Interim report
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STO: EXPRS2 ExpreS2ion Biotech Holding AB Org. Nr. 559033 - 3729 2025 Interim Report Q3 Innovative vaccines for a healthier world
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| 2 Forward - looking statements and disclaimer This report contains forward - looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar ex pressions identify forward - looking statements. All statements other than statements of historical facts included in this report, including, without limitation, those regarding our financial position, business str ate gy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward - looking statements. Such forward - looking statements involve known and unkn own risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or impl ied by such forward - looking statements. Such forward - looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. The important factors that could cause our actual results, performance or achievements to differ materially from those in the forward - looking statements include, among others, risks associated with prod uct discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of our pro ducts in patients, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and mar kets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, cha nge s and developments in technology which may render our products obsolete, and other factors. Further, certain forward - looking statements are based upon assumptions of future events which may not prove to be accur ate. The forward - looking statements in this document speak only as at the date of this report. ExpreS2ion Biotech does not undertake any obligation to update or revise forward - looking statements in this repo rt nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law. “ExpreS2ion Biotech Holding AB” refers to ExpreS2ion Biotech Holding AB with corporate identity number 559033 - 3729. “The Company ” or ”ExpreS2ion” refers to the group, i.e. ExpreS2ion Biotech Holding AB and its fully owned operational subsidiary ExpreS2ion Biotechnologies ApS, Denmark.
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Breast Cancer Proprietary ES2B - C001 In the third quarter of 2025, ExpreS2ion’s Phase I trial of HER2 breast cancer vaccine ES2B - C001 showed the first patient developed strong HER2 - specific antibodies, confirming the vaccine successfully activates the immune system as intended. This an important milestone for ExpreS2ion and the ES2B - C001 program. While these data are early, the results strengthen our belief in this vaccine and the platform’s potential and validates the years of preclinical development that preceded it. VICI - Disease In collaboration with the VICI - Disease consortium The consortium selected a finalised VLP - antigen design, and ExpreS2ion initiates selection of facility to produce the GMP - compatible Nipah virus vaccine antigen using the ExpreS2 /AdaptVac VLP platform . The project, funded by the EU Horizon program, targets Phase I/ IIa trial completion and broad dissemination of results. CRO ExpreS2 TM - driven development ExpreS2ion continues to strengthen commercial engagement around its proprietary ExpreS2 protein - expression platform. Ongoing feasibility and service projects support external partners in biologics and vaccine manufacturing, reinforcing the platform’s position as a preferred system for complex recombinant protein production. Malaria Developed by University of Oxford Oxford continues to advance several malaria vaccine programs based on ExpreS2ion’s technology, supported by international grant funding. Multiple clinical trials remain active across Africa and the UK, with further readouts expected in the coming year. The sustained progress highlights the reliability of ExpreS2ion’s platform and its potential for future value creation through Oxford’s globally recognized vaccine portfolio. Influenza In collaboration with the University of Copenhagen Completed antigen design for expression in ExpreS2 and prepared tools for HighMan cell line development. Advanced coupling to nanoparticle display systems and established a GMP - compliant Xylose cell line. Progressed development of a mucosal (intranasal) delivery platform and initiated design of novel antigen - presenting systems with potential for broader platform applications. mSEK 37 Cash and equivalents as of 30 September 2025 Third quarter 2025 highlights | 3
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warrant program, 100% including guarantors, strengthened our financial flexibility and reinforces investor confidence in ExpreS2ion’s strategy. The resulting capital enhances our ability to pursue our current development plans efficiently, supporting continued clinical and research execution. We also increased our participation in investor conferences and forums in response to feedback from shareholders and potential investors — demonstrating our commitment to transparency and open dialogue as key data milestones approach. Outlook The months ahead are set to be pivotal. As we continue to gather insight from the first patients in the ongoing Phase I clinical trial of ES2B - C001, ExpreS2ion remains focused on building a company that delivers lasting value — both to patients in need and to our shareholders. We thank our investors for their trust and support as we continue this important journey. | 4 To our shareholders, During the third quarter of 2025, ExpreS2ion made steady progress across its proprietary pipeline, strategic partnerships, and financial management. These developments underline our commitment to disciplined growth and our determination to confront serious diseases with pioneering vaccine technologies. Advancing our proprietary pipeline Our lead candidate, ES2B - C001, remains the central focus of our clinical strategy. In the ongoing Phase I trial targeting HER2 - expressing breast cancer, we observed strong HER2 - specific antibody responses in the first patient. This is an encouraging signal in our transition to a clinically driven company. Looking ahead, we aim to complete the first dosing cohort during Q4 and evaluate whether to