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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 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 second quarter was SEK -73.3 million (SEK -16.0 million in the second 
quarter of 2024). Earnings per share totaled SEK -0.3 (SEK -0.06 in the second quarter of 2024). 
Net profit/loss for the period January – June 2025 amounted to SEK -87.5 (-15.8) million. 
 The result of the Change in fair value of shares in portfolio companies for the second quarter 
amounted to SEK -11.5 million (SEK -11.1 million in the second quarter of 2024). The result is 
mainly the effect of the downturn in share price in the listed holdings Modus Therapeutics and 
Promimic. Change in fair value of shares in portfolio companies for the period January – June 
2025 amounted to SEK -15.0 (-9.2) million 
 The total fair value of the portfolio was SEK 1,384.9 million at the end of June 2025, corresponding 
to a decrease of SEK 49.3 million from SEK 1,434.2 million at the end of the previous quarter. 
The net portfolio fair value at the end of June 2025 was SEK 1,058.9 million, corresponding to a 
decrease of SEK 44.2 million from SEK 1,103.1 million at the end of the previous quarter. The 
main reason for the net decrease in fair value was the divestment of Karolinska Development’s 
shares in OssDsign and also the downturn in the share price of the listed holdings Modus 
Therapeutics and Promimic.  
 The result of Change in fair value of other financial assets and liabilities (earn-out agreements) 
for the second quarter amounted to SEK -57.6 million (SEK 2.0 million in the second quarter of 
2024). The result is mainly due to the valuation of the earn-out agreement with Organon 
(regarding the sale of Forendo) after Organon announced that they plan to discontinue the OG-
6219 clinical development program. Change in fair value of other financial assets and liabilities 
for the period January – June 2025 amounted to SEK -63.7 (6.9) million. 
Other financial assets, current and non-current, (earn-out agreements) amounted to SEK 18.6 
million at the end of June 2025, a decrease of SEK 57.6 million from SEK 76.2 million at the end 
of the previous quarter. 
 Net asset value amounted to SEK 1,148.6 million, per share SEK 4.3, at the end of June 2025 
(SEK 1,238.2 million, per share SEK 4.6 at the end of June 2024). 
Q2

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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 2 Karolinska Development AB (publ) 
 
 Net sales totaled SEK 0.4 million during the second quarter of 2025 (SEK 0.5 million during the 
second quarter of 2024). Net sales for the period January – June 2025 totaled SEK 0.9 (1.0) 
million. 
 Karolinska Development invested a total of SEK 1.8 million in portfolio companies during the 
second quarter of 2025 (SEK 10.7 million in the second quarter of 2024). Second quarter 2025 
investments in portfolio companies by Karolinska Development and other specialized life 
sciences investors totaled SEK 159.9 million (SEK 38.7 million in the second quarter of 2024). 
 Cash and cash equivalents increased by SEK 20.0 million, an effect of the divestment of 
Karolinska Development's holding in OssDsign, during the second quarter, totaling SEK 71.1 
million on 30 June 2025 (SEK 49.7 million on 30 June 2024). 
 
Significant events during the second quarter 
 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). 
 The portfolio company OssDsign announced a change of CEO during the second half of 2025. 
The purpose is to support the establishment of leadership with an even stronger presence and 
focus on the US market (April 2025). 
 The portfolio company Umecrine Cognition has been awarded a research grant by The Michael 
J. Fox Foundation (MJFF) amounting to USD 420,000. The grant will finance preclinical studies 
to evaluate the potential treatment effect of golexanolone in Parkinson’s disease (April 2025). 
 The portfolio company Umecrine Cognition attended the EASL Congress 2025 in Amsterdam, 
May 7–10, presenting validation and implementation data for its newly developed clinical scale 
for Primary Biliary Cholangitis, PBC (May 2025). 
 The portfolio company OssDsign reached a new milestone with 10,000 patients treated with its 
innovative nanosynthetic bone graft OssDsign Catalyst on the US market (May 2025). 
 At Karolinska Development’s Annual General Meeting, it was decided, among other things, to 
adopt the profit and loss statement and the balance sheet as well as the consolidated profit and 
loss statement, the consolidated balance sheet, and to approve the allocation of the result, 
proposed by the Board of Directors and the CEO, to elect Anders Härfstrand to the Board of 
Directors and to re-elect Philip Duong, Anna Lefevre Skjöldebrand, Ben Toogood and Will Zeng 
to its Board of Directors, and to elect Ben Toogood Chairman of the Board (May 2025). 
 The portfolio company Umecrine Cognition resumed the inclusion of patients to the clinical 
phase 1b/2a trial evaluating the drug candidate golexanolone in PBC patients. In March, 
Umecrine Cognition announced that the study had been halted due to technical issues in the 
production of capsules used in the study, which, however, had no impact on patient safety (May 
2025). 
 The portfolio company OssDsign has carried out a directed share issue through an accelerated 
bookbuilding procedure that brought the company approximately SEK 158 million. In connection

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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 3 Karolinska Development AB (publ) 
 
with the directed share issue, the company announced an updated strategy and revised its 
financial targets for the period 2025–2028 (June 2025). 
 The portfolio company Modus Therapeutics carries out a fully secured rights issue of units of 
SEK 28.3 million. The proceeds from the rights issue are intended to finance the continued 
development of the drug candidate sevuparin in chronic kidney disease with anemia (June 2025). 
 Karolinska Development divested its remaining shares in the portfolio company OssDsign and 
thereby strengthened the investment company’s liquidity. The divestments provided Karolinska 
Development with a capital injection of approximately SEK 34.5 million (June 2025). 
 
