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 and new licensing agreements.

• Advanced partnerships, including a licensing agreement with Serum Institute of India for malaria vaccines and manufacturing collaboration for Nipah virus vaccine.

• Multiple grant-funded programs expanded the pipeline with minimal capital burden, validating the ExpreS2 platform.

• Focused on business development, out-licensing, and cost discipline to support pipeline advancement.

Financial highlights

• Q4 2025 total/operating 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 income rose 78%.

• Q4 operating costs were SEK 14 million, 37% lower than Q4 2024; personnel costs down 15% year-on-year.

• 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 in 2024.

• Cash and equivalents at year-end were SEK 48 million.

Outlook and guidance

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

• Anticipates multiple value-driving clinical readouts and milestones across oncology and infectious disease portfolios in 2026.

• Cash position supports advancement to next clinical milestones in 2026, with cost base and cash outflow expected to remain consistent.

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