Welcome to today's event where we have the pleasure to present ExpreS2ion Biotech. Throughout today's presentation, we are joined by CEO Bent Frandsen and CFO Keith Alexander. The topic for today, of course, the Q2 results, fresh from the press this morning, but maybe also more the strong data which I saw you have communicated during the quarter on your breast cancer candidate. That will be the main topics for today's presentation. As always, there is a box down below where you can ask questions. Do feel free to do it during the presentation, but we will take the Q&A in the end. For informal, we have a fixed deadline at 10:30 A.M., so we will try and catch all the questions, but if not, then of course, they are free to send it to you. That was all the messaging before that. Now I will hand the stage over to you, Bent. Thank you very much, Michael, and good morning, everybody, and welcome to ExpreS2ion's Q2 2026 results webcast. I am Bent Frandsen, CEO, and I am joined today by our CFO, Keith Alexander. I will begin with our operational and clinical progress, with particular focus on ES2B-C001. Keith will then take us through the Q2 and refer to our financial results, after which we will open for questions. Our agenda is straightforward. First, key updates from the quarter and since the period ended, and second, our financial results and final Q&A. Forward-looking statement disclaimer in the presentation, which we will publish on our webpage afterwards, after this webinar. Since our last quarterly update, we have advanced our clinical program, our platform, and our financing activities. During Q2, we published a patent application in Hong Kong strengthening our glyco-engineering platform, highlighted clinical malaria data supporting platform validation and scalability, and completed the rights issue and provided a further update on ES2B-C001. After the quarter closed, the related U.S. patent application was published, and on 12th August, we reported a positive independent DSMB outcome together with expanded preliminary phase I data. More about that later. The central message is consistent. ES2B-C001 is progressing. Our platform continues to gain clinical and partner validation, and the financing completed in the quarter supports execution towards our next milestones. Our investment case rests on three pillars. First is ES2B-C001, our proprietary HER2-targeted immunotherapy now in phase I. Second is the ExpreS2ion protein manufacturing platform, which has been validated through clinical development, including phase III. Third is our 34% ownership of AdaptVac, which gives us strategic exposure to VLP technology and supports a clear partnering pathway. Why is this relevant now? ES2B-C001 has a first-in-class profile. Early phase I data show drug-specific immune responses with no safety signals of concern identified to date. And we have a disciplined route toward partnering as the clinical evidence matures. This slide shows the focused structure of our pipeline. At the top is ES2B-C001, our proprietary and internally sponsored oncology program. Alongside it, our malaria, Nipah virus, and influenza programs are largely advanced through grants, academic consultants, and commercial partnerships. That combination lets us concentrate our own capital on the lead oncology asset while continuing to generate platform validation and potential future value across infectious diseases. Execution is supported by a team and Board with deep experience in clinical development, oncology, vaccines, manufacturing, licensing, and finance. Together with our 15 employees and consulting executives, the organization brings more than 200 years of relevant pharma and biotech experience. We believe this is the right capability base to move ES2B-C001 forward towards clinical proof of concept. The strategic potential of ES2B-C001 comes from the combination of three intended advantages. As an active immunotherapy, it is designed to generate durable immune control, to be compatible with existing standards of care, and to address resistance mechanisms. No approved HER2 therapy combines all three. That is what gives ES2B-C001 its first-in-class profile and provides the rationale for the clinical and translational program now underway. Turning to the clinical program, the phase I study is an open-label dose escalation trial in patients with advanced HER2 + or HER2-low breast cancer. Patients receive five intramuscular doses across three escalating dose cohorts, and the principal objectives are safety, tolerability, and immunogenicity. The 50 mcg and 150 mcg cohorts have completed dosing, and the 450 mcg cohort is progressing. In the preliminary data set available as of today, drug-specific antibody responses were observed in 12 of 13 evaluable patients. Titers increased across successive dosing visits and remained elevated at later follow-up. Importantly, no safety signals of concern have been identified to date. These observations remain preliminary and exploratory, and patient numbers vary by visit as follow-up continues. We are also planning maintenance dosing to assess booster responses and longer-term treatment effects, subject to regulatory approval. This can continue alongside phase II development. The end 2026 phase I readout remains on track and will include broader translational analysis of immune correlates of durability, mode of action, and preliminary efficacy signals. The previous slide showed drug-specific antibody responses in 12 of 13 evaluable patients. The next question is what those antibodies may be capable of doing. Unlike the standard of care, trastuzumab, which is a single predefined antibody, ES2B-C001 is designed to generate a broader family of