advance to a higher dose or a modified formulation excluding adjuvant, depending on emerging data. This stepwise approach ensures a balance between scientific ambition and “We continue to advance toward our mission of transforming healthcare through innovative vaccines — guided by science, collaboration, and disciplined execution.” A word from our CEO patient safety, while maintaining transparency in our clinical communication. Strengthening scientific collaborations Across our collaborations, several programs reached meaningful milestones. In the VICI - Disease consortium, the finalized selection of the Nipah virus vaccine antigen marks a critical scientific achievement and positions the program for subsequent GMP production. Following the end of the quarter, we also entered a definitive licensing agreement with the Serum Institute of India for our malaria vaccine assets, strengthening the pathway toward global access and commercialization. Meanwhile, ongoing malaria and influenza programs with the University of Oxford and University of Copenhagen, respectively, continued to progress, leveraging our ExpreS2 protein - expression platform to address infectious diseases with global health relevance. Corporate matters The successful 88.5% exercise of the TO11 Sincerely, Bent U. Frandsen CEO
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| 5 ExpreS2ion Biotech Holding AB ExpreS2ion Biotechnologies ApS AdaptVac ApS • Listed on the Nasdaq First North Growth Market since 2016 • Holding company for ExpreS2ion Biotechnologies ApS, which it owns 100% ExpreS2ion Biotech Holding AB • Established in 2010 • Protein expression platform (ExpreS2 TM ), vaccine pipeline and CRO business • Located on the DTU Science Park • Approximately 18 FTEs • Owns 34% of AdaptVac ApS ExpreS2ion Biotechnologies ApS • Co - founded in 2017 by ExpreS2ion and researchers from Copenhagen University (NextGen Vaccines ApS) • Virus - like particle (VLP) platform – AdaptVac’s VLP is a delivery vehicle in two ExpreS2ion vaccine projects (HER2 - expressing breast cancer and Nipah virus) AdaptVac ApS Company structure 34%
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| 6 Our business
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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 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 develop men t and commercialisation. 3 ABNC0V2 is fully sponsored by Bavarian Nordic (“BN”), who proved the platform’s viability in more than 4,000 people in Phase II and Phase III. BN decided in Q3 ’23 to halt the program for commercial reasons. 7 We develop therapeutic vaccines (immunotherapy) against cancer as well as prophylactic vaccines against major infectious diseases Vaccine pipeline 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
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1 WHO/IARC. GLOBOCAN 2020: Breast Cancer Fact Sheet. Global Cancer Observatory, Lyon, France. Available at: https://gco.iarc.fr/ 2 Kim J, Harper A, McCormack V, et al. Global patterns and trends in breast cancer incidence and mortality across 185 countri es. Nat Med. 2025;31:1154 – 1162. 3 Wolff AC, et al. Human Epidermal Growth Factor Receptor 2 Testing in Breast Cancer: ASCO/CAP Guideline Update. J Clin Oncol. 2018;36:2105 - 2122. 4 Escrivá - de - Romaní S, et al. “Resistance to HER2 - targeted therapies in breast cancer.” Cancer Treat Rev. 2018; 71:28 – 41. 5 Sung H, et al. “Global burden of early - onset cancer in 2019 and projections to 2030.” BMJ Oncology. 2023;2:e000049. doi:10.1136/bmjonc - 2022 - 000049. 6 WHO/IARC. Global Cancer Observatory: Cancer Tomorrow (Projections to 2040). Lyon, France; 2021. Available at: https://gco.iarc.fr/tomorrow/ 7 World Cancer Research Fund International. Breast cancer statistics [Internet]. London: World Cancer Research Fund Internati o nal; c2024 [cited 2025 Apr 9]. Available from: https://www.wcrf.org/preventing - cancer/cancer - statistics/breast - cancer - statistics/ 8 Breast Cancer Research Foundation. HER2 - positive breast cancer: treatment & research [Internet]. New York: Breast Cancer Researc h Foundation; [cited 2025 Apr 9]. Available from: https://www.bcrf.org/about - breast - cancer/her2 - positive - breast - cancer - treatment - research/ | 8 Breast cancer: Disease background • 2.3 million women diagnosed each year – the most common cancer globally 1 • 685,000 annual deaths – the leading cause of cancer mortality in women 1 • HER2 - expressing tumours ~80% of cases 2 , but resistance to today’s HER2 targeting drugs leaves many patients with limited options 3 • Up to 50% of patients relapse even after the best available HER2 therapies 4 • Rising incidence in younger women : Breast cancer is now the #1 cancer in women under 50, with incidence up nearly 80% since 1990 5 • Future outlook : By 2040, annual cases are projected to exceed 3 million, and deaths may surpass 1 million 6 – unless new treatments are developed ES2B - C001 harnesses a polyclonal immune response to overcome HER2 resistance Breast Cancer: High Burden & Significant Unmet Needs Discovery Lead Optimization CTA Enabling Phase 1 Phase 2 Phase 3 Phase I dosing ExpreS2ion’s vaccine target aims to generate a broader immune response by targeting the entire HER2 extracellular domain Weaker inhibition Risk of relapse/resistance Medium inhibition Risk of relapse/resistance Strong and durable inhibition Overcome resistance
