ExpreS2ion Biotech Holding AB (EXPRS2) AI Stock Analysis

• Market Cap: kr58.60M
• Dividend Yield: N/A
• Average Volume (3M): 19.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• Revenue Growth: 8.46%
• EPS Growth: 11.73%
• Country: SE
• Employees: 20
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.18
• Shares Outstanding: 3,530,233
• 10 Day Avg. Volume: 26,629
• 30 Day Avg. Volume: 19,883
• PEG Ratio: 0.01
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 11.56
• P/FCF Ratio: -1.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: kr16.00 ▼(-6.43% Downside)

The score is primarily constrained by weak financial performance (tiny/declining revenue, deep losses, and worsening cash burn), partially offset by low leverage. Technicals are mixed with modest short-term strength but negative longer-term trend signals. Valuation is not supportive given negative earnings and no dividend yield data.

Positive Factors

Proprietary ExpreS2 insect-cell expression platform

The ExpreS2 insect-cell expression platform is a durable technological asset that enables production of complex antigens and VLP components. This specialized capability supports recurring service contracts, makes the company a sought vendor for difficult proteins, and underpins partnership opportunities over the medium term.

Low leverage provides financial flexibility

Very modest debt levels reduce fixed financing obligations and lower bankruptcy risk, giving management room to pursue collaborations or raise equity without immediate solvency pressure. Over 2-6 months this preserves strategic optionality to fund development or service growth despite operating losses.

Partnering and licensing revenue potential

The business model explicitly includes partnering/licensing and milestone/royalty income, which can convert R&D into non-dilutive or milestone-driven cash inflows. Structurally this diversifies future revenue streams beyond services and links upside to partners' clinical and commercial progress.

Negative Factors

Very small and declining revenue base

A tiny, shrinking revenue base limits reinvestment capacity and signals weak commercial traction for platform services or products. Over several months this means limited internal funding to advance programs, higher reliance on external capital, and constrained ability to prove scalable revenue economics.

Consistent negative cash flow and rising cash burn

Persistent negative operating and free cash flows indicate the business cannot self-fund operations and that cash burn is accelerating. This structural funding gap requires frequent external financing, which can dilute shareholders, disrupt R&D timelines, and limit long-term strategic choices if capital access tightens.

Small scale operations and limited resources

A ~20-person organization with early-stage, high-burn dynamics means limited capacity to run multiple development programs or scale commercial services. Over the medium term this concentrates execution risk, increases dependence on partners for development/commercialization, and reduces economies of scale.

ExpreS2ion Biotech Holding AB Business Overview & Revenue Model

Company Description

ExpreS2ion Biotech Holding AB (publ), through its subsidiary, ExpreS2 ion Biotechnologies ApS, develops and produces complex proteins for vaccines and diagnostics in Denmark. The company develops capsid virus-like particle COVID-19 vaccine, which is in Phase II clinical trial. It also develops influenza and breast cancer vaccine, which is in Phase II clinical trial, as well as develops malaria vaccine. In addition, the company licenses its ExpreS2 platform to research institutes and pharmaceutical companies. ExpreS2ion Biotech Holding AB (publ) was founded in 2015 is based in Horsholm, Denmark.

How the Company Makes Money

ExpreS2ion Biotech generates revenue primarily through its proprietary ExpreS2 platform, which is licensed to pharmaceutical and biotech companies for the production of antibodies and proteins. The company earns money from licensing agreements, where clients pay fees for using the ExpreS2 technology, as well as milestone payments and royalties based on the commercial success of products developed using its platform. Additionally, ExpreS2ion may engage in collaborative agreements with strategic partners that can provide funding and shared resources for research and development projects, further enhancing its revenue potential.

ExpreS2ion Biotech Holding AB Financial Statement Overview

Summary

Financials reflect an early-stage, high-burn profile: revenue is very small and generally declining, profitability is deeply negative with negative gross profit in TTM, and operating/free cash flow are consistently negative with worsening TTM burn. The main support is low leverage (modest debt-to-equity), but equity has fallen sharply and losses continue to erode value.

Income Statement

Revenue remains very small and has generally trended down in recent years (TTM (Trailing-Twelve-Months) down vs. prior year; 2024 down vs. 2023). Profitability is weak: the company is deeply loss-making with very negative operating and net margins across the period, and TTM gross profit is negative (costs exceeding revenue). A modest positive is that the net loss in TTM is smaller than 2024, but overall the income profile still reflects a business heavily reliant on funding rather than earnings power.

Balance Sheet

Leverage is low, with debt-to-equity staying very modest across all periods (roughly 1%–5%), which provides financial flexibility. However, equity has fallen sharply versus prior years, and returns on equity are consistently negative, indicating ongoing value erosion from sustained losses. Overall, the balance sheet is conservatively levered but weakening as losses accumulate.

Cash Flow

Cash generation is a key pressure point: operating cash flow and free cash flow are consistently negative, and TTM cash burn is larger than 2024. Free cash flow trend is volatile and, in TTM, deteriorates meaningfully versus the prior period. While cash burn broadly tracks reported losses (free cash flow roughly in line with net income in magnitude), the business is not yet demonstrating a path to self-funding operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.82M	3.01M	7.05M	5.09M	12.23M	5.26M
Gross Profit	-8.18M	-2.67M	3.40M	5.00K	4.72M	-843.00K
EBITDA	-51.61M	-64.34M	-102.45M	-124.49M	-46.38M	-28.47M
Net Income	-45.55M	-36.04M	-91.40M	-118.61M	-43.92M	-31.71M
Balance Sheet
Total Assets	61.77M	104.53M	78.69M	137.36M	151.96M	118.86M
Cash, Cash Equivalents and Short-Term Investments	36.88M	81.54M	57.60M	110.97M	138.88M	106.83M
Total Debt	1.51M	1.80M	1.71M	1.85M	2.11M	2.38M
Total Liabilities	28.47M	40.11M	13.33M	34.04M	11.61M	24.31M
Stockholders Equity	33.29M	64.80M	65.36M	103.33M	140.35M	94.55M
Cash Flow
Free Cash Flow	-47.08M	-34.80M	-102.90M	-100.00M	-46.36M	-19.06M
Operating Cash Flow	-47.08M	-33.93M	-100.89M	-99.61M	-45.65M	-18.18M
Investing Cash Flow	43.00K	21.27M	-2.02M	105.33M	-100.92M	-1.08M
Financing Cash Flow	9.15M	34.87M	47.84M	61.46M	74.55M	123.38M

ExpreS2ion Biotech Holding AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EXPRS2, the sentiment is Negative. The current price of 17.1 is above the 20-day moving average (MA) of 15.43, above the 50-day MA of 15.93, and below the 200-day MA of 20.10, indicating a bearish trend. The MACD of -0.25 indicates Negative momentum. The RSI at 44.45 is Neutral, neither overbought nor oversold. The STOCH value of 58.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:EXPRS2.

ExpreS2ion Biotech Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SPRINT	49 Neutral	kr175.68M	-5.31	-264.12%	―	-17.80%	-11.96%
ACOU	46 Neutral	kr48.04M	-2.93	-80.90%	―	59.70%	44.60%
EXPRS2	45 Neutral	kr58.60M	-0.81	-88.65%	―	8.46%	11.73%
LARK	43 Neutral	kr42.57M	-0.96	―	8.47%	-94.12%	-25.83%
STABL	42 Neutral	kr12.20M	-1.06	-91.33%	―	―	64.02%
ONCOZ	41 Neutral	kr71.33M	-8.49	-78.79%	―	―	20.55%