Last close As at 05/08/2026
SEK1.34
▲ −0.06 (−3.96%)
Market capitalisation
SEK32m
Research: Healthcare
ExpreS2ion’s latest Phase I update reinforces a story that suggests the company may advance on its own terms. In May 2026, ExpreS2ion reported that anti-HER2 antibody responses were observed in nine evaluable patients dosed with lead asset, ES2B-C001, with no safety signals identified even in the top-dose cohort. In our view, a key signal was the enriched translational data package and new long-term maintenance arm, both shaped by partner feedback, designed to widen the company’s options between an early licensing deal and a more independent path into Phase II.
We see the breadth and durability of the immune response, rather than any single readout, as the core driver of the investment case. Antibody titres continued to rise over successive dosing visits and remained elevated at later follow-ups, consistent with durable responses, which have historically been a challenge in the development of some immunotherapies. The clean safety profile through the highest planned dose de-risks the dose-escalation phase, and management has held its timelines of a primary Phase I readout by end-2026 and a targeted Phase II start in mid-2027. The candidate’s novel design, combining ExpreS2ion’s ExpreS2 production platform with AdaptVac’s virus-like particle technology, supports the differentiation that we believe may attract a partner.
ExpreS2ion completed a rights issue at SEK1.60 per unit in May 2026, subscribed to 59.9% in total (43.0% with and without unit rights and 16.9% by guarantors), to fund completion of Phase I and partnering activity. The raise, together with attached warrants of series TO 13, drove dilution and a de-rating. The share has fallen from around SEK6.0 in early-2026 to below SEK2.0. We believe this financing overhang, rather than the underlying data, explains the share price weakness, and the warrant programme leaves a further near-term overhang. Management’s emphasis on a leaner, more focused Phase II design that may be partly funded in-house is, in our view, a rational response to a balance sheet that affords little room for error.
The investment case rests on the same thread as the clinical data, whether ES2B-C001’s mechanism can convert consistent immunogenicity into a partnered asset before the balance sheet forces further dilution. We see the end-2026 Phase I top-line results, the preliminary Phase II design and any partnering signal as the catalysts most likely to improve performance.
Note: this note was neither commissioned nor reviewed by ExpreS2ion.
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Historical financials |
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|---|---|---|---|---|---|---|
| Year end | Revenue (SEKm) | PBT (SEKm) | EPS (SEK) | DPS (SEK) | P/E (x) | Yield (%) |
| 12/24 | 3.0 | (44.6) | (13.88) | 0.00 | N/A | N/A |
| 12/25 | 3.7 | (44.2) | (12.93) | 0.00 | N/A | N/A |
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United Kingdom
Research: Healthcare
We refresh our investment thesis for SynAct Pharma following top-line results from the Phase IIb ADVANCE trial. While the trial missed the primary DAS28-CRP endpoint, we are encouraged by other strong efficacy signals, particularly the 76.4% ACR20 response rate at the selected 40mg dose, comparable to biologics and JAK inhibitors. Significant improvements in C-reactive protein (CRP) and the Simplified Disease Activity Index (SDAI), together with a favourable safety and tolerability profile, support resomelagon’s pro-resolution mechanism, a potentially important differentiator in the autoimmune space. The upcoming end-of-Phase II (EoP2) meetings with the FDA and EMA will be critical in determining the regulatory pathway and Phase III strategy. Pending regulatory feedback, we retain a 30% probability of success in rheumatoid arthritis (RA), while delaying our launch assumptions by one year and incorporating resomelagon’s extended US market exclusivity through 2044. Our valuation remains largely unchanged at SEK2.25bn, or SEK40.0/share.