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| 9 Addressing the limitations of current HER2 - targeted therapies ES2B - C001 Limitations of Current HER2 - Targeted Therapies In the treatment of HER2 - positive metastatic breast cancer ( mBC ), monoclonal antibodies (mAbs) and Antibody – Drug Conjugates (ADCs) dominate current clinical practice. While these therapies have brought meaningful clinical benefit, they are associated with well - recognised limitations, particularly as patients progress through lines of treatment: 1. Resistance to Therapy Tumours frequently develop resistance to mAbs and ADCs over time, diminishing therapeutic effectiveness and ultimately rendering treatments ineffective in late - stage disease. 2. Repeated Dosing and Hospital - Based Administration Most standard therapies require frequent intravenous infusions over extended periods. This increases treatment burden on patients, reduces compliance, and contributes to resource strain on healthcare systems. 2. Polyclonal Immune Response Unlike single - target therapies, ES2B - C001 induces a polyclonal antibody response against all four extra - cellular domains of the HER2 - receptor. This could reduce the likelihood of resistance and enhance long - term efficacy. 3. Fewer Injections, Simplified Treatment Pathway As a vaccine, ES2B - C001 may require significantly fewer administrations, improving patient convenience and reducing the logistical burden associated with infusion - based therapies. 4. Favourable Safety Profile Based on preclinical data and experience with the ExpreS2 platform, ES2B - C001 is expected to have a lower risk of systemic toxicity compared to cytotoxic ADCs or kinase inhibitors. 5. Cost Efficiency The platform allows for delivery of significantly lower dose antigen, which offers the potential for a far more affordable treatment option at scale. 3. Toxicity and Tolerability Issues ADCs and other targeted therapies can be associated with serious toxicities, including cardiotoxicity and myelosuppression. 4. High Cost and Limited Access The cost of mAb and ADC therapies remains extremely high, often exceeding USD 100,000 per patient annually. This represents a substantial barrier to widespread access and is a growing concern for both public and private payers globally. Potential advantages of ES2B - C001 ES2B - C001, ExpreS2ion’s novel HER2 breast cancer vaccine candidate, is designed to overcome key limitations of existing treatments while offering a differentiated, immunologically driven approach: 1. Efficacy in Resistant Cells In vitro studies have shown that ES2B - C001 is effective in HER2 - positive breast cancer cells, including those resistant to leading monoclonal antibody therapies. This suggests potential utility in treatment - refractory settings. HERCEPTIN TM Domain IV PERJETA TM Domain II Current Standard - of - Care (SoC) combine mAbs to target multiple epitopes HER2 protein (all 4 extra - cellular domains) High - density display ( ≈ 50 HER2 molecules)
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From platform validation to first - in - human: A milestone - driven journey | 10 Platform validation Validated ExpreS2 in Phase III and durability studies for ABNCoV2. Confirmed platform scalability, safety, and immunogenicity in humans. Proof - of - concept studies Conducted by the University of Bologna on behalf of ExpreS2ion. HER2 - specific immunogenicity and in vitro efficacy demonstrated in breast cancer cell models. Preclinical pharmacology GLP - compliant safety and toxicology completed in two mammalian species. No adverse findings; enabled clinical progression. Manufacturing Stability studies initiated for long - term storage and quality. GMP production and final drug release completed. Clinical Trial initiated in Q1 2025, with first patient dosed in Q2 2025. Significant immune response after two does in first patient. Building awareness Preclinical data presented at major scientific and investor meetings. Raised visibility across oncology and immunotherapy communities. ES2B - C001
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safety and immunogenicity of both transmission - blocking and blood - stage vaccine candidates. ExpreS2ion retains the right to negotiate commercial terms related to its technology if any candidates progress to Phase III or commercialisation, offering potential future value creation linked to platform success. MucoVax mucosal influenza vaccine Launched in 2023, MucoVax is a 5 - year collaboration between ExpreS2ion and the University of Copenhagen aimed at developing novel mucosal influenza vaccines. The project is supported by a Grand Solutions grant from Innovation Fund Denmark (IFD), which covers approximately 71% of the total project budget and supports the advancement of platform technologies for broadly protective mucosal vaccines. During the third quarter of 2025, ExpreS2ion completed the design and preparation of influenza antigens in transfected S2 cell lines and neared completion of a GLP - compliant HighMan S2 cell line. The team also continued the design and production of virus - like particles (VLPs) as a mucosal delivery platform and progressed the development of alternative novel antigen - presenting systems. These efforts collectively strengthen the translational potential of the MucoVax program and further expand the capabilities of the ExpreS2 technology platform. University of Oxford and SIIPL malaria vaccine candidates ExpreS2ion’s ExpreS2 platform continues to underpin multiple clinical - stage malaria vaccine programs led by the University of Oxford and the Serum Institute of India (SIIPL), supporting the scalable production of both transmission - blocking and blood - stage antigens expressed in Drosophila S2 cells. As of Q3 2025, four ExpreS2 - based vaccine candidates remain in active clinical development, spanning Phases Ia through IIb, with trials ongoing. All programs continue to be supported by either non - dilutive grant funding awarded to Oxford and its international collaborators or SIIPL. During the third quarter, several trial timelines and statuses were updated: • BIO - 002 (RH5.1, Phase Ia) remains fully recruited in Q3 2025, with data anticipated in the coming quarters. • VAC - 085 (PfS48/45, Phase I) concluded earlier in 2025, while its follow - up study VAC - 099 (Phase Ib) continues active recruitment, with completion now expected in Q3 2026. • BIO - 003 (RH5.1 & R78C, Phase Ib/II) has progressed to fully recruited status, VAC - 087 was initiated and VAC - 093 advanced in recruitment, the latter two now with estimated completions in late 2026. • BIO - 005 (RH5.1 & R78C, Phase I/IIa) began recruiting, marking continued momentum across the blood - stage candidate portfolio. • VAC - 086 (RH5.2 – VLP & R21, Phase Ib) remains fully recruited, with completion still expected in Q4 2025. University of Oxford and SIIPL malaria vaccine candidates * For RH5.1 and R78C, ExpreS2ion and Serum Institute of India have entered in a licensing agreement in Q4 ’25 regarding development an d commercialisation. Collaboration project updates The malaria vaccine portfolio demonstrates broad progress across clinical phases, reflecting the sustained productivity of Oxford’s malaria research network and the continued reliability of ExpreS2 - produced antigens in human trials. Several studies are expected to generate readouts in the coming year, providing important insights into the | 11 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 Source: University of Oxford, ClinicalTrials.gov & ExpreS2ion Biotech
