In the report, Pareto Securities reiterated their "Buy" recommendation with an unchanged price target of SEK 303 per share. Key highlights from the report include:

• ExpreS2ion's Q1 2025 cash position stood at SEK 58 million, with expectations for sufficient cash runway into next year.

• Management reaffirmed expected timelines for the flagship ES2B-C001 breast cancer vaccine asset, targeting a potential Phase II initiation in 2027 pending successful Phase I data.

• An amendment request to the clinical trial protocol has been submitted, aiming to enable combination therapy with antibody-drug-conjugates and expand referral centre networks, anticipated to be approved in Q3 2025.

• The analyst expects this protocol amendment to potentially expedite patient recruitment significantly.

• The recent Letter of Intent with WuXi Vaccines was noted for its potential strategic and revenue-generating opportunities from next year.

The full Pareto Securities report, along with previously published analyst reports about ExpreS2ion, is available on the company's investor website here: Analyst Reports.

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