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STO: EXPRS2 ExpreS2ion Biotech Holding AB Org. Nr. 559033 - 3729 Interim Report (Q3) 2025 Webcast 13 November 2025 Innovative vaccines for a healthier world Bent Frandsen – CEO Keith Alexander - CFO Hosted by
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Note: This presentation may contain forward - looking statements; please see disclaimer at end 2 • Strategy & Pipeline Progress • Financial results • Q&A Agenda
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3 Strategy & Pipeline Progress: Driving our HER2 cancer immunotherapy forward while expanding global vaccine collaborations
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4 • Exploratory immunotherapies • IP expansion • Leverage ExpreS2 platform for partners and revenue • Oxford (Malaria) • VICI (Nipah) • Copenhagen (Influenza) • INDIGO (Influenza) • Deliver on ES2B - C001 (HER2 cancer immunotherapy) Advancing our proprietary pipeline Intensifying vaccine collaborations Innovating & strengthening the platform Growing our CRO business Four Pillars Driving Our Strategy
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Executing on Strategy 5 ES2B - C001 Immunotherapy • Phase I trial momentum – first patient dosed and trial protocol expanded (approval to add ADC combo therapy and more sites) • Early immunogenicity data show vaccine - induced HER2 - specific immune response in patient 1 Partnered Vaccine Programs • Execution of a definitive licensing agreement with Serum Institute of India for two novel blood - stage malaria vaccines, RH5.1 an d R78C • The University of Oxford now has 10 active malaria vaccine candidate trials (6 Phase I, 4 Phase II) ongoing globally – a major e ffort enabled by our platform • In the VICI Nipah vaccine consortium, our team selected a lead antigen and moved toward preclinical development • AdaptVac (34% - owned by ExpreS2ion) secured a €4.6M grant for a malaria vaccine, fully funding this project Corporate • Successfully raised SEK 11.8M in Q3 via warrants, strengthening our finances • Management actively engaged new investors at five Nordic life science events, expanding market awareness Q3 2025 Highlights
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Trial Design • Who? ~27 patients with advanced HER2 - positive or HER2 - low breast cancer (patients who have already been through standard treatments) • Where? Medical University of Vienna + 2 referral sites • What’s the treatment? A vaccine shot in the muscle, given 5 times, with 3 increasing dose levels to find a safe dose. Some patients may also receive a standard antibody - drug (ADC) alongside, to see if the combo is safe. • Goals: Primarily to confirm safety. Secondarily to see immune response (anti - HER2 antibodies) and potential tumour response. If safe, we aim to move to Phase Ib once the dose is chosen. • Timelines: Phase Ia data estimated mid - 2026. Phase Ib data estimated end - 2026. Timelines subject to patient recruitment, drop - outs and other factors beyond the Company’s control. • Phase I outcome: Confirm recommended Phase II dose *Vaccine formulation including adjuvant 6 Trial Progress ES2B - C001 Phase I trial – Design and Progress Next update: DSMB #1 (est late - December) to evaluate safety after ≥3 patients receive ≥3 doses and decide on potential dose escalation to 150 µg Patient Dosage* Doses Received Study Stage 1 50 µg (5/5) Completed + Follow - up 2 50 µg (4/5) Ongoing 3 50 µg (2/5) Ongoing 4 50 µg (1/5) Ongoing 5 50 µg (1/5) Ongoing
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Phase II could begin in 2027; accelerated timeline under evaluation Potential Development Path (Subject to Phase I Results) 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Phase I in Patients with Breast C ancer Phase II in P atients with Breast Cancer Concurrent Phase II in Patients with Gastric Cancer Phase III to obtain registration BLA Decision on Phase II design Possible conditional approval Launch 7
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Vaccines in trial Trial abbreviation Phase Sites Trial status Estimated completion Pfs48/45 in Matrix - M VAC - 085 I Oxford, UK Concluded March 2025 VAC - 099 Ib INSTech , Burkina Faso Recruiting Q3 2026 RH5.1 in Matrix - M BIO - 002 Ia Sheffield, UK Fully recruited Q3 2025 RH5.1 & R78C in Matrix - M VAC - 089 Ia Oxford, UK Fully recruited Q1 2026 BIO - 003 Ib/II IHI Bagamoyo, Tanzania Fully recruited Q2 2026 VAC - 087 IIb IRSS CRUN, Burkina Faso Not yet recruiting Q4 2026 VAC - 093 Ib IRSS CRUN, Burkina Faso Recruiting Q4 2026 BIO - 005 I/IIa Oxford, UK Recruiting Q2 2027 RH5.1 & RH5.2 - VLP in Matrix - M BIO - 001 Ia Oxford, UK Fully recruited Q1 2026 VAC - 091 IIb IRSS CRUN, Burkina Faso Fully recruited Q3 2026 RH5.2 - VLP & R21 in Matrix - M VAC - 086 Ib MRC Unit, The Gambia Fully recruited Q4 2025 New trials, updated timelines and recruitment progress 8 University of Oxford Malaria Vaccine Candidates 10 trials ongoing or completed across Phase I – II, incl. a Phase IIb expected to read out in 2026 Licensed to Serum Institute of India