Significant post-period events 
 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. 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). 
 
 
Viktor Drvota, CEO of Karolinska Development, comments: 
“We have a clear strategy and a stable scientific foundation for all of the projects in our investment portfolio, 
and will navigate these choppy market waters by keeping our focus on patient benefit” 
 
 
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 – Jun 2025 
Interim Report January – June 2025 4 Karolinska Development AB (publ) 
 
Chief Executive’s Report  
The second quarter of 2025 has been characterised by continued market turbulence, posing challenges 
both for the capital market as a whole and the pharmaceutical sector in particular. Tariffs and geopolitical 
anxieties are generating stresses in the financial markets and global economy, inhibiting risk appetite and 
willingness to invest alike. That having been said, we are seeing signs of light on the horizon, with important 
investments being made in innovative companies. The market may be anxious, but the need for medical 
breakthroughs remains. Our investment portfolio comprises promising medical innovations with the potential 
to revolutionise the treatment of a number of different medical conditions, and we will continue to focus our 
efforts on supporting the portfolio companies’ development and commercialisation projects going forward. 
Umecrine Cognition’s clinical study resumes  
Umecrine Cognition has resumed recruitment of patients to the company’s primary biliary cholangitis (PBC) 
clinical study. The study, which is evaluating the golexanolone candidate drug, was paused in May due to 
technical problems in the production of the capsules used in the study. These problems had no impact on 
patient safety and by May, the problems had been rectified, and recruitment could resume.  
In July, Umecrine Cognition raised SEK 24.6 million for the ongoing study through a convertible loan 
directed to a consortium of investors, including Karolinska Development. The study is scheduled for 
completion during the first half of 2026.  
The EASL hepatology conference, held in May in Amsterdam, saw Umecrine Cognition present data 
validating the newly developed clinical scale for primary biliary cholangitis, which is now being used in the 
ongoing clinical study. The scale has been designed to enable the measurement of symptom severity in 
PBC patients that is not possible using conventional laboratory tests.  
Umecrine Cognition has, furthermore, received a research grant totalling USD 420 thousand from The 
Michael J. Fox Foundation. The grant will be used to finance preclinical trials evaluating the potential 
treatment effect of golexanolone in Parkinson’s disease. Golexanolone’s effect on Parkinson’s-related sleep 
disorders and cognitive impairments will be evaluated in several disease models, as will its effect on disease 
progression. The recognition that the grant represents is a significant acknowledgement of golexanolone’s 
potential as a treatment option for Parkinson’s disease and will enable the ongoing development of the 
candidate drug with a high medical need.  
Modus carries out rights issue and achieves study milestone  
Our portfolio company, Modus Therapeutics, which is developing the sevuparin drug candidate for the 
treatment of a number of inflammatory diseases, completed a rights issue of units in August, providing the 
company with SEK 28.3 million before issue costs. The issue was subscribed to 189 percent, an excellent 
outcome that also meant that no guarantee commitments were used. The proceeds will be used for the 
ongoing development of the candidate drug in chronic kidney disease with anaemia, and in particular, for 
the ongoing clinical phase 2 study. The company announced, after the period end, that it had completed 
patient enrolment on schedule. The conclusions of this first part of the study will determine the dose used 
in the next part of the phase 2 study, which aims to evaluate the therapeutic potential of repeated dosing – 
an important value-driving point in the development program.  
 
 
Additional profits realised in OssDsign

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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 5 Karolinska Development AB (publ) 
 
In late June, we once again divested shares in our portfolio company, OssDsign (which is developing the 
next generation of orthobiologics) yielding a cash injection for Karolinska Development of SEK 34.5 million. 
Karolinska Development has been a long-term owner of OssDsign and was involved in the listing of the 
company on the NASDAQ Growth Market in 2019. OssDsign has demonstrated strong value growth 
recently, but we have now decided to prioritise other investments where we see value creation potential and 
a higher possible return on investment going forward. Karolinska Development has no direct ownership in 
OssDsign following the divestment, but does have an indirect holding via the KCIF Co-Investment Fund.  
Update from Organon on endometriosis project 
In early July, Organon issued an update on the development of the candidate drug, OG-6219, acquired 
through Organon’s acquisition of Forendo Pharma in 2021. Organon is planned, based on the results of a 
clinical phase 2 study of endometriosis-related pain, to discontinue the OG-6219 clinical development 
program – a decision which will entail a depreciation for Karolinska Development due to the acquisition 
agreement’s earn-out payments entitlement clause. The acquisition of Forendo included two candidate drug 
projects, of which OG-6219 was the most advanced drug development project.  
Purposeful focus despite market turbulence 
The market is unusually unpredictable at the moment, but we are continuing to work purposefully towards 
our internal goals while, at the same time, supporting our portfolio companies’ efforts to achieve theirs. We 
have a clear strategy and a stable scientific foundation for all of the projects in our investment portfolio, and 
will navigate these choppy market waters by keeping our focus on patient benefit. 
 