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parallel, ExpreS2ion’s ExpreS2 platform is being used for antigen production in preclinical research on next - generation vaccine candidates. The project aims to significantly improve influenza vaccine performance globally by reducing the proportion of non - responders from approximately 60% to below 10%, while also targeting lower production costs and improved accessibility. VICI - Disease consortium ExpreS2ion is a core partner in the VICI - Disease consortium, which was awarded an EUR 8 million Horizon Europe grant to develop a vaccine against the Nipah virus — a zoonotic pathogen with epidemic potential and case - fatality rates of up to 75% 1 . ExpreS2ion’s contribution represents approximately 53% of the project’s direct costs, reflecting our central role in vaccine development using the ExpreS2 protein - expression platform. The consortium brings together a strong international network of academic and translational partners, including AdaptVac, Friedrich - Loeffler - Institut , Radboud University Medical Center, and the University of Copenhagen (serving as project coordinator), alongside global collaborators such as NIH/NIAID, PSG Institute of Medical Sciences and Research, and CERMEL. During the third quarter of 2025, the consortium selected the lead Nipah vaccine candidate, marking a major step toward preclinical and manufacturing readiness. The next phase will involve selection of a GMP facility to initiate antigen production. In parallel, ExpreS2ion continues to optimize the Nipah G antigen production process, supporting the project’s progression toward clinical evaluation. These developments move the VICI - Disease program closer to its goal of entering a Phase I/IIa clinical trial, reinforcing the consortium’s overarching mission to deliver a safe, scalable, and deployable vaccine against one of the world’s most urgent emerging viral threats. 1 World Health Organization (2018). Nipah virus. [online] Who.int. Available at: https://www.who.int/news - room/fact - sheets/detail/ nipah - virus. Collaboration project updates INDIGO consortium The international next - generation influenza vaccine consortium INDIGO, led by the University of Amsterdam with ExpreS2ion as a participating member, is developing a next - generation influenza vaccine in a large collaboration between public and private R&D organisations from the EU, India, and the United States. The project has been awarded a 10 MEUR Horizon 2020 grant from the EU, of which ExpreS2ion’s participation was directly awarded 0.6 MEUR. The INDIGO consortium is advancing the preclinical and clinical development of two novel influenza vaccine concepts. Clinical activities under the project are limited to the evaluation of a novel potent adjuvant from LiteVax BV (Netherlands) in combination with existing licensed influenza vaccines. In | 12
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Overview ExpreS2ion Biotechnologies has developed ExpreS2 , a proprietary protein expression platform based on engineered Drosophila Schneider - 2 (S2) cells. The system is optimized for scalable, high - quality production of complex recombinant proteins — critical for both vaccine development and broader biopharmaceutical applications. Proven Track Record ExpreS2 has been successfully used in more than 500 protein expression projects over the past decade, boasting a success rate exceeding 90%. It supports a rapid production cycle (typically 3 – 6 months) and delivers high batch - to - batch consistency, meeting rigorous standards for pharmaceutical and clinical use. Core to Our Pipeline The platform underpins ExpreS2ion’s pipeline, including our lead therapeutic HER2 vaccine candidate ES2B - C001 and multiple malaria, influenza, and Nipah vaccine programs. It is also used in the Company’s CRO business and licensed for clinical - stage use by partners including the University of Oxford. Best - in - Class Antigen Display for VLPs In combination with AdaptVac’s virus - like particle (VLP) technology, ExpreS2 enables high - density, full - length antigen display — crucial for inducing strong and broad polyclonal immune responses. This was validated in the ABNCoV2 COVID - 19 program and is now applied to therapeutic vaccines such as ES2B - C001, the first HER2 vaccine to display all four extracellular domains in a VLP construct. Competitive Advantages • Enables multi - epitope display to overcome tumour heterogeneity and resistance • Produces homogeneous GMP - compliant batches • Supports polyclonal antibody responses with long - lasting immune memory • Compatible with Tag/Catcher technology for efficient, orientation - controlled antigen coupling • Can be upgraded with HighMan - S2 or GlycoX - S2 cell lines for enhanced yields and immunogenicity Strategic Fit ExpreS2 is central to ExpreS2ion’s strategy of advancing cost - efficient, high - impact vaccine candidates with short development timelines and scalable production. Antigen Delivery vehicle A powerful system for high - yield protein production and vaccine development ExpreS2 platform | 13
