ExpreS2ion Biotechnologies: High R&D activity drives negative results as expected
This morning, ExpreS2ion Biotechnologies released its Q4 2022 and full-year 2022 results. In Q4 2022, the company's operating income fell 64% to SEK 1.59m, and the loss from the period amounted to SEK -48.5m in the quarter (SEK -14.3m in Q4 2021).
The operating income is as expected, as the focus is shifted from its legacy CRO business to developing pipeline candidates. The increase in operating loss is primarily attributable to an increase of about SEK 36m in R&D, primarily related to preclinical development and chemistry, manufacturing, and controls (CMC) of the breast cancer vaccine candidate, ES2B-C001. The progress follows what has previously been communicated throughout the year.
ExpreS2ion Biotechnologies enters 2023 with SEK 111m in cash position. Regarding the capital situation, the company states: "The Company plans to obtain additional sources of funding in 2023. This could be in the form of issuance of new shares, non-dilutive financing, entering license and research and development collaboration agreements, expense management activities, renegotiating terms for current outstanding debt instruments or a combination of such."
On the regulatory side, the company aims to achieve several milestones in 2023, including the Phase III study results for the ABNCoV2 COVID-19 vaccine and the completion of the preclinical program for our ES2B-C001 breast cancer vaccine.
Read the full report here: https://investor.expres2ionbio.com/2023/02/09/year-end-report-2022-q4/
On 15 February 11:30, we will run through the results and achievements with CEO Bent Frandsen and CFO Keith Alexander, where you can ask questions live at the virtual event. Sign up here: https://www.inderes.dk/videos/expres2ion-biotechnologies-presentation-of-year-end-report-2022
HC Andersen Capital receives payment from ExpreS2ion Biotechnologies for a Digital IR/Corporate Visibility subscription agreement. / Michael Friis, 12:51, 9 February 2023.
