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Analyst Comment

ExpreS2ion Biotechnologies: First Immunogenicity Confirmation from Breast Cancer Study

By Michael FriisHead of Equities
ExpreS2ion Biotech Holding

ExpreS2ion today announced the first immunogenicity results from one patient after six weeks of treatment. The data indicate that the vaccine is triggering a significant immune response.

Read the full announcement here: https://www.inderes.dk/releases/expres2ion-biotechnologies-expres2ion-reports-first-immunogenicity-data-from-her2-breast-cancer-vaccine-es2b-c001-phase-i-trial

Blood samples taken before dosing (baseline) and after the second dose at three weeks showed a significant increase in HER2-specific antibodies compared to pre-dose levels. This confirms that the vaccine can activate the human immune system through its intended mechanism of action.

The initial findings support further evaluation of ES2B-C001 as a novel immunotherapeutic strategy for HER2-expressing breast cancer. More data is expected to be published on an ongoing basis. In connection with the Q2 2025 report, the company confirmed that interim primary endpoint data on safety and tolerability are still expected in mid-2026.

That said, this remains very early-stage data. Given the limited dataset, it may still be too early for the market to assign an increased probability-adjusted value in financial models.

You can read more about the priced-in probability in our one-pager here: https://www.inderes.dk/files/f55bb2e1-9b15-4a8b-a8b5-4a60a35c9bfe

ExpreS2ion Biotechnologies is a Danish pharmaceutical company focused on the development of vaccines through its ExpreS2 production platform in combination with AdaptVac's VLP technology.

Disclaimer: HC Andersen Capital receives payment from ExpreS2ion Biotechnologies for a Digital IR agreement. Michael Friis, 12:08, 04-09-2025 

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ExpreS2ion is a Danish-based biotech company listed in Sweden. The company develops a portfolio of vaccines for diseases such as COVID-19, influenza, and breast cancer through the use of its non-viral cell-based expression system, ExpreS2, which is recognized for handling protein challenges. ExpreS2ion has developed Expres2, which is a technology platform for efficient and fast non-clinical development and production of complex proteins for new vaccines and diagnostics. The company’s current primary product is the corona vaccine candidate, ABNCoV2 in phase 2, co-developed with its partner, AdaptVac of which ExpreS2ion owns 34%. The vaccine candidate has been licensed to Bavarian Nordic has global commercialization rights and responsibility for further clinical development of the vaccine and is expected to initiate phase 3 testing for the product candidate in the first half of 2022.

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