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 CMW 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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