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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 1 Karolinska Development AB (publ) 
 
 Karolinska Development 
 
Karolinska Development (Nasdaq Stockholm: KDEV) is an investment company which offers a unique 
opportunity to participate in the growth in value of a number of Nordic life science companies with substantial 
commercial opportunities. All of the portfolio companies are developing potentially ground-breaking 
treatments for medical conditions with a substantial need for improved therapies, including priming of labor, 
brittle bone disease, liver diseases, Parkinson’s disease, heart failure, sepsis, anemia in chronic kidney 
disease, nerve pain, serious viral infections, systemic fungal infections and low back pain. To date, two of 
the companies have launched their first products, and several companies are in late clinical phase with 
potential business opportunities over the next two years. 
 
For further information, see www.karolinskadevelopment.com  
Financial Update  
 The net profit/loss for the first quarter was SEK -14.2 million (SEK 0.2 million in the first quarter 
of 2024). Earnings per share totaled SEK -0.05 (SEK 0.00 in the first quarter of 2024).  
 The result of the Change in fair value of shares in portfolio companies for the first quarter 
amounted to SEK -3.5 million (SEK 1.9 million in the first quarter of 2024). The result is mainly 
the effect of the downturn in share price in the listed holding Modus Therapeutics. The downturn 
was partly offset by an upturn in the share price in the listed holdings OssDsign and Promimic. 
 The total fair value of the portfolio was SEK 1,434.2 million at the end of March 2025, 
corresponding to a decrease of SEK 17.3 million from SEK 1,451.5 million at the end of the 
previous quarter. The net portfolio fair value at the end of March 2025 was SEK 1,103.1 million, 
corresponding to a decrease of SEK 17.7 million from SEK 1,120.8 million at the end of the 
previous quarter. The main reason for the net decrease in fair value was the partial divestment of 
OssDsign and the divestment of Karolinska Development’s shares in Promimic and also the 
downturn in the share price of the listed holding Modus Therapeutics. The decrease was partially 
offset by the increase in the price of the listed holdings OssDsign and Promimic. The quarter's 
investments also contributed to the increase in fair value.  
 Net asset value amounted to SEK 1,230.4 million, per share SEK 4.6, at the end of March 2025 
(SEK 1,254.3 million, per share SEK 4.6 at the end of March 2024). 
 Net sales totaled SEK 0.5 million during the first quarter of 2025 (SEK 0.5 million during the first 
quarter of 2024).  
 Karolinska Development invested a total of SEK 15.5 million in portfolio companies during the 
first quarter of 2025 (SEK 12.0 million in the first quarter of 2024). First quarter 2025 investments 
in portfolio companies by Karolinska Development and other specialized life sciences investors 
totaled SEK 25.6 million (SEK 242.8 million in the first quarter of 2024). 
 Cash and cash equivalents increased by SEK 9.0 million during the first quarter, totaling SEK 
51.1 million on 31 March 2025 (SEK 67.5 million on 31 March 2024). 
Q1

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 2 Karolinska Development AB (publ) 
 
 
Significant events during the first quarter 
 The portfolio company AnaCardio secured SEK 205 million in a series A extension financing 
round and reported positive results from the first part of a phase 1b/2a study of AC01 in patients 
with heart failure and reduced ejection fraction. The final part of the study (phase 2a) is expected 
to start during the first quarter of 2025 (January 2025). 
 The portfolio company Dilafor announced that it successfully completed regulatory meetings with 
the U.S. Food and Drug Administration, FDA, and European Health Agencies, regarding the 
continued development of the company’s drug candidate tafoxiparin. The completed meetings 
marked the end of a comprehensive dialogue with regulatory authorities in the US and EU to 
reach an alignment between the authorities on designing pivotal clinical phase 3 studies in Europe 
and the US to evaluate tafoxiparin as a new potential treatment for priming of labor (January 
2025). 
 The portfolio company Promimic published positive results showing a reduction of bacterial 
growth on the company’s implant surface HAnano Surface. The results are published in the Journal 
of Functional Biomaterials (February 2025). 
 The portfolio company AnaCardio dosed the first patient in the phase 2a part of the GOAL-HF1 
clinical study. The study will evaluate AnaCardio’s drug candidate AC01 in patients with heart 
failure and reduced ejection fraction. Study results from GOAL-HF1 are expected by the end of 
the year (February 2025). 
 The portfolio company PharmNovo received positive feedback regarding its most advanced drug 
candidate, PN6047, in a pre-IND meeting with the U.S. Food and Drug Administration (FDA). The 
meeting aimed to provide guidance on the design of the company's planned phase 2a clinical trial 
for the treatment of peripheral neuropathy and allodynia (March 2025). 
 The portfolio company AnaCardio was granted patent for its drug candidate AC01 in patients 
with heart failure and reduced ejection fraction in the EU (March 2025). 
 The portfolio company Umecrine Cognition provided an update regarding the ongoing clinical 
phase 1b/2a trial evaluating the drug candidate golexanolone in patients with Primary biliary 
cholangitis, PBC. Due to technical issues in the production of capsules used in the study, the 
clinical trial has been delayed. No patient safety concerns have been noted, and Umecrine 
Cognition is working intensively together with its supplier to resolve the issue (March 2025). 
 
Significant post-period events 
 The portfolio company Umecrine Cognition presented recent preclinical data showing that 
golexanolone reverses dopamine loss and sustains improvements of Parkinsonian symptoms at 
the 19th International Conference on Alzheimer’s and Parkinson’s Diseases (AD/PD) 2025, in 
Vienna, Austria (April 2025). 
 Karolinska Development announced that Viktor Drvota took over as CEO of the portfolio 
company Umecrine Cognition. Viktor Drvota remains the CEO of Karolinska Development (April 
2025).

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 3 Karolinska Development AB (publ) 
 
 
Viktor Drvota, CEO of Karolinska Development, comments: 
“Developmental intensity levels remain high in our portfolio companies, many of which have progressed their 
positions during the first quarter of the year.” 
 
 
 
 
Contact information 
For further information, please contact: 
Viktor Drvota, Chief Executive Officer    
+46 73 982 52 02      
viktor.drvota@karolinskadevelopment.com    
Hans Christopher “HC” Toll, Chief Financial Officer  
+46 70 717 00 41  
Hc.toll@karolinskadevelopment.com

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 4 Karolinska Development AB (publ) 
 
Chief Executive’s Report  
Developmental intensity levels remain high in our portfolio companies, many of which have progressed their 
positions during the first quarter of the year. A number of clinical studies are ongoing this year and are 
yielding exciting readouts, while preparatory studies that will form the basis for registration are currently 
being conducted by Dilafor and BOOST Pharma for the most advanced pharmaceutical projects. 
AnaCardio initiates phase 2a study and recruits its first patient  
Having begun the year strongly with a financing round that yielded SEK 205 million, AnaCardio has initiated 
the clinical phase 2a study evaluating its AC01 candidate drug in patients with heart failure and reduced 
ejection fraction. The first patient was recruited to the study – which is being conducted in Sweden, the 
Netherlands, Italy, and the UK – at the end of February. The company has previously reported promising 
data in the first part of the study (phase 1b), and the topline results for the phase 2a part are scheduled for 
presentation at the end of 2025.  
AnaCardio has, furthermore, been granted additional patent protection for AC01 in the EU for its specific 
type of treatment as an inotropic agent. The patent secures exclusivity in all of the major European markets, 
and hence entails an increase in the project’s commercial value.  
Promimic publishes positive results for HAnano Surface   
Karolinska Development’s portfolio company Promimic has published results in the Journal of Functional 
Biomaterials showing a reduction in bacterial growth on the company’s implant surface, HAnano Surface. The 
company has previously seen a reduction in the adhesion of bacteria to the implant surface, but the new 
results, which suggest a reduction in bacterial growth, indicate that the effect is not bactericidal – thereby 
reducing the risk of bacterial resistance. The effect was apparent in bacterial strains that are common in 
implant-related infections. There is a very real need in the medical sector for implants that promote healing 
and reduce the risk of bacterial growth, and with these new results, Promimic has demonstrated that an 
HAnano Surface-modified surface has a positive effect in both respects.  
PharmNovo receives positive FDA feedback ahead of IND application   
Our portfolio company PharmNovo, which is developing the PN6047 candidate drug as a new treatment for 
complex pain conditions, has received positive feedback from the US Food & Drug Administration (FDA) in 
conjunction with a pre-IND meeting. The meeting was held ahead of the submission of an Investigational 
New Drug (IND) application to enable clinical studies to be conducted in the USA. PharmNovo plans, in the 
wake of the positive feedback, to submit an IND application to the FDA before the end of 2025. The company 
also plans, in parallel with this, to apply for permission to initiate a clinical phase 2a study in Europe during 
the third quarter of the year.  
Umecrine Cognition’s clinical study delayed  
Umecrine Cognition has encountered technical problems in the production of the capsules used in the 
ongoing clinical study of Primary biliary cholangitis (PBC), resulting in some delays to the study’s timetable. 
The problems have no impact on patient safety and the hope is that the company, together with its supplier, 
will be able to resolve the production issues shortly.  
Umecrine Cognition has presented preclinical data for golexanolone, showing a normalisation of dopamine 
loss in Parkinson’s disease, which is a progressive disease caused by the loss of nerve cells in the brain 
that produce the signalling substance, dopamine, which leads, in turn, to various symptoms that reduce the 
patient’s well-being and quality of life. The results, which are based on trials using a well-established

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 5 Karolinska Development AB (publ) 
 
laboratory model of Parkinson’s disease, also show that golexanolone can maintain improvements in these 
symptoms. Umecrine Cognition’s study data was presented at the annual Alzheimer’s & Parkinson’s 
Diseases Conference (ADPD) held in Vienna, Austria, in early April.  
 
