ExpreS2ion Biotech – Presentation of Q3 2026 Interim Report

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ExpreS2ion is expected to release its Q3 2026 interim report on 12 November 2026. Later the same day at 10.00, ExpreS2ion’s CEO Bent U. Frandsen and CFO Keith Alexander will present the results and answer questions in a live online event.

Q2 2026 saw total operating income rise 238% to KSEK 11,547, driven primarily by grant income from the VICI-Disease programme, while CRO and licensing net sales increased 31% to KSEK 2,011. The operating loss was broadly unchanged at KSEK 11,972 and the net loss improved 3% to KSEK 9,701, helped by higher accrued R&D tax credits. R&D expenses rose 483% to KSEK 11,355, largely reflecting VICI-Disease subcontracting costs that are fully offset by corresponding grant income, with management indicating that this activity, and the associated income and cost, is expected to be materially lower going forward. Cash stood at SEK 34.4m at the end of June.

On the clinical side, ExpreS2ion announced on 23 October that all 19 planned patients in the Phase I trial of ES2B-C001 have been enrolled and have started treatment, across the 50 µg, 150 µg and 450 µg dose levels. The last patient’s last visit in the priming phase is expected at the end of December 2026, with database lock in February and publication of the primary readout in Q1 2027, revised from the previously communicated end-2026. The Phase II initiation target of H2 2027 is unchanged. At the 5 October data cut-off, anti-HER2 antibody responses had been observed in 12 of 13 evaluable patients, with no dose-limiting toxicities and no serious adverse events assessed as related to ES2B-C001. Management also stated that the Scientific Advisory Board has suggested evaluating ES2B-C001 together with standard of care in a first-line patient population, with the design remaining subject to partner input, regulatory interactions and financing.

Since the H1 report, the news flow has otherwise been on the capital side. ExpreS2ion obtained a guarantee commitment for the TO 13 warrant programme and entered into a SEK 50m put option agreement with Alumni Capital in September. Only around 1% of the TO 13 warrants were exercised, after which the EGM on 1 October approved a new issue authorisation and the Board on 5 October resolved on a directed issue of 11,869,138 shares to Vator Securities at SEK 1.60 per share, alongside a set-off issue of 3,627,627 shares as guarantee compensation. The proceeds from the directed issue fall in Q4 and will therefore not be reflected in the Q3 cash position.

Beyond the Q3 figures, focus could also extend to the revised Phase I timeline and what it means for the funding position into 2027, including potential use of the Alumni Capital facility, the emerging first-line Phase II design and the partnering outlook for ES2B-C001, and progress on the Nipah programme following the appointment of Northway Biotech as CDMO.

Disclaimer: HC Andersen Capital receives payment from ExpreS2ion Biotech for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, Updated 11.04, 23/10-2026.)