9/8/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.06 | 0.47 | -77.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 0 | |
| P/S Multiple | 4.9 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 2 | 5 | -56.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| GOVX | -77.3% | |
| Market (SPY) | 1.3% | 22.2% |
| Sector (XLV) | 11.8% | -27.1% |
Fundamental Drivers
The -70.7% change in GOVX stock from 2/28/2026 to 9/8/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.60 | 0.47 | -70.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 0 | |
| P/S Multiple | 0.4 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 5 | -82.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| GOVX | -70.8% | |
| Market (SPY) | 12.0% | 14.4% |
| Sector (XLV) | 4.8% | -2.8% |
Fundamental Drivers
The -97.5% change in GOVX stock from 8/31/2025 to 9/8/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.64 | 0.47 | -97.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 0 | |
| P/S Multiple | 1.9 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 5 | -86.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| GOVX | -97.5% | |
| Market (SPY) | 19.8% | 16.2% |
| Sector (XLV) | 23.2% | 1.3% |
Fundamental Drivers
The -99.8% change in GOVX stock from 8/31/2023 to 9/8/2026 was primarily driven by a -98.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 216.22 | 0.47 | -99.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 5 | -98.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| GOVX | -99.8% | |
| Market (SPY) | 76.1% | 14.5% |
| Sector (XLV) | 31.3% | 6.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GOVX Return | 7% | -83% | -43% | -54% | -93% | -89% | -100% |
| Peers Return | 15% | -57% | -56% | 45% | -11% | 68% | -53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| GOVX Win Rate | 33% | 17% | 33% | 33% | 25% | 11% | |
| Peers Win Rate | 45% | 32% | 30% | 43% | 53% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| GOVX Max Drawdown | -58% | -86% | -73% | -80% | -94% | -91% | |
| Peers Max Drawdown | -59% | -79% | -71% | -71% | -61% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 9/8/2026 (YTD)
How Low Can It Go
| Event | GOVX | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -45.0% | -7.8% |
| % Gain to Breakeven | 81.8% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -45.6% | -9.5% |
| % Gain to Breakeven | 83.7% | 10.5% |
| Time to Breakeven | 252 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.0% | -33.7% |
| % Gain to Breakeven | 31.6% | 50.9% |
| Time to Breakeven | 1 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -31.5% | -0.2% |
| % Gain to Breakeven | 45.9% | 0.2% |
| Time to Breakeven | 32 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -11.1% | -17.9% |
| % Gain to Breakeven | 12.5% | 21.8% |
| Time to Breakeven | 22 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.4% | -53.4% |
| % Gain to Breakeven | 62.2% | 114.4% |
| Time to Breakeven | 48 days | 1085 days |
In The Past
Geovax Labs's stock fell -45.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 81.8% gain to breakeven.
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Asset Allocation
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| Event | GOVX | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -45.0% | -7.8% |
| % Gain to Breakeven | 81.8% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -45.6% | -9.5% |
| % Gain to Breakeven | 83.7% | 10.5% |
| Time to Breakeven | 252 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.0% | -33.7% |
| % Gain to Breakeven | 31.6% | 50.9% |
| Time to Breakeven | 1 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -31.5% | -0.2% |
| % Gain to Breakeven | 45.9% | 0.2% |
| Time to Breakeven | 32 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.4% | -53.4% |
| % Gain to Breakeven | 62.2% | 114.4% |
| Time to Breakeven | 48 days | 1085 days |
In The Past
Geovax Labs's stock fell -45.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 81.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Geovax Labs (GOVX)
GeoVax Labs, Inc. (GOVX) is a clinical-stage biotechnology company dedicated to the development of human vaccines and immunotherapies. The company distinguishes itself through its proprietary modified vaccinia ankara (MVA) virus-like particle (VLP) vaccine platform, which forms the foundation for its innovative approach to combating infectious diseases and various forms of cancer.
The company's product pipeline is diverse, encompassing both preventive and therapeutic applications. GeoVax is actively developing preventive vaccines for critical global health threats such as COVID-19, HIV, Zika virus, malaria, and several hemorrhagic fever viruses including Ebola. Concurrently, it is advancing therapeutic vaccines designed to treat existing conditions like HIV, chronic Hepatitis B infections, and solid tumor cancers. These efforts target significant unmet medical needs within the infectious disease and oncology markets.