High tempo in several portfolio companies 
Development in our other portfolio companies has continued in parallel with the above-mentioned progress. 
Dilafor is working intensively on preparations for its clinical phase 3 programme, while BOOST Pharma is 
working on the development plan for the company’s cellular therapy for the rare bone disease, Osteogenesis 
Imperfecta – another phase 3 development project.  
During the quarter, we strengthened the company's cash position by SEK 29 million by divesting holdings 
in two of our portfolio companies, through a sale of two million shares in OssDsign, and by divesting a 
smaller holding in Promimic. After the sale, we maintain a holding corresponding to 2.6% in OssDsign and 
12% in Promimic, the latter via a holding in KDev Investments. 
After the period end, Karolinska Development announced that the undersigned had forged closer links with 
one of our biggest holdings, Umecrine Cognition. Effective as of 1 April, I will be taking over as CEO of 
Umecrine Cognition and dividing my working time equally between it and Karolinska Development. Both 
organisations are well-oiled operations, led by experienced and competent teams, and this solution is a 
cost-effective way of taking the two companies forward.  
 
Solna, 30 April 2025 
 
Viktor Drvota 
Chief Executive Officer

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 6 Karolinska Development AB (publ) 
 
Portfolio Companies 
High potential for continued value inflection in portfolio  
Karolinska Development’s investments in therapeutic companies are conducted in syndicates with other 
professional life science investors, normally until proof-of-concept is demonstrated in phase 2 trials, at which 
point different exit options are evaluated. When engaging in MedTech companies, the business model is to 
finance the companies until they show a positive operating profit.  
The portfolio, per March 31, 2025, consisted of eleven companies focused on developing innovative 
treatment methods for severe or life-threatening diseases where there is currently a great need and there 
is a lack of effective treatment alternatives. Nine of the portfolio companies have drug candidates in ongoing 
or planned clinical trials and two companies have MedTech products in commercial phases. During the 
period 2025–2026, two portfolio companies are expected to present data from phase 1 studies and three 
portfolio companies are expected to present data from phase 2 studies. Additionally, Dilafor and BOOST 
Pharma are preparing to start phase 3 studies. These study results have the potential to significantly 
increase the opportunities for attractive divestments or license transactions. Comparable drug candidates 
have in recent years been out licensed or sold at contract values that have amounted to billions (SEK) for 
the individual projects.  
In addition to the portfolio companies, Karolinska Development has interests in one other life science 
company, Forendo Pharma, in the form of an earn-out agreement with the acquirer Organon. The 
agreement stipulates significant milestone payments, provided milestones are met, in both the drug 
development phase and the commercial phase.

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 7 Karolinska Development AB (publ)

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 8 Karolinska Development AB (publ) 
 
Dilafor AB  
 
Priming of labor reduces maternal and neonatal  
complications 
Dilafor (Solna, Sweden) is developing tafoxiparin, a heparin analogue, aimed at priming spontaneous 
onset of labor leading to a normal vaginal delivery and minimizing the risk for maternal and fetal 
complications associated with labor induction. Over 30 percent of all pregnant women undergo induction 
in labor, with induction methods such as prostaglandins and oxytocin, requiring fetal and maternal 
surveillance in hospital due to high risk of complications for both mother and fetus. Clinical guidance for 
labor induction have recently been revised to encourage delivery as early as gestational week 39 in the 
US and weeks 40–41 in Europe, to reduce the risk of complications such as stillbirth, neonatal 
complications and to improve operative deliveries leading to improved maternal and neonatal outcomes  
The new guidance will increase the number of deliveries requiring  initiation of labor, and thus new, safer 
treatment options are essential in obstetric care. Tafoxiparin is a patented substance that supplements 
the remodeling process of the cervix and uterus required for a natural spontaneous onset of labor. 
Tafoxiparin is planned to be safely administered at home, freeing up hospital beds and resources that 
would otherwise be required for the induction process. 
Tafoxiparin has been shown to be safe for both mother and child in a phase 2a clinical trial with 263 pregnant 
women. A phase 2b trial with 170 first-time mothers undergoing priming of labor showed significant results 
in the highest dose group and in an extension of the phase 2b trial with 164 women, positive results were 
also shown in lower doses. Dilafor has successfully completed meetings with the US FDA and the European 
Health Agencies and is now preparing the phase 3 development of tafoxiparin.  
The market  
Over 30 percent of all pregnant women need labor induction. The current standard treatment 
includes administration of prostaglandins and oxytocin. Frequently the induction fails, leading to 
slow progress of labor, operative deliveries, or other maternal and fetal complications. Market 
analyses show that a drug with a good effect on initiation of labor has the potential to reach annual 
sales over USD 1 billion in the US market alone. 
Recent progress 
 In February 2023, Dilafor announced that the extended phase 2b study of tafoxiparin had 
resulted in additional positive data, showing that the effect of tafoxiparin obtained in the phase 
2b study is maintained when the drug candidate is administered in additional doses. 
 In January 2025, Dilafor announced successfully having completed regulatory meetings with the 
FDA, and European Health Agencies, regarding the continued development of tafoxiparin. The 
completed meetings marked the end of a comprehensive dialogue with regulatory authorities to 
reach an alignment on designing pivotal clinical phase 3 studies in Europe and the US. 
Expected milestones 
• Start of phase 3 study with tafoxiparin for priming of labor. 
Project (First-in-class) 
Tafoxiparin 
Primary indication 
Priming of Labor 
Development phase 
Phase 2b complete  
Phase 3 ready 
Holding in company* 
Karolinska Development 3% 
KDev Investments 29% 
Other investors 
Opocrin 
The Foundation for Baltic 
and East European 
Studies 
Lee’s Pharmaceutical 
Praktikerinvest 
Rosetta Capital 
Origin 
Karolinska Institutet 
More information  
 dilafor.com 
* Fully-diluted ownership based on 
current investment plans.  
Deal values for similar 
projects 
 USD 500 million 
ObsEva (licensor) & 
Organon (licensee) 2021 
 USD 397 million  
Velo Bio (seller) & AMAG 
Pharmaceuticals (buyer) 
2018

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 9 Karolinska Development AB (publ) 
 
BOOST Pharma ApS 
 
Cell therapy reducing fractures in rare bone disease 
BOOST Pharma (Copenhagen, Denmark) is developing a first-in-class and potentially groundbreaking cell-
based treatment of the rare bone disease Osteogenesis Imperfecta (OI), also known as brittle bone disease. 
OI is a congenital condition that is caused by gene mutations that code for bone formation and lead to fragile 
bones, constant fractures and bone deformity leading to much pain, stunted growth and limited mobility.  
BOOST Pharma’s novel cell therapy is based on mesenchymal stem cells (MSCs), which are stem cells with 
high bone-forming capabilities. In September 2024, BOOST Pharma presented positive top line results from 
BOOSTB4, which is a phase 1/2 clinical study. The results showed that the treatment was safe and well 
tolerated both when administered before and after birth. The results also showed that fracture rates were 
reduced by over 75 percent, up to twelve months after the last dose.  
A previous study, a human proof-of-concept study with four children with moderate to severe types of OI, 
also showed great promise; A significant reduction of fractures was observed; the children followed their own 
growth curve, and grew in length faster, compared to other OI patients, and the cells showed great safety.  
The cell therapy is uniquely positioned in that treatment can start directly at diagnosis, either at the prenatal 
stage, or after the child is born. By starting treatment early, the benefits for the patient increase in later years. 
The cell therapy targets the underlying cause of the disease, which is defective collagen production in the 
bones, while other treatments target symptom relief and management.  
BOOST Pharma has received Rare Pediatric Disease designation in the U.S. and Orphan Drug Designation 
in both the U.S. and EU.  
The market 
There are very few therapies available and those that exist, such as physiotherapy, surgery, and 
bisphosphates (BPs), are merely palliative and fail to reduce the frequency of fractures. Generally, OI 
sufferers have an almost normal life span with severe disabilities due to bone defects and hundreds of 
painful bone fractures, even during fetal life, causing irreversible damage. 
Approximately 4,000 children are born worldwide each year with severe OI.  
Recent progress 
 In May 2024, BOOST Pharma received funding from Karolinska Development and Industrifonden in 
a syndicate, to support continued clinical development.  The financing is carried out in two tranches. 
The second tranche was deployed in November, after a positive pre-IND meeting with the FDA.  
 In September 2024, BOOST Pharma announced positive top line results from a phase 1/2 study with 
over 75 percent reduction in fracture rates in children with OI. 
Expected milestones 
 A registration-enabling phase 3 study is expected to start early in 2026. 
Project (First-in-class) 
BOOST Cells 
Primary indication  
Osteogenesis Imperfecta 
Development phase  
Phase 2 reported 
Preparing phase 3 
Holding in company* 
Karolinska Development 14% 
Other investors  
Industrifonden 
Origin 
Karolinska Institutet 
More information  
 boostpharma.com 
 
*Ownership based on current 
investment plans 
Deal values for similar 
projects 
 USD 535 million IPSEN 
(licensee) & Blueprint 
medicines (licensor), 
2019 
 
 USD 304 million  
Ultragenyx (licensee) & 
Mereo BioPharma 
(licensor), 2020

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 10 Karolinska Development AB (publ) 
 