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Safety Immunogenicity Soluble protein vaccines, including those produced with ExpreS2 , offer a compelling balance of safety and efficacy. Coupling to VLPs further amplifies immune response by improving antigen presentation. Live attenuated virus Replicating viral vectors Replication- deficient viral vectors Killed whole virus mRNA Naked DNA Peptides Soluble proteins VLP A modular expression system for safe, scalable, and immunogenic vaccine antigens | 14 ExpreS2 - produced antigens combine the safety of subunit vaccines with enhanced immunogenicity when delivered as VLPs • ExpreS2 - produced antigens can be used either as soluble proteins or coupled to virus - like particles (VLPs), offering broad flexibility across vaccine platforms. • When formulated as VLPs, these antigens gain enhanced immunogenicity through high - density, multivalent display — while preserving the well - established safety profile of subunit vaccines. • This positions ExpreS2 as a versatile platform for both prophylactic and therapeutic vaccines requiring strong, targeted immune activation. Used in ABNCoV2, ES2B - C001, Oxford malaria vaccines, and exploratory influenza programs ExpreS2 platform Optional VLP coupling boosts immune response
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Target Identification Pre - clinical cGMP / Tox Phase I Phase II Phase III - Validated Influenza Influenza HER2+ breast cancer 3 x Malaria COVID - 19 Through partnership with Copenhagen University Through participation in INDIGO consortium Wholly - owned by ExpreS2ion Under development by Oxford University (3 antigens) and Serum Institute of India (2 antigens) Licensed to Bavarian Nordic; met Phase III primary endpoint Nipah and filovirus 1 x Malaria Through participation in VICI - Disease consortium Under development by Oxford University The depicted projects are active except for the Bavarian Nordic COVID - 19 project ABNCoV2. | 15 + numerous additional pharmaceutical and biotech protein production projects ExpreS2 platform collaborations ES2B - C001 initiated Phase I in Q1 2025
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| 16 Third quarter of 2025 On July 7 th , ExpreS2ion announced that it had entered into an Infrastructure - as - a - Service (IaaS) agreement with the Technical University of Denmark (DTU) to gain access to Computerome 2.0, one of Denmark’s most advanced high - performance computing (HPC) platforms for secure biomedical data processing. On July 18 th , ExpreS2ion acknowledged the announcement by the Global Health Innovative Technology Fund of a new international vaccine development project supported by JPY 800 million (approx. EUR 4.6 million) in funding. The project will develop a novel blood - stage malaria vaccine candidate using the virus - like particle (VLP) platform of AdaptVac ApS, in which ExpreS2ion holds a 34% ownership stake. On August 21 st , ExpreS2ion announced its half - year and second quarter 2025 results. On September 4 th , ExpreS2ion reported the first immunogenicity results from its ongoing Phase I clinical trial evaluating ES2B - C001, a novel HER2 - targeted therapeutic breast cancer vaccine. The data, derived from the first patient enrolled in the trial, indicate that the vaccine is triggering a significant immune response. On September 15 th , ExpreS2ion announced that it had entered into top guarantee commitments regarding the exercise of warrants of series TO 11 (the “Warrant Programme”) (the “Top Guarantee Commitments”). The Top Guarantee Commitments amounted to SEK 7.2 million, corresponding to the top approximately 61 per cent of the Warrant Programme, and was provided by a consortium of investors who have previously supported ExpreS2ion and who remain committed to the Company’s strategy and future development. In addition, the Company received subscription commitments from John Moll and all members of the Company’s Board of Directors and management with holdings of TO 11, individually committing to subscribing for all of their respective TO 11, amounting in total to approximately SEK 220 thousand, corresponding to approximately 2 per cent of the Warrant Programme. Subsequent events On October 6 th , ExpreS2ion announced the outcome of the exercise of warrants of series TO Significant events On November 10 th , ExpreS2ion announced continued clinical progress across several University of Oxford malaria vaccine programs, which apply the ExpreS2 platform. The advancement of these studies continues to support evidence of the platform’s reliability in complex vaccine development and may support future licensing opportunities, while contributing to the global effort to reduce malaria transmission. On November 12 th , ExpreS2ion announced the execution of a definitive licensing agreement with Serum Institute of India Pvt. Ltd. for two novel blood - stage malaria vaccines, RH5.1 and R78C. The agreement secures SII’s rights to use ExpreS2ion’s proprietary production platform, ExpreS2, to further develop, manufacture, and commercialise RH5.1 and R78C. Under the terms, ExpreS2ion is entitled to upfront and milestone payments, aggregated amounting to low single - digit EUR, as well as royalties ranging from below 1% to mid - single digit percentages on future net sales. The collaboration strengthens the commitment of both parties to accelerate access to an innovative malaria vaccine with potential to significantly reduce disease burden worldwide. 11. In total, 28,522,440 warrants of series TO 11 were exercised, corresponding to approximately 88.5 percent of the total number of outstanding warrants. ExpreS2ion received approximately SEK 10.4 million before issue costs. Guarantee commitments of 92,480 shares were thus utilised. The Board of Directors therefore resolved on a directed issue of 92,480 new shares to the guarantors. Through the exercise of the warrants of series TO 11 and the Directed Issue, the Company received approximately SEK 11.8 million before transaction costs. Furthermore, the Board of Directors resolved on a set - off issue of 66,346 new shares to the Guarantors to pay the guarantee compensation. On October 8 th , ExpreS2ion announced that the international VICI - Disease consortium selected its lead antigen for the Nipah virus (NiV) vaccine project. The chosen antigen, derived from the Nipah virus G protein and coupled to a virus - like particle (VLP), was recently finalized as the vaccine candidate. This milestone marked the transition from discovery to pre - clinical development, moving the program closer to initiating its first - in - human trial.