GeoVax Labs has established strategic collaboration and partnership agreements with leading government agencies and academic institutions, which are vital for its research and clinical development programs. Key partners include the National Institute of Allergy and Infectious Diseases (NIH), the Centers for Disease Control and Prevention (CDC), the U.S. Department of Defense, Emory University, and the University of Pittsburgh. These collaborations highlight the company's commitment to leveraging external expertise to bring its promising vaccine candidates to fruition.
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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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David Dodd has over 40 years of executive experience in the healthcare and life sciences industries. He was appointed President and CEO of GeoVax in September 2018 and has served as Chairman of the Board since January 2011. Dodd is recognized for transforming multiple companies and achieving significant shareholder value and growth. His prior CEO roles include Serologicals Corporation, which he led to a $1.5 billion acquisition by Millipore Corporation, BioReliance Corporation, Aeterna Zentaris Inc., Medizone International, Inc., and Solvay Pharmaceuticals, Inc., where he increased the enterprise value by over $2 billion. He also oversaw the sale of Stem Cell Sciences Plc. Dodd founded RiversEdge BioVentures LLC, an investment and advisory firm, in 2009.
Mark W. Reynolds, Chief Financial Officer & Corporate Secretary
Mark Reynolds joined GeoVax in 2006 and serves as the company's Chief Financial Officer. He is a Certified Public Accountant. Prior to GeoVax, he held CFO positions at HealthWatchSystems, Inc. (a privately held company), Duska Therapeutics, Inc., and CytRx Corporation, both publicly held biotechnology companies. Reynolds began his career as an auditor with Arthur Andersen & Co.
Mark J. Newman, Ph.D., Chief Scientific Officer
Dr. Mark Newman has over 35 years of experience in the biotechnology sector. He previously served as GeoVax's Vice President of Research and Development from 2010 to 2013 and rejoined as Chief Scientific Officer in August 2020, transitioning to a full-time role in March 2022. He has held senior management roles at companies such as PaxVax, Pharmexa, Epimmune, Vaxcel, Apollon, and Cambridge Biotech. Dr. Newman founded NewMark Diagnostics in 2016. He has directed or contributed to teams responsible for advancing 10 vaccine or vaccine-related products from the research stage to Phase 1 and 2 clinical trials.
Kelly T. McKee, Jr., MD, MPH, Chief Medical Officer
Dr. Kelly T. McKee was appointed Chief Medical Officer of GeoVax in January 2022. He is a key member of the company's leadership team involved in advancing its clinical development programs.
John W. Sharkey, Ph.D., Vice President - Business Development
Dr. John W. Sharkey serves as GeoVax's Vice President of Business Development. He is an integral part of the management team, participating in corporate updates and strategic discussions for the company.
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Here are the key risks to GeoVax Labs (GOVX):
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Significant Financial Instability and Going Concern Risk: GeoVax Labs faces substantial financial challenges, as evidenced by negative revenue growth, considerable operating and net losses, and a limited cash runway. The company reported a three-year revenue growth rate of -7%, an operating margin of -407.41%, and a net margin of -403.88%. Its Altman Z-Score of -46.26 indicates a high possibility of bankruptcy within the next two years, and auditors have issued a "going concern" warning, signaling serious financial fragility. The company's low cash balance of approximately $5 million at the end of Q3 2025, coupled with high cash burn rates from research and development, increases the likelihood of future stock offerings and significant dilution for shareholders.
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High Clinical Development and Regulatory Risk: As a clinical-stage biotechnology company, GeoVax's business success is entirely contingent upon the successful development of its vaccine and immunotherapy candidates through rigorous clinical trials, demonstrating both safety and efficacy, and ultimately securing regulatory approvals. The company's pipeline includes candidates for COVID-19, HIV, Zika, malaria, hemorrhagic fevers, and various cancers. Failure at any stage of these lengthy and expensive processes, or significant delays, would severely impact the business and its ability to bring products to market.
