ExpreS2ion Biotech Holding AB

ExpreS2ion Announces Financial Results for the Third Quarter and First Nine Months of 2026

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Sammanfattning

ExpreS2ion Biotech Holding AB rapporterar resultat för Q3 2026. Klinisk prövning av ES2B-C001 har nått full patientrekrytering med positiva preliminära resultat gällande anti-HER2 antikroppssvar. Finansiellt visar perioden en ökad omsättning men fortsatt negativt resultat.

Analys

Bolaget har slutfört patientrekryteringen i sin Fas I-studie för ES2B-C001, med preliminära data som indikerar ett positivt antikroppssvar hos majoriteten av patienterna. Detta är en viktig milstolpe som stärker potentialen för tillgången. Finansiellt har omsättningen ökat markant under nio månader jämfört med föregående år, men bolaget fortsätter att visa betydande förluster, vilket är typiskt för ett biotech-bolag i klinisk fas. Kassaflödet är negativt, men bolaget har säkrat finansiering genom garantier och en optionsavtal.

VD-ord

optimistisk · PDF

VD rapporterar att patientrekryteringen för ES2B-C001 är klar och att preliminära data visar antikroppssvar hos 12 av 13 patienter. Finansiering säkrades via en riktad emission om 19,3 MSEK, vilket medförde utspädning.

Utsikter: Fas II för ES2B-C001 planeras till H2 2027, beroende av partnerskap och finansiering. Primär data för Fas I förväntas publiceras Q1 2027.

Nyckeltal

Omsättning Q3 2026
2,292 (2,298) tSEK
Resultat efter finansnetto Q3 2026
-12,460 (-9,765) tSEK
Omsättning 9 mån 2026
20,707 (8,674) tSEK
Resultat efter finansnetto 9 mån 2026
-36,262 (-34,181) tSEK
Kassa vid periodens slut Q3 2026
23,963 (36,881) tSEK
Antal aktier vid periodens slut Q3 2026
23,971,936 (2,658,346)

Insikter

  • • Försenad primär avläsning av Fas I-studien till Q1 2027.
  • • Bolaget har säkrat cirka 19,3 MSEK genom garantier och riktad emission.
  • • Nytt optionsavtal med Alumni Capital för upp till 50 MSEK, villkorat av aktiekurs över 4 SEK.
Fundamental påverkan
Blandad

Bolaget har slutfört patientrekryteringen i sin Fas I-studie för ES2B-C001, vilket är en viktig milstolpe. Finansiellt visar perioden en ökad omsättning men fortsatt negativt resultat och minskad kassabalans.

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Hørsholm, Denmark, 12 November 2026 – ExpreS2ion Biotech Holding AB (“ExpreS2ion” or “the Company”) today announces financial results for the third quarter and first nine months of 2026. The report is available as an attachment and on ExpreS2ion's website (www.expres2ionbio.com). Below is a summary of the report.

Hørsholm, Denmark, 12 November 2026 – ExpreS2ion Biotech Holding AB (“ExpreS2ion” or “the Company”) today announces financial results for the third quarter and first nine months of 2026. The report is available as an attachment and on ExpreS2ion's website (www.expres2ionbio.com). Below is a summary of the report.

CEO Bent Frandsen comments:“The third quarter brought ES2B-C001 to full enrolment, with 19 patients dosed across the three dose levels. The third DSMB review found no dose-limiting toxicities, and 12 of 13 evaluable patients have shown an anti-HER2 antibody response, with responses at all three dose levels. We expect to complete the priming phase in Q4 2026 and publish the primary readout in Q1 2027. TO 13 exercise was low, but the guarantee we put in place secured approximately SEK 19.3 million before issue costs. Ahead of the readout we are stepping up business development, since partnering is how we expect to take ES2B-C001 into Phase II.”

Summary of 2026 third quarter results, July – September 2026Key income statement figures, SEK ‘000s

  • Operating income: 2,292 (2,298)
  • Profit/loss after financial items: -12,460 (-9,765)
  • Profit/loss for the period: -9,935 (-8,445)

Key balance sheet figures, SEK ‘000s

  • End of period cash balance: 23,963 (36,881)
  • End of period total assets: 47,930 (61,765)
  • End of period equity / asset ratio*: 68% (54%)

Number of shares

  • Number of shares at end of the period: 23,971,936 (2,658,346)
  • Average number of shares: 23,758,677 (2,658,346)
  • Average number of shares (after dilution)**: 23,758,677 (2,658,346)

Earnings per share (EPS), SEK***

  • Earnings per share for the period based on average number of shares: -0.42 (-3.18)
  • Diluted earnings per share for the period: -0.42 (-3.18)

Summary of 2026 nine-month results, January – September 2026Key income statement figures, SEK ‘000s

  • Operating income: 20,707 (8,674)
  • Profit/loss after financial items: -36,262 (-34,181)
  • Profit/loss for the period: -29,226 (-29,910)

Key balance sheet figures, SEK ‘000s

  • End of period cash balance: 23,963 (36,881)
  • End of period total assets: 47,930 (61,765)
  • End of period equity / asset ratio*: 68% (54%)

Number of shares

  • Number of shares at end of the period: 23,971,936 (2,658,346)
  • Average number of shares: 13,457,721 (2,658,346)
  • Average number of shares (after dilution)**: 13,457,721 (2,658,346)

Earnings per share (EPS), SEK***

  • Earnings per share for the period based on average number of shares: -2.17 (-11.25)
  • Diluted earnings per share for the period: -2.17 (-11.25)

Figures in parentheses are from the same period in 2025.*Equity ratio: Shareholder’s equity divided by total capital.**Potential dilutive instruments excluded from diluted EPS (anti-dilutive in a loss period): TO13 guarantor shares (directed issue) and TO13 set-off shares (guarantee compensation) (15,496,765), and share-based compensation programmes: TO9, TO12 and TO14 (1,287,448). Prior year: TO11 warrants and TO11 set-off shares (871,888) and share-based compensation programmes (100,000). Comparatives have been restated on the same basis.***Earnings per share defined as profit/loss for the period divided with the average number of shares for the period.