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| 17 Financial statements
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Q3 2025 Q3 2024 % Change YTD 2025 YTD 2024 % Change Key income statement figures, SEK ‘000s Operating income 2,298 1,689 36% 8,674 5,647 54% Profit/loss after financial items -9,765 -13,010 -25% -34,181 -25,210 36% Profit/loss -8,445 -10,460 -19% -29,910 -20,776 44% Key balance sheet figures, SEK ‘000s Cash balance, end of period 36,881 76,403 -52% 36,881 76,403 -52% Total assets, end of period 61,765 104,515 -41% 61,765 104,515 -41% Equity/asset ratio, end of period (%)* 54% 66% -12% 54% 66% -12% Number of shares Number of shares at the end of the period 2,658,346 2,090,666 27% 2,658,346 2,090,666 27% Average number of shares 2,658,346 1,959,327 36% 2,658,346 1,511,499 76% Average number of shares (after dilution)** 3,630,233 3,695,410 -2% 3,630,233 3,247,581 12% Earnings per share, SEK** Earnings per share for the period based on average number of shares -3.18 -5.34 -40% -11.25 -13.75 -18% Diluted earnings per share for the period -2.33 -2.83 -18% -8.24 -6.40 29% *Equity ratio: Shareholder’s equity divided by total capital. **Potential dilutive effects in the calculation of the diluted earnings (loss) per share include those related to share issue s. For current year, specifically warrants (805,542), compensation shares (66,346) and share - based compensation programs (100,000). For prior year, specifically warrants (1,611,083) and share - based compensation programs (125,000). ***Earnings per share defined as profit/loss for the period divided with the average number of shares for the period. Prior y ear earnings per share comparatives adjusted, reflecting changed date of share registration in average number of share calculatio ns . | 18 Summary of 2025 year - to - date results
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1 Q3 figures reflect an exchange rate correction related to previous quarters. The adjustment had no impact on cash balances. I t c aused early reported burn rates to appear slightly higher and Q3 reported burn rate to appear slightly lower than the correct un derlying levels. Year - to - date results are unaffected. This report has been prepared using the same accounting principles as used for the 2024 Annual report published 1 May 2025. A ll figures refer to group results unless stated otherwise. Figures in parenthesis are from the same period in 2024. | 19 Q3 2025 Highlights 1 Operating income Total operating income was KSEK 2,298, up 36% from KSEK 1,689 in Q3 2024. This increase was driven by higher income from other operating activities, reflecting stronger project - related grant contributions. Net sales in the Company’s CRO and licensing - related activities decreased 23% to KSEK 353 from KSEK 459 in Q3 2024, reflecting a focus on grant related activities in the quarter. Operating costs and result Operating costs fell 19% to KSEK - 12,044 (Q3 2024: - 14,814), reflecting cost discipline and project reprioritisation. • R&D expenses declined 42% to KSEK - 2,398 due to completion of key manufacturing activities in Q3 2024 related to the beginning of the ES2B - C001 breast cancer immunotherapy clinical trial. Cash and cash equivalents Cash and cash equivalents as of 30 September 2025 totalled KSEK 36,881, compared to KSEK 81,541 at year - end 2024 and KSEK 76,403 at the end Q3 2024. The reduction primarily reflects a negative cash flow from operations of KSEK - 41.9 million year - to - date and KSEK 10.6 in Q3 2025. The Company continues to manage working capital and investment in the ES2B - C001 clinical program. Financial overview • Raw materials and consumables decreased by 30% to KSEK - 837, a result of project prioritisation. • Other external costs reduced 15% to KSEK – 2,543, mainly driven by lower administrative expenses. • Personnel costs decreased 3% to KSEK - 5,924. Operating loss improved 26% to KSEK - 9,746 (Q3 2024: - 13,125). Net financial expense was KSEK - 19 versus KSEK +115 in Q3 2024, which benefitted from favourable currency exchanges. Profit/loss for the period The net loss reduced to KSEK - 8,445, compared to KSEK - 10,460 in Q3 2024. The loss decreased by 19%, driven by reduced R&D spend and an increase in operating income offset partially by lower tax credit benefit of KSEK 1,320 (Q3 2024: 2,550) from R&D activity. Year - to - Date (Nine - Months 2025) Highlights Operating income YTD total operating income increased 54% to KSEK 8,674 (9M 2024: 5,647), primarily from grant income. • Net sales rose 33% • Other income grew 69% Operating costs and result Operating costs fell 20% to KSEK - 42,764 (9M 2024: - 53,642), reflecting lower R&D costs, cost discipline and project reprioritisation. Net loss for the period The net loss for the first nine months of 2025 was KSEK - 29,910 (9M 2024: - 20,776). The increased loss reflects the absence of SEK 22.1 million in income from associated companies recognised in Q2 2024. Excluding that, the net loss decreased by SEK 13 million due to lower R&D expenditure.
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KSEK Q3 2025 Q3 2024 % change YTD 2025 YTD 2024 % change FY 2024 Operating income Net sales 353 459 -23% 3,222 2,414 33% 3,013 Other operating income 1,945 1,230 58% 5,452 3,233 69% 4,812 Total operating income 2,298 1,689 36% 8,674 5,647 54% 7,825 Operating costs Raw materials & consumables -837 -1,198 -30% -2,677 -3,544 -24% -5,681 Research & development costs -2,398 -4,103 -42% -7,095 -19,685 -64% -26,656 Other external costs -2,543 -2,999 -15% -11,373 -9,784 16% -14,520 Personnel costs -5,924 -6,109 -3% -20,497 -19,384 6% -27,022 Depreciation of tangible & intangible fixed assets -342 -405 -16% -1,122 -1,245 -10% -1,641 Total operating costs -12,044 -14,814 -19% -42,764 -53,642 -20% -75,520 Operating profit/loss -9,746 -13,125 -26% -34,090 -47,995 -29% -67,695 Result from financial investments Result in associated companies 0 36 -100% 0 22,101 -100% 22,145 Other interest income & similar items 16 560 -97% 310 1,353 -77% 1,714 Interest expense & similar items -35 -481 -93% -401 -669 -40% -727 Total result from financial investments -19 115 -117% -91 22,785 -100% 23,132 Profit/loss after financial items -9,765 -13,010 -25% -34,181 -25,210 36% -44,563 Income tax on the result for the period 1,320 2,550 -48% 4,271 4,434 -4% 8,525 Profit/loss for the period -8,445 -10,460 -19% -29,910 -20,776 44% -36,038 | 20 Income statement - group
