ExpreS2ion Biotech (EXPRS2) Q1 2025 earnings summary

Executive summary

• Strategic focus on advancing proprietary pipeline, especially the breast cancer vaccine (ESGBC001/ES2B-C001), infectious disease programs, and platform technology, with intensified collaborations and IP development.

• Leadership changes include promotion of Max Serpo/Søgaard to CSO and continued engagement of former CSO as senior advisor.

• Letter of intent signed with WuXi Vaccines for technology evaluation and potential strategic collaboration.

• Discontinued CMV vaccine project to focus resources on higher-priority pipeline assets.

• Maintained strong progress in collaborative malaria, influenza, and Nipah vaccine programs, with multiple clinical trials ongoing and new partnerships initiated.

Financial highlights

• Q1 2025 operating income rose 90% year-over-year to SEK 2,957,000, mainly from grant project progression and increased CRO/licensing revenue.

• Net sales increased 44% to SEK 1,332,000, driven by project and license revenues.

• Operating costs were SEK 16 million, down 1% year-over-year; personnel costs reduced by 53% due to cost savings; external R&D costs more than 50% lower.

• Net loss for Q1 2025 was SEK 11,440,000, improved by 11% from the year-ago quarter.

• Cash and equivalents at quarter-end were SEK 58 million, down from SEK 81.5 million at year-end, reflecting planned spending and negative FX impact.

Outlook and guidance

• Burn rate expected to decrease over the next three quarters, extending cash runway into 2026.

• Preliminary outcome from ES2B-C001/ESGBC001 phase I trial anticipated before year-end, with further results in 2026.

• Phase II proof-of-concept trial for ES2B-C001 targeted to start in early 2027, with potential conclusion by 2029.

• Ongoing discussions to finalize a licensing agreement with Serum Institute of India for malaria vaccines.

• Additional malaria and influenza vaccine trial readouts expected in 2025; new collaborative projects in planning.