Solna, 29 Augusti 2025 
 
Viktor Drvota 
Chief Executive Officer

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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 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 June 30, 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, one portfolio company is expected to report phase 1 results, and four portfolio 
companies are expected to present data from phase 2 studies.  SVF Vaccines is preparing a Phase 1 
program, and PharmNovo will soon start its Phase 2 study. Dilafor and BOOST Pharma are preparing to 
start phase 3 studies. These study results could significantly strengthen the potential for attractive 
divestments or licensing deals. In recent years, comparable drug candidates have been out-licensed or sold 
for individual deal values reaching several billion SEK. 
In addition to the portfolio companies, Karolinska Development holds an earn-out agreement with Organon 
related to the acquisition of Forendo Pharma. The agreement includes potential milestone payments linked 
to both drug development and future commercialization. Following Organon's update regarding the 
development of the drug candidate OG-6219, which is based on results from a Phase 2 clinical study in 
endometriosis-related pain, Organon plans to discontinue the development program with OG-6219, 
resulting in an impairment loss for Karolinska Development since the acquisition agreement included the 
right to additional purchase prices. As part of the acquisition, two drug candidates were included, of which 
OG-6219 was the most advanced drug development project.

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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 7 Karolinska Development AB (publ)

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INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 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. In a subsequent phase 2b trial with 170 first-time mothers undergoing priming of labor showed 
significant results in the highest dose group. In an extension of the phase 2b trial with 164 additional women, 
positive results were also shown in lower doses. Dilafor has completed successful meetings with the US FDA 
and the European Health Agencies and is now preparing the phase 3 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 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 – Jun 2025 
Interim Report January – June 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 US 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 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. 
 In November 2024, BOOST Pharma announced the successful completion of a pre-IND meeting 
with the US FDA for its allogeneic cell therapy in Osteogenesis Imperfecta. The FDA fully accepted 
the proposed clinical development plan, enabling BOOST Pharma to begin preparations for a pivotal 
Phase 3 study in the US and Europe. 
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 – Jun 2025 
Interim Report January – June 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 
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 reach 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 mainly target motor functions and there is a lack of treatments for cognitive impairment. 
The global market for this type of treatment was valued at USD 3.4 billion in 2019 and is expected 
to grow by more than 6 percent per year until 2029. 
Recent progress 
 In May 2025 Umecrine Cognition received a research grant from The Michael J. Fox Foundation 
to support preclinical evaluation of golexanolone in Parkinson’s disease. 
 In the same month, Umecrine Cognition presented validation data for the new CGI-S-PBC™ 
clinical scale at the EASL Congress 2025. 
 Also in May 2025, patient inclusion resumed in the ongoing Phase 1b/2a study of golexanolone in 
PBC, after resolving temporary manufacturing issues. 
 In July 2025, Umecrine Cognition raised SEK 24.6 million through a convertible loan to fund the 
ongoing Phase 1b/2a study of golexanolone in PBC. 
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 – Jun 2025 
Interim Report January – June 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 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 human cell studies 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 
An estimated 10 percent of the world's population is believed to have grade 3-5 chronic kidney 
disease. Among these patients around 25 percent are expected to develop anemia, corresponding to 
approximately 4-5 million individuals in the United States alone. Limited response to current standard 
treatments often makes it difficult to maintain effective long-term management of the disease. 
Septic shock is a leading cause of death in intensive care units, with mortality rates often exceeding 
30 percent.  No specific drug treatment is currently available, making it one of the most costly 
conditions to manage in hospital care. In 2019, sepsis-related healthcare costs in the United States 
were estimated at USD 23 billion. 
Recent progress 
 In May 2025, Modus Therapeutics presented new preclinical data on sevuparin in chronic kidney 
disease at the BioIron Congress and in June at the EHA Congress. 
 In July 2025, the company announced that patient recruitment for Part 1 of the Phase IIa study 
in chronic kidney disease with anemia had been completed according to plan. 
 In August 2025, the company announced it was on track to initiate Part 2 of the Phase IIa study 
of sevuparin in chronic kidney disease with anemia. 
 In August 2025, the company announced the outcome of the fully guaranteed rights issue 
announced in June. The issue was oversubscribed to 189% and provided the company with 
approximately SEK 28.3 million. 
Expected milestones  
The second part of the phase 2 clinical study with sevuparin in chronic kidney disease with anemia 
is expected to be initiated at the end 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  
Hans Wigzell 
Anders Bladh 
John Öhd 
Origin 
Karolinska Institutet 
Uppsala University 
More information  
 modustx.com 
 
*Fully-diluted ownership based on 
current investment plans

===== SIDA 12 =====

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 12 Karolinska Development AB (publ) 
 
AnaCardio AB 
 
New treatment concept that enhances the heart's pumping 
ability in conjunction 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, 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. 
 In July 2025, AnaCardio received positive scientific advice from both the FDA and EMA, establishing 
a favourable development path for AC01 treatment of chronic HFrEF. 
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 – Jun 2025 
Interim Report January – June 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 2026. 
 