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Largely grant - sponsored and consortium driven 9 Nipah/Hendra vaccine with the VICI - Disease Consortium • 100% grant funded to Phase I/IIa completion • Lead antigen selected • Preparing for GMP manufacturing Mucosal influenza vaccine with University of Copenhagen • ~67% grant funded • Designed influenza antigens (ExpreS2 and HighMan R&D cell lines) and coupled them to known demonstration VLP platforms • Developed a Xylose GMP compliant cell line and obtained POC on tools to create a GMP - compliant HighMan S2 cell line • Continuing development of alternative antigen - presenting platforms Effective and affordable influenza vaccine with the INDIGO Consortium • 100% grant funded • INDIGO (EU Consortium) aims to dramatically improve influenza vaccine response rates (goal: boost responders from ~40% to 90%), while also targeting lower production costs and improved accessibility • Nearing completion and discussing next steps Key Updates on Other Programs
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DISEASE Project/Target ID Target Identification Pre - clinical Pharmacology cGMP / Tox Phase I Phase II Phase III Collaboration Partner Platform Breast Cancer 1 100% ExpreS2 + VLP Malaria: Blood - Stage 2 ExpreS2 TM Malaria: Blood - Stage 2 Malaria: Blood - Stage 2 Malaria: Transmission 2 Influenza: Hemagglutinin 2 INDIGO Consortium Influenza: Mucosal 2 Nipah 2 VICI - Disease Consortium ExpreS2 TM + VLP COVID - 19 3 ExpreS2 + VLP Multiple shots on goal across cancer and infectious diseases, powered by our ExpreS2 platform 1 ES2B - C001 is fully sponsored by ExpreS2ion 2 Vaccine project funded by non - diluting funding. For RH5.1 and R78C, ExpreS2ion and Serum Institute of India have entered in a licensing agreement in Q4 ’25 regarding development and commercialisation. 3 ABNC0V2 is fully sponsored by Bavarian Nordic (“BN”), who proved the platform’s viability in more than 4,000 people in Phas e I I and Phase III. BN decided in Q3 ’23 to halt the program for commercial reasons. 10 We Are a Platform - Based Vaccine Company ES2B - C001/HER2 - VLP ABNCoV2/RBD - VLP RH5.2 - VLP Pfs 48/45 License agreement with SIIPL RH5.1 License agreement with SIIPL R78C INDIGO 100% funded to Phase I VICI - DISEASE ~ 67% funded to PC Pharma MUCOVAX ExpreS2ion Project Collaboration Project Discontinued Project All programs rely on ExpreS2 insect cell expression, often combined with AdaptVac’s VLP technology.
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Timing and success of future events are subject to uncertainties (regulatory approvals, trial results, etc.) 11 Expected Data Readouts & Deals on the Horizon Upcoming Catalysts Clinical & Pipeline Data • ES2B - C001 Phase Ia safety/tolerability readout (mid - 2026) • ES2B - C001 Phase Ib immunogenicity & early efficacy signals, if observable at this early stage (end - 2026) • Oxford malaria trials data readouts – Clinical results from ExpreS2 - based vaccines (over the next year and in 2027) Strategic & Platform Milestones • IP extensions filed or granted – Continued protection of core platform and pipeline assets • Grant - funded platform validation – Progress through MucoVax, INDIGO and VICI - Disease consortium programs
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Q3 2025 & 9M 2025 Financial Results 12
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0 1,000 2,000 3,000 4,000 1Q24 3Q24 1Q25 3Q25 +58% YoY 0 1,000 2,000 3,000 4,000 1Q24 3Q24 1Q25 3Q25 Net sales Other operating income SEK ‘000s 13 Income +36% YoY – Grants Boost Revenue Operating income Net sales Other operating income 0 1,000 2,000 3,000 4,000 1Q24 3Q24 1Q25 3Q25 Operating Income 2025 2024 Growth Year - to - date 8,674 5,647 +54% Net sales 3,222 2,414 +33% Other operating income 5,452 3,233 +69% Third quarter 2,298 1,689 +36% +36% YoY - 23% YoY 1,945 353 2,298
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- 12,044 -25,000 -20,000 -15,000 -10,000 -5,000 0 1Q24 3Q24 1Q25 3Q25 - 2,398 -12,000 -9,000 -6,000 -3,000 0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 14 SEK ‘000s Expense Discipline: External R&D spend lower, cost base streamlined - 19% YoY Operating expense R&D costs (external) Personnel costs - 5,924 -12,000 -9,000 -6,000 -3,000 0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 - 42% YoY - 3% YoY Volatile & dependent upon pipeline activities Relatively stable; key drivers are number of FTEs, inflation and FX
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SEK ‘000s 15 Net Result For The Period - 10,460 - 8,445 -12,000 -9,000 -6,000 -3,000 0 2024 2025 3Q profit / loss - 20,776 - 29,910 -40,000 -30,000 -20,000 -10,000 0 2024 2025 YTD profit / loss Q2 2024 benefited from one - time AdaptVac dividend of mSEK 22.5 +44% - 19%