Umecrine Cognition AB 
 
Developing a new and safe approach to treat cognitive 
impairment 
 
Umecrine Cognition (Solna, Sweden) is developing golexanolone (GR3207), a candidate drug in a new class 
of pharmaceuticals that affect the GABA system, the chief inhibitory neurotransmitter in the central nervous 
system. The GABA system is suspected of being overactivated in liver failure and in other severe 
inflammatory diseases such as Parkinson’s disease, causing very serious clinical symptoms, including 
cognitive impairments and sleep disturbances. Golexanolone counters the increased activation of the GABA 
system and has been shown to restore different types of neurological impairments in experimental models.  
Umecrine Cognition is developing golexanolone for two indications: Primary Biliary Cholangitis (PBC) and 
Parkinson’s disease. The company has also conducted a phase 2a clinical study of golexanolone in patients 
with Hepatic encephalopathy (HE), which is a serious neuropsychiatric and neurocognitive condition that 
occurs in acute and chronic liver damage. The results showed that the drug candidate was well tolerated and 
exerts a significant effect on brain signaling, with a correlated positive effect on extreme daytime fatigue. 
Based on these study results, the company has established a plan for the further development of the drug 
candidate in PBC, where extreme daytime fatigue is one of the disease’s most debilitating symptoms that 
prevents patients from living a normal life. The company is currently conducting a phase 2 study in PBC. 
Golexanolone has also been tested in preclinical models of Parkinson's disease which showed positive 
effects on symptoms and neuroinflammation as well as sustained effects on dopamine signaling. 
The market 
PBC is a rare autoimmune liver disease that attacks the bile ducts and mainly affects women. 
Common symptoms include fatigue, cognitive impairment, itching and, in more advanced cases, 
jaundice. The global market for the treatment of PBC was estimated at USD 584 million in 2021 and 
is expected to grow to USD 3 billion by 2027.  
Parkinson's disease is a neurodegenerative disorder that causes severe cognitive impairment and 
impairs motor functions. Approximately 10 million people worldwide suffer from the disease. Current 
medications are mainly focused on improving motor functions and there is a lack of treatments for 
cognitive impairment. The global market for this type of treatment was USD 3.4 billion in 2019 and 
is expected to grow by over 6 percent per year until 2029. 
Recent progress 
 In November 2024, positive interim data from the ongoing phase 1b/2a clinical trial of 
golexanolone in patients with Primary biliary cholangitis, PBC, were presented. 
 During 2024, in total SEK 52.1 million in debt financing were secured, respectively, from 
Karolinska Development and several other investors. 
 In March 2025, the company announced a delay in the ongoing PBC study, due to technical 
issues in the production of the capsules used in the study. No patient safety issues have been 
noted and the company is working with its supplier to resolve the production challenges. 
 In April 2025, new preclinical data were presented showing that golexanolone normalizes 
dopamine loss and maintains improvements in Parkinson's symptoms 
 In April, Viktor Drvota took office as the new CEO. Viktor Drvota also remains as CEO of 
Karolinska Development. 
Expected milestones 
Topline data from the phase 2 study of golexanolone in patients with PBC are expected in early 2026. 
Project (First-in-class) 
Golexanolone (GR3027) 
Primary indications  
Primary biliary cholangitis (PBC) 
Parkinson’s disease 
Development phase  
Phase 2  
Holding in company*  
Karolinska Development 62% 
Other investors  
Fort Knox Förvaring AB 
PartnerInvest 
Origin  
Umeå University 
More information  
 umecrinecognition.com 
* Fully-diluted ownership based on 
current investment plans.  
Deal values for similar 
projects 
 USD 794 million  
Intercept Pharmaceuticals 
(seller) & Alfasigma 
(buyer) 2023 
 USD 601 million  
GENFIT (licensor) & 
IPSEN (licensee) 2021

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 11 Karolinska Development AB (publ) 
 
Modus Therapeutics AB 
Develops sevuparin for life threatening diseases 
Modus Therapeutics AB (Stockholm, Sweden) is developing the drug candidate sevuparin for the treatment 
of both acute and chronic severe conditions. The company’s clinical project portfolio includes anemia 
associated with chronic inflammation and kidney disease, sepsis/septic shock, and severe malaria. 
At the end of 2024, Modus Therapeutics initiated a phase 2 clinical study to evaluate sevuparin as a treatment 
for chronic kidney disease with anemia. The study consists of two parts: the first assesses safety and 
determines dosage levels for sevuparin through single-dose administration to patients with varying degrees 
of renal impairment, as well as a small reference group of healthy volunteers. The second part will focus on 
the effects of repeated doses and clinical outcomes, including hemoglobin levels, kidney function, hepcidin 
levels, and other biomarkers in patients with advanced chronic kidney disease and anemia. Research has 
shown that elevated hepcidin levels contribute to disrupted iron availability in chronic kidney disease and 
other chronic inflammatory conditions, worsening anemia associated with these diseases. 
Sepsis/septic shock is a life-threatening medical condition for which there are currently no effective medical 
therapies. Patients with sepsis are at risk of developing multiple organ failure, and in severe cases, death. 
Data from preclinical animal models and in vitro experiments with human cells have shown that sevuparin 
may protect blood vessels and counteract plasma leakage during systemic inflammation. 
In severe malaria, sevuparin is being developed as an adjunct therapy, administered before standard 
antimalarial treatment takes effect. Sevuparin is currently being evaluated in a clinical study conducted in 
collaboration with Imperial College London at trial sites in Kenya and Zambia. 
The market 
Septic shock is a leading cause of death in intensive care units, with mortality rates often exceeding 
30 percent.  No specific drug treatment is yet available. This makes the condition one of the costliest 
to treat in hospital care. In 2019, US healthcare costs for patients with sepsis were estimated at USD 
23 billion. 
Approximately 10 percent of the world's population is believed to have grade 3-5 chronic kidney 
disease, and approximately 25 percent of these are expected to have anemia, which equates to 
approximately 4-5 million patients in the United States alone. Lack of treatment response to today's 
standard treatments often poses a problem in being able to maintain adequate treatment over time. 
Recent progress 
 In November 2024, the company received approval from Italian authorities to start a phase 2 
clinical trial in chronic kidney disease with anemia. 
 In November 2024, Modus Therapeutics also secured access to bridge financing of SEK 5 
million from Karolinska Development. 
 In December 2024, a scientific article on sevuparin was published in the reputable medical 
journal HemaSphere. 
 In December 2024, Modus Therapeutics initiated a phase 2 clinical trial with sevuparin for the 
treatment of chronic kidney disease with anemia to be conducted in Italy.  
Expected milestones  
 The first part of the phase 2 clinical trial with sevuparin as a treatment for chronic kidney disease 
with anemia is expected to be completed in the first half of 2025. 
 
Project (First-in-class) 
Sevuparin 
Primary indication  
Anemia chronic inflammation/ 
kidney disease 
Sepsis/Septic shock 
Severe malaria 
Development phase  
Phase 2 
Holding in company*  
Karolinska Development 66% 
KDev Investments 8% 
Other investors  
John Öhd 
Nordnet Pensionsförsäkring 
Hans Wigzell 
Origin 
Karolinska Institutet 
Uppsala University 
More information  
 modustx.com 
 
*Fully-diluted ownership based on 
current investment plans

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INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 12 Karolinska Development AB (publ) 
 
AnaCardio AB 
 
New treatment concept that enhances the heart's pumping 
ability in conjuction with heart failure 
AnaCardio (Stockholm, Sweden) is developing a new treatment that enhances the heart’s pumping ability in 
conjunction with heart failure. Heart failure occurs when the heart’s ability to pump sufficient blood to meet the 
body’s needs has deteriorated. The underlying condition often involves a weakening of the heart’s musculature, 
resulting in an inability to pump the blood out of the heart’s chambers. The condition arises as a sequela of 
high blood pressure or vasoconstriction. The chronic phase is characterized by diffuse symptoms, such as 
tiredness or breathlessness, which leads to the illness often being diagnosed at a late stage. Acute heart failure 
results in an individual’s health status becoming critical, necessitating hospitalization. A major issue with 
existing pharmaceuticals is that they are not designed for long-term treatment. 
AnaCardio is developing AC01, a small molecule that mimics the mechanism of action of the peptide hormone 
ghrelin. Treatment with ghrelin has been shown in previous studies to have a positive effect on the heart's 
pumping ability and can lead to a significant increase in the volume of blood pumped out of the heart. The drug 
candidate is being developed to restore the heart’s normal muscular function and blood circulation with a new 
and safer technique. The Company’s goal is to develop an oral drug that, in contrast to existing treatments, 
can affect the underlying cause of the disease. The drug candidate is based on research by Professor Lars 
Lund at Karolinska Institutet.  
The market 
It is estimated that more than six million individuals in the US and nearly 100 million globally suffer from 
heart failure. The risk of developing a cardiovascular disease increases with age, and 10-20 percent of 
the elderly population is now estimated to suffer from chronic heart failure, which is now the most common 
reason for hospitalization amongst the elderly. Heart failure not only causes considerable individual 
suffering, but it also has significant economic consequences for society in the form of both direct costs 
from in-patient care and indirect costs such as productivity losses. The increased medical need is reflected 
in the sales value of heart failure treatments, which is expected to increase from USD 6.8 billion in 2021 
to USD 18.7 billion by 2028 in the world's seven largest pharmaceutical markets. 
Recent progress 
 In January 2025, positive results from the first part of the phase 1b/2a study were presented. AC01 
was well tolerated and showed no serious side effects. 
 In the same month, the company announced that it had secured SEK 205 million in new financing in 
a round led by Novo Holdings, Pureos Bioventures and Sound Bioventures. 
 In February 2025, the company announced that the first patient in the second part of the phase 1b/2a 
clinical trial GOAL-HF1 had been dosed. 
 In March 2025, the company announced that it had been granted an EU patent for the drug candidate 
AC01 as an inotropic treatment. The patent is jointly owned by AnaCardio and Helsinn Healthcare 
SA and provides exclusivity in all major European markets until 2042. 
Expected milestones 
 Phase 2a expansion of the ongoing phase 1b/2a study, has a planned readout by the end of the 
year. 
Project (First-in-class)  
AC01 
Primary indication  
Heart failure 
Development phase  
Phase 2 
Holding in company* 
Karolinska Development 10% 
Other investors  
Flerie Invest 
LLD Nybohov Invest 
Industrifonden 
3B Health Ventures 
Novo Holdings 
Pureos Bioventures 
Sound Bioventures 
Origin 
Karolinska Institutet 
Karolinska University Hospital 
 
