ExpreS2ion announces financial results for the first quarter 2023

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Hørsholm, Denmark, 16 May 2023– ExpreS2ion Biotech Holding AB (“ExpreS2ion”) today announces its first quarter financial results for 2023. The report is available as an attachment and on ExpreS2ion's website (www.expres2ionbio.com). Below is a summary of the report.

CEO Bent U. Frandsen comments

“In the first quarter of 2023, we made significant progress and secured additional funding for our pipeline-driven strategy, while also strengthening our organisation and improving access to valuable scientific knowledge in the field of infectious diseases.

Overall, our outlook for the remainder of 2023 remains positive, with the top-line results from the Phase III clinical trial for the ABNCoV2 COVID-19 booster vaccine and 12-month durability date from the phase II clinical trial as the next major milestones expected in the coming months.”

First quarter (January – March 2023)

  • Operating income amounted to 2,590 (2,078) KSEK.
  • Profit/loss after financial items amounted to -30,282 (-14,844) KSEK.
  • Profit/loss for the period amounted to -26,308 (-13,836) KSEK.
  • Net income per share* amounted to -0.70 (-0.44) SEK.
  • End of period cash balance amounted to 71,972 (39,563) KSEK.
  • End of period cash balance including SKAT balance amounted to 71,792 (124,678) KSEK**
  • End of period total assets amounted to 103,125 (140,035) KSEK
  • End of period equity / asset ratio amounted to 77% (94%)***

Figures in parenthesis are the numbers from the same period in 2022.

*The Group’s net income per share: The net income for the period divided with the average number of shares for the period. For the period January to March 2023, the average number of shares amounted to 37,606,796. As of 31/3/2023, the total number of shares in ExpreS2ion Biotech Holding AB was 37,606,796.

**In Q4 2021 the Company decided to store cash in its account with the Danish tax authority (SKAT), where no interest is charged. See callout on balance sheet page.

***Equity ratio: Shareholder’s equity divided by total capital.

Webcast presentation of 2023 first quarter interim results

On 16 May 2023 at 11:00 CET, ExpreS2ion CEO Bent U. Frandsen and CFO Keith Alexander will discuss the 2023 first quarter interim results and answer investors’ questions. More information and registration can be found on the H.C. Andersen Capital Events website.

Significant events during the first quarter

  • On January 3, 2023, ExpreS2ion announced the appointment of Dr. Farshad Guirakhoo as the Company's new Chief Scientific Officer (CSO). Dr. Guirakhoo has more than 30 years of broad translational research experience in the vaccine development field, and will be responsible for directing the development of the discovery and preclinical strategies and plans that support ExpreS2ion's development pipeline of unique vaccine assets, including managing the progression of ExpreS2ion’s vaccine technology platform. Dr. Guirakhoo starts his employment on January 16, 2023 at ExpreS2ion’s headquarters in Hørsholm, Denmark.
  • On January 20, 2023, ExpreS2ion announced that the journal The Lancet Microbe published an article about the COVID-19 vaccine candidate ABNCoV2 titled "First-in-human use of a modular capsid virus-like vaccine platform: an open-label, non-randomised, phase 1 clinical trial of the SARS-CoV-2 vaccine ABNCoV2" co-authored by ExpreS2ion scientists.
  • On February 9, 2023, ExpreS2ion Biotech Holding AB announced its fourth quarter and full-year 2022 financial results.
  • On February 15, 2023, the Company provided an update on Bavarian Nordic's Phase III clinical trial for the ABNCoV2 capsid virus-like particle (cVLP) based COVID-19 booster vaccine. Bavarian Nordic announced that the top-line results were anticipated around mid-2023 due to longer than expected recruitment times.
  • On March 3, 2023, ExpreS2ion announced that the MucoVax consortium had been awarded an Innovation Fund Denmark (IFD) Grand Solutions grant for the development of new platforms for universal mucosal vaccines in a 5-year research project in a collaboration between ExpreS2ion and University of Copenhagen. The award funding covers 71% of the research project and amounts to 29 MDKK (approx. 43 MSEK), of which ExpreS2ion directly is funded with 9.6 MDKK (approx. 14 MSEK). The IFD investment funds 67% of ExpreS2ion's share of the research project budget.
  • On March 3, 2023, the Board of Directors of ExpreS2ion Biotech Holding AB had, subject to a subsequent approval at an extraordinary general meeting in the Company on 23 March 2023, resolved on a rights issue of units consisting of shares and warrants of series TO 8 ("Units") with preferential rights for existing shareholders amounting to approximately SEK 102.4 million (the "Rights Issue"). The subscription price has been set to SEK 4.90 per Unit, corresponding to a subscription price of SEK 4.90 per share. The Company obtained subscription and guarantee commitments of up to a total of approximately SEK 51.3 million, corresponding to approximately 50 percent of the Rights Issue. Upon full subscription in the Rights Issue, the net proceeds from the Rights Issue will be used to (i) advance the breast cancer vaccine candidate ES2B-C001, (ii) internal technology development and (iii) pipeline expansion, incl. exploration of value-added vaccine partnerships.
  • On March 9, 203, the Company announced the establishment of an Infectious Diseases Scientific Advisory Board (ISAB). The four initial members of the ExpreS2ion ISAB bring a depth of knowledge in infectious diseases, clinical trials and preventive vaccines, and will contribute to the development of ExpreS2ion's proprietary pipeline efforts in the infectious diseases field. The ISAB will serve as advisors and participants in key opinion leader events for the scientific community and investors.