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KSEK Q3 2025 YE 2024 % change Q3 2024 Equity and liabilities Share capital 11,815 11,815 0% 9,292 Other capital contributions 192,685 269,618 -29% 243,427 Other equity including net loss for the period -171,206 -216,634 -21% -183,374 Total equity 33,294 64,799 -49% 69,345 Provision for taxes 342 428 -20% 446 Total provisions 342 428 -20% 446 Other long-term liabilities 1,005 1,437 -30% 1,544 Total long-term liabilities 1,005 1,437 -30% 1,544 Liabilities to credit institutions 501 360 39% 358 Accounts payable 1,603 8,466 -81% 3,415 Other liabilities 25,020 29,420 -15% 29,407 Total short-term liabilities 27,124 38,246 -29% 33,180 Total equity and liabilities 61,765 104,910 -41% 104,515 KSEK Q3 2025 YE 2024 % change Q3 2024 Assets Concessions, patents, licenses, trademarkets and similar intellectual rights 1,653 2,077 -20% 2,163 Total non-current intangible assets 1,653 2,077 -20% 2,163 Plants and machinery 706 1,535 -54% 1,782 Total non-current tangible assets 706 1,535 -54% 1,782 Interest in associated companies 4,439 4,615 -4% 4,542 Other long-term receivables 1,299 1,323 -2% 1,302 Total non-current financial assets 5,738 5,938 -3% 5,844 Total non-current assets 8,097 9,550 -15% 9,789 Accounts receivable 2,075 1,190 74% 1,750 Tax receivables 12,609 8,760 44% 12,960 Other receivables 1,465 2,720 -46% 2,682 Prepaid expenses and accrued income 638 1,149 -44% 931 Total receivables 16,787 13,819 21% 18,323 Cash and bank 36,881 81,541 -55% 76,403 Total current assets 53,668 95,360 -44% 94,726 Total assets 61,765 104,910 -41% 104,515 | 21 Balance sheet - group
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FY 2024 KSEK Share capital Other capital contributions Other equity including net profit for the period Total equity Opening balance as of January 1st, 2024 5,712 389,746 -330,094 65,364 Issuance of new shares 6,103 36,237 42,340 Issuing expenses -7,351 -7,351 Vesting of share-based compensation -1,861 -1,861 Exchange difference for the period 2,345 2,345 Profit-loss for the period -36,038 -36,038 Total equity as of December 31st, 2024 11,815 416,771 -363,787 64,799 YTD 2025 KSEK Share capital Other capital contributions Other equity including net profit for the period Total equity Opening balance as of January 1st, 2025 11,815 416,771 -363,787 64,799 Vesting of share-based compensation 330 330 Exchange difference for the period -1,925 -1,925 Profit-loss for the period -29,910 -29,910 Total equity as of September 30th, 2025 11,815 417,101 -395,622 33,294 | 22 Changes in equity - group
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KSEK Q3 2025 Q3 2024 % change YTD 2025 YTD 2024 % change FY 2024 Operating profit/loss -9,746 -13,125 -26% -34,090 -47,995 -29% -67,695 Adjustments for items not included in the cash flow 445 -125 -456% 1,455 -678 -315% -207 Received interest 16 561 -97% 310 1,354 -77% 1,715 Interest paid -19 -37 -49% -36 -118 -69% -135 Income tax received 0 0 n/a 0 -290 -100% 8,154 Cash flow from operating activities before changes in working capital -9,304 -12,726 -27% -32,361 -47,727 -32% -58,168 Decrease(+)/increase(-) of current receivables 643 -697 -192% 675 -2,425 -128% -2,049 Decrease(+)/increase(-) of current liabilities -1,799 -3,308 -46% -9,902 21,719 -146% 26,289 Cash flow from operating activities -10,460 -16,731 -37% -41,588 -28,433 46% -33,928 Investments in associated companies 0 36 -100% 0 22,101 -100% 22,145 Investments in tangible non-current assets 0 -2 -100% 0 -869 n/a -870 Cash flow from investing activities 0 34 -100% 0 21,232 -100% 21,275 Leasing agreement -147 -171 -14% -325 54 -702% -118 Issuance of new shares 0 32,222 -100% 0 32,222 -100% 42,340 Costs of issuing shares 0 -6,877 -100% 0 -6,877 -100% -7,351 Cash flow from financing activities -147 25,174 -101% -325 25,399 -101% 34,871 Cash flow for the period -10,607 8,477 -225% -41,913 18,198 -330% 22,218 Cash and cash equivalents at the beginning of the period 48,771 68,547 -29% 81,541 57,597 42% 57,597 Exchange difference cash and cash equivalents -1,283 -621 107% -2,747 608 -552% 1,726 Cash and cash equivalents at the end of the period 36,881 76,403 -52% 36,881 76,403 -52% 81,541 | 23 Cash flow statement - group
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KSEK Q3 2025 Q3 2024 % change YTD 2025 YTD 2024 % change FY 2024 Operating income Net sales 0 0 n/a 279 279 0% 558 Total operating income 0 0 n/a 279 279 0% 558 Operating costs Other external costs -370 -694 -47% -3,221 -3,409 -6% -5,621 Personnel costs -186 -110 69% -563 -244 131% -421 Total operating costs -556 -804 -31% -3,784 -3,653 4% -6,042 Operating profit/loss -556 -804 -31% -3,505 -3,374 4% -5,484 Result from financial investments Result in group companies -14,700 5,800 -353% -20,400 -41,700 -51% -59,700 Other interest income & similar items 0 270 -100% 135 270 -50% 303 Interest expense & similar items -4 -3 33% -12 -80 -85% -88 Total result from financial investments -14,704 6,067 n/a -20,277 -41,510 n/a -59,485 Profit/loss after financial items -15,260 5,263 n/a -23,782 -44,884 n/a -64,969 Income tax on the result for the period 0 0 n/a 0 0 n/a 0 Profit/loss for the period -15,260 5,263 n/a -23,782 -44,884 n/a -64,969 | 24 Income statement - parent
