Karolinska Development AB (publ)

Interim Report - January-September 2025

STOCKHOLM – 14 November 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Interim Report January-September 2025. The full report is available on the Company's website.

“We are now approaching a period during which several portfolio companies will conclude their clinical studies, yielding exciting data readouts”, says Viktor Drvota, CEO, Karolinska Development.

Significant events during the third quarter

• Karolinska Development announced an update from Organon on the development of the drug candidate OG-6219, acquired by Organon through its acquisition of Forendo Pharma in 2021. Following results from a phase 2 clinical study with OG-6219, Organon plans to discontinue the clinical development of the drug candidate (July 2025).
• The portfolio company Modus Therapeutics completed patient enrollment on schedule to the part 1 of its ongoing clinical phase 2a study with sevuparin, which is being evaluated as a treatment for patients with chronic kidney disease with anemia (July 2025).
• The portfolio company Umecrine Cognition raised SEK 24.6 million through a convertible loan to be used for the ongoing clinical phase 1b/2a study of golexanolone in Primary biliary cholangitis (PBC). The convertible loan with attached share options is directed to a consortium of existing long-term shareholders and investors in Umecrine Cognition, including Karolinska Development (July 2025).
• The portfolio company Modus Therapeutics raised SEK 28.3 million in a unit issue with a subscription rate of 189 percent. The proceeds from the rights issue are intended to finance the continued development of the drug candidate, sevuparin, for the treatment of chronic kidney disease (August 2025).
• The portfolio company Umecrine Cognition presented data showing that its drug candidate golexanolone provides sustained reversal of neuroinflammation in a Parkinson's disease model. The data, published in the scientific journal Frontiers in Immunology, support a key mechanism for golexanolone in alleviating symptoms of Parkinson’s disease, which paves the way for the use of golexanolone as a chronic treatment (September 2025).
• The portfolio company AnaCardio completed enrollment in the phase 2a part of its clinical study GOAL-HF1. The ongoing study evaluates AnaCardio’s drug candidate AC01 in patients with heart failure and reduced ejection fraction, with results expected by the end of the year (September 2025).

Significant post-period events

• The portfolio company Dilafor was granted a patent in the US protecting its drug candidate tafoxiparin for its main target indication, priming of labor. The patent will serve as a key asset as Dilafor advances into phase 3 clinical development of tafoxiparin (October 2025).
• The portfolio company PharmNovo received approval from the Spanish regulatory authorities to initiate a phase 2a clinical trial of its drug candidate, PN6047, being developed as a treatment for neuropathic pain. The trial will be conducted in the EU, but has been fully aligned with the requirements defined by the U.S. Food and Drug Administration (FDA), earlier this year (October 2025).
• The portfolio company SVF Vaccines presented positive results from a preclinical study of its immunotherapy SVF-001 targeting chronic hepatitis B and D at the Molecular Biology of HBV meeting in Berlin and the DeltaCure meeting in Hannover (October 2025).
• Karolinska Development has exercised its pro rata participation of SEK 7.5 million in BOOST Pharma’s latest financing. In total, BOOST Pharma’s financing, structured as a convertible loan, brought SEK 15 million to the company. The investment supports the continued preparation for phase 3 clinical development of BT-101, a pioneering stem cell-based therapy for Osteogenesis imperfecta (OI), also known as Brittle bone disease (October 2025).
• The portfolio company BOOST Pharma presented new positive long-term data from the BOOSTB4 phase 1/2 trial with the company’s cell therapy BT-101 targeting the rare bone disease Osteogenesis imperfecta. The new results comprise two-year follow-up data from the trial and were selected for presentation at the prestigious 15th International Conference on Osteogenesis imperfecta (OI) in Hong Kong (October 2025).
• The portfolio company BOOST Pharma raised a SEK 34 million investment structured as a tranched convertible loan from Sound Bioventures. The investment supports continued clinical development of BT-101, a pioneering stem cell-based therapy for osteogenesis imperfecta (OI), also known as Brittle bone disease (November 2025).
• The portfolio company Modus Therapeutics received regulatory approval to initiate the second part of the phase 2 study with sevuparin as a treatment of chronic kidney disease with anemia. The study will be initiated in Q4 2025, in line with the company’s development timeline (November 2025).
  
  

Financial update

• The net profit/loss for the third quarter was SEK -66.8 million (SEK -10.9 million in the third quarter of 2024). Earnings per share totaled SEK -0.25 (SEK -0.04 in the third quarter of 2024). Net profit/loss for the period January – September 2025 amounted to SEK -154.3 (-26.7) million.
• The result of the Change in fair value of shares in portfolio companies for the third quarter amounted to SEK -65.4 million (SEK -7.9 million in the third quarter of 2024). The result is mainly due to the value of Umecrine Cognition, where the market value has been adjusted to the decided terms for an early redemption of the convertible loans during the fourth quarter of 2025, as well as a decline in the price of the listed holding Modus Therapeutics. Change in fair value of shares in portfolio companies for the period January – September 2025 amounted to SEK -80.3 (-17.1) million
• The total fair value of the portfolio was SEK 1,346.7 million at the end of September 2025, corresponding to a decrease of SEK 38.2 million from SEK 1,384.9 million at the end of the previous quarter. The net portfolio fair value at the end of September 2025 was SEK 1,022.0 million, corresponding to a decrease of SEK 36.9 million from SEK 1,058.9 million at the end of the previous quarter. The main reason for the net decrease in fair value was the adjustment of the new market price of Umecrine Cognition linked to the upcoming redemption of convertible loans together with the downturn in the share price of the listed holding Modus Therapeutics.
• The result of Change in fair value of other financial assets and liabilities (earn-out agreements) for the third quarter amounted to SEK 0.3 million (SEK -0.5 million in the third quarter of 2024). Change in fair value of other financial assets and liabilities for the period January – September 2025 amounted to SEK -63.4 (6.4) million.
• Other financial assets, current and non-current, (earn-out agreements) amounted to SEK 18.9 million at the end of September 2025, an increase of SEK 0.3 million from SEK 18.6 million at the end of the previous quarter.
• Net asset value amounted to SEK 1,085.4 million, per share SEK 4.0, at the end of September 2025 (SEK 1,224.4 million, per share SEK 4.5 at the end of September 2024).
• Net sales totaled SEK 0.3 million during the third quarter of 2025 (SEK 0.4 million during the third quarter of 2024). Net sales for the period January – September 2025 totaled SEK 1.2 (1.3) million.
• Karolinska Development invested a total of SEK 28.4 million in portfolio companies during the third quarter of 2025 (SEK 19.8 million in the third quarter of 2024). Third quarter 2025 investments in portfolio companies by Karolinska Development and other specialized life sciences investors totaled SEK 34.6 million (SEK 19.8 million in the third quarter of 2024).
• Cash and cash equivalents decreased by SEK 26.6 million, an effect of investments and operating activities during the third quarter, totaling SEK 44.5 million on 30 September 2025 (SEK 29.3 million on 30 September 2024).
  
  

The Interim Report for Karolinska Development AB for the period January-September 2025 is available as a PDF at www.karolinskadevelopment.com.

For further information, please contact:

Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

Hans Christopher “HC” Toll, CFO, Karolinska Development AB        
Phone: +46 70 717 00 41, e-mail: hc.toll@karolinskadevelopment.com

TO THE EDITORS

About Karolinska Development AB

Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients' lives while providing an attractive return on investment to shareholders.

Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

Karolinska Development has established a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

For more information, please visit www.karolinskadevelopment.com

Attachments

• KD Q3 2025 (ENG)
• PR Q3 2025 Report (ENG)