More information  
 anacardio.com 
 
Deal values for similar 
projects 
 USD 1.1 billion  
Cardior Pharmaceuticals 
(seller) & Novo Nordisk 
(buyer) 2024 
 USD ~1.8 billion  
CinCor Pharma (seller) & 
AstraZeneca (buyer) 
2023

===== SIDA 13 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 13 Karolinska Development AB (publ) 
 
PharmNovo AB 
 
New potential treatment for difficult-to-treat nerve pain 
PharmNovo (Lund, Sweden) is developing innovative drugs for the treatment of nerve pain (neuropathic pain), 
that is difficult to treat and often develops into a chronic condition. Nerve pain is one of the most prevalent 
types of chronic pain and affects up to 10 percent of the population.  Common underlying causes include nerve 
damage from type 2 diabetes, shingles, trauma (including surgery), cancer, and cancer treatments. 
PharmNovo’s lead candidate, PN6047, focuses on allodynia and hyperalgesia, two common forms of nerve 
pain, affecting 15-20 percent of neuropathic pain patients. Allodynia is pain due to a stimulus that does not 
usually provoke pain, while hyperalgesia is an increased pain from a stimulus that usually provokes pain. 
Current treatment options are deemed ineffective and are also associated with significant side-effects; 
particularly cardiovascular risks, and, with gabapentinoids or conventional opioids, a higher risk of suicide and 
drug abuse potential.  
PharmNovo's novel drug candidate PN6047 targets a different receptor than conventional opiate drugs do; the 
delta opioid receptor, and thereby decreases the chronical pain without the side-effects associated with the 
currently marketed opioids (constipation, physical dependence and, potentially, fatal respiratory depression). 
PN6047 has completed a clinical phase 1 study showing that PN6047 is safe and well-tolerated at doses 
predicted to have clinically relevant effects. The drug candidate does not induce drug abuse behavior in non-
clinical test models and indicates the capacity to reduce conventional opioid withdrawal symptoms, according 
to results from a collaboration with researchers at the University of Washington and the University of Michigan, 
with financial support from the US National Institute of Drug Abuse (NIDA). PharmNovo is now preparing a 
phase 2 clinical study which is expected to start in 2025. 
 
The market 
The need for improved treatments for nerve pain is enormous. Around 10 percent of the world's 
population currently suffers from conditions characterized by this form of pain, leading to a severely 
reduced quality of life for the individual and substantial costs for society – estimated at nearly EUR 440 
billion annually in Europe alone. The estimated global market value for nerve pain drugs is nearly USD 
6 billion per year and the market for allodynia alone is around USD 1.25 billion per year and is expected 
to continue to grow, driven by an aging population and increased cancer survival. 
Recent progress 
 In July 2024, the company was granted funding of EUR 17.5 million from the European Innovation 
Council (EIC) Accelerator, a part of the Horizon Europe innovation support program. The funding 
consists of a grant of EUR 2.5 million and conditional investments of up to EUR 15 million. The 
funding will be used for the continued clinical development of the drug candidate PN6047. 
 In March 2025, the company announced that it had received positive feedback regarding the 
company's drug candidate, PN6047, in connection with a pre-IND meeting with the US Food and 
Drug Administration (FDA). Based on the feedback, PharmNovo plans to apply for an IND with the 
FDA before the end of 2025. 
Expected milestones 
 The phase 2 study with PN6047 is expected to start in 2025. 
Project (First-in-class)  
PN6047 
Primary indication  
Allodynia/ Hyperalgesia  
Development phase  
Phase 1 complete 
Phase 2 ready 
Holding in company* 
Karolinska Development 20% 
Origin 
Start-up 
 
More information  
 pharmnovo.com 
 
*Fully-diluted ownership based on 
current investment plans 
Deal values for similar 
projects 
 USD 630 million Eli Lily 
(licensee) & Confo 
Therapeutics (licensor) 
2023 
 USD 940 million ACADIA 
Pharmaceuticals 
(acquirer) & CerSci 
Therapeutics (acquired) 
2020

===== SIDA 14 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 14 Karolinska Development AB (publ) 
 
SVF Vaccines AB 
 
New technology for the treatment of viral diseases 
SVF Vaccines (Solna, Sweden) develops therapeutic proteins and DNA vaccines against, among other things, 
hepatitis D and B, as well as vaccines to prevent infections by covid-19 and potential future coronaviruses. 
Therapeutic vaccines, unlike preventative vaccines, have the potential to cure already infected patients.  
Despite the availability of preventative vaccines and antiviral treatments, over 250 million people live with a 
chronic hepatitis B infection. One million chronic carriers die each year due to complications caused by the 
virus, such as liver cirrhosis and liver cancer. Today, 15-25 million people worldwide live with an infection of 
the closely related hepatitis D virus, that only infects hepatitis B-carriers and exacerbates the progression of 
the disease. 
SVF Vaccines uses a proprietary immunotherapy to produce a specific form of antibodies that blocks the ability 
of the hepatitis virus to invade human cells while also neutralizing the virus, with the vaccine candidate SVF-
001. The company has generated promising efficacy data in preclinical animal models and is now preparing a 
phase 1 study in hepatitis D, that is expected to be initiated in 2026.  
The company is also developing SVF-002 against covid-19. Although coronavirus infections are usually mild, 
some virus types can lead to life-threatening conditions. To meet and prevent severe infections, SVF Vaccines 
has developed a platform that is expected to enable the production of vaccines against both current and future 
forms of coronavirus. In October 2024, the company presented positive clinical safety and immunogenicity data 
from a phase 1 clinical study with the universal vaccine candidate against covid-19, SVF-002. The study was 
carried out by the OpenCorona consortium in collaboration with Karolinska University Hospital in Stockholm. 
The positive results are an important milestone and validate SVF Vaccines development platform. 
 
 
The market 
Despite preventive vaccines and antiviral treatments, over 250 million people live with a chronic 
hepatitis B infection. Each year, one million chronic carriers of the virus die from complications. Today, 
15-25 million people worldwide live with an infection of the closely related hepatitis D virus, that only 
infects hepatitis B-carriers and exacerbates the progression of the disease. The annual global market 
for hepatitis D is estimated at approximately USD 1 billion and the market for hepatitis B is estimated 
at USD 5–6 billion. The medical need for therapies for hepatitis B and D is significant. 
Recent progress 
 In October 2024, the company presented positive clinical safety and immunogenicity data from a 
phase 1 clinical study with the universal vaccine candidate against covid-19, SVF-002. 
 
Expected milestones 
 Phase 1 studies of hepatitis B and D vaccines are expected to be initiated in 2026. 
Deal values for similar 
projects  
 USD ~1 billion  
Janssen Pharmaceuticals 
(licensor) & GSK 
(licensee) 2023 
 EUR 1.45 billion  
MYR GmbH (acquired) & 
Gilead Sciences Inc 
(buyer) 2020 
Project (First-in-class)  
SVF-001 
SVF-002 
Primary indication  
Hepatitis B and D 
SARS-CoV-2  
and other coronaviruses 
Development phase  
Phase 1 
Holding in company* 
Karolinska Development 33% 
Origin 
Karolinska Institutet 
More information  
 svfvaccines.se 
*Fully-diluted ownership based on 
current investment plans

===== SIDA 15 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 15 Karolinska Development AB (publ) 
 
Promimic AB 
 
Innovative surface treatment speeds up healing time of 
implants 
Promimic (Gothenburg, Sweden) develops and commercializes HAnano Surface, a surface treatment that is 
currently used clinically on approximately 2 million implants. HAnano Surface is a nanometer-thin coating of 
hydroxylapatite crystals that stimulates the growth of bone cells. This provides a stronger anchoring in bone 
tissue and better healing. The surface is unique in that it can be applied to all types of implant materials and 
geometries, including porous materials and 3D printed structures – including surfaces where traditional, 
thicker HA coating can clog pores. 
In the United States, the technology is approved by the FDA, which means that new implants with HAnano Surface 
can be quickly brought to market via a 510(k) process. This has enabled strong growth – and that the number 
of approved implants for clinical use continuously increases. 
Promimic has a sales office in Austin, Texas and several partnerships for development and commercialization 
in the US market for orthopedic implants. Currently, the market for spinal implants is the company's strongest 
segment. The collaboration with the company's customers includes the development and commercialization of 
products treated with HAnano Surface technology in various application areas. 
In the Brazilian market, Promimic collaborates with Sistema de Implante Nacional (S.I.N), a leading supplier of 
dental implants, which commercializes dental implants coated with HAnano Surface.  
Promimic has been listed on Nasdaq First North Growth Market since 2022. 
The market 
Promimic focuses on two main segments, namely the markets for orthopedic and dental implants. 
Together, these segments represent a global market opportunity for Promimic worth up to USD 600-800 
million in 2025. Within these segments, the company's target group is medium to large sized implant 
companies and the main market is the United States. 
Recent progress 
 In May 2024, the company reported sales growth of 40 percent compared to the same period the 
year before and reported that the company's customers had nine products with HAnano Surface 
approved during the period. 
 In August, the company reported a 13 percent increase in sales compared to the same quarter 
last year. During the quarter, Promimic signed a new license agreement and the company's 
customers received four new products with HAnano Surface approved for clinical use. 
 In February 2025, the company reported sales growth of 24% compared to the same period last 
year. Positive results were also published showing a reduction in bacterial growth on the 
company's implant surface HAnano Surface. The results are published in the scientific journal 
Journal of Functional Biomaterials. 
Expected milestones 
 In 2025, the company is expected to run development projects with both existing and new 
customers, and further product launches and license agreements will be announced. 
Project  
HAnano Surface 
Primary indication  
Implant surface coatings 
Development phase  
Marketed 
Holding in company* 
KDev Investments 12% 
Other investors  
K-Svets Ventures 
Chalmers Ventures 
Riepen LCC 
Andra AP-fonden 
 