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KSEK Q3 2025 YE 2024 % change Q3 2024 Assets Shares in group companies 51,743 64,855 -20% 82,799 Total financial non-current assets 51,743 64,855 -20% 82,799 Total non-current assets 51,743 64,855 -20% 82,799 Tax receivables 0 0 n/a 16 Other receivables 250 252 -1% 419 Prepaid expenses and accrued income 46 0 n/a 38 Total receivables 296 252 17% 473 Cash and bank 3,212 14,759 n/a 5,129 Total current assets 3,508 15,011 n/a 5,602 Total assets 55,251 79,866 -31% 88,401 KSEK Q3 2025 YE 2024 % change Q3 2024 Equity and liabilities Share capital 11,815 11,815 0% 9,292 Restricted equity 11,815 11,815 0% 9,292 Share premium fund and retained earnings 66,019 130,658 -49% 123,460 Profit/loss for the period -23,782 -64,969 n/a -44,884 Unrestricted equity 42,237 65,689 -36% 78,576 Total equity 54,052 77,504 -30% 87,868 Payables to group companies 0 1,442 -100% 0 Other liabilities 1,199 920 30% 533 Total short-term liabilities 1,199 2,362 -49% 533 Total equity and liabilities 55,251 79,866 -31% 88,401 | 25 Balance sheet - parent
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FY 2024 KSEK Share capital Other capital contributions Other equity including net profit for the period Total equity Opening balance as of January 1st, 2024 5,712 383,205 -279,572 109,345 Issuance of new shares 6,103 36,237 42,340 Issuing expenses -7,351 -7,351 Vesting of share-based compensation -1,861 -1,861 Profit-loss for the period -64,969 -64,969 Total equity as of December 31st, 2024 11,815 410,230 -344,541 77,504 YTD 2025 KSEK Share capital Other capital contributions Other equity including net profit for the period Total equity Opening balance as of January 1st, 2025 11,815 410,230 -344,541 77,504 Vesting of share-based compensation 330 330 Profit-loss for the period -23,782 -23,782 Total equity as of September 30th, 2025 11,815 410,560 -368,323 54,052 | 26 Changes in equity - parent
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| 27 ExpreS2ion Biotech Holding AB’s share was listed at Nasdaq First North Growth Market on July 29, 2016. The trading name of the share is EXPRS2 and the ISIN - code is SE0023261292. For the period July to September 2025, the average number of shares amounted to 2,658,346. As of 30 September 2025, the total number of shares in ExpreS2ion Biotech Holding AB was 2,658,346. The Company has one class of shares. Each share carries equal rights to share in the Company's assets and earnings. Certified Advisor Svensk Kapitalmarknadsgranskning AB Email: ca@skmg.se Tel: +46 (0)8 913 008 Web: www.skmg.se List of largest shareholders Name Number of shares held Share of votes and capital Saxo Bank A/S Client Assets 267,710 10.07% The Bank of New York Mellon SA/NV 257,569 9.69% BNY Mellon SA/NV for Jyske Bank 163,847 6.16% Summary, shareholders over 5% 689,126 25.92% Remaining shareholders under 5% 1,969,220 74.08% Total 30 September 2025 2,658,346 100.00% Shareholder information
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As of 30 September 2025, the Company had three active series of warrants issued, two of which are part of incentive programs 1 Following the 40:1 reverse share split resolved on 31 October 2024, TO9, TO11 and TO12 warrant programs have a 40:1 conversio n r atio of warrants to shares. | 28 Warrant program TO9 TO11 TO12 Shareholder meeting / Resolution date 9 November 2023 5 June 2024 5 June 2024 Type Incentive program New share issue and warrants Incentive program Persons covered by program Senior executives, employees and other key persons Rights issue participants Senior executives, employees and other key persons Number of warrants 2,000,000 32,221,672 2,000,000 Transferred to employees 1,640,000 n/a 1,810,000 Conversion ratio 1 40 warrants : 1 share 40 warrants : 1 share 40 warrants : 1 share Exercise period 15 November 2026 - 15 December 2026 18 September 2025 - 2 October 2025 15 November 2027 - 15 December 2027 Warrants
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Financial calendar 19 February 2026 2025 Q4 Full - Year Report 5 May 2026 2025 Annual Report 19 May 2026 2026 Q1 Interim Report 27 May 2026 2026 Annual General Meeting 20 August 2026 2026 Half - Year Report 12 November 2026 2026 Q3 Interim Report 25 February 2027 2026 Q4 Full - Year Report 6 May 2027 2026 Annual Report For more information please contact: Bent U. Frandsen, CEO Keith Alexander, CFO Email: investor@ExpreS2ionbio.com | 29 Employees As of 30 September 2025, there were a total of 20 employees. During the first three quarters of 2025, there was an average of 18 full - time equivalents (FTEs). Operational risks and uncertainties The risks and uncertainties that ExpreS2ion’s operations are exposed to are summarised in terms of pharmaceutical development, competition, technology development, patents, government requirements, capital requirements, currencies, inflation and interest rates. During the current period, no significant changes regarding risk or uncertainty factors have occurred. For more detailed reporting of risks and uncertainties refer to the Company’s annual report for the fiscal year of 2024. Auditor review This report has not been reviewed by the Company’s auditor. Accounting principles ExpreS2ion Biotech Holding AB applies the Swedish Annual Accounts Act and Swedish Accounting Standards Board’s general standard BFNAR 2012:1 (K3) when preparing its financial statements. Other matters
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| 30 The Board of Directors and CEO assure that the report presents a true and fair view of ExpreS2ion Biotech Holding AB’s business, operations, position and results. Hørsholm, Denmark 13 November 2025 ExpreS2ion Biotech Holding AB c/o Mindpark Rönnowsgatan 8c, S - 252 25 Helsingborg Board of Directors and CEO Declaration of The Board of Directors & CEO
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www.expres2ionbio.com ExpreS2ion Biotech Holding AB c/o Mindpark Rönnowsgatan 8c S - 252 25 Helsingborg www.expres2ionbio.com