Expres2ion Biotech Holding Ab · OMXSTO:EXPRS2
Expres2ion Biotech Holding Ab — Q4 2025 Earnings Presentation
18 slides from Expres2ion Biotech Holding Ab's earnings presentation, Feb 19, 2026
Slide 1: Q4 and Full Year Results Webcast
Q4 and Full Year Results Webcast 19 February 2026 Innovative vaccines for a healthier world Bent Frandsen – CEO Hosted by Keith Alexander - CFO STO: EXPRS2 ExpreS2ion Biotech Holding AB Org. Nr. 559033 - 3729
Slide 2: Agenda
Agenda • Key updates across the pipeline • Financial results • Q&A Note: This presentation may contain forward - looking statements; please see disclaimer at end 2
Slide 3: News across Q4 '25
News across Q4 ‘25 Important updates across the key pipeline and partnerships Pipeline: Malaria Pipeline: Nipah Virus Oxford-Led Malaria Vaccine Trials As Nipah Virus Outbreaks in India Re-emerge, Using ExpreS2ion Platform ExpreS2ion Selects Northway Biotech as Pipeline: Nipah Virus Advance Through
Slide 4: ES2B-C001 Phase I Clinical Study: Design, Progress, & Early Immunogenicity
ES2B - C001 Phase I Clinical Study: Design, Progress, & Early Immunogenicity Trial design Status: Active patients in dose escalation Data: Anti - HER2 λ light chain geometric mean titer over time 1 • Population: ≤27 advanced HER2 - positive Patient Dosage* Doses Received Study Stage 12,500 or HER2 -
Slide 5: From First Signals to Pharma Deal
From First Signals to Pharma Deal Business development efforts ongoing, with multiple potential windows for out - licensing 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Phase I: First human data Phase II: Proof of concept in Breast Cancer Potential parallel Regist Phase II in Gastric
Slide 6: University of Oxford Malaria Vaccine Candidates
University of Oxford Malaria Vaccine Candidates New trials, updated timelines and recruitment progress Completion Publication Vaccines in trial Trial abbreviation Phase Sites Trial status (est.) (est.) VAC - 085 I Oxford, UK Concluded March 2025 ✓ TBD Pfs48/45 in Matrix - M VAC - 099 Ib INSTech, Bur
Slide 7: Key Updates on Other Programs
Key Updates on Other Programs Largely grant - sponsored and consortium driven Nipah vaccine Mucosal influenza vaccine INDIGO influenza consortium In collaboration with the VICI - Disease Consortium In collaboration with the University of Multinational Horizon 2020 collaboration Copenhagen (MucoVax)
Slide 8: Pipeline Overview
Pipeline Overview Multiple shots on goal across cancer and infectious diseases, powered by our ExpreS2 platform, and AdaptVac’s VLP in some cases Target Pre - clinical DISEASE Project/Target ID Identification Pharmacology cGMP / Tox Phase I Phase II Phase III Collaboration Partner Platform 1 100% Br
Slide 9: Upcoming Catalysts
Upcoming Catalysts Multiple value - driving readouts anticipated over the next 12 - 18 months ES2B - C001 Phase Ib expansion Phase Ia dose escalation Outlicensing / (Breast RP2D + safety/immunogenicity Interim safety/immunogenicity readouts Phase II cancer) Preliminary efficacy signals GMP batch rel
Slide 10: Q4 & Full-Year 2025 Financial Results
Q4 & Full - Year 2025 Financial Results 10
Slide 11: Income +62% YoY – Grants Boost Revenue
Income +62% YoY – Grants Boost Revenue SEK ‘000s Operating income Net sales (CRO) Other operating income (Grants) 5,000 4,000 4,000 Net sales Other operating income 3,098 4,000 3,533 +62% YoY 3,000 3,000 +96% YoY 3,000 2,000 2,000 2,000 1,000 1,000 1,000 - 27% YoY 435 0 0 0 1Q24 3Q24 1Q25 3Q25 1Q24
Slide 12: Expense Discipline: External R&D spend lower, cost base streamlined
Expense Discipline: External R&D spend lower, cost base streamlined SEK ‘000s Operating expense R&D costs (external) 0 0 -3,000 - 2,884 - 59% YoY -5,000 -6,000 -9,000 -10,000 Volatile & dependent upon pipeline activities -12,000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Personnel costs - 13,713 0 -15,
Slide 13: Net Result For The Period
Net Result For The Period SEK ‘000s 4Q profit / loss YTD profit / loss 0 0 -4,000 -15,000 -8,000 -30,000 - 8,175 +20,098 - 36,038 - 38,085 -12,000 - 46% -45,000 -16,000 - 15,262 -60,000 - 22,145 - 58,183 -20,000 -75,000 2024 2025 2024 One-time, 2024 Underlying 2025 Reported associated Underlying cha
Slide 14: Cash Development In 2025
Cash Development In 2025 SEK millions 90 TO 11 81.5 Warrants 80 70 Q4 2025 60 58.0 - 20.3 - 3.2 11.1 47.6 50 1.7 48.8 - 10.8 - 0.2 - 1.1 40 36.9 0.7 - 10.5 - 0.1 - 1.3 30 20 10 0 12/24 OpCF FX 03/25 OpCF FinCF FX 06/25 OpCF FinCF FX 09/25 OpCF FinCF FX 12/25 14
Slide 15: Cash Balance & Key Drivers (1Q24 – 4Q25)
Cash Balance & Key Drivers (1Q24 – 4Q25) SEK millions 100 TO 10 Warrants • Q4 2025 cash (mSEK): 47.6 Rights AdaptVac Issue 82 • Target milestones: Phase Ia (Q2’26) 80 Payment 76 Grant & Phase Ib (Q4’26) Prepayment 69 60 • Timelines: Subject to recruitment 60 58 TO 11 Warrants pace, drop - out rates
Slide 16: Meet Us – Upcoming Investor & Biopharma Engagement Events
Meet Us – Upcoming Investor & Biopharma Engagement Events Engaging investors and biopharma stakeholders on our strategy and the ES2B - C001 Phase I program Date Event Location Speaker European Life Sciences Forum 4- 5 March Zurich CFO Keith Alexander (Sachs Associates) Life Science Investor Conferen
Slide 17: Q&A
Q&A Innovative vaccines for a healthier world investor@ expres2ionbio.com https://investor. expres2ionbio.com
Slide 18: Disclaimer
Disclaimer This presentation does not constitute or form part of any offer or invitation to purchase or subscribe for, or any offer to u nde rwrite or otherwise acquire, any shares or any other securities in ExpreS2ion Biotech Holding AB (the “Company”). Neither shall the presentation or any part of
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