Key points from the Pareto Securities note:

• ExpreS2ion reported a Q2 '25 quarter-end cash position of SEK 48.8 million, following a SEK 10 million loss for the period. Pareto regards this as consistent with previous commentary of cash reach into next year. On the Company's webcast earlier today, management clarified that cash reach extends through Q1 2026.

• Continued progress with the Company's flagship breast cancer vaccine candidate ES2B-C001 was noted, including the first patient recruited into the Phase I trial and a protocol amendment expected to facilitate further recruitment.

• The note also points to operational highlights at associated company AdaptVac, including:

• Leadership of a novel filovirus consortium announced 19 June.

• A new malaria project announced 18 July.

• Additional operational progress noted includes the IaaS agreement announced on 7 July, granting ExpreS2ion access to the Computerome supercomputer.

• Pareto reiterates its Buy recommendation on ExpreS2ion shares, with the price target unchanged at SEK 303 per share.

The full Pareto Securities report is available on the company's investor website here: Analyst Reports.

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