ExpreS2ion Biotech (EXPRS2) Q3 2025 earnings summary

Executive summary

• Advanced proprietary HER2 breast cancer vaccine ES2B-C001, with first patient completing dosing and showing strong HER2-specific antibody response; protocol expanded to include combination with standard of care and new clinical sites, validating platform immunogenicity.

• Executed a definitive license agreement with Serum Institute of India for two malaria vaccines, expanding global vaccine collaborations; Oxford now running 10 active malaria vaccine trials using the platform.

• Strengthened financial flexibility through successful warrant exercise, raising SEK 11.8 million, extending cash runway to Q2 2026.

• Diversified business model with innovation, IP expansion, and recurring revenue from CRO and platform licensing.

• Advanced collaborations in Nipah, Hendra, and influenza vaccine programs with leading academic partners, including finalizing Nipah virus vaccine antigen in the VICI-Disease consortium.

Financial highlights

• Q3 2025 operating income rose 36% year-over-year to SEK 2.3 million, mainly from higher grant contributions; year-to-date income reached SEK 8.7 million, up 54%.

• Net sales for the first nine months were SEK 3.2 million, up 33% year-over-year; grant income rose 69%.

• Q3 net loss was SEK 8.4 million, a 19% improvement from last year; year-to-date net loss was SEK 29.9 million, reflecting the absence of SEK 22.1 million in income from associated companies in 2024.

• Q3 operating costs were SEK 12 million, down 19% year-over-year, driven by lower R&D and administrative expenses.

• Cash and cash equivalents at 30 September 2025 were SEK 36.9 million, down 52% year-over-year, mainly due to negative cash flow from operations.

Outlook and guidance

• Cash position at quarter-end was SEK 36.9 million; with October warrant proceeds, pro forma cash is SEK 49 million, providing runway into Q2 2026.

• Initial phase I-A safety data for ES2B-C001 expected by mid-2026, with phase I-B immunogenicity data by year-end 2026.

• Several malaria vaccine trial readouts and strategic milestones anticipated over the next 12–18 months.

• Focus remains on completing the first dosing cohort in the ES2B-C001 Phase I trial and evaluating dose escalation or formulation changes.