antibodies. In exploratory testing using antibodies from vaccinated non-human primates, we observed three complementary effects. First, the antibodies activated the complement system, which can damage tumor cells directly, a pathway trastuzumab does not engage. Second, they help the immune cells engulf tumor cells, reaching a higher maximum response than trastuzumab in the same test. Third, they recruit immune cells to kill tumor cells with a maximum response comparable to trastuzumab. These are early exploratory findings from non-human serum and do not demonstrate clinical benefit or superiority. However, the same tests are now being run using serum from phase I patients with results expected in Q4 2026. Those data will help us understand not only how much antibody patients produce, but what those antibodies may be capable of doing. If supportive, they should also strengthen the translational package for partnering discussions. Our development strategy remains focused on creating a partnering and value inflation opportunity at clinical proof of concept or earlier if emerging data support it. As communicated here in August, we now expect phase II initiation in the second half of 2027, representing a 1/4 shift from our previous planning assumption. Importantly, the end 2026 phase I readout remains unchanged. Through 2026, the priority is data maturation and completion of the phase I package. As the data set develops, we will make the phase II design decision and continue strategic discussions to progress this asset. The breast cancer market remains large and partner active, but our approach is disciplined, build a robust clinical and translational data set, prepare a focused proof-of-concept study, and preserve optionality on timing and deal structure. Turning to malaria, the ExpreS2 platform supports a broad set of University of Oxford-led clinical programs. Across the portfolio, 11 phase I and phase II trials are ongoing or completed, including a phase II-B study expected to read out in 2026. Several trials have concluded, others are fully recruited, and the remaining studies continue across the U.K. and Africa. A particularly important milestone is the 2025 licensing agreement with the Serum Institute of India for RH5.1 and R78C, which expands the global footprint of our ExpreS2 production platform. This portfolio provides continued evidence of clinical utility, manufacturability and scalability for the ExpreS2 platform. While the grant and partner-led model limits the direct capital burden on our company. Other collaboration projects also continue to advance. The Nipah vaccine program remains fully grant-funded through completion of phase I. The toxicology batch has been completed, the toxicology study is pending initiation, and GMP manufacturing is now in progress with Northway Biotech. In MucoVax, which is approximately 67% grant-funded, influenza antigens have been designed using our ExpreS2 and glyco-modified cell line technologies and coupled to an antigen-presenting platform. Animal testing and comparison of the alternative platforms are now ongoing. The INDIGO consortium concluded in Q1. As previously mentioned, we continue to evaluate whether a future development path can preserve optionality without material near-term investment. Looking ahead, our central catalyst is the ES2B-C001 phase I primary readout, including translational data targeted to the end of 2026. Missing and dosing will assess booster response durability while business development activity in phase II preparation continue. For Nipah, the next steps are CMC manufacturing, toxicology and IND-enabling work followed by the potential phase I initiation. For malaria, we expect selected clinical readouts and potentially additional licensing opportunities. These milestones are forward-looking and remain subject to clinical progress, regulatory interactions, manufacturing outcomes, funding and partner decisions. That concludes the operational and clinical update. I will now hand over to Keith to take us through the Q2 and first half 2026 financial results. Over to you. Thank you, Bent. I'm Keith Alexander, CFO of ExpreS2ion, and I'll take you through the financial results for Q2 and the first half of 2026. As Bent described, we made significant clinical progress in the quarter, and I'll show you what that looked like in the numbers. Starting with the headline figures. Operating income was SEK 11.5 million, up 238% year-on-year, primarily driven by grant income. CRO net sales were SEK 2 million, up 31% year-on-year. Operating loss increased 2% year-on-year to SEK 12 million. The net loss for the period was SEK 9.7 million, down 3% from Q2 2025. On cash, we closed the quarter with SEK 34.4 million after SEK 32.4 million in proceeds from a rights issue, including a guarantor set-off issue. The TO13 exercise period begins today, August 20th, and runs through September 2nd. Proceeds from the warrants dependent on the level of exercise and the applicable exercise price. The R&D spend figure, SEK 11.4 million, was up 483% year-on-year. I would like to address that directly now. A significant portion of that increase relates to VICI-Disease CMC, which is 100% grant funded and fully offset in income. I'll show you that clearly on the next slides. Now to looking at income in more detail. The left chart shows total operating income in the quarter since 1Q 2024. The step up in 2Q 2026 to SEK 11.5 million is substantial, up 238% against 2Q 2025. That growth is from the grants line. CRO net sales were SEK 2 million, up 31% from Q2 2025, reflecting higher CRO activity in the quarter. That's a fluctuation we expect given the project-driven nature of that business. Other operating income, the grants line, was SEK 9.5 million, up 407%. As you can see from the call-out on the right chart, this includes grant income associated with VICI-Disease CMC subcontracting activities with corresponding costs recognized in R&D. The program therefore has a significant gross of effect on both reported income and R&D expense. The Nipah vaccine project has development momentum and is grant funded, but I want to be clear that the revenue comes with a corresponding cost. We currently expect VICI-Disease CMC activity, and therefore the associated grant income and R&D expense, to be materially lower going forward. Turning to costs. Total operating expenses were SEK 23.5 million, up 56% year-on-year. The left chart shows the quarterly progression. 