ExpreS2ion Biotech

CEO Bent U. Frandsen comments:
“In the first quarter of 2025, ExpreS2ion made steady progress in advancing our pipeline and strategic collaborations. Following the end of the quarter, ExpreS2ion submitted an amendment to the Austrian regulatory authorities to enable the evaluation of ES2B-C001, our lead breast cancer vaccine candidate, in combination with antibody-drug conjugates (ADCs). This strategic update aligns our Phase I trial protocol with emerging treatment standards for HER2-positive metastatic breast cancer and could significantly enhance the commercial and licensing potential of the program. Enrolment in the Phase I clinical trial for ES2B-C001, our lead breast cancer vaccine candidate, remains a key focus as we continue to move forward in targeted immunotherapy.

Our infectious disease portfolio also advanced, with positive developments in the malaria vaccine program led by the University of Oxford. We remain committed to pursuing targeted opportunities that align with our platform’s strengths and strategic priorities.

Financially, we maintain sufficient cash to support our planned activities through the end of 2025 and into 2026. We thank our shareholders for their continued trust as we work to achieve our key milestones in the quarters ahead.”

Summary of 2025 first quarter results, January – March 2025
Key income statement figures, SEK ‘000s

• Operating income: 2,957 (1,558)

• Profit/loss after financial items: -12,968 (-13,839)

• Profit/loss for the period: -11,440 (-12,853)

Key balance sheet figures, SEK ‘000s

• End of period cash balance: 58,005 (60,203)

• End of period total assets: 80,603 (86,145)

• End of period equity / asset ratio*: 63% (61%)

Number of shares

• Number of shares at end of the period: 2,658,346 (1,285,124)

• Average number of shares: 2,658,346 (1,285,124)

• Average number of shares (after dilution)**: 3,563,888 (1,386,374)

Earnings per share, SEK***

• Earnings per share for the period based on average number of shares: -4.30 (-10.00)

• Diluted earnings per share for the period: -3.21 (-9.27)

Figures in parenthesis are from the same period in 2024.
*Equity ratio: Shareholder’s equity divided by total capital
**Potential dilutive effects in the calculation of the diluted earnings (loss) per share include those related to share issues, specifically warrants (805,542), and share-based compensation programs (100,000)
***Earnings per share defined as profit/loss for the period divided with the average number of shares for the period. Prior year earnings per share comparatives adjusted, reflecting changed date of share registration in average number of share calculations.

Webcast presentation of 2025 first quarter
On 15 May 2025 at 10:30 CET, ExpreS2ion CEO Bent Frandsen will present a company update and the 2025 interim first quarter results and answer investors’ questions. More information and registration can be found via this link: https://www.inderes.dk/videos/expres2ion-biotechnologies-presentation-of-q1-2025

Significant events during the first quarter

• On February 6th, ExpreS2ion Biotech Holding AB published its financial result for the fourth quarter and full-year 2024.

• On March 31st, ExpreS2ion announced that Dr. Max Søgaard was promoted to Chief Science Officer, effective 1 April, taking over from Dr. Farshad Guirakhoo, who will continue in a consulting role as Senior Strategic Advisor Vaccine R&D.

Subsequent events

• On April 1st, ExpreS2ion provided a pipeline update summarizing progress across its clinical and preclinical development programs. The update highlighted slower-than-expected patient recruitment in the ongoing Phase I trial of ES2B-C001, the Company’s lead therapeutic breast cancer vaccine candidate, while reaffirming that no safety or scientific concerns have been identified. It also announced the strategic discontinuation of the CMV vaccine candidate ES2B-I002, enabling greater focus on high-priority pipeline assets.

• On April 15th, ExpreS2ion announced that ExpreS2ion and WuXi Vaccines signed a Letter of Intent to initiate a technology evaluation of ExpreS2ion’s proprietary Drosophila S2 expression technology platform (“ExpreS2”) for the bioproduction of vaccines and other biologics. WuXi Vaccines is a World-leading CDMO in the vaccines space, offering its development and manufacturing expertise and equipment to customers worldwide. The Letter of Intent is intended to lead to a strategic collaboration agreement within the next 12 months following successful feasibility testing of the ExpreS2 system in a Wuxi Vaccines’ client project.

• On April 24th, ExpreS2ion published a notice to attend the Annual General Meeting in ExpreS2ion Biotech Holding AB on 28 May 2024.

• On May 1st, ExpreS2ion published the Annual Report for financial year 2024.

• On May 13, ExpreS2ion announced that it had submitted a study protocol amendment to the Austrian regulatory authorities to enable the evaluation of its breast cancer vaccine candidate, ES2B-C001, in combination with antibody-drug conjugates (ADCs) and to expand the number of study sites.

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