ExpreS2ion Biotech (EXPRS2) Q3 2026 earnings summary

Executive summary

• ES2B-C001 enrolled 19 patients; 12 of 13 evaluable patients had at least a twofold anti-HER2 antibody increase, with no dose-limiting toxicities reported.

• The Phase I primary readout is expected in Q1 2027; Phase II is targeted for H2 2027, subject to partnering and financing.

• Q3 net loss was SEK 9.935m; cash was SEK 23.963m at 30 September, before SEK 19.3m in post-period gross financing proceeds.

Financial highlights

• Q3 operating income was SEK 2.292m, flat YoY; net sales rose 286% to SEK 1.364m while other operating income fell 52% to SEK 0.928m.

• Q3 operating costs rose 25% to SEK 15.052m; operating loss was SEK 12.760m versus SEK 9.746m, and net loss was SEK 9.935m versus SEK 8.445m.

• 9M net sales rose 37% to SEK 4.413m; operating income was SEK 20.707m versus SEK 8.674m.

• 9M operating costs were SEK 57.4m versus SEK 42.8m; 9M net loss narrowed 2% to SEK 29.226m from SEK 29.910m.

• Q3 R&D spend was SEK 3.7m, up 56% YoY, reflecting ES2B-C001 trial and higher CMC costs.

Outlook and guidance

• ES2B-C001 priming is expected to finish in Q4 2026; translational results are expected by year-end, database lock in February 2027 and primary readout in Q1 2027.

• Proposed Phase II scope is 80–120 first-line HER2-positive metastatic breast cancer patients, with 24-month PFS as the readout; H2 2027 start depends on partner and funding.

• Nipah toxicology and IND-enabling work is planned for 2027, with Phase I initiation thereafter, subject to clinical, regulatory, manufacturing, funding and partner factors.

• VAC-087 and VAC-093 malaria trials are expected to complete in Q4 2026; BIO-005 completion is expected in Q2 2027.