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 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. 
 In July 2025, PharmNovo announced that it had submitted a clinical trial application (CTA) in Spain 
for a Phase IIa proof-of-concept study of PN6047 in patients with neuropathic pain. 
Expected milestones 
 The phase 2 study with PN6047 is expected to start in Q1 2026. 
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 – Jun 2025 
Interim Report January – June 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.  
In October 2024, the company presented positive clinical safety and immunogenicity data from from its 
collaborative phase 1 clinical study evaluating a 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 
 A clear validation of SVFs development platform was achieved in October 2024, as the company 
presented positive clinical safety and immunogenicity data from the Open Corona collaborative 
phase 1 clinical study with the universal vaccine candidate against covid-19, SVF-002. 
 
Expected milestones 
 Phase 1 study of hepatitis D vaccine is 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 – Jun 2025 
Interim Report January – June 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 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. 
 In April 2025, Promimic entered into a strategic license agreement with Lincotek to strengthen its 
market presence and expand sales channels in the orthopedic implant market. 
 In May 2025, Promimic reported a 1.4 percent increase in sales for the first quarter compared to 
the same period the previous year, with revenues totaling SEK 8.8 million. The company also 
deepened its collaboration with Curiteva by extending their exclusive license agreement for 
coating 3D-printed PEEK implants with HAnano Surface. 
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 – Jun 2025 
Interim Report January – June 2025 16 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 
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Condensed income statement           
Change in fair value of shares in portfolio 
companies  -11.5 -11.1 -15.0 -9.2 1.6 
Net profit/loss  -73.3 -16.0 -87.5 -15.8 -8.1 
Balance sheet information           
Cash and cash equivalents  71.1 49.7 71.1 49.7 42.0 
Net asset value (Note 1)  1,148.6 1,238.2 1,148.6 1,238.2 1,245.0 
Net debt (Note 1)  -71.1 -49.7 -71.1 -49.7 -42.0 
Share information           Earnings per share, weighted average 
before dilution (SEK)  -0.3 -0.1 -0.3 -0.1 0.0 
Earnings per share, weighted average after 
dilution (SEK)  -0.3 -0.1 -0.3 -0.1 0.0 
Net asset value per share (SEK) (Note 1)  4.3 4.6 4.3 4.6 4.6 
Equity per share (SEK) (Note 1)  4.3 4.6 4.3 4.6 4.6 
Share price, last trading day in the reporting 
period (SEK)  1.0 1.4 1.0 1.4 1.0 
Portfolio information          
Investments in portfolio companies  1.8 10.7 17.3 22.7 62.0 
Of which investments not affecting cash flow  1.8 1.2 3.5 2.5 5.2 
Portfolio companies at fair value through 
profit or loss   1,058.9 1,113.9 1,058.9 1,113.9 1,120.8 
 
Financial Development for the Investment Entity in 2025 
Investments (comparable numbers 2024) 
Investments in the portfolio in the second quarter 2025 by external investors and Karolinska Development 
amounted to SEK 159.9 (38.7) million, whereof 99% (72%) by external investors.  
Karolinska Development invested during the second quarter 2025 SEK 1.8 (10.7) million, of which SEK 0.0 
(9.5) million was cash investments. Non-cash investments (accrued interest on loans) amounted to SEK 1.8 
(1.2) million.  
Investments by external investors in the portfolio companies during the second quarter 2025 amounted to SEK 
158.1 (28.0) million and were made in OssDsign with SEK 158.1 million.

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 17 Karolinska Development AB (publ) 
 
During the year, Karolinska Development and external investors have made investments in the portfolio 
companies as follows: 
SEKm 
Karolinska 
Development External Investors 
Total Invested      
Q1-Q2 2025 
Modus Therapeutics 5.3 0.0 5.3 
Dilafor 4.5 6.7 11.3 
Boost Pharma 3.4 3.4 6.8 
SVF Vaccines 2.2 0.0 2.2 
Umecrine Cognition 1.9 0.0 1.9 
OssDsign 0.0 158.1 158.1 
Total 17.3 168.2 185.5 
 
Portfolio Fair Value 
Fair Value of the portfolio companies owned directly by Karolinska Development had a net decrease by SEK 
34.5 million during the second quarter 2025. The main reason for the decrease in fair value was the divestment 
of OssDsign, as well as the downturn in share price in the listed holding Modus Therapeutics. 
Fair Value of the portfolio companies owned indirectly via KDev Investments decreased by SEK 14.8 million 
during the second quarter 2025. The main reason for the decrease in Fair value of the portfolio companies was 
the downturn 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 49.3 million in the second quarter 2025. 
As a consequence of the decrease in Fair Value of the part of the portfolio owned via KDev Investments, the 
potential distribution to Rosetta Capital decreased by SEK 5.2 million, resulting in Net Portfolio Fair Value 
decreasing by SEK 44.2 million in the second quarter 2025. 
SEKm 30 Jun 2025 31 Mar 2025 
Q2 2025 vs        
Q1 2025 
Karolinska Development Portfolio Fair Value (unlisted companies) 815.8 819.0 -3.2 
Karolinska Development Portfolio Fair Value (listed companies) 33.8 65.1 -31.3 
KDev Investments Portfolio Fair Value 535.2 550.1 -14.8 
Total Portfolio Fair Value 1,384.9 1,434.2 -49.3 
Potential distribution to Rosetta Capital of fair value of KDev 
Investments -325.9 -331.1 5.2 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) 1,058.9 1,103.1 -44.2 
 