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Dependence on External Funding, including Government Contracts, and Associated Volatility: GeoVax Labs has historically relied heavily on government awards, grants, strategic partnerships, and capital raises to finance its research and development. The termination or disruption of significant government funding, such as the adverse development related to Project NextGen in early 2025, has a direct and immediate negative impact on the company's financial stability and stock valuation. This reliance on unpredictable external funding sources contributes to ongoing financial uncertainty and stock price volatility. Additionally, the company has faced NASDAQ compliance issues related to its stock price, potentially leading to delisting if it cannot maintain minimum bid requirements, further impacting liquidity and investor confidence.
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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.AI Analysis | Feedback
Here are the addressable market sizes for Geovax Labs' main products and services:
- Preventive vaccines against COVID-19: The global COVID-19 Vaccines Market expanded from USD 260.10 billion in 2025 to USD 285.30 billion in 2026, and is projected to reach USD 543.57 billion by 2032.
- Preventive vaccines against Human Immunodeficiency Virus (HIV): The global HIV Vaccines Market grew from an estimated USD 438.52 million in 2024 to USD 494.38 million in 2025, and is projected to reach USD 1.18 billion by 2032. This market includes both preventive and therapeutic HIV vaccines.
- Preventive vaccines against Zika virus: The global Zika virus vaccines market size is calculated at USD 19.35 billion in 2024 and is projected to reach around USD 33.37 billion by 2034.
- Preventive vaccines against Malaria: The global Malaria Vaccines Market is estimated to be valued at USD 620.0 million in 2025 and is expected to reach USD 1,432.7 million by 2032.
- Preventive vaccines against Hemorrhagic fever viruses:
- Ebola virus: The global Ebola Virus Vaccines Market was estimated at US$189.3 million in 2024 and is expected to reach US$269.9 million by 2030.
- Sudan, Marburg, and Lassa viruses: null
- Therapeutic vaccines for HIV: This is included in the global HIV Vaccines Market, which was estimated at USD 438.52 million in 2024 and is projected to ascend to USD 1.18 billion by 2032.
- Therapeutic vaccines for Chronic Hepatitis B infections: The chronic hepatitis B (CHB) therapeutics market across the seven major pharmaceutical markets (US, France, Germany, Italy, Spain, UK, and Japan) stood at US$1.5 billion in 2024 and is expected to reach US$3.2 billion by 2034.
- Therapeutic vaccines for Solid tumor cancers: The global cancer immunotherapy market size, which includes therapeutic vaccines for cancer, was estimated at USD 153.27 billion in 2025 and is projected to reach USD 305.80 billion by 2033.
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GeoVax Labs (NASDAQ: GOVX) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from the advancement and potential commercialization of its clinical pipeline and strategic collaborations.
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Commercialization of GEO-MVA (Mpox/Smallpox Vaccine): GeoVax Labs expects revenue growth from the expedited development and potential market authorization of its Mpox/smallpox vaccine, GEO-MVA. Favorable European regulatory guidance supports a streamlined pathway, potentially allowing the company to proceed directly to a Phase 3 clinical evaluation. GeoVax aims to initiate its Phase 3 trial in the second half of 2026. The company has also initiated outreach regarding future procurement of the vaccine, highlighting its potential for global stockpile opportunities and commercialization through strategic partnerships.
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Advancement and Commercialization of GEO-CM04S1 (Next-Generation COVID-19 Vaccine): The next-generation COVID-19 vaccine, GEO-CM04S1, is a significant future revenue driver. It is currently enrolling in two Phase 2 clinical trials, specifically targeting high-risk, immunocompromised patient populations. The vaccine has demonstrated robust immune responses in patients with Chronic Lymphocytic Leukemia (CLL) and has completed enrollment for a Phase 2 trial as a heterologous booster for healthy adults. Its development benefits from favorable regulatory feedback and a scalable manufacturing platform.
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Development and Commercialization of Gedeptin (Oncology Therapy): GeoVax's oncology program, Gedeptin, is anticipated to contribute to future revenue. Gedeptin has completed enrollment in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers and has shown strong safety and efficacy for treating solid tumors. GeoVax has also secured an exclusive license for Gedeptin in combination with immune checkpoint inhibitors, opening avenues for strategic partnerships and broader application in oncology.