Origin 
Chalmers University of 
Technology 
More information  
 promimic.com 
*Fully-diluted ownership based on 
current investment plans

===== SIDA 16 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 16 Karolinska Development AB (publ) 
 
OssDsign AB 
 
Establishing the next generation of bone 
replacement products on the US market 
OssDsign (Uppsala, Sweden) develops and commercializes the next generation of bone replacement 
products. In September 2023, the Company adopted a new strategy to focus its entire business on the 
orthobiological market in the US. The background to the strategy shift is the outstanding commercial 
success of the nanosynthetic bone graft OssDsign Catalyst, an “off the shelf” product with very good 
scalability and high gross margin. 
Over 1.5 million Americans undergo spine surgery each year, about half of whom need a spinal fusion. 
About 20 percent of all low back pain surgeries, however, fail due to poor fusion between the implant and 
the spine. When surgeons perform the procedure, they use a combination of screws and metal braces to 
fix the vertebrae and bone replacement material – a bone graft - to stimulate bone growth. OssDsign 
Catalyst is an innovative synthetic bone graft consisting of a proprietary nanocrystalline structure of calcium 
phosphate. OssDsign Catalyst mimics the body's own bone mineral structure and provides a favorable 
biological environment for rapid and reliable bone formation. OssDsign Catalyst can be produced with high 
scalability, has an attractive profit margin and great potential in the market for standardized surgical 
procedures. OssDsign Catalyst received FDA approval in 2020 and launched in the US in August 2021. 
 
 
  
The market 
The global orthobiologics market was valued at USD 5 billion in 2022. The market segment that 
OssDsign Catalyst specifically targets is valued at USD 1.8 billion and is expected to have an annual 
growth rate of 8 percent. 
Recent progress 
 In January 2024, OssDsign reported exceptional data from its TOP FUSION clinical study. 
The top-line results, reviewed by independent radiologists, show a fusion rate of 93 percent 
12 months after surgery with the OssDsign Catalyst nanosynthetic bone graft. 
 In May 2024, it was announced that 5,000 patients have been treated with OssDsign Catalyst 
in the US, representing impressive growth compared to 2,000 treated patients in September 
2023. 
 In June 2024, Christer Fåhraeus was newly elected as ordinary board member at the Annual 
general meeting, joining Simon Cartmell (Chairman), Newton Aguiar, Viktor Drvota 
(Karolinska Development) and Jill Shiaparelli on the OssDsign Board of Directors. 
 
Project  
OssDsign® Catalyst  
Primary indication  
Bone grafts 
Development phase  
Marketed 
Holding in company*  
Karolinska Development 3%** 
Other investors  
TAMT 
Linc AB 
Origin 
Karolinska University Hospital 
Uppsala University 
More information  
 ossdsign.com 
* Fully-diluted ownership based on 
current investment plans 
** Includes indirect holdings through 
KCIF Co-Investment Fund

===== SIDA 17 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 17 Karolinska Development AB (publ) 
 
Financial Development 
The following financial reporting is divided into one financial reporting for The Parent Company and one for 
The Investment Entity. The Parent Company and The Investment Entity are the same legal entity, but the 
reporting is divided to meet legal reporting requirements. 
The Parent Company is reporting in accordance with the guidelines under the Swedish Annual Accounting Act 
and Swedish Financial Accounting Standards Council, RFR 2. The Investment Entity is required to meet the 
reporting requirements of listed companies and thus in accordance with IFRS adopted by the EU and the 
Swedish Annual Accounts Act 
Amounts in brackets refer to the corresponding period the previous year unless otherwise stated. 
Financial development in summary for the Investment Entity 
SEKm   2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Condensed income statement      
Change in fair value of shares in portfolio companies  -3.5 1.9 1.6 
Net profit/loss  -14.2 0.2 -8.1 
Balance sheet information      
Cash and cash equivalents  51.1 67.5 42.0 
Net asset value (Note 1)  1,230.4 1,254.3 1,245.0 
Net debt (Note 1)  -51.1 -67.5 -42.0 
Share information       Earnings per share, weighted average before dilution 
(SEK)  -0.1 0.0 0.0 
Earnings per share, weighted average after dilution 
(SEK)  -0.1 0.0 0.0 
Net asset value per share (SEK) (Note 1) 4.6 4.6 4.6 
Equity per share (SEK) (Note 1) 4.5 4.6 4.6 
Share price, last trading day in the reporting period 
(SEK)  1.0 1.5 1.0 
Portfolio information      
Investments in portfolio companies 15.5 12.0 62.0 
Of which investments not affecting cash flow 1.6 1.3 5.2 
Portfolio companies at fair value through profit or loss   1,103.1 1,114.2 1,120.8 
 
Financial Development for the Investment Entity in 2025 
Investments (comparable numbers 2024) 
Investments in the portfolio in the first quarter 2025 by external investors and Karolinska Development 
amounted to SEK 25.6 (242,8) million, whereof 39% (95%) by external investors.  
Karolinska Development invested during the first quarter 2025 SEK 15.5 (12.0) million, of which SEK 13.9 
(10.7) million was cash investments. Investments were made in Modus Therapeutics with SEK 5.0 million, 
Dilafor with SEK 4.4 million, BOOST Pharma with SEK 3.4 million and SVF Vaccines with SEK 1.1 million. 
Non-cash investments (accrued interest on loans) amounted to SEK 1.6 (1.3) million.  
Investments by external investors in the portfolio companies during the first quarter 2025 amounted to SEK 
10.1 (230.8) million and were made in Dilafor with SEK 6.7 million and in BOOST Pharma with SEK 3.4 million.

===== SIDA 18 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 18 Karolinska Development AB (publ) 
 
Portfolio Fair Value 
Fair Value of the portfolio companies owned directly by Karolinska Development had a net decrease by SEK 
18.4 million during the first quarter 2025. The main reason for the decrease in fair value was the partial 
divestment of OssDsign and the sale of Promimic shares, as well as the downturn in share price in the listed 
holding Modus Therapeutics. The decrease was partly offset by the upturn in the listed holding OssDsign. 
Fair Value of the portfolio companies owned indirectly via KDev Investments increased by SEK 1.0 million 
during the first quarter 2025. The main reason for the increase in Fair value of the portfolio companies was the 
upturn in share price in the listed holding Promimic. 
Total Fair Value from portfolio companies owned directly by Karolinska Development and indirectly via KDev 
Investments decreased by SEK 17.4 million in the first quarter 2025. 
As a consequence of the increase in Fair Value of the part of the portfolio owned via KDev Investments, the 
potential distribution to Rosetta Capital increased by SEK 0.4 million, resulting in Net Portfolio Fair Value 
decreasing by SEK 17.7 million in the first quarter 2025. 
SEKm 31 Mar 2025 31 Dec 2024 
Q1 2025 vs        
Q4 2024 
Karolinska Development Portfolio Fair Value (unlisted companies) 819.0 807.8 11.2 
Karolinska Development Portfolio Fair Value (listed companies) 65.1 94.7 -29.6 
KDev Investments Portfolio Fair Value 550.1 549.0 1.0 
Total Portfolio Fair Value 1,434.2 1,451.5 -17.4 
Potential distribution to Rosetta Capital of fair value of KDev 
Investments -331.1 -330.8 -0.4 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) 1,103.1 1,120.8 -17.7 
 
Profit development 2025 (comparable numbers 2024) 
During the first quarter of 2025, Karolinska Development’s revenue amounted to SEK 0.5 (0.5) million and 
consists primarily of services provided to portfolio companies. 
Change in fair value of shares in portfolio companies of in total SEK -3.5 (1.9) million includes the difference 
between the change in Net Portfolio Fair Value during the first quarter of 2025 with SEK -17.7 million and the 
investment in portfolio companies of SEK 15.5 million and divested portfolio companies of SEK 29.7 million.    
Interest income on loans to portfolio companies amounted to SEK 1.6 million during the first quarter of 2025 
(0.0 for the first quarter of 2024 as these are reported in net financial items). 
Change in fair value of other financial assets and liabilities amounted to SEK -6.1 (4.9) million and were the 
consequence of changes in valuation of earn-out deals. 
During the first quarter of 2025 other expenses amounted to SEK 1.5 (1.4) million and personnel costs 
amounted to SEK 5.2 (7.2) million. The reduced personnel costs during the quarter compared to the previous 
year are partly the outcome of bonus programs but also the effect of personnel made redundant. 
The operating profit/loss in the first quarter of 2025 amounted to SEK -14.3 million compared to SEK -1.5 
million in the first quarter 2024. 
The financial net during the first quarter of 2025 amounted to SEK 0.1 million (interest income on loans to 
portfolio companies is reported on a separate line in operation profit/loss) compared to SEK 1.7 million in the 
first quarter of 2024 (of which interest income on loans to portfolio companies amounted to SEK 1.3 million). 
The Investment Entity’s Net profit/loss amounted to SEK -14.2 (0.2) million in the first quarter of 2025.