Profit development 2025 (comparable numbers 2024) 
During the second quarter of 2025, Karolinska Development’s revenue amounted to SEK 0.4 (0.5) million and 
consists primarily of services provided to portfolio companies. For the period January - June 2025 the revenue 
amounted to SEK 0.9 (1.0) million. 
Change in fair value of shares in portfolio companies of in total SEK -11.5 (-11.1) million includes the difference 
between the change in Net Portfolio Fair Value during the second quarter of 2025 with SEK -44.2 million and 
the investment in portfolio companies of SEK 1.8 million and divested portfolio companies of SEK 34.5 million.  
For the period January - June 2025 the change in fair value of shares in portfolio companies amounted to SEK      
-15.0 (-9.2) million.     
Interest income on loans to portfolio companies amounted to SEK 1.8 million during the second quarter of 2025 
(0.0 for the second quarter of 2024 as these are reported in net financial items). For the period January - June 
2025 the interest income on loans to portfolio companies amounted to SEK 3.5 million (SEK 0.0 as these are 
reported in financial items). 
Change in fair value of other financial assets and liabilities amounted to SEK -57.6 (2.0) million and were the 
consequence of changes in valuation of earn-out deals. The result is mainly due to the valuation of the earn-

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 18 Karolinska Development AB (publ) 
 
out agreement with Organon (regarding the sale of Forendo) after Organon announced that they plan to 
discontinue the OG-6219 clinical development program. Change in fair value of other financial assets and 
liabilities for the period January – June 2025 amounted to SEK -63.7 (6.9) million. 
During the second quarter of 2025 other expenses amounted to SEK 1.7 (2.2) million and personnel costs 
amounted to SEK 4.5 (6.5) million. The reduced personnel costs during the quarter compared to the previous 
year are the effect of personnel being made redundant. For the period January – June 2025 other expenses 
amounted to SEK 3.2 (3.6) million and personnel cost amounted to 9.7 (13.7) million. 
The operating profit/loss in the second quarter of 2025 amounted to SEK -73.4 million compared to SEK -17.5 
million in the second quarter 2024. The operating profit/loss for the period January - June 2025 amounted to   
-87.7 (-19.0) million. 
The financial net during the second 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 1.5 million in the 
second quarter of 2024 (of which interest income on loans to portfolio companies amounted to SEK 1.5 million). 
The financial net for the period January - June 2025 amounted to SEK 0.2 (3.2) million. 
The Investment Entity’s Net profit/loss amounted to SEK -73.3 (16.0) million in the second quarter of 2025. Net 
profit/loss for the period January - June 2025 amounted to SEK -87.5 (-15.8) million. 
 
 
Financial position 
The Investment Entity’s equity to total assets ratio amounted to 99% on 30 June 2025, which it also did on 30 
June 2024. 
The investment company's equity on 30 June 2025 amounted to SEK 1,151.2 million, compared to SEK 1,224.5 
million on 31 March 2025, a decrease by SEK -73.3 million. The decrease is a consequence of the profit/loss 
for the period of SEK -73.3 million.  
After the paying of operational costs and investments for the second quarter 2025, cash and cash equivalents 
amounted to SEK 71.1 million on 30 June 2025 compared to SEK 49.7 million on 30 June 2024. Net debt 
(negative net debt/ net cash) amounted to SEK -71.1 million on 30 June 2025 compared to the net debt of SEK 
-49.7 million on 30 June 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 second quarter of 2025, the Parent Company’s Net profit/loss amounted to SEK -73.3 (-16.0) million. 
The net profit/loss for the period January - June 2025 amounted to -87.5 (-15.8) million.  
The negative result for the second quarter of 2025 led to a decrease in equity of SEK 73.3 million from SEK 
1,224.5 million as of 31 March 2025 to SEK 1,151.2 million 30 June 2025. The decrease is a consequence of 
the profit/loss for the period of SEK -73.3 million.

