ExpreS2ion Biotech om den pågående företrädesemissionen och det kliniska momentumet

You are currently conducting a rights issue of units amounting to approximately 53 million sek. Could you summarise the primary purpose of this capital raise and how the proceeds will mainly be allocated?

– The primary purpose of the rights issue is to complete the ongoing phase I study for ES2B-C001 in advanced breast cancer. Approximately 55 per cent of the proceeds are allocated to this programme, including generating safety data and early signals of immunogenicity and potential efficacy.

– The remaining proceeds are directed toward strengthening our R&D and manufacturing capabilities and supporting our contract research activities. These investments are intended to improve execution across both our internal programmes and external collaborations.

– Overall, the capital raise is designed to advance our lead clinical asset while reinforcing the platform and operational foundation that supports the broader business.

Could you briefly explain the structure of the ongoing offering, including the subscription commitments and guarantees, and your reasoning behind choosing a unit issue with accompanying warrants?

– The offering is structured as a rights issue of units, where existing shareholders receive preferential subscription rights. Each unit consists of one new share and one warrant, with the warrants issued free of charge. This structure allows shareholders to participate on equal terms while also providing potential additional upside through the warrants.

– In terms of support, we have secured subscription commitments from board and management, alongside guarantee commitments from external investors, bringing total coverage to approximately 60 percent of the issue. This provides a solid level of execution certainty while still allowing existing and new investors to participate.

– The rationale for combining shares with warrants is to balance near-term capital needs with longer-term financing flexibility. It strengthens the attractiveness of the offering for investors, while also creating the potential for additional capital inflow later, should the warrants be exercised, supporting continued development and strategic initiatives.

A major recent milestone was the positive review of the phase I data for your breast cancer candidate, ES2B-C001, which allows you to advance the project. How crucial was this validation for the company?

– It is a very important validation point for us. In the phase I study, eight out of nine evaluable patients developed a HER2-specific immune response, with antibody levels increasing over time and remaining elevated in patients with follow-up data. In addition, the independent Data Safety Monitoring Board found the safety profile acceptable and recommended that the study continues, including dose escalation and cohort expansion.

– Taken together, this shows that the therapy is inducing the targeted immune response as designed. At the same time, these are preliminary data from a small number of patients, so completing the phase I study remains critical to establish a more robust understanding of safety and potential clinical benefit.

What are the immediate next steps for this candidate that the new capital will help finance?

– The immediate priority is to complete the ongoing phase I study for ES2B-C001. This includes progressing through dose escalation, completing the expansion part of the trial, and generating a more comprehensive dataset on safety, immunogenicity, and early signals of efficacy.

– In parallel, we are continuing our business development activities and engaging with potential partners as more data become available. At the same time, we are maintaining flexibility on the next step, including the option to advance the programme further internally depending on the data.

Looking beyond ES2B-C001, what is the current activity level within the rest of your pipeline and for your ExpreS2 platform, particularly in light of the recently published glyco-engineering patent?

– While ES2B-C001 for breast cancer is our primary clinical focus, it should be highlighted that pending funding or partnering other valuable HER2-directed oncology indications, such as gastric cancer, are also options. In the infectious diseases space, we have partnered programs within malaria, influenza, and nipah virus, which are progressing in line with the mostly non-diluted funding for these assets. Specifically for two of the malaria vaccine projects, RH5.1 and R78C, where we end of last year announced a licensing agreement with the World’s largest vaccine manufacturer Serum Insitiute of India, the tech transfer phase is in motion. We see continued interest in the ExpreS2 platform given its ability to efficiently produce complex proteins for vaccines and biologics. The recently published patent on novel glyco-engineered S2 cell lines reinforces the proprietary advantages of our platform’s capabilities.

Will part of the proceeds be used to accelerate any other specific projects?

– The primary focus of the proceeds is on advancing ES2B-C001 through phase I. We are not using this capital raise to add new projects, but to progress the programmes we already have in a focused and disciplined way.

– Beyond ES2B-C001, the proceeds support platform capabilities, contract research activities, and selected co-financing of externally funded projects, all aimed at improving execution across the business rather than expanding the pipeline.

Earlier this year, a lot of focus was placed on your expanded partnerships, such as the global licence agreement with the Serum Institute of India. How central is the partnering strategy to your current business model, and should the market expect further licensing or collaboration agreements in the coming year?

– Partnering is a central part of our business model, both for our platform and for our pipeline. The agreement with Serum Institute of India is a good example of how programmes developed with academic partners, such as those led by the University of Oxford, can be taken forward with industrial partners.

– For ES2B-C001, our focus is on generating robust clinical data and then assessing the most appropriate development path, which may include partnering.

– We are continuing our business development activities, but the timing of any new agreements will depend on data, partner priorities, and ongoing discussions. Our focus is on establishing the right partnerships rather than committing to a specific timeline.

Looking 12 to 18 months ahead, what are the most significant value-driving milestones and catalysts that investors should keep an eye on?

– The most important near-term catalyst is the continued progression of ES2B-C001 through phase I. This includes completion of dose escalation and subsequent expansion data covering safety, immunogenicity, and early efficacy signals.

– Beyond that, we expect additional clinical readouts from the malaria programmes and continued progress in the Nipah programme toward GMP manufacturing and toxicology studies. In parallel, we will continue to develop the commercial side of the business through contract research and platform-based partnerships.

– Together, these milestones will significantly shape the next phase of the company’s development.

Finally, how would you summarise your core message to both current shareholders and potential new investors—why is right now the time to invest in ExpreS2ion Biotech?

– Our core message is that we are entering a period where our lead programme will deliver important clinical data, while the broader platform continues to support multiple programmes and commercial activities.

– This financing allows us to execute on those priorities in a focused way, without expanding the scope of the business. We are concentrating resources on the areas we believe can create the most value, while maintaining flexibility on future development and partnering paths.

– For shareholders, this is about supporting the company through a period of meaningful execution and data generation that will shape the next stage of development.