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Analyst Comment

ExpreS2ion Biotechnologies: pipeline update on CMW and ES2B-C001

By Michael FriisHead of Equities
ExpreS2ion Biotech Holding

ExpreS2ion has today informed the market about the progress on the HER2 breast cancer vaccine candidate, ES2B-C001, but also announced that they will no longer pursue the development of a CMV candidate, a collaboration with Evaxion Biotech. 

When ExpreS2ion, at the start of December 2024, got the CTA to start the Phase 1 trial for their HER2 cancer vaccine candidate, ES2B-C001, the company indicated that they expected to dose the first patient during Q1 2025. This hasn’t been achieved, but the company states that the delay has nothing to do with any safety or scientific concerns. The company will update the market when the first patient is enrolled.

On the back of a strategic review, ExpreS2ion has decided not to pursue further development of its CMV vaccine candidate, a development conducted in collaboration with Evaxion Biotech. The company sites improved resource allocation and an extended financial runway as the main reasons. 

Compared to the expectations we have in our model, which we have used in our one-pager, this doesn’t change it materially. 

Read the one-pager here: https://www.inderes.dk/research/expres2ion-biotech-one-pager-market-value-below-cash-balance

We had not ascribed any value stand-alone to the CMv candidate, as we only have valued the technology platform as a whole. The until now small delay to the start of the Phase 1 trial for their HER2 cancer vaccine candidate, ES2B-C001 could mean something to whether data read- outs will come in 2025, but doesn’t change much on a long timeline and therefore the probability adjusted value we have in our assessment of what the market is pricing in as probability of success.

Disclaimer: HC Andersen Capital receives payment from ExpreS2ion Biotechnologies for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, 19:41, 01-04-2025.

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ExpreS2ion Biotech Holding

19.9SEK1.4.2025 klo 19.00

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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