2Q 2026 is elevated, but can be explained by the composition. R&D costs were SEK 11.4 million, up 483%. As the call-out in the top right chart states, this includes VICI-Disease CMC, which is 100% grant funded and fully offset in income. Strip that out, and the underlying R&D trajectory primarily reflects continued ES2B-C001 clinical activity. Personnel costs increased 14% year-over-year in the quarter at SEK 8.1 million vs SEK 7.1 million in the quarter a year ago. The increase primarily reflects higher contractor costs as we head toward completion of the phase I trial of ES2B-C001, and preparation of a phase II development plan package, as well as non-recurring items that benefited the prior year quarter. What the headline OpEx number doesn't immediately show is that other external costs fell 30% year-on-year, from SEK 4.4 million-SEK 3.1 million. These costs were lower in the second quarter of this year, due primarily to higher external consulting costs in the prior year quarter and lower vendor costs during Q2 2026. Putting it together, the net loss for the period was SEK 9.7 million, compared to SEK 10 million in Q2 2025. That's a 3% improvement. The bottom left chart breaks down the drivers. The operating result deteriorated by SEK 291,000. Net financial items were immaterial, and the R&D tax credit accrual increased by SEK 622,000, up 44% year-on-year, which reflects the higher qualifying R&D spend in the period. Those factors together accounted for SEK 300,000 improvement in the net loss, so it's primarily driven by the R&D tax credit. Looking at the year-to-date loss on the right side, loss decreased 10% in the first half of 2026 compared with the year-to-date 2025 result. The bottom right chart breaks down the drivers. Operating result, financial investments result, and the R&D tax credit were all better year-to-date than the first half of 2025, providing a total improvement of SEK 2.2 million. The cash waterfall chart shows cash development over the last year from June 2025 through June 2026. We started at SEK 48.8 million. Operating cash outflows through the year reflect continued investment in ES2B-C001 and grant funded program activities, and closed Q2 2026 at SEK 34.4 million. The single largest movement in Q2 was the financial cash flow of SEK 24.9 million, which was driven by the rights issue. Operating cash flow was SEK -12.5 million in Q2, compared with SEK -25.5 million in Q1, and was higher than the prior two quarters. Note that the final quarter of the last several years has benefited from the annual payment of the R&D tax credit, which is usually in November. Operating cash flow is still primarily driven by ES2B-C001 clinical development and the VICI-Disease CMC. As I mentioned, looking forward, VICI-Disease CMC costs and income are expected to be much lower. Pulling it together on cash, our Q2 closing cash was SEK 34.4 million. The TO13 warrants have a pricing period starting today, August 20th, and running until September 2nd of this year, subject to a floor of SEK 1.6, followed by a subscription period from September 7th- 21st. If exercised, it could provide potential additional proceeds, subject of course, to the exercise level and share price at the time. The company's current priorities are to complete the phase I program for ES2B-C001, support the targeted end 2026 primary readout and translational analyses, and advance business development activities. Timing remains subject to clinical, regulatory, operational, and funding factors as set out in the presentation. That covers the financial section. To summarize the quarter in one sentence, grant activity increased reported income and supported corresponding VICI-Disease CMC activity, while we continue to invest in the ES2B-C001 phase I program and maintain focus on cost discipline. I'll now hand back over to Michael, who will moderate the Q&A. Michael? Perfect. The first question I think is to Bent. Congratulations on the impressive phase I results you have shown so far on the ES2B-C001. I think you already alluded a little bit to it, but the question here is what are you looking at and are you actually showing some tumor activity in the end? I know it is a safety study and titers, but a little bit on would you actually be able to show something, whether the cancer potentially disappears? You went a little bit into it, Bent, but maybe you can allude a little bit more to it. It is a good question. As I have mentioned before, the phase I study is primarily a safety study, and the primary endpoints are safety and tolerability. Secondary endpoints are immunogenicity. We are able to detect the level of antibodies that are increased, we see by our immunotherapy. Thirdly, tertiary objectives are actually to see if there are any anti-tumor activity. That will be measured by scanning of the patients enrolled in this. We do not release that until we have the final scanning by the end of this year. That is going to