ExpreS2ion Biotech (EXPRS2) Q4 2025 earnings summary

Executive summary

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

• Entered licensing agreement with Serum Institute of India for malaria vaccine candidates, securing development and commercialization rights.

• Progressed Nipah virus vaccine program with grant funding and selected Northway Biotech as manufacturing partner.

• Multiple grant-funded programs in malaria, influenza, and Nipah virus expanded the pipeline with minimal capital burden.

• Maintained focus on business development, out-licensing, and cost discipline.

Financial highlights

• Q4 2025 total income was SEK 3.5 million, up 62% year-on-year; full year income reached SEK 12.2 million, a 56% increase from 2024.

• Net sales for 2025 were SEK 3.7 million, up 21% year-on-year; grant funding rose 78%.

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

• Underlying net loss improved significantly from SEK 58 million to SEK 38 million.

• Ended 2025 with SEK 48 million in cash, up from SEK 37 million at the start of Q4.

Outlook and guidance

• Phase I-A data for ES2B-C001 expected mid-2026; Phase I-B data by year-end 2026.

• Multiple value-driving clinical readouts and milestones anticipated over the next 12–18 months.

• Cash position supports advancement to next clinical milestones; cost base expected to remain consistent into 2026.

• Ongoing evaluation of capital raising options, with a preference for non-dilutive funding.