ExpreS2ion Biotech (EXPRS2) Q1 2026 earnings summary

Executive summary

• Achieved strong clinical and platform progress in oncology and infectious disease programs, notably ES2B-C001, malaria, and Nipah vaccine projects, with positive immunogenicity and safety data and validation through external collaborations and grant funding.

• ES2B-C001 Phase I trial showed anti-HER2 antibody responses in all or most evaluable patients, with no safety concerns and a maintenance phase added for durability; DSMB supported dose escalation.

• Advanced Nipah vaccine manufacturing readiness, with Northway Biotech selected as CDMO, and highlighted positive malaria vaccine data from Oxford's BIO-002 study.

• Strengthened platform with a new glyco-engineering patent application and board addition of Michel Baijot.

• Rights issue completed post-period, raising SEK 31.8 million to support ongoing clinical and development activities.

Financial highlights

• Operating income reached SEK 6.9 million, up 132% year-over-year, driven by higher grant-funded activity.

• Operating loss narrowed to SEK 11.9 million, a 6% improvement; net loss improved to SEK 9.6 million, down 16% year-over-year.

• R&D spend rose to SEK 7.1 million, up 158% year-over-year, mainly due to grant-funded projects.

• CRO net sales were SEK 1 million, down 22% year-over-year; grant income rose 259% to SEK 5.8 million.

• Cash position at quarter-end was SEK 21.8 million, with a subsequent rights issue raising SEK 31.8 million before costs.

Outlook and guidance

• Focus remains on completing ES2B-C001 Phase I and preparing for Phase II, with a planned end-2026 readout and Phase II initiation targeted for mid-2027.

• Multiple clinical, operational, and business development milestones expected in oncology and infectious disease programs over the next 12–18 months.

• Rights issue and potential warrant exercise expected to support liquidity through Phase I objectives and near-term operations.