be exciting. Yeah. Perfect. Thank you. Then to Keith, if we assume a quarterly burn rate of SEK 10 million, can we then proceed the assumption that your current cash reserve, excluding the TO13, will last you for three quarters? I do not know whether you comment or guide on the cash, but the assumptions here are from the person answering that. Is it totally wrong assumptions, Keith? I see where you are going with it, and it is a fair question, but we have not in the past, and we still will not continue to guide on runway publicly. I think I just have to point to our cash position, SEK 34.4 million. Our targets of reaching the end of the phase I study and the translational analyses by the end of the year, and that is where our primary focus is. That and of course, partnering for our main programs. Then, of course, under partnering, we know this, it is always of course, very, very interesting. There is a question here, have you seen any increase in partnering interest after you have released these data that keeps showing this? A bi-question is the Moderna, Merck yesterday, maybe it is a little bit too early to see whether that gives a pickup in who calls you, but that was a vaccine. I know it was individualized and mRNA, but it is still a vaccine in the cancer field. So a little bit your data, Moderna, are you seeing a pickup in people calling you or is it too early to see that effect yet, Bent? Well, we can say that we are active with our business development and partnering activities. So every time we release data, that is of course encouraging for the ES2B-C001 program and our ability to open doors around the world. You can say part of what we have also alluded to, especially on this call and the last call, was the translational analysis that we now do. We have just seen very important translational outcome from our non-human primate sera. We are going to do the same with the patient sera here in the second half. Actually, that is even inspired by various dialogues that we have. It will be important to document the mechanism of action, and it is great that we already know in non-human primates see some that even reinforce our hypothesis around this program. Then the Moderna, Merck, I know it is not you to comment on others, but a cancer and a vaccine, even if we can discuss all the differences, mRNA and so on. Do you expect to see maybe a pickup in interest in the coming quarters by someone showing primary endpoints in a phase III study? I think it is great with Moderna's outcome. This is a clinical phase III trial, which they have made in collaboration with Merck. What they actually do is show that their neoantigen-focused mRNA cancer immunotherapy in combination with Merck's KEYTRUDA provides an effect in a clinical phase III study. So that actually demonstrates a combination strategy, which we are also focusing on with our treatment. So in that sense, it is quite important and good news. Perfect. Then partnering for phase II, I think you have alluded as much as you can, saying you are keeping the option opening, and that is a little bit. How are you working, preparing the upcoming phase II study, and how will it affect your operational expenses in the coming quarters? I am not sure you want to allude to that, but there is also a question here. When will you communicate this to markets? When do we expect to maybe have something settled down, a plan, and can communicate to market about those things? Of course, going back to the partner, is it still phase II? Is that still expected to be partnered with? Well, the planning of it and the design of the phase II is in the working. We have an oncology scientific advisory Board consisting of a handful of worldly known key opinion leaders in the field, and we also engage with them to make sure that we progress with a phase II design on the back of a phase I trial with their expert advices. Of course, we also need engagement with the regulatory authorities. So all of this taps into the design of the phase II. This is in the works, and it is not a trivial matter, so it takes its time. But as we mentioned, we want to initiate this in 2027, in the second half of 2027. Perfect. The last quick question, actually, so we will stay well in the 30 minutes. Do we have a plan in case sufficient capital is not available, and what does that involve? You have your ongoing TO13, but there is a case here, there is a question here, a plan B in case capital is not available. Can you talk a little bit about what you are thinking as maybe potential other plans? Keith, do you want to take this one? Sure. I think our response is as you would expect, that we're in frequent conversation with advisors, and we're considering all options on the table, and as is the Board, they're very much aware of the options and part of the dialogue. Partnering is, of course, our key or one of our biggest activities right now. So it's something we're very much focused on. We're doing everything that can be done there. The data that we're getting from the phase I trial that we reported last week, we're pretty positive on, and these ongoing translational analyses are a part of that package that we present to them. So we're doing everything that can be done. We've got a good package that we put together, and now it's just a matter of time, letting the data come in and having conversations and seeing where that leads us. Perfect. That was the last question. Thank you for you two for taking me through your milestones, through the quarter, the operational results, and the financial results, and answering question. So thank you to you both, and thank you for the audience listening in. May everybody have a nice day. Thank you, Michael.