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Strategic Partnerships and Licensing Agreements: Increased business partnerships and collaborations are expected to be a crucial driver of revenue growth. GeoVax management is actively pursuing these agreements to support the global development, commercialization, and distribution of its key pipeline products, including GEO-MVA, GEO-CM04S1, and Gedeptin. These collaborations are vital for accelerating development and realizing commercial opportunities worldwide.
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Share Repurchases
- No significant share repurchases by GeoVax Labs (GOVX) have been reported over the last 3-5 years.
Share Issuance
- In February 2026, GeoVax Labs raised approximately $1 million in gross proceeds (net proceeds of about $865,000) through a registered direct offering of common stock and pre-funded warrants, alongside a concurrent private placement of common warrants.
- The company completed a public offering of common stock and warrants in July 2025, generating approximately $5.6 million in net proceeds.
- GeoVax completed a Composite Units Offering of approximately $6.49 million in December 2025.
- A 1-for-25 reverse stock split was executed on January 9, 2026, to regain Nasdaq compliance, reducing outstanding shares from about 43.3 million to 1.7 million.
Inbound Investments
- Armistice Capital, LLC and Steven Boyd reported beneficial ownership of 2,675,610 common shares, representing 8.26% of the outstanding common stock, as of December 31, 2025.
- Intracoastal Capital LLC reported beneficial ownership of 4,806,174 shares of common stock as of December 31, 2025, which were issuable upon exercise of warrants and constituted about 9.99% of the common stock.
- L1 Capital now holds a 1.79% passive stake in GeoVax Labs.
Outbound Investments
- No significant outbound investments, such as acquisitions or strategic investments in other companies by GeoVax Labs, were reported in the last 3-5 years.
Capital Expenditures
- Capital expenditures for GeoVax Labs were approximately -$27,612 in the last 12 months.
- Over the trailing twelve months, capital expenditures were reported as -$48,265.
- Quarterly capital expenditures in 2025 included $27.61K in Q3, $48.27K in Q2, and $37.55K in Q1.
- The primary focus of capital expenditures is to support the company's research and development activities and clinical trials.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.8% | 84.9% | 84.9% | CAH 403% · MCK 345% · COR 177% |
| Managed Health Care | 8 | 32.5% | -3.8% | 4.9% | OSCR 88% · HQY 42% · ELV 16% |
| Health Care Services | 20 | 18.6% | 52.5% | -0.2% | HIMS 211% · RDNT 148% · DGX 65% |
| Health Care Facilities | 24 | -1.4% | 2.5% | -16.6% | NHC 258% · THC 249% · ENSG 115% |
| Health Care Equipment | 50 | -5.1% | -1.7% | -26.0% | POCI 10862% · UFPT 333% · GKOS 236% |
| Pharmaceuticals | 62 | -3.4% | 4.3% | -36.8% | LQDA 2343% · INDV 1115% · ETON 1064% |
| Health Care Supplies | 12 | 25.0% | -11.8% | -37.2% | LNTH 284% · HAE 57% · MMSI 22% |
| Life Sciences Tools & Services | 109 | 1.5% | -24.7% | -70.8% | SNWV 1598% · MEDP 206% · AXGN 171% |
| Health Care Technology | 20 | -23.6% | -53.3% | -78.1% | SPOK 73% · HSTM -3% · VEEV -13% |
| Biotechnology ← | 363 | 3.8% | -24.6% | -79.5% | DNTH 1619% · CELZ 1443% · ELVN 1243% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Geovax Labs Stock Slides 61% With A 9-Day Losing Spree | 12/20/2025 | |
| Geovax Labs Earnings Notes | 12/16/2025 | |
| Would You Still Hold Geovax Labs Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.09 |
| Mkt Cap | 0.3 |
| Rev LTM | 234 |
| Op Inc LTM | -78 |
| FCF LTM | -32 |
| FCF 3Y Avg | -61 |
| CFO LTM | -29 |
| CFO 3Y Avg | -60 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -44.6% |
| Rev Chg 3Y Avg | -15.8% |
| Rev Chg Q | -22.5% |
| QoQ Delta Rev Chg LTM | -15.2% |
| Op Inc Chg LTM | -55.9% |
| Op Inc Chg 3Y Avg | 12.5% |
| Op Mgn LTM | -32.9% |
| Op Mgn 3Y Avg | -12.6% |
| QoQ Delta Op Mgn LTM | 4.6% |
| CFO/Rev LTM | -37.6% |
| CFO/Rev 3Y Avg | -21.9% |
| FCF/Rev LTM | -38.2% |
| FCF/Rev 3Y Avg | -24.2% |
Price Behavior