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81.5 58.0 48.8 36.9 - 20.3 - 3.2 - 10.8 - 0.2 1.7 - 10.5 - 0.1 - 1.3 0 10 20 30 40 50 60 70 80 90 December 2024 Operations FX March 2025 Operations Financing FX June 2025 Operations Financing FX September 2025 SEK millions 16 Cash Development In 2025 Q3 2025
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• Q3 2025 cash (mSEK): 36.9 • Oct 2025 TO 11 gross proceeds (mSEK): 11.8 • Current runway: Q2 2026 • Target milestones: Phase Ia (Q2’26) & Phase Ib (Q4’26) • Timelines: Subject to recruitment pace, drop - out rates and other factors 60 69 76 82 58 49 37 0 20 40 60 80 100 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 SEK millions 17 Cash Balance & Key Drivers (1Q24 – 3Q25) Grant Prepayment AdaptVac Dividend Rights Issue TO 10 Warrants TO 11 Warrants
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Review of investor - relations and capital - market service providers results in consolidation 18 Sponsored Research • Effective 1 December 2025 • Continued: H.C. Andersen Capital • New: Redeye • Discontinued: Pareto Securities & Analysguiden • Reports posted on ExpreS2ion Investor website Investor Events • Effective 1 December 2025 • Continued: H.C. Andersen Capital, BioStock • New: Redeye • Discontinued: Analysguiden • Events posted on ExpreS2ion Investor website Certified Advisor • Effective 1 February 2026 • New: Redeye • Discontinued: SKMG New Shareholder Services
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A chance to ask questions about our strategy and the ES2B - C001 Phase I trial 19 Date Event Location Speaker 13 November BioStock Life Science Summit Lund CEO Bent Frandsen 21 November ExpreS2ion Investor Seminar, hosted by H.C. Andersen Capital Copenhagen CEO Bent Frandsen & CFO Keith Alexander 3 December Redeye Life Science Day Stockholm and Virtual CEO Bent Frandsen Meet Us – Upcoming Investor Events Prioritizing investor access in Denmark and Sweden, while also testing new venues to broaden our reach
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Q&A Innovative vaccines for a healthier world investor@ expres2ionbio.com https://investor. expres2ionbio.com
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21 Disclaimer This presentation does not constitute or form part of any offer or invitation to purchase or subscribe for, or any offer to u nde rwrite or otherwise acquire, any shares or any other securities in ExpreS2ion Biotech Holding AB (the “Company”). Neither shall the presentation or any part of it, nor the fact of its distribu tio n or communication, form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. This presentation contains forward - looking statements, which are subject to risks and uncertainties because they relate to expec tations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. All statements other t han statements of historical fact included in this presentation are forward - looking statements. Forward - looking statements give Company’s current expectations and projections relating to its f inancial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, fo llo wed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would ,” “could” and other words and terms of similar meaning or the negative thereof. Such forward - looking statements involve known and unknown risks, uncertainties and other factors, which may ca use the actual results, performance or achievements of Company or the industry in which it operates, to be materially different than any future results, performance or achievements ex pressed or implied by such forward - looking statements. Given these risks, uncertainties and other factors, recipients of this presentation are cautioned not to place undue reliance on these forward - looking statements. The forward - looking statements referred to above speak only as at the date of the presentation. Company will not undertake any obligation to rele ase publicly any revisions or updates to these forward - looking statements to reflect future events, circumstances, anticipated events, new information or otherwise except as requir ed by law or by any appropriate regulatory authority. The information included in this presentation may be subject to updating, completion, revision and amendment and such informa tio n may change materially. No person, including Company and its advisors, is under any obligation to update or keep current the information contained in this presentation an d a ny opinions expressed in relation thereto are subject to change without notice. Neither Company nor any of its owners, affiliates, advisors or representatives (jointly the “Discloser s”) make any guarantee, representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this presentation, and no rel iance should be placed on such information. None of the Disclosers accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. By attending this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.