ExpreS2ion Biotechnologies: ExpreS2ion announces financial results for the second quarter of 2024

CEO Bent U. Frandsen comments:
"On the first of July, we announced the completion of a rights issue raising gross proceeds of SEK 30 million. With a cash position of SEK 68.6 million at the end of the second quarter, ExpreS2ion is funded to initiate the ES2B-C001 first-in-human Phase I trial, subject to regulatory approval, a significant value-enhancing milestone for ExpreS2ion and a huge accomplishment for our team.

Looking ahead, we are excited to advance ES2B-C001 into clinical development and leverage our technology platform in our collaborative projects. With recent achievements, including a U.S. patent issue and progress in our CMV vaccine partnership, we are positioned to drive innovation and achieve significant milestones in the coming quarters."

Summary of 2024 second quarter results (April - June 2024)
Key income statement figures, SEK `000s

• Operating income: 2,400 (2,069)
• Profit/loss after financial items: 1,639 (-31,565)
• Profit/loss for the period: 2,537 (-30,038)

Key balance sheet figures, SEK `000s

• End of period cash balance: 68,550 (88,302)
• End of period total assets: 94,002 (115,909)
• End of period equity / asset ratio*: 59% (87%)

Number of shares

• Number of shares at end of the period: 51,404,958 (49,249,767)
• Average number of shares: 51,404,958 (46,045,351)
• Average number of shares (after dilution): 147,594,974 (48,095,531)

Earnings per share, SEK**

• Earnings per share for the period based on average number of shares: 0.05 (-0.65)
• Diluted earnings per share for the period: 0.02 (-0.62)

Summary of 2024 first half results (January - June 2024)
Key income statement figures, SEK `000s

• Operating income: 3,958 (4,659)
• Profit/loss after financial items: -12,200 (-61,847)
• Profit/loss for the period: -10,316 (-56,346)

Key balance sheet figures, SEK `000s

• End of period cash balance: 68,550 (88,302)
• End of period total assets: 94,002 (115,909)
• End of period equity / asset ratio*: 59% (87%)

Number of shares

• Number of shares at end of the period: 51,404,958 (49,249,767)
• Average number of shares: 51,404,958 (41,849,384)
• Average number of shares (after dilution): 147,594,974 (43,899,384)

Earnings per share, SEK**

• Earnings per share for the period based on average number of shares: -0.20 (-1.35)
• Diluted earnings per share for the period: -0.07 (-1.28)

Figures in parenthesis are from the same period in 2023.
*Equity ratio: Shareholder's equity divided by total capital.
**Earnings per share defined as profit/loss for the period divided with the average number of shares for the period.

Webcast presentation of 2024 second quarter and half-year results
On 15 August 2024 at 10:00 CET, ExpreS2ion CEO Bent Frandsen and CFO Keith Alexander will present a company update and the 2024 second quarter and half-year results and answer investors' questions. More information and registration can be found on the H.C. Andersen Capital Events website.

Significant events during the second quarter

• On 16 April 2024, ExpreS2ion announced the completion of the final report for the Good Laboratory Practice (GLP) safety study in non-human primates of the ES2B-C001 (HER2-VLP) breast cancer vaccine candidate.
• On 23 April 2024, ExpreS2ion announced that it has been notified by the Board of Directors of its associated company, AdaptVac ApS, of the resolution to pay a dividend of DKK 42.5 million (SEK 66.1 million) to its owners. As a result of ExpreS2ion Biotechnologies ApS holding a 34% stake in AdaptVac ApS, ExpreS2ion received approximately DKK 14.5 million (SEK 22.5 million) after the close of the first quarter.
• On 2 May 2024, the Board of Directors of ExpreS2ion Biotech Holding AB had, subject to subsequent approval by the Annual General Meeting to be held on 5 June 2024, resolved on a rights issue of units consisting of shares and warrants of series TO 10 and warrants of series TO 11 ("Units"), with preferential rights for existing shareholders, amounting to approximately SEK 60 million (the "Rights Issue"). The subscription price was set to SEK 1.00 per Unit, corresponding to a subscription price of SEK 1.00 per share. The Company received subscription intentions and guarantee commitments to an approximate amount of SEK 30 million, corresponding to approximately 50 percent of the Rights Issue. Upon full subscription in the Rights Issue, the net proceeds from the Rights Issue will be used for (i) ES2B-C001 clinical phase initiation and progression, (ii) early preclinical development of a cytomegalovirus vaccine candidate, (iii) internal costs related to grant-sponsored projects and (iv) working capital including discovery pipeline and platform development.
• On 3 May 2024, the shareholders of ExpreS2ion Biotech Holding AB were given notice to attend the Annual General Meeting to be held on 5 June 2024 at 10.30 (CEST) on Mindpark, Bredgatan 11, Helsingborg, Sweden. The entrance to the meeting and registration will commence at 10.00 (CEST).
• On 8 May 2024, ExpreS2ion published the 2023 annual report.
• On May 16th, ExpreS2ion published the Company's first quarter results for 2024.
• On June 5th, ExpreS2ion Biotech Holding AB held the Annual General Meeting for 2024.
• On June 21st, ExpreS2ion announced the new publication in The Lancet of a scientific paper titled "Blood-stage malaria vaccine candidate RH5.1/Matrix-M in healthy Tanzanian adults and children; an open-label, non-randomised, first-in-human, single-centre, phase 1b trial". The article is based on a clinical study conducted by researchers at the University of Oxford.

Significant events after the second quarter

• On July 1st, ExpreS2ion Biotech Holding AB announced the outcome of a Rights Issue. The Rights Issue was subscribed to a total of approximately 50.1 percent. Through the Rights Issue, the Company will initially receive proceeds of approximately SEK 30.0 million before deduction of costs.
• On July 3rd, ExpreS2ion announced it had received an Issue Notification from the United States Patent and Trademark Office (USPTO) for the patent "Glyco-Engineered Immunization Antigens".
• On July 5th, ExpreS2ion Biotech Holding AB, based on the authorisation from the Annual General Meeting on 5 June 2024, resolved on a directed new issue of 2,175,000 units to two of the guarantors  in the rights issue of units resolved upon by the Board of Directors on 2 May 2024 and approved by the Annual General Meeting on 5 June 2024, Formue Nord Markedsneutral A/S and Selandia Alpha Invest A/S, who chose to receive their guarantee commission in the form of newly issued units in ExpreS2ion.
• On August 6th, ExpreS2ion announced the submission of ExpreS2ion's first CTA to the Austrian Agency for Health and Food Safety (BASG/AGES) for its novel therapeutic candidate, ES2B-C001 against breast cancer.

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This press release constitutes inside information that ExpreS2ion Biotech Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out below, at the time stated by the Company's news distributor, Cision, at the publication of this press release.