Hørsholm, Denmark, 6 February 2025 - ExpreS2ion Biotech Holding AB ("ExpreS2ion") today announces its fourth quarter and full-year 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:
"In 2024, we achieved key milestones that have positioned ExpreS2ion for an exciting new phase of growth. We secured approval for the Phase I clinical trial of ES2B-C001, marking our transition into clinical development. Additionally, our collaboration with the University of Oxford advanced significantly, highlighted by positive Phase 2b malaria vaccine data, while the successful exercise of TO 10 warrants strengthened our financial foundation. These accomplishments reflect the dedication of our team and partners, and we look forward to building on this momentum in 2025."
Summary of 2024 fourth quarter results (October - December 2024)
Key income statement figures, SEK '000s
- Operating income: 2,178 (2,284)
- Profit/loss after financial items: -19,353 (-14,726)
- Profit/loss for the period: -15,639 (-13,229)
Key balance sheet figures, SEK '000s
- End of period cash balance: 81,541 (57,597)
- End of period total assets: 104,531 (78,692)
- End of period equity / asset ratio*: 62% (83%)
Number of shares
- Number of shares at end of the period: 2,658,346 (1,285,124)
- Average number of shares: 2,225,365 (1,285,124)
- Average number of shares (after dilution)**: 3,130,907 (1,386,374)
Earnings per share, SEK***
- Earnings per share for the period based on average number of shares: -7.03 (-10.29)
- Diluted earnings per share for the period: -5.00 (-9.54)
Summary of 2024 full-year results (January - December 2024)
Key income statement figures, SEK '000s
- Operating income: 7,825 (8,799)
- Profit/loss after financial items: -44,563 (-99,967)
- Profit/loss for the period: -36,415 (-91,401)
Key balance sheet figures, SEK '000s
- End of period cash balance: 81,541 (57,597)
- End of period total assets: 104,531 (78,692)
- End of period equity / asset ratio*: 62% (83%)
Number of shares
- Number of shares at end of the period: 2,658,346 (1,285,124)
- Average number of shares: 1,690,941 (1,153,376)
- Average number of shares (after dilution)**: 2,596,482 (1,254,626)
Earnings per share, SEK***
- Earnings per share for the period based on average number of shares: -21.54 (-79.25)
- Diluted earnings per share for the period: -14.02 (-72.85)
Figures in parenthesis are from the same period in 2023.
*Equity ratio: Shareholder's equity divided by total capital
**Potential dilutive effects in the calculation of the diluted earnings (loss) per share include those related to the rights issue, including associated warrants, completed in July 2024 (805,542) and share-based compensation programs (100,000)
***Earnings per share defined as profit/loss for the period divided with the average number of shares for the period. Prior year earnings per share comparatives adjusted, reflecting changed date of share registration in average number of share calculations.
Webcast presentation of 2024 fourth quarter and full-year results
On 6 February 2024 at 10:00 CET, ExpreS2ion CFO Keith Alexander will present a company update and the 2024 fourth quarter and full-year results and answer investors' questions. More information and registration can be found via this link: https://www.inderes.dk/videos/expres2ion-biotechnologies-presentation-of-q4-2024
Significant events during the fourth quarter
- On October 16th, ExpreS2ion announced that it had entered into a term sheet with Serum Institute India regarding the proposed development and commercialisation of a novel malaria vaccine.
- On October 21st, ExpreS2ion Biotech Holding AB held an Extraordinary General Meeting which resolved on a reverse share split and related measures.
- On November 12th, ExpreS2ion announced positive new preclinical data for its ongoing cytomegalovirus (CMV) vaccine program collaboration with Evaxion Biotech A/S, named ES2B-I002.
- On November 14th, ExpreS2ion Biotech Holding AB published its financial result for the third quarter of 2024.
- On December 2nd, ExpreS2ion announced the approval of its Phase I clinical trial application (CTA) by the Austrian Agency for Health and Food Safety for its novel therapeutic vaccine candidate, ES2B-C001, against HER2-expressing breast cancer.
- On December 6th, ExpreS2ion Biotech Holding AB announced the outcome of the exercise of warrants of series TO 10, which were issued in connection with the Company's rights issue of units in 2024. In total, 22,322,680 warrants of series TO 10 were exercised, corresponding to approximately 69 percent of the total number of outstanding warrants of series TO 10, for subscription of 558,067 shares at an exercise price of SEK 17.91 per share. ExpreS2ion received approximately SEK 10 million before issuing costs through the exercise of the warrants of series TO 10.
- On December 11th, ExpreS2ion announced the new publication in The Lancet Infectious Diseases titled "Safety and efficacy of the blood-stage malaria vaccine RH5.1/Matrix-M in Burkina Faso: interim results of a double-blind, randomised, controlled phase 2b trial in children". The article is based on a clinical study conducted by researchers at the University of Oxford. The promising results reported by the University of Oxford further validated the potential of these vaccine candidates in the fight against malaria and underscore their ability to meet the WHO's ambitious goal of 75% efficacy. These findings marked an important milestone in the global effort to combat this devastating disease.
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.
