The updated report provides a comprehensive review of ExpreS2ion's development pipeline, with focus on the breast cancer vaccine candidate ES2B-C001 and the company's growing role in malaria vaccine programs. The revision in fair value reflects the delayed start of the Phase I trial and the discontinuation of the CMV project, partially offset by the expanded malaria collaboration and prospects for a licensing deal in 2027.

Key highlights from the report include:

• The Phase I study of ES2B-C001 has not yet enrolled patients, with protocol amendment under review to include patients treated with antibody drug conjugates, such as Enhertu™.

• Approval of the protocol amendment is expected in Q3 2025, which could accelerate enrolment and timeline for interim data.

• ExpreS2ion is supporting multiple malaria vaccine studies with the University of Oxford, and negotiations continue with Serum Institute of India for commercial rights on two programs.

• The valuation reflects an 11% probability of approval for ES2B-C001, with the program assigned a value of SEK 260 million; total fair value per share was revised to SEK 75, incorporating updated assumptions on cash flow, financing needs, and project risk.

The full report is available in both Swedish and English on ExpreS2ion's website under Analyst Reports and on the ExpreS2ion page of the Aktiespararna website.

Certified Adviser
Svensk Kapitalmarknadsgranskning AB