ExpreS2ion Biotech (EXPRS2) Q4 2024 earnings summary

Executive summary

• Advanced vaccine pipeline in 2024, including HER2-targeting breast cancer, malaria, and CMV vaccines, with key milestones such as Phase I approval for ES2B-C001 and major partnerships.

• Signed term sheet with Serum Institute of India for malaria vaccine development and commercialization; agreement finalization ongoing.

• Achieved CTA approval for breast cancer vaccine, initiated Phase I recruitment, and published positive Phase IIb malaria data.

• Raised SEK 10 million through warrant subscription at 69% uptake, increasing share capital and supporting R&D.

• Strengthened cash position to SEK 81.5–82 million at year-end, supporting ongoing development.

Financial highlights

• Q4 2024 operating income was SEK 2.2 million, down 5% year-over-year; full-year operating income was SEK 7.8 million, down 11%.

• Net loss for Q4 was SEK 15.6–16 million, up from SEK 13–13.2 million in Q4 2023; full-year net loss improved to SEK 36–36.4 million from SEK 91–91.4 million in 2023.

• Cash and equivalents at year-end were SEK 81.5–82 million, up 42% year-over-year, supported by financing activities.

• Operating costs in Q4 were SEK 22 million, down 4% year-over-year; external R&D costs fell 26%.

• Cash burn from operations was SEK 34 million; financing activities added SEK 35 million, mainly from rights issue and warrant subscription.

Outlook and guidance

• Focus in 2025 on progressing ES2B-C001 Phase I trial, finalizing Serum Institute malaria vaccine agreement, and selecting CMV lead candidate.

• No forward guidance on R&D cost burn; dose escalation part of the trial is funded, with future funding to be determined.

• Plans to extend IP protection and validate platform technologies through grant-sponsored projects.