ExpreS2ion Biotech (EXPRS2) Q2 2025 earnings summary

Executive summary

• Advanced proprietary pipeline, notably the ES2B-C111/ES2B-C001 breast cancer vaccine, with first patient dosed, regulatory clearance for trial expansion, and expanded trial sites in Vienna, Linz, and Graz.

• Progressed collaborations in malaria, influenza, and Nipah, leveraging non-dilutive funding, new grants, and partnerships, including University of Oxford and AdaptVac.

• Signed letter of intent with WuXi Vaccines and ongoing discussions for strategic licensing deals, highlighting commercial interest in ExpreS2 platform.

• Maintained momentum in AdaptVac, with major grants from CEPI, EU, Japanese Foundation, and 34% ownership.

• Strategy centers on advancing pipeline, expanding collaborations, and growing CRO business, with multiple grant-funded projects and consortium collaborations.

Financial highlights

• Total income for H1 2025 was SEK 6.4 million, up 61% year-over-year; Q2 income was SEK 3.4 million, up 42% year-over-year, driven by a 49% increase in net sales and higher project grants.

• Operating costs in Q2 were SEK 15/15.1 million, down 35% year-over-year, mainly due to an 80% reduction in R&D expenses and lower personnel costs.

• Net loss for H1 2025 was SEK 21.5 million, higher than prior year due to absence of one-off AdaptVac dividend; Q2 2025 net loss of SEK 10 million, narrowing by 49% excluding prior one-time items.

• Ended Q2 2025 with SEK 49 million in cash, providing runway through Q1 2026.

• Equity/asset ratio at period end was 58%, nearly unchanged year-over-year.

Outlook and guidance

• Interim data for the breast cancer vaccine expected mid-2026, with full data by end of 2026; proof-of-concept phase II trial planned to start in early 2027, potentially running for 24 months.

• Multiple clinical trial readouts expected in malaria and influenza collaborations in late 2025 and 2026.

• Ongoing efforts to expand commercial applications and licensing of the ExpreS2 platform, with license agreement with Serum Institute of India pending finalization.

• Continued pursuit of non-dilutive funding, equity raises, and TO11 warrants to strengthen the balance sheet ahead of milestones.