Research

ExpreS2ion Biotech (One-pager): Progress continues on both pipeline and partner driven programs

Summary

ExpreS2ion Biotech's FY 2025 results indicate continued low cost and cash burn levels compared to the previous year.
The company has made progress on its pipeline and partner-led programs, with promising early data for its HER2-targeted breast cancer candidate, ES2B-C001, and advancements in Malaria and Nipah programs.
Key 2026 catalysts include data read-outs from the dose-escalation study and expansion cohort for ES2B-C001, as well as Phase 1 and Phase 2 data on malaria.
The INDIGO program for influenza is expected to complete in Q1, with strategic decisions to follow, while Nipah candidate manufacturing is anticipated to finish this year, allowing for subsequent studies.

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Last week ExpreS2ion published its FY 2025 results, which on the financial side showed continued low cost and cash burn levels compared to a year ago.

Towards the end of 2025 and into the beginning of 2026, the company has shown progress on both its own pipeline and partner-led programs. The main candidate ES2B-C001, its HER2-targeted therapeutic breast cancer candidate, has continued to show promising but very early data, and the Malaria and Nipah programs have continued to move forward.

The company confirmed that 2026 will be a year with multiple data read-outs. Key 2026 catalysts include completion and data from the dose-escalation study (mid-2026) and the expansion cohort (late 2026) for ES2B-C001, as well as Phase 1 and Phase 2 data on malaria. On the Nipah candidate, manufacturing is expected to be completed this year, after which the tox study and Phase I initiation can begin. On influenza, the INDIGO program is expected to be completed in Q1, with strategic decisions to follow regarding the path forward post-INDIGO.

We have only made minor changes to our one-pager investment case following the Q4 2025 report. You can read more about valuation perspectives and the key investment reasons and risks here.

For further insight into the FY 2025 results and updates from the pipeline and partner programs, you can watch our Q4 2025 presentation with management here:

https://www.inderes.dk/videos/expres2ion-biotechnologies-presentation-of-the-2025-full-year-report-and-qanda

Disclaimer: HC Andersen Capital receives payment from ExpreS2ion Biotech for a digitalIR/Corporate Visibility subscription agreement. / Philip Coombes 14:18 25/02/2026

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.