Analyst Comment

ExpreS2ion - Licensing agreement with SIIPL highlights platform value

By Philip CoombesEquity Research Analyst

Summary

ExpreS2ion Biotech has signed a licensing agreement with the Serum Institute of India for two malaria vaccine candidates, RH5.1 and R78C, based on its ExpreS2™ platform, with potential milestone payments and royalties.
The agreement with the world's largest vaccine manufacturer, SII, validates the ExpreS2™ platform and suggests potential for broader vaccine development applications.
Despite the licensing agreement, ExpreS2ion's primary value remains in its ES2B-C001/HER2-VLP therapeutic vaccine candidate for breast cancer, with the malaria pipeline not significantly altering the company's success probability.
ExpreS2ion Biotechnologies will report its Q3 2025 results, with a presentation by the CEO and CFO scheduled for later the same day.

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ExpreS2ion Biotech has entered a definitive licensing agreement with the Serum Institute of India (SII) for two blood-stage malaria vaccine candidates, RH5.1 and R78C, built on ExpreS2ion’s proprietary ExpreS2™ production platform. RH5.1 is currently in Phase II trials. An initial term sheet was announced with Serum Institute of India in November 2024, and today’s deal outlines that ExpreS2ion will receive upfront and milestone payments with an accumulated value of a low single-digit EUR amount, and in addition, is eligible for royalties ranging from below 1% to mid-single digits on future net sales.

Our latest one-pager investment case highlighted that finalizing either of ExpreS2ion’s two letters of intent, with Serum Institute of India and WuXi (in China), could demonstrate that the market has been undervaluing the ExpreS2™ technology platform, and its potential to unlock non-dilutive funding. The market reaction to today’s news seems to support this thesis, despite the near-term funding effect being limited.

Partnering with SII, the world’s largest vaccine manufacturer, once again commercially validates the ExpreS2™ platform and may form the basis for broader applications across the vaccine development landscape, given its potential to support vaccine development across indications.

In our latest model, we did not include any value from the Malaria pipeline as we awaited an indication of the value from a final agreement. While we now have an indication following the licensing agreement, inclusion will not materially change our implied probability of success (PoS), since ExpreS2ion’s value predominantly lies in its ES2B-C001/HER2-VLP therapeutic vaccine candidate for breast cancer treatment.

ExpreS2ion Biotechnologies is expected to report its Q3 2025 results tomorrow before the market opens. Later the same day at 11:00 CET, ExpeS2ion CEO Bent U. Frandsen, and CFO Keith Alexander will present the Q3 2025 results and answer questions from the audience. Register and ask questions already now. Link: https://www.inderes.dk/videos/expres2ion-biotechnologies-presentation-of-q3-2025-earnings-release

Disclaimer: HC Andersen Capital receives payment from ExpreS2ion Biotechnologies for a digitalIR/Corporate visibility subscription agreement. / Philip Coombes 15:25 12/11/2025

ExpreS2ion is a Danish-based biotech company listed in Sweden. The company develops a portfolio of vaccines for diseases such as COVID-19, influenza, and breast cancer through the use of its non-viral cell-based expression system, ExpreS2, which is recognized for handling protein challenges. ExpreS2ion has developed Expres2, which is a technology platform for efficient and fast non-clinical development and production of complex proteins for new vaccines and diagnostics. The company’s current primary product is the corona vaccine candidate, ABNCoV2 in phase 2, co-developed with its partner, AdaptVac of which ExpreS2ion owns 34%. The vaccine candidate has been licensed to Bavarian Nordic has global commercialization rights and responsibility for further clinical development of the vaccine and is expected to initiate phase 3 testing for the product candidate in the first half of 2022.