| Market Price | $0.47 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -97.4% | |
| 50 Days | 200 Days | |
| DMA Price | $0.82 | $2.54 |
| DMA Trend | down | down |
| Distance from DMA | -43.2% | -81.6% |
| 3M | 1YR | |
| Volatility | 92.7% | 142.8% |
| Downside Capture | 441.01 | 370.30 |
| Upside Capture | -98.61 | -123.72 |
| Correlation (SPY) | 22.0% | 15.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.09 | 2.94 | 1.87 | 1.76 | 1.85 | 1.49 |
| Up Beta | 6.47 | 5.71 | 3.81 | 2.59 | 2.31 | 0.79 |
| Down Beta | -1.40 | 0.30 | 1.70 | 3.32 | 3.02 | 1.61 |
| Up Capture | 213% | -40% | -126% | -5% | -43% | 13% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 24 | 52 | 93 | 301 |
| Down Capture | 508% | 492% | 314% | 192% | 186% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 24 | 40 | 75 | 154 | 429 |
[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 | -97.4% | 142.5% | -1.90 | - |
| Sector ETF (XLV) | 22.9% | 16.2% | 1.08 | 1.4% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 16.2% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 5.7% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -6.9% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 7.8% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 7.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GOVX | |
|---|---|---|---|---|
| GOVX | -81.4% | 166.3% | -0.37 | - |
| Sector ETF (XLV) | 5.9% | 15.2% | 0.21 | 9.6% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 14.5% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 4.8% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 3.6% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 10.2% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 8.4% |
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 | -72.7% | 189.7% | -0.24 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 2.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 4.0% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 6.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 0.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 0.9% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 3.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | -4.4% | -4.6% | -15.5% |
| 5/14/2026 | -2.4% | 118.3% | -6.3% |
| 11/13/2025 | -3.8% | -14.5% | -38.9% |
| 7/29/2025 | 1.8% | -3.0% | 0.8% |
| 5/1/2025 | 2.1% | -2.0% | 5.1% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 8 | 8 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 1.5% | 3.0% | 8.4% |
| Median Negative | -3.3% | -5.1% | -24.4% |
| Max Positive | 5.1% | 118.3% | 122.8% |
| Max Negative | -9.8% | -24.4% | -66.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | -4.4% | -4.6% | -15.5% |
| 5/14/2026 | -2.4% | 118.3% | -6.3% |
| 11/13/2025 | -3.8% | -14.5% | -38.9% |
| 7/29/2025 | 1.8% | -3.0% | 0.8% |
| 5/1/2025 | 2.1% | -2.0% | 5.1% |
| 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% |
| 5/5/2023 | -3.6% | 0.8% | -6.2% |
| 11/14/2022 | -1.9% | -5.1% | -28.2% |
| 8/4/2022 | -9.8% | -24.4% | -66.9% |
| 5/2/2022 | -2.9% | -5.6% | 122.8% |
| 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% |
| 5/7/2021 | -6.7% | -12.6% | -10.6% |
| 11/5/2020 | -3.1% | -2.4% | 11.7% |
| 8/10/2020 | 0.0% | 0.0% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 6 | 8 | 8 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 1.5% | 3.0% | 8.4% |
| Median Negative | -3.3% | -5.1% | -24.4% |
| Max Positive | 5.1% | 118.3% | 122.8% |
| Max Negative | -9.8% | -24.4% | -66.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 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 |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/23/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/24/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | 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 |
| # | 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 |
| 6 | Reynolds, Mark | CFO | Direct | Buy | 3312025 | 1.08 | 6,800 | 7,343 | 15,133 | Form |
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Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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