===== SIDA 19 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 19 Karolinska Development AB (publ) 
 
Financial position 
The Investment Entity’s equity to total assets ratio amounted to 99% on 31 March 2025, which it also did on 
31 March 2024. 
The investment company's equity on 31 March 2025 amounted to SEK 1,224.5 million, compared to SEK 
1,238.7 million on 31 December 2024. The decrease is a consequence of the profit/loss for the period of SEK 
-14.2 million.  
After the paying of operational costs and investments for the first quarter 2025, cash and cash equivalents 
amounted to SEK 51.1 million on 31 March 2025 compared to SEK 67.5 million on 31 March 2024. Net debt 
(negative net debt/ net cash) amounted to SEK -51.1 million on 31 March 2025 compared to the net debt of 
SEK -67.5 million on 31 March 2024. 
The company is going concern. We regularly review financing solutions, including in the form of the sale of 
shares and portfolio companies, the taking up of loans and/or the implementation of new share issues in order 
to continue to finance the portfolio companies in their development and enable new investments. The 
company's ability to continue operations (going concern) is stable, given current cash flow expectations and 
plans. The report is prepared based on the assumption of continued operation. 
Financial Development – Parent Company 
The Parent Company refers to Karolinska Development AB (comparable numbers 2024). 
During the first quarter of 2025, the Parent Company’s Net profit/loss amounted to SEK -14.2 (0.2) million.  
The negative result for the first quarter of 2025 led to an decrease in equity of SEK 14.2 million from SEK 
1,238.7 million as of 31 December 2024 to SEK 1,224.5 million 31 March 2025. 
The Share 
The share and share capital 
Trade in the Karolinska Development share takes place on Nasdaq Stockholm under the ticker symbol "KDEV". 
The last price paid for the listed B share on 31 March 2025 was SEK 1.0, and the market capitalization 
amounted to SEK 262 million.  
The share capital of Karolinska Development on 31 March 2025 amounted to SEK 2.7 million divided into 
2,555,261 A shares, each with ten votes (25,552,610 votes) and 267,522,333 B shares, each with one vote 
(267,522,333 votes). The total number of shares and votes in Karolinska Development on 31 March 2025 
amounted to 270,077,594 shares and 293,074,943 votes. 
Ownership 
On 31 March 2025, Karolinska Development had 12,763 shareholders. 
Shareholder A-Shares B-Shares Cap % Vote % 
invoX Pharma Ltd 0 128,736,381 47.67% 43.93% 
Worldwide International Investments Ltd 0 20,210,737 7.48% 6.90% 
Swedbank Robur Microcap fond 0 8,750,000 3.24% 2.99% 
Styviken Invest 0 5,236,206 1.94% 1.79% 
Avanza Pension 0 5,176,708 1.92% 1.77% 
Stift För Främjande & Utveckling 2,555,261 1,755,818 1.60% 9.32% 
Coastal Investment Management LLC 0 2,470,541 0.91% 0.84% 
Steffensen Asset Management 0 2,013,187 0.75% 0.69% 
Nordnet Pensionsförsäkring 0 1,666,597 0.62% 0.57% 
Handelsbanken Fonder 0 1,314,466 0.49% 0.45% 
Sum Top 10 Shareholders 2,555,261 177,330,641 66.61% 69.23% 
Sum Other Shareholders 0 90,191,692 33.39% 30.77% 
Sum All Shareholders 2,555,261 267,522,333 100.00% 100.00%

===== SIDA 20 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 20 Karolinska Development AB (publ) 
 
Information on Risks and Uncertainties 
Investment Entity and Parent Company 
Financial risks  
Russia’s invasion of Ukraine, as well as the war in Gaza and the related disturbances of sea transport through 
the Red Sea affect the economy and society as a whole, including Karolinska Development and its portfolio 
companies. A new risk is posed by the US administration's policies and their effects, both domestically in the 
US, which is often the largest and most important market for new drugs, and the impact on world trade, primarily 
through the tariffs that are now being introduced. The general downturn in the stock market since 2022 as well 
as the increase in interest rates since then have shifted the financial market's focus from growth companies to 
companies with positive operating cash flows, which has led to lower valuations in many previously highly 
valued growth companies, although we did note an upturn in the financial markets during 2024. This affects 
Karolinska Development and its opportunities to not only finance its portfolio companies, but also to divest 
them at a suitable time for Karolinska Development. 
The value of listed companies can decline delays in clinical trial programs may occur and the opportunities for 
refinancing can be hampered. The Board monitors the evolvement of the crises closely and Karolinska 
Development is working intensively to minimize the impact on the value of our investments and works 
continuously with different financing alternatives to secure the long-term capital requirement and thereby 
increase the degree of strategic and operational headroom for the future.  
For a detailed description of other risks and uncertainties, see the Annual Report 2024. 
 
Signing of the report 
 
Solna, 30 April 2025 
 
 
Viktor Drvota 
CEO 
 
 
Dates for Publication of Financial Information 
Interim Report January – June 2025  29 August 2025 
Interim Report January – September 2025 14 November 2025 
 
Karolinska Development is required by law to publish the information in this interim report. The information 
was published on 30 April 2025.  
This interim report, together with additional information, is available on Karolinska Development’s website: 
www.karolinskadevelopment.com. 
 
Note: This report is a translation of the Swedish interim report. In case of any discrepancies, the official 
Swedish version shall prevail.

===== SIDA 21 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 21 Karolinska Development AB (publ) 
 
Financial Statements 
Condensed income statement for the Investment Entity 
SEK 000   Note 2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Revenue   
537 471 1,838 
Change in fair value of shares in 
portfolio companies  2,3 -3,472 1,865 1,579 
Interest income on loans to portfolio 
companies  5 1,628 - 5,202 
Change in fair value of other 
financial assets and liabilities  3 -6,066 4,938 15,443 
Other expenses   -1,455 -1,358 -7,097 
Personnel costs   -5,215 -7,187 -25,126 
Depreciation of right-of-use assets     -249 -249 -997 
Operating profit/loss     -14,292 -1,520 -9,158        
Financial net   5 98 1,728 1,057 
Profit/loss before tax   -14,194 208 -8,101        Taxes     - - - 
NET PROFIT/LOSS FOR THE 
PERIOD     -14,194 208 -8,101 
 
Condensed statement of comprehensive income for the Investment Entity 
SEK 000   Note 2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Net profit/loss for the period     -14,194 208 -8,101 
Total comprehensive income/loss 
for the period     -14,194 208 -8,101 
 
Earnings per share for the Investment Entity 
SEK   Note 2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Earnings per share, weighted average 
before dilution  -0.05 0.00 -0.03 
Number of shares, weighted average 
before dilution  269,833,309 269,833,309 269,833,309 
Earnings per share, weighted average 
after dilution  -0.05 0.00 -0.03 
Number of shares, weighted average 
after dilution   269,833,309 269,833,309 269,833,309

===== SIDA 22 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 22 Karolinska Development AB (publ) 
 
Condensed balance sheet for the Investment Entity 
SEK 000   Note 31 Mar 2025 31 Mar 2024 31 Dec 2024 
ASSETS           
Tangible assets       
Right-of-use assets   1,912 2,909 2,161 
Financial assets       
Shares in portfolio companies at fair value 
through profit or loss  2,3 1,103,104 1,114,227 1,120,777 
Other financial assets   4 66,403 62,091 71,271 
Total non-current assets   1,171,419 1,179,227 1,194,209   
     Current assets  
Receivables from portfolio companies   1,588 314 1,126 
Other financial assets  4 9,843 10,743 11,084 
Other current receivables   891 893 2,400 
Prepaid expenses and accrued income   1,375 1,505 1,151 
Cash and cash equivalents     51,059 67,485 42,010 
Total current assets     64,756 80,940 57,771 
TOTAL ASSETS     1,236,175 1,260,167 1,251,980   
     EQUITY AND LIABILITIES  
Total equity  
 
1,224,529 1,247,032 1,238,723   
     Current liabilities  
Other financial liabilities   57 197 100 
Accounts payable   640 1,451 762 
Liability to make lease payment   1,866 2,834 2,112 
Other current liabilities   2,797 2,701 684 
Accrued expenses and prepaid income     6,286 5,952 9,599 
Total current liabilities     11,646 13,135 13,257 
Total liabilities     11,646 13,135 13,257 
TOTAL EQUITY AND LIABILITIES     1,236,175 1,260,167 1,251,980 
 
Condensed statement of changes in the Investment Entity’s equity 
SEK 000   Not 31 Mar 2025  31 Mar 2024 31 Dec 2024 
Opening balance, equity     1,238,723 1,246,824 1,246,824 
Share capital   2,701 2,701 2,701 
Share premium   2,735,903 2,735,903 2,735,903 
Retained earnings     -1,514,075 -1,491,572 -1,499,881 
Closing balance, equity     1,224,529 1,247,032 1,238,723

===== SIDA 23 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 23 Karolinska Development AB (publ) 
 
Condensed statement of cash flows for the Investment Entity 
SEK 000   Note  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Operating activities           
Operating profit/loss   -14,292 -1,520 -9,158 
Adjustments for items not affecting cash flow     
Depreciation   249 249 997 
Change in fair value   9,538 -6,803 -17,022 
Other items   -1,592 270 -4,040 
Cash flow from operating activities before 
changes in working capital and operating 
investments 
  
-6,097 -7,804 -29,223    
    Cash flow from changes in working capital 
Increase (-)/Decrease (+) in operating receivables 906 -746 -1,284 
Increase (+)/Decrease (-) in operating liabilities   -1,324 1,734 2,677 
Cash flow from operating activities   -6,515 -6,816 -27,830        Investment activities  
Part payment from earn-out deal   - - 887 
Proceeds from sale of shares in portfolio companies 29,705 - 41,497 
Acquisitions of shares in portfolio companies  -13,875 -10,705 -56,753 
Cash flow from investment activities     15,830 -10,705 -14,369        Financing activities  
Amortization of lease liabilities     -266 -266 -1,063 
Cash flow from financing activities   -266 -266 -1,063 
   
9,049 -17,787 -43,262 Cash flow for the period  
Cash and cash equivalents at the beginning of the year 42,010 85,272 85,272 
CASH AND CASH EQUIVALENTS AT THE 
END OF THE PERIOD     51,059 67,485 42,010

===== SIDA 24 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 24 Karolinska Development AB (publ) 
 
