ExpreS2ion Biotech (EXPRS2) Q4 2025 earnings summary

Executive summary

• Achieved significant clinical and strategic milestones in 2025, advancing HER2 breast cancer, malaria, Nipah virus, and influenza vaccine programs, with positive immunogenicity and safety data and new licensing agreements.

• Multiple grant-funded programs expanded platform reach without significant capital burden, supporting a diversified pipeline of proprietary oncology assets and externally funded infectious disease programs.

• Focused on business development, out-licensing, and partnerships, including a definitive agreement with Serum Institute of India for malaria vaccines.

• Maintained cost discipline and capital allocation, strengthening financial flexibility through warrant exercises and grant inflows.

Financial highlights

• Q4 2025 total income was SEK 3.5 million, up 62% year-on-year; full year income reached SEK 12.2 million, up 56%, driven by grant funding.

• Net sales for 2025 were SEK 3.7 million, a 21% increase from 2024; grant funding rose 78% to SEK 8.6 million.

• Q4 operating costs were SEK 14 million, 37% lower year-on-year; personnel costs down 15%; external R&D spend down 59%.

• Q4 net loss was SEK 8.2 million, a 46% improvement year-on-year; full year net loss SEK 38 million, 6% higher than 2024 due to a one-off gain last year.

• Cash and equivalents at year-end were SEK 47.6 million, supported by warrant exercises and grants.

Outlook and guidance

• Phase I-A data for ES2B-C001 expected mid-2026; Phase I-B data by year-end 2026, with multiple value-driving clinical milestones anticipated across oncology and infectious disease portfolios.

• Cash position of SEK 48 million as of December 31, 2025, supports next clinical milestones in 2026; runway aligned with operational timelines.

• No material change in cost base or cash run rate expected for 2026; preference for non-dilutive funding.