ExpreS2ion announces financial results for the third quarter of 2024

Thu, Nov 14, 2024 08:30 CET

Hørsholm, Denmark, 14 November 2024 – ExpreS2ion Biotech Holding AB (“ExpreS2ion”) today announces its third quarter and year-to-date financial results for 2024. 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:

“We achieved substantial milestones in the third quarter of 2024, notably submitting the clinical trial application for our breast cancer vaccine candidate, ES2B-C001. This marks our most significant milestone for this proprietary asset. We also advanced key partnerships, received further validation of our ExpreS2 platform, and raised SEK 30 million in capital.

We are well prepared for entering a new phase for our company with focus on clinical development while also further leveraging our technology platform for existing collaborations and new applications.”

Summary of 2024 third quarter results (July – September 2024)

Key income statement figures, SEK ‘000s

Operating income: 1,689 (1,856)
Profit/loss after financial items: -13,010 (-23,394)
Profit/loss for the period: -10,460 (-21,826)

Key balance sheet figures, SEK ‘000s

End of period cash balance: 76,403 (77,182)
End of period total assets: 104,515 (101,920)
End of period equity / asset ratio*: 66% (79%)

Number of shares**

Number of shares at end of the period: 2,100,279 (1,285,124)
Average number of shares: 1,967,373 1,232,415)
Average number of shares (after dilution): 3,703,455 (1,283,665)

Earnings per share, SEK***

Earnings per share for the period based on average number of shares: -5.32 (-17.71)
Diluted earnings per share for the period: -2.82 (-17.00)

Summary of 2024 first nine-months results (January – September 2024)

Key income statement figures, SEK ‘000s

Operating income: 5,647 (6,515)
Profit/loss after financial items: -25,210 (-85,241)
Profit/loss for the period: -20,776 (-78,172)

Key balance sheet figures, SEK ‘000s

End of period cash balance: 76,403 (77,182)
End of period total assets: 104,515 (101,920)
End of period equity / asset ratio*: 66% (79%)

Number of shares

Number of shares at end of the period: 2,100,279 (1,285,124)
Average number of shares: 1,514,200 (1,108,977)
Average number of shares (after dilution): 3,250,282 (1,160,227)

Earnings per share, SEK***

Earnings per share for the period based on average number of shares: -13.72 (-70.49)
Diluted earnings per share for the period: -6.39 (-67.38)

Figures in parenthesis are from the same period in 2023.
*Equity ratio: Shareholder’s equity divided by total capital.
*Number of share and per share figures adjusted for reverse share split with 31 October 2024 record date.
***Earnings per share defined as profit/loss for the period divided with the average number of shares for the period.

Webcast presentation of 2024 second quarter and half-year results

On 14 November 2024 at 11:00 CET, ExpreS2ion CEO Bent Frandsen and CFO Keith Alexander will present a company update and the 2024 third quarter and year-to-date results and answer investors’ questions. More information and registration can be found on the ExpreS2ion landing page of the Inderes website.

Significant events during the third quarter

On July 1st, ExpreS2ion Biotech Holding AB announced the final outcome of its rights issue. The Rights Issue was subscribed to a total of approximately 50.1 percent. Through the Rights Issue, the Company will initially receive proceeds of approximately SEK 30.0 million before deduction of costs.
On July 3rd, ExpreS2ion announced it had received an Issue Notification from the United States Patent and Trademark Office (USPTO) for the patent "Glyco-Engineered Immunization Antigens”.
On July 5th, ExpreS2ion Biotech Holding AB resolved on a directed issue of units to guarantors in connection with the completed rights issue.
On August 6th, ExpreS2ion announced the submission of ExpreS2ion’s first CTA to the Austrian Agency for Health and Food Safety (BASG/AGES) for its novel therapeutic candidate, ES2B-C001 against breast cancer.
On August 15th, ExpreS2ion Biotech Holding AB published its financial result for the second quarter of 2024.

Significant events after the third quarter

On October 16th, ExpreS2ion announced that it had entered into a term sheet with Serum Institute India regarding the proposed development and commercialisation of a novel malaria vaccine.
On October 21st, ExpreS2ion Biotech Holding AB held an Extraordinary General Meeting which resolved on a reverse share split and related measures.
On November 12th, ExpreS2ion announced positive new preclinical data for its ongoing cytomegalovirus (CMV) vaccine program collaboration with Evaxion Biotech A/S, named ES2B-I002.

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
Keith Alexander, CFO
E-mail: investor@expres2ionbio.com

About ExpreS2ion
ExpreS2ion is a biotechnology company that develops innovative vaccines for a healthier world. We want to transform healthcare by developing novel vaccines, that are life-saving and improving quality of life across the world. ExpreS2ion has developed the unique human clinical Phase III-validated technology platform, ExpreS2™, for fast and efficient development and production of the active material in vaccines. The platform, under the brand GlycoX-S2™, includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, ExpreS2ion 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.