Condensed income statement for the Parent Company 
SEK 000   Note 2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Revenue   536 471 1,838 
Change in fair value of shares in portfolio 
companies 2.3 -3,472 1,865 1,579 
Interest income on loans to portfolio 
companies   1,628 - 5,202 
Change in fair value of other financial 
assets and liabilities   -6,066 4,938 15,443 
Other expenses   -1,719 -1,624 -8,160 
Personnel costs     -5,215 -7,187 -25,126 
Operating profit/loss   -14,308 -1,537 -9,224        
Financial net     118 1,758 1,162 
Profit/loss before tax   -14,190 221 -8,062 
       
Tax     - - - 
NET PROFIT/LOSS FOR THE 
PERIOD     -14,190 221 -8,062 
 
Condensed statement of comprehensive income for the Parent Company  
SEK 000   Note 2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Net profit/loss for the period     -14,190 221 -8,062 
Total comprehensive income/loss 
for the period     -14,190 221 -8,062

===== SIDA 25 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 25 Karolinska Development AB (publ) 
 
Condensed balance sheet for the Parent Company  
SEK 000   Note 31 Mar 2025 31 Mar 2024 31 Dec 2024 
            
ASSETS       
Financial non-current assets       
Shares in portfolio companies at fair value 
through profit or loss 2,3 1,103,104 1,114,227 1,120,777 
Other financial assets   4 66,403 62,091 71,271 
Total non-current assets     1,169,507 1,176,318 1,192,048   
     Current assets  
Receivables from portfolio companies   1,588 314 1,127 
Other financial assets  4 9,843 10,743 11,084 
Other current receivables   891 893 2,400 
Prepaid expenses and accrued income   1,375 1,505 1,151 
Cash and cash equivalents     51,059 67,485 42,010 
Total current assets     64,756 80,940 57,772 
TOTAL ASSETS     1,234,263 1,257,258 1,249,820   
     EQUITY AND LIABILITIES  
       
Total equity   1,224,483 1,246,957 1,238,673   
     Current liabilities  
Other financial liabilities   57 197 100 
Accounts payable   640 1,451 762 
Other current liabilities   2,797 2,701 686 
Accrued expenses and prepaid income     6,286 5,952 9,599 
Total current liabilities     9,780 10,301 11,147 
Total liabilities     9,780 10,301 11,147 
TOTAL EQUITY AND LIABILITIES     1,234,263 1,257,258 1,249,820 
 
Condensed statement of changes in equity for the Parent Company   
SEK 000   Not 31 Mar 2025 31 Mar 2024 31 Dec 2024 
Opening balance, equity     1,238,673 1,246,736 1,246,735 
Share capital   2,701 2,701 2,701 
Share premium reserve   2,735,903 2,735,903 2,735,903 
Retained earnings     -1,514,121 -1,491,647 -1,499,931 
Closing balance, equity     1,224,483 1,246,957 1,238,673

===== SIDA 26 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 26 Karolinska Development AB (publ) 
 
Notes to the Financial Statements 
NOTE 1 Accounting policies 
 
This report has been prepared in accordance with the International Accounting Standard (IAS) 34 Interim 
Financial Reporting and the Annual Accounts Act. The accounting policies applied to the Investment Entity and 
the Parent Company correspond, unless otherwise stated below, to the accounting policies and valuation 
methods used in the preparation of the most recent annual report. 
Information on the Parent Company  
Karolinska Development AB (publ) (“Karolinska Development,” “Investment Entity” or the “Company”) is a 
Nordic life sciences investment company. The Company, with Corporate Identity Number 556707-5048, is a 
limited liability company with its registered office in Solna, Sweden. The Company focuses on identifying 
medical innovations and investing in the creation and growth of companies developing these assets into 
differentiated products that will make a difference to patients’ lives and provide an attractive return on 
investment to its shareholders. The sole purpose of investing in such companies is to generate a return through 
capital appreciation and investment income. These temporary investments, which are not investment entities, 
are designated “portfolio companies” below.  
New and revised accounting principles 2024  
No new or revised IFRS standards or recommendations from IFRS Interpretations Committee have had 
significant impact on the Investment Entity.  
Related party transactions 
No related party transactions other than compensation for management and the board have taken place during 
the reporting period.  
 
Definitions 
Interim period: The period from the beginning of the financial year through the closing date.   
Reporting period: January - March 2025. 
Alternative Performance Measures  
The Company presents certain financial measures in the interim report that are not defined under IFRS. The 
Company believes that these measures provide useful supplemental information to investors and the 
company's management as they allow for the evaluation of the company's performance. Because not all 
companies calculate the financial measures in the same way, these are not always comparable to measures 
used by other companies. Therefore, these financial measures should not be considered as substitutes for 
measures as defined under IFRS. 
Portfolio companies: Companies where Karolinska Development has made investments (subsidiaries, joint 
ventures, associated companies and other long-term securities’ holdings) which are active in pharmaceuticals, 
MedTech, theranostics and formulation technology.  
The Portfolio Fair Value is divided into Total Portfolio Fair Value and Net Portfolio Fair Value. 
Total Portfolio Fair Value: The aggregated proceeds that would be received by Karolinska Development and 
KDev Investments if the shares in their portfolio companies were sold in an orderly transaction between market  
participants at the measurement date. 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) is the net aggregated proceeds that 
Karolinska Development will receive after KDev Investments’ distribution of proceeds to Rosetta Capital.  
rNPV: "risk-adjusted net present value" is a method to value risky future cash flows. rNPV is the standard 
valuation method in the drug development industry, where sufficient data exists to estimate success rates for 
all R&D phases. 
 
Equity per share: Equity on the closing date in relation to the number of shares outstanding on the closing 
date.  
 
Net debt: Interest-bearing liabilities (SEK 0.0 million) reduced with cash and cash (SEK 51.1 million).  
Equity to total assets ratio: Equity divided by total assets.

===== SIDA 27 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 27 Karolinska Development AB (publ) 
 
Net asset value as of 31 March 2025: 
  Number of 
shares 
  Fair value Part of Karolinska 
Developments' net asset 
value 
SEK 000       SEK per 
share3 
percentage 
Listed assets       
Modus Therapeutics 23,801,390  36,635 0.14 3.0% 
OssDsign 2,535,478  28,499 0.11 2.3% 
Total listed assets     65,134 0.24 5.3% 
Unlisted assets       
AnaCardio   60,628 0.22 4.9% 
Boost Pharma   9,853 0.04 0.8% 
Dilafor   50,309 0.19 4.1% 
PharmNovo   35,177 0.13 2.9% 
SVF Vaccines   27,707 0.10 2.3% 
Umecrine Cognition   626,577 2.32 50.9% 
KCIF Co-Investment Fund KB1   8,776 0.03 0.7% 
KDev Investments1   218,943 0.81 17.8% 
Total unlisted assets     1,037,970 3.85 84.4% 
Net of other liabilities and debts2     127,248 0.47 10.3% 
Total net asset value     1,230,352 4.56 100.0% 
 
1The company has both listed and unlisted assets. 
2 Includes SEK 51.1 million cash and cash equivalents. 
3 In relation to the number of shares outstanding (269,833,309) on the closing date.  
NOTE 2 Shares in portfolio companies, at fair value through profit 
or loss 
 
Change in fair value of portfolio companies 
 
SEK 000 
    2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Mar 
Result level 1           
Listed companies, realized   2,954 - 8,383 
Listed companies, unrealized   -7,926 4,429 843 
Total level 1     -4,972 4,429 9,226        
Result level 3       
Unlisted companies, realized   -430 723 -1,245 
Unlisted companies, unrealized   1,930 -3,287 -6,402 
Total level 3     1,500 -2,564 -7,647 
Total      -3,472 1,865 1,579 
 
Shares in portfolio companies, at fair value through profit or loss 
 
SEK 000     31 Mar 2025 31 Mar 2024 31 Dec 2024 
Accumulated acquisition cost       
At the beginning of the year   1,120,777 1,100,398 1,100,398 
Investments during the year   15,503 11,964 61,998 
Sales during the year   -29,705 - -43,197 
Changes in fair value in net profit/loss for the 
year   -3,472 1,865 1,579 
Closing balance     1,103,104 1,114,227 1,120,777

===== SIDA 28 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 28 Karolinska Development AB (publ) 
 
NOTE 3 Fair value 
 
The table below shows financial instruments measured at fair value based on the classification in the fair value 
hierarchy. The various levels are defined as follows:   
Level 1-  Fair value determined on the basis of observed (unadjusted) quoted prices in an active market for 
identical assets and liabilities  
Level 2- Fair value determined based on inputs other than quoted prices included within Level 1 that are 
observable for the asset or liability, either directly or indirectly 
Level 3- Fair value determined based on valuation models where significant inputs are based on non‐
observable data 
Fair value as of 31 March 2025 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets         
Shares in portfolio companies, at fair value 
through profit or loss 65,134 - 1,037,970 1,103,104 
Other financial assets - - 76,246 76,246 
Cash and cash equivalents and short-term 
investments 51,059 - - 51,059 
Total 116,193 0 1,114,216 1,230,409 
Financial liabilities         
Other financial liabilities - - 57 57 
Total - 0 57 57 
Fair value as of 31 March 2024 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets     
Shares in portfolio companies, at fair value 
through profit or loss 129,027 - 985,200 1,114,227 
Other financial assets - - 72,834 72,834 
Cash, cash equivalents and short-term 
investments 67,485 - - 67,485 
Total 196,512 0 1,058,034 1,254,546 
Financial liabilities     Other financial liabilities - - 197 197 
Total - 0 197 197 
Fair value as of 31 December 2024 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets         
Shares in portfolio companies, at fair value 
through profit or loss 94,713 - 1,026,064 1,120,777 
Other financial assets - - 82,355 82,355 
Cash and cash equivalents and short-term 
investments 42,010 - - 42,010 
Total 136,723 0 1,108,419 1,245,142 
Financial liabilities         
Other financial liabilities - - 100 100 
Total - 0 100 100

