Hørsholm, Denmark, 16 May 2024 - ExpreS2ion Biotech Holding AB ("ExpreS2ion") today announces its first quarter financial results for 2024. The report is available as an attachment and on ExpreS2ion's website (www.expres2ionbio.com). Below is a summary of the report.
CEO Bent U. Frandsen comments:
"We are starting 2024 invigorated by our new strategy with clear objectives, the strong progress of our proprietary pipeline, and a broadly validated platform. The overall conditions for early-stage biotech funding remain challenging and selective. Against this backdrop, we have established our priorities with a focus on advancing the lead proprietary asset, the ES2B-C001 breast cancer program, towards a clinical trial application."
Summary of 2024 first quarter results (January - March 2024)
Key income statement figures, SEK '000s
- Operating income: 1,558 (2,590)
- Profit/loss after financial items: -13,839 (-30,282)
- Profit/loss for the period: -12,853 (-26,308)
Key balance sheet figures, SEK '000s
- End of period cash balance: 60,203 (71,972)
- End of period total assets: 86,145 (103,125)
- End of period equity / asset ratio*: 61% (77%)
Number of shares
- Number of shares at end of the period: 51,404,958 (37,606,796)
- Average number of shares: 51,404,958 (37,606,796)
- Average number of shares (after dilution): 55,454,958 (39,656,796)
Earnings per share, SEK**
- Earnings per share for the period based on average number of shares: -0.25 (-0.70)
- Diluted earnings per share for the period: -0.23 (-0.66)
Figures in parenthesis are the numbers 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 first quarter year results
On 16 May 2024 at 10:00 CET, ExpreS2ion CEO Bent Frandsen and CFO Keith Alexander will present the 2024 first quarter results and answer investors' questions. More information and registration can be found on the H.C. Andersen Capital Events website.
Significant events during the first quarter
- On 8 February 2024, ExpreS2ion announced financial results for the fourth quarter of 2023.
- On 21 February 2024, ExpreS2ion announced that AdaptVac ApS ("AdaptVac") had received 10 million EUR as a result of Bavarian Nordic having completed the clinical Phase III study of the COVID-19 vaccine ABNCoV2. The board of AdaptVac, in line with authority granted through AdaptVac's articles of association, agreed to resolve on the pay-out of excess capital in AdaptVac to the shareholders of AdaptVac, which are ExpreS2ion (34% share ownership) and NextGen Vaccines Holding ApS ("NextGen") (66%). ExpreS2ion and NextGen agreed that AdaptVac will retain part of the dividends received to be invested in the Company's platform technology and pipeline assets.
Significant events after the first 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.
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
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.
For further information about ExpreS2ion Biotech Holding AB, please contact:
Bent U. Frandsen, CEO
Keith Alexander, CFO
E-mail: investor@expres2ionbio.com
About ExpreS2ion
ExpreS2ion is a biotechnology company that develops innovative vaccines for a healthier world. We want to transform healthcare by developing novel vaccines, that are life-saving and improving quality of life across the world. ExpreS2ion has developed the unique human clinical Phase III-validated technology platform, ExpreS2, for fast and efficient development and production of the active material in vaccines. The platform, under the brand GlycoX-S2, includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, ExpreS2ion has produced more than 500 proteins and virus-like particles (VLPs) in collaboration with leading research institutions and companies. ExpreS2ion develops novel VLP based vaccines in association with AdaptVac ApS, of which ExpreS2ion owns 34%. For additional information, please visit www.expres2ionbio.com.