Significant events after the end of the period

  • On April 14, 2023, ExpreS2ion Biotech Holding AB announced the final outcome of the rights issue of a maximum of 20,892,660 units, consisting of shares and warrants of series TO 8 ("Units"), with preferential rights for the Company's existing shareholders (the "Rights Issue"). The subscription price in the Rights Issue was SEK 4.90, corresponding to a subscription price of SEK 4.90 per share. In total, 9,824,575 Units were subscribed for with the support of unit rights, representing approximately 47.0 percent of the Rights Issue, and 1,290,823 Units were subscribed for without the support of unit rights, representing approximately 6.2 percent of the Rights Issue. No issue guarantees were thus needed to be used. Through the Rights Issue, the Company will initially receive proceeds of approximately SEK 54.5 million before deduction of costs. If all warrants of series TO 8 issued in the Rights Issue are exercised for the subscription of shares at an exercise price corresponding to the subscription price in the Rights Issue, the Company will receive additional proceeds of approximately SEK 54.5 million before deduction of issue costs.
  • On April 21, 2023, The Board of Directors of ExpreS2ion Biotech Holding AB, based on the authorisation from the Annual General Meeting on 25 May 2022, resolved on a directed new issue of 527,573 units to guarantors in the rights issue of units resolved upon by the Board of Directors on 3 March 2023 and approved by the Extraordinary General Meeting on 23 March 2023 who have chosen to receive their guarantee commission in the form of newly issued units in ExpreS2ion. The subscription price in the Remuneration Issue, SEK 5.44 per unit, corresponds to the volume-weighted average price of the Company's share on Nasdaq First North Growth Market during the subscription period for the Rights Issue. Payment is made by set-off of claims. Each unit consists of one (1) share and one (1) warrant of series TO 8.
  • On April 24, 2024, ExpreS2ion announced that shareholders will be convened at the Annual General Meeting to be held on 24 May 2023 at 10.00 CEST on Mindpark, Bredgatan 11, Helsingborg, Sweden. The entrance to the meeting and registration will open at 09.30 CEST.
  • On May 2, 2023, ExpreS2ion announced the publication of the 2021 Annual Report.

Certified Adviser
Svensk Kapitalmarknadsgranskning AB

This press release constitutes inside information that ExpreS2ion Biotech Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out below, at the time stated by the Company’s news distributor, Cision, at the publication of this press release.

For further information about ExpreS2ion Biotech Holding AB, please contact:
Bent U. Frandsen, CEO
Telephone: +45 4256 6869
E-mail:
buf@expres2ionbio.com

Keith Alexander, CFO
Telephone: +45 5131 8147
E-mail:
ka@expres2ionbio.com

About ExpreS2ion
ExpreS2ion Biotechnologies ApS is a fully owned Danish subsidiary of ExpreS2ion Biotech Holding AB with company register number 559033-3729. ExpreS2ion has developed a unique technology platform, ExpreS2, for fast and efficient non-clinical development and production of complex proteins for new vaccines and diagnostics. ExpreS2 is regulatorily validated for clinical supply. The platform includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, the Company has produced more than 500 proteins and virus-like particles (VLPs) in collaboration with leading research institutions and companies. ExpreS2ion develops novel VLP based vaccines in association with AdaptVac ApS, of which ExpreS2ion owns 34%. For additional information, please visit www.expres2ionbio.com.