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 19 Karolinska Development AB (publ) 
 
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 30 June 2025 was SEK 1.0, and the market capitalization amounted 
to SEK 273 million.  
The share capital of Karolinska Development on 30 June 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 30 June 2025 
amounted to 270,077,594 shares and 293,074,943 votes. 
Ownership 
On 30 June 2025, Karolinska Development had 12,618 shareholders. 
Shareholder A-Shares B-Shares Cap % Vote % 
invoX Pharma Ltd 0 128,736,381 47.67% 43.93% 
Worldwide International Investments Ltd 0 19,896,007 7.37% 6.79% 
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 5,175,556 1.92% 1.77% 
Stift För Främjande & Utveckling 2,555,261 0 0.95% 8.72% 
Coastal Investment Management LLC 0 2,470,541 0.91% 0.84% 
Steffensen Asset Management 0 2,313,187 0.86% 0.79% 
Nordnet Pensionsförsäkring 0 1,632,818 0.60% 0.56% 
Skandia Fonder 0 1,175,313 0.44% 0.40% 
Sum Top 10 Shareholders 2,555,261 175,386,009 65.89% 68.56% 
Sum Other Shareholders 0 92,136,324 34.11% 31.44% 
Sum All Shareholders 2,555,261 267,522,333 100.00% 100.00% 
 
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 continue to affect the economy and society as a whole, including Karolinska Development and its 
portfolio companies. Also 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 might be 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 the financial markets have not, as yet, been hit by the political and tariff turmoil. 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.

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 20 Karolinska Development AB (publ) 
 
Signing of the report 
 
Solna, 29 August 2025 
 
 
Benjamin Toogood   Philip Duong  Anders Härfstrand 
Chairman 
 
 
 
Anna Lefevre Skjöldebrand  Will Zeng   Viktor Drvota 
       CEO 
 
 
 
Dates for Publication of Financial Information 
Interim Report January – September 2025 14 November 2025 
Year-end Report 2025   13 February 2026 
Annual Report 2025    20 March 2026 
Interim Report January – March 2026  30 April 2026 
Interim Report January – June 2026  28 August 2026 
Interim Report January – September 2026 13 November 2026 
Karolinska Development is required by law to publish the information in this interim report. The information 
was published on 29 August 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 – Jun 2025 
Interim Report January – June 2025 21 Karolinska Development AB (publ) 
 
Financial Statements 
Condensed income statement for the Investment Entity 
SEK 000   Note 2025 
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Revenue   
386 487 923 958 1,838 
Change in fair value of 
shares in portfolio 
companies  2,3 -11,481 -11,078 -14,953 -9,213 1,579 
Interest income on loans 
to portfolio companies  5 1,832 - 3,460 - 5,202 
Change in fair value of 
other financial assets and 
liabilities  3 -57,610 2,004 -63,676 6,942 15,443 
Other expenses   -1,735 -2,212 -3,190 -3,570 -7,097 
Personnel costs   -4,528 -6,465 -9,743 -13,652 -25,126 
Depreciation of right-of-
use assets     -250 -250 -499 -499 -997 
Operating profit/loss     -73,386 -17,514 -87,678 -19,034 -9,158           
Financial net   5 70 1,522 168 3,250 1,057 
Profit/loss before tax   -73,316 -15,992 -87,510 -15,784 -8,101           Taxes     - - - - - 
NET PROFIT/LOSS FOR 
THE PERIOD     -73,316 -15,992 -87,510 -15,784 -8,101 
 
Condensed statement of comprehensive income for the Investment Entity 
SEK 000   Note 2025 
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Net profit/loss for the 
period     -73,316 -15,992 -87,510 -15,784 -8,101 
Total comprehensive 
income/loss for the 
period   
  
-73,316 -15,992 -87,510 -15,784 -8,101 
 
Earnings per share for the Investment Entity 
SEK   Note 2025 
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Earnings per share, 
weighted average before 
dilution  -0.27 -0.06 -0.32 -0.06 -0.03 
Number of shares, 
weighted average before 
dilution  269,833,309 269,833,309 269,833,309 269,833,309 269,833,309 
Earnings per share, 
weighted average after 
dilution  -0.27 -0.06 -0.32 -0.06 -0.03 
Number of shares, 
weighted average after 
dilution   269,833,309 269,833,309 269,833,309 269,833,309 269,833,309

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 22 Karolinska Development AB (publ) 
 
Condensed balance sheet for the Investment Entity 
SEK 000   Note 30 Jun 2025 30 Jun 2024 31 Dec 2024 
ASSETS           
Tangible assets       
Right-of-use assets   1,662 2,659 2,161 
Financial assets       
Shares in portfolio companies at fair value 
through profit or loss  2,3 1,058,948 1,113,915 1,120,777 
Other financial assets   4 9,039 64,711 71,271 
Total non-current assets   1,069,649 1,181,285 1,194,209   
     Current assets  
Receivables from portfolio companies   1,911 434 1,126 
Other financial assets  4 9,584 10,037 11,084 
Other current receivables   6,836 1,053 2,400 
Prepaid expenses and accrued income   1,353 1,926 1,151 
Cash and cash equivalents     71,107 49,717 42,010 
Total current assets     90,791 63,167 57,771 
TOTAL ASSETS     1,160,440 1,244,452 1,251,980   
     EQUITY AND LIABILITIES  
Total equity  
 
1,151,213 1,231,040 1,238,723   
     Current liabilities  
Other financial liabilities   44 190 100 
Accounts payable   472 1,282 762 
Liability to make lease payment   1,858 2,595 2,112 
Other current liabilities   1,618 1,754 684 
Accrued expenses and prepaid income     5,235 7,591 9,599 
Total current liabilities     9,227 13,412 13,257 
Total liabilities     9,227 13,412 13,257 
TOTAL EQUITY AND LIABILITIES     1,160,440 1,244,452 1,251,980 
 