Webcast presentation of financial resultsOn 12 November 2026 at 10:00 CET, ExpreS2ion CEO Bent Frandsen and CFO Keith Alexander will present a company update, the financial results and answer investors’ questions. More information and registration can be found via this link: https://www.inderes.dk/videos/expres2ion-biotech-presentation-of-q3-2026-interim-report

Key developments during the quarter included:

  • On 6 July, ExpreS2ion announced the publication by the USPTO of a patent application covering recombinant production methods for proteins with xylosylated N-glycans. The publication extends the geographic reach of the Company’s glyco-engineering IP position to the United States and includes preclinical data demonstrating increased antibody responses from xylosylated antigens, supporting the potential of the ExpreS2 platform across oncology and infectious disease applications.
  • On 12 August, ExpreS2ion reported a positive outcome from the third scheduled DSMB review of the ES2B-C001 Phase I trial, with no dose-limiting toxicities observed across all three dose cohorts. Preliminary data showed anti-HER2 antibody responses across 12 of 13 evaluable patients, and the DSMB recommended expanding the highest 450 µg dose cohort by three additional patients to strengthen the safety and immunogenicity dataset. The Phase II initiation target was updated to the second half of 2027.
  • On 2 September, the exercise price for the TO 13 warrants was set at SEK 1.60 per share. On 14 September, ExpreS2ion secured a guarantee of approximately SEK 19.3 million, corresponding to approximately 60% of the maximum proceeds, from Vator Securities. On 23 September, the Company announced that approximately 1.1% of the warrants had been exercised. The rest of the guaranteed amount would be met through a directed issue to the guarantor.
  • On 14 September, ExpreS2ion also entered into a put option agreement with Alumni Capital for up to SEK 50 million over 24 months from an effective date expected in mid-April 2027. The Company may draw on the facility, at its own discretion (subject to the terms and conditions of the put option agreement), only if the share price is at or above SEK 4.00, materially above the current share price, measured as either the three-day volume-weighted average price, immediately before the subscription notice, or the closing price on the trading day immediately preceding the subscription notice. Upon a subscription notice, shares are issued at 94% of the lowest daily volume-weighted average price during the four trading days after each drawdown notice. Each notice is limited to the lowest of 500,000 shares, 300% of the median daily number of shares traded over the preceding five trading days, and SEK 5 million. A commitment fee of 5% of the commitment amount, plus 500,000 shares, is payable on the effective date.

After the reporting period, subsequent events of note were:

  • On 1 October, the extraordinary general meeting authorised the Board to issue new shares, convertible debentures and/or warrants, including to pay for guarantee undertakings in shares and to meet obligations under the put option agreement. On 5 October, the Board resolved on a directed issue of 11,869,138 shares and a compensation issue of 3,627,627 shares to the guarantor, Vator Securities, at SEK 1.60 per share. Together with the warrant exercise, this raised approximately SEK 19.3 million before issue costs, with dilution of approximately 39.8%.
  • On 23 October, ExpreS2ion announced that enrolment in the ES2B-C001 Phase I trial was complete, with 19 patients dosed across the three dose levels. With the last patient’s last visit in the priming phase expected at the end of December 2026 and database lock in February 2027, the primary readout is now expected in Q1 2027, compared with the previous target of end-2026.
  • On 28 October, ExpreS2ion issued notice of an extraordinary general meeting on 1 December 2026. The meeting will resolve on a reduction of the share capital, without redemption of shares, because the share price is well below the quota value of SEK 1.60. The reduction would bring the quota value to approximately SEK 0.013 per share and is expected to take effect in March 2027, subject to approval by the Swedish Companies Registration Office or a court.

Certified AdviserRedeye Nordic Growth AB

For further information about ExpreS2ion, please contact:Bent U. Frandsen, CEOKeith Alexander, CFOEmail: investor@expres2ionbio.com

About ExpreS2ionExpreS2ion is a clinical-stage biotechnology company developing active immunotherapies and vaccines for cancer and infectious diseases. Its lead asset, ES2B-C001, is a first-in-class active immunotherapy for HER2-expressing cancers, currently in Phase I clinical development. ES2B-C001 is built on ExpreS2ion's proprietary, Phase III-validated ExpreS2™ protein expression platform, which also underpins a portfolio of partnered development programmes and a contract services (CRO) business. ExpreS2ion develops novel VLP-based vaccines in association with AdaptVac ApS, of which ExpreS2ion owns 34%. ExpreS2ion Biotech Holding AB is listed on Nasdaq First North Growth Market. For additional information, please visit www.expres2ionbio.com.

This information is information that ExpreS2ion Biotech Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-12 08:30 CET.

Attachments261112 ExpreS2ion Q3 2026 Report

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