===== SIDA 29 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 29 Karolinska Development AB (publ) 
 
Fair value (level 3) as of 31 March 2025 
 
SEK 000 
  
Shares in 
portfolio 
companies 
Other 
financial 
assets 
Other 
financial 
liabilities 
At beginning of the year   1,026,064 82,355 100 
Acquisitions   10,407 - - 
Gains and losses recognized through profit or loss 1,500 -6,109 -43 
Closing balance 31 March 2025   1,037,970 76,246 57 
Realized gains and losses for the period included in profit 
or loss   -430 0 0 
Unrealized gains and losses in profit or loss for the period 
included in profit or loss   1,930 -6,109 43 
 
Fair value (level 3) as of 31 March 2024 
SEK 000 
  
Shares in 
portfolio 
companies 
Other 
financial 
assets 
Other 
financial 
liabilities 
At the beginning of the year  975,800 67,829 130 
Acquisitions  11,964 - - 
Gains and losses recognized through profit or loss   -2,564 5,005 67 
Closing balance 31 March 2024   985,200 72,834 197 
Realized gains and losses for the period included in profit 
or loss   723 - - 
Unrealized gains and losses in profit or loss for the period 
included in profit or loss   -3,287 5,005 -67 
 
Fair value (level 3) as of 31 December 2024 
 
SEK 000 
  
Shares in 
portfolio 
companies 
Other 
financial 
assets 
Other 
financial 
liabilities 
At the beginning of the year   975,800 67,829 130 
Acquisitions   61,998 - - 
Compensations   -4,086 -887 - 
Gains and losses recognized through profit or loss -7,647 15,412 -30 
Closing balance 31 December 2024   1,026,064 82,354 100 
Realized gains and losses for the period included in profit 
or loss   -1,245 887 - 
Unrealized gains and losses in profit or loss for the period 
included in profit or loss   -6,402 14,525 30 
 
The Investment Entity recognizes transfers between levels in the fair value hierarchy on the date when an 
event or changes occur that give rise to the transfer.

===== SIDA 30 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 30 Karolinska Development AB (publ) 
 
Shares in portfolio companies (Level 3) as of 31 March 2025 
SEK 000 Ownership  Market value   Valuation model1 
          
AnaCardio 12.5%  60,628  Last post money 
Boost Pharma 13.6%  9,853  Last post money 
Dilafor 2.7%  50,309  Last post money 
PharmNovo 20.0%  35,177  Last post money 
SVF Vaccines 32.7% 27,707  Last post money 
Umecrine Cognition 72.6%  626,577  External valuation2 
KCIF Co-Investment Fund KB 26.0% 8,776  A combination of share price 
listed company and fair value 
of financial asset3 
KDev Investments  90.1%  218,943  A combination of last post 
money and share price listed 
company4 
Total level 3   1,037,970     
1See The Annual Report 2024 Valuation of portfolio companies at fair value, for a description of valuation models. 
2Risk-adjusted external valuation model from an independent valuation institute December 2024. The rNPV value from the 
model adjusted further in order to reflect an assumed split in risk and revenues in conjunction with e.g. a license deal and also 
to incorporate the financial risk that Umecrine Cognition will not manage to finance fully the final parts of the research program.  
3KCIF Co-Investment Fund KB holds listed shares which are valued in accordance with the closing rate on the final trading 
day of the period and a financial asset, at fair value through profit or loss, attributable to earn-out in the sale of Forendo Pharma.  
4KDev Investments AB holds both listed shares which are valued in accordance with the closing rate on the final trading day 
of the period and unlisted shares which are valued in accordance with the most recent transaction (post-money valuation). 
Dilafor, which is an unlisted company, accounts for 89% of the total fair value of KDev Investments. 
 
 
Sensitivity analysis of significant holdings 31 March 2025 
 +/-5% 
 
+/-15%  +/- 30% 
 Result/ equity  Result/ equity  Result/ equity 
  KSEK SEK/ share  KSEK SEK/ share  KSEK SEK/ share 
Umecrine Cognition1 +/-33,572 +/-0.1  +/-100,715 +/-0.4  +/-201,431 +/-0.7 
KDev Investments2 +/-17,905 +/-0.1  +/-53,615 +/-0.2  +/-107,330 +/-0.4 
1) Sensitivity to rNPV value in performed valuation based on the assumed sales price of the drug. 
2) Sensitivity in the value of KDev Investments, after potential distribution to Rosetta Capital. 
 
Sensitivity analysis of significant holdings 31 December 2024 
 +/-5% 
 
+/-15%  +/- 30% 
 Result/ equity  Result/ equity  Result/ equity 
  KSEK SEK/ share  KSEK SEK/ share  KSEK SEK/ share 
Umecrine 
Cognition1 +/-33,572 +/-0.1  
+/-
100,715 +/-0.4  +/-201,431 +/-0.7 
KDev Investments2 +/-17,950 +/-0.1  +/-53,550 +/-0.2  +/-107,100 +/-0.4 
1) Sensitivity to rNPV value in performed valuation based on the assumed sales price of the drug. 
2) Sensitivity in the value of KDev Investments, after potential distribution to Rosetta Capital.

===== SIDA 31 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 31 Karolinska Development AB (publ) 
 
Impact of Portfolio Fair Value  
In the table below, “Total Portfolio Fair Value” is as defined in Note 1.  
Impact on Portfolio Fair Value of the agreement with Rosetta Capital  
“Potential distribution to Rosetta Capital”, SEK 331.1 million, is the amount that KDev Investments according 
to the investment agreement between Karolinska Development and Rosetta Capital is obliged to distribute to 
Rosetta Capital from the proceeds received by KDev Investments (KDev Investments Fair Value). The 
distribution to Rosetta Capital will only happen when KDev Investments distributes dividends. KDev 
Investments will only distribute dividends after all eventual payables and outstanding debt has been repaid. 
Following dividends from KDev Investments during 2021 - 2023, all additional investments totaling SEK 43.7 
million have been repaid to Rosetta Capital. In addition, SEK 6.7 million has been distributed, which reduces 
the first SEK 220 million in the waterfall structure. See also the annual report for 2024, note 16, for a description 
of the agreement with Rosetta Capital. 
 
“Net Portfolio Fair Value (after potential distribution to Rosetta Capital)” is as defined in Note 1. 
 
Expanded Portfolio Fair Value calculations taking the portfolio valuation and  
potential distribution to Rosetta Capital in consideration 
SEK 000 31 Mar 2025 31 Mar 2024 31 Dec 2024 
Karolinska Development Portfolio Fair Value (unlisted companies) 819,027 754,282 807,798 
Karolinska Development Portfolio Fair Value (listed companies) 65,134 129,027 94,713 
KDev Investments Portfolio Fair Value 550,061 568,926 549,021 
Total Portfolio Fair Value 1,434,222 1,452,235 1,451,532 
        
Potential distribution to Rosetta Capital of fair value of KDev 
Investments -331,118 -338,008 -330,754 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) 1,103,104 1,114,227 1,120,777 
 
NOTE 4 Other financial assets 
SEK 000     31 Mar 2025  31 Mar 2024 31 Dec 2024 
Other financial assets, non-current 
      
Earn-out agreement Forendo Pharma 
  66,403 62,091 71,271 
Earn-out agreement Oncopeptides 
  - 0 - 
Total     66,403 62,091 71,271 
Other financial assets, current           
Earn-out agreement Forendo Pharma     9,843 10,743 11,084 
Total     9,843 10,743 11,084 
 
Earn-out agreement Forendo Pharma 
Karolinska Development is entitled to earn-out payments according to the agreement with Organon regarding 
the sale of Forendo Pharma. Karolinska Development estimates the risk-adjusted net present value (rNPV) of 
future cash flows (earn-outs), after the initial payment in December 2021 and payments in 2022 and 2023, to 
SEK 76.2 million, whereof Karolinska Development expects SEK 9.8 million to be paid during the next 12 
months. The earn-outs are expected to be paid during the period 2025–2034, and renewed rNPV valuations 
will be performed continuously. Forendo Pharma's previous shareholders are entitled to additional future 
payments totaling USD 870 million upon the achievement of certain development, registration and commercial 
milestones pertaining to Forendo Pharma's drug candidates. 
 
Earn-out agreement Oncopeptides 
Karolinska Development was entitled to earn-out payments according to the agreement with Industrifonden 
regarding the previous holdings in Oncopeptides. The agreement was finalized in the third quarter of 2024.

===== SIDA 32 =====

INTERIM REPORT 
Jan – Mar 2025 
Interim Report January – March 2025 32 Karolinska Development AB (publ) 
 
 
NOTE 5 Interest income on loans to portfolio companies 
SEK 000     2025  
Jan-Mar 
2024 
Jan-Mar 
2024 
Full-year 
Net operations 
      
Interest on loans to portfolio companies 
  1,628 0 5,202 
Total     1,628 0 5,202 
Financial net           
Interest on loans to portfolio companies and 
other interest     98 1,728 1,057 
Total     98 1,728 1,057 
1) Interest income on loans to portfolio companies is reported as of the fourth quarter of 2024 as a separate item in operating 
profit/loss (interest on loans to portfolio companies during the first quarter of 2024 amounted to KSEK 1,259). Other interest 
income is reported in net financial items. 
 
 
NOTE 6  Pledge assets and contingent liabilities 
SEK 000     31 Mar 2025  31 Mar 2024 31 Dec 2024 
Pledge assets       
       
Contingent liabilities       
Loan to portfolio company   5,000 - - 
Loan commitment to portfolio company   - - 5,000 
Investment agreement in portfolio company     - 7,580 - 
Summa     5,000 7,580 5,000