Condensed statement of changes in the Investment Entity’s equity 
SEK 000   Not 30 Jun 2025  30 Jun 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     -1,587,391 -1,507,564 -1,499,881 
Closing balance, equity     1,151,213 1,231,040 1,238,723

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 23 Karolinska Development AB (publ) 
 
Condensed statement of cash flows for the Investment Entity 
SEK 000   Note  2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Operating activities           
Operating profit/loss   -87,678 -19,034 -9,158 
Adjustments for items not affecting cash flow       
Depreciation  499 499 997 
Change in fair value  78,629 2,271 -17,022 
Other items  -3,425 270 -4,040 
Cash flow from operating activities before changes in 
working capital and operating investments   -11,975 -15,994 -29,223    
    Cash flow from changes in working capital  
Increase (-)/Decrease (+) in operating receivables   -5,252 -1,113 -1,284 
Increase (+)/Decrease (-) in operating liabilities     -3,482 2,269 2,677 
Cash flow from operating activities   -20,709 -14,838 -27,830        Investment activities  
Part payment from earn-out deal   - 82 887 
Proceeds from sale of shares in portfolio companies   64,212 - 41,497 
Acquisitions of shares in portfolio companies   -13,875 -20,253 -56,753 
Cash flow from investment activities     50,337 -20,171 -14,369        Financing activities  
Amortization of lease liabilities     -531 -546 -1,063 
Cash flow from financing activities   -531 -546 -1,063 
   
29,097 -35,555 -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     71,107 49,717 42,010

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 24 Karolinska Development AB (publ) 
 
Condensed income statement for the Parent Company 
SEK 000   Note 2025 
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Revenue   387 487 923 958 1,838 
Change in fair value of shares 
in portfolio companies 2,3 -11,481 -11,078 -14,953 -9,213 1,579 
Interest income on loans to 
portfolio companies   1,832 - 3,460 - 5,202 
Change in fair value of 
other financial assets and 
liabilities   -57,610 2,004 -63,676 6,942 15,443 
Other expenses   -2,002 -2,478 -3,721 -4,102 -8,160 
Personnel costs     -4,528 -6,465 -9,743 -13,652 -25,126 
Operating profit/loss   -73,402 -17,530 -87,710 -19,067 -9,224           
Financial net     88 1,550 206 3,308 1,162 
Profit/loss before tax   -73,314 -15,980 -87,504 -15,759 -8,062 
          
Tax     - - - - - 
NET PROFIT/LOSS FOR 
THE PERIOD     -73,314 -15,980 -87,504 -15,759 -8,062 
 
Condensed statement of comprehensive income for the Parent Company  
SEK 000   Note 2025 
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Net profit/loss for the period     -73,314 -15,980 -87,504 -15,759 -8,062 
Total comprehensive 
income/loss for the 
period     -73,314 -15,980 -87,504 -15,759 -8,062

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 25 Karolinska Development AB (publ) 
 
Condensed balance sheet for the Parent Company  
SEK 000   Note 30 Jun 2025 30 Jun 2024 31 Dec 2024 
            
ASSETS       
Financial non-current assets       
Shares in portfolio companies at fair value 
through profit or loss 2,3 1,058,948 1,113,915 1,120,777 
Other financial assets   4 9,039 64,711 71,271 
Total non-current assets     1,067,987 1,178,626 1,192,048   
     Current assets  
Receivables from portfolio companies   1,911 434 1,127 
Other financial assets  4 9,584 10,037 11,084 
Other current receivables   6,836 1,053 2,400 
Prepaid expenses and accrued income   1,353 1,926 1,151 
Cash and cash equivalents     71,107 49,717 42,010 
Total current assets     90,791 63,167 57,772 
TOTAL ASSETS     1,158,778 1,241,793 1,249,820   
     EQUITY AND LIABILITIES  
       
Total equity   1,151,169 1,230,977 1,238,673   
     Current liabilities  
Other financial liabilities   44 190 100 
Accounts payable   472 1,282 762 
Other current liabilities   1,858 1,753 686 
Accrued expenses and prepaid income     5,235 7,591 9,599 
Total current liabilities     7,609 10,816 11,147 
Total liabilities     7,609 10,816 11,147 
TOTAL EQUITY AND LIABILITIES     1,158,778 1,241,793 1,249,820 
 
Condensed statement of changes in equity for the Parent Company   
SEK 000   Not 30 Jun 2025 30 Jun 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     -1,587,435 -1,507,627 -1,499,931 
Closing balance, equity     1,151,169 1,230,977 1,238,673

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 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 2025  
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 - June 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 71.1 million).  
Equity to total assets ratio: Equity divided by total assets.

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 2025 27 Karolinska Development AB (publ) 
 
Net asset value as of 30 June 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  33,849 0.13 2.9% 
Total listed assets     33,849 0.13 2.9% 
Unlisted assets       
AnaCardio   60,628 0.22 5.3% 
Boost Pharma   10,125 0.04 0.9% 
Dilafor   50,420 0.19 4.4% 
PharmNovo   35,177 0.13 3.1% 
SVF Vaccines   28,268 0.10 2.5% 
Umecrine Cognition   627,547 2.33 54.6% 
KCIF Co-Investment Fund KB1   3,622 0.01 0.3% 
KDev Investments1   209,312 0.78 18.2% 
Total unlisted assets     1,025,099 3.80 89.2% 
Net of other liabilities and debts2     89,686 0.33 7.8% 
Total net asset value     1,148,634 4.26 100.0% 
 
1The company has both listed and unlisted assets. 
2 Includes SEK 71.1 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  
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Full-year 
2024 
Jan-Jun 
Result level 1               
Listed companies, realized   6,008 - 8,962 - 8,383 
Listed companies, unrealized   -2,976 -8,532 -10,902 -4,103 843 
Total level 1     3,032 -8,532 -1,940 -4,103 9,226          
Result level 3         
Unlisted companies, realized   -5,150 80 -5,580 803 -1,245 
Unlisted companies, unrealized   -9,363 -2,626 -7,433 -5,913 -6,402 
Total level 3     -14,513 -2,546 -13,013 -5,110 -7,647 
Total      -11,481 -11,078 -14,953 -9,213 1,579 
 
Shares in portfolio companies, at fair value through profit or loss 
 
SEK 000     30 Jun 2025 30 Jun 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   17,335 22,730 61,998 
Sales during the year   -64,212 - -43,197 
Changes in fair value in net profit/loss for the 
year   -14,953 -9,213 1,579 
Closing balance     1,058,948 1,113,915 1,120,777

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

INTERIM REPORT 
Jan – Jun 2025 
Interim Report January – June 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 30 June 2025 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets         
Shares in portfolio companies, at fair value 
through profit or loss 33,849 - 1,025,099 1,058,948 
Other financial assets - - 18,623 18,623 
Cash and cash equivalents 71,107 - - 71,107 
Total 104,956 0 1,043,722 1,148,678 
Financial liabilities         
Other financial liabilities - - 44 44 
Total - 0 44 44 
Fair value as of 30 June 2024 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets     
Shares in portfolio companies, at fair value 
through profit or loss 120,495 - 993,420 1,113,915 
Other financial assets - - 74,748 74,748 
Cash, cash equivalents 49,717 - - 49,717 
Total 170,212 0 1,068,168 1,238,380 
Financial liabilities     Other financial liabilities - - 190 190 
Total - 0 190 190 
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  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 – Jun 2025 
Interim Report January – June 2025 29 Karolinska Development AB (publ) 
 
Fair value (level 3) as of 30 June 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   12,049 - - 
Gains and losses recognized through profit or loss   -13,013 -63,732 -56 
Closing balance 30 June 2025   1,025,099 18,623 44 
Realized gains and losses for the period included in profit or 
loss   -5,580 0 0 
Unrealized gains and losses in profit or loss for the period 
included in profit or loss   -7,433 -63,732 56 
 
Fair value (level 3) as of 30 June 2024 
SEK 000 
  
Shares in 
portfolio 
companies 
Other 
financial 
assets 
Other 
financial 
liabilities 
At beginning of the year  975,800 67,829 130 
Acquisitions  22,730 - - 
Compensations  - -82 - 
Gains and losses recognized through profit or loss   -5,110 7,001 60 
Closing balance 30 June 2024   993,420 74,748 190 
Realized gains and losses for the period included in profit or 
loss   803 82 - 
Unrealized gains and losses in profit or loss for the period 
included in profit or loss   -5,913 6,919 -60 
 
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 82,355 100 
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 – Jun 2025 
Interim Report January – June 2025 30 Karolinska Development AB (publ) 
 
Shares in portfolio companies (Level 3) as of 30 June 2025 
SEK 000 Ownership  Market value   Valuation model1 
          
AnaCardio 10.0%  60,628  Last post money 
Boost Pharma 13.6%  10,125  Last post money 
Dilafor 2.7%  50,420  Last post money 
PharmNovo 20.0%  35,177  Last post money 
SVF Vaccines 32.7% 28,268  Last post money 
Umecrine Cognition 72.6%  627,547  External valuation2 
KCIF Co-Investment Fund KB 26.0%  3,622  A combination of share price 
listed company and fair value of 
financial asset3 
KDev Investments  90.1%  209,312  A combination of last post 
money and share price listed 
company4 
Total level 3   1,025,099     
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 91% of the total fair value of KDev Investments. 
 
 
Sensitivity analysis of significant holdings 30 June 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 – Jun 2025 
Interim Report January – June 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 325.9 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 30 Jun 2025 30 Jun 2024 31 Dec 2024 
Karolinska Development Portfolio Fair Value (unlisted companies) 815,786 758,579 807,798 
Karolinska Development Portfolio Fair Value (listed companies) 33,849 120,495 94,713 
KDev Investments Portfolio Fair Value 535,243 574,962 549,021 
Total Portfolio Fair Value 1,384,878 1,454,036 1,451,532 
        
Potential distribution to Rosetta Capital of fair value of KDev 
Investments -325,930 -340,121 -330,754 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) 1,058,948 1,113,915 1,120,777 
 
NOTE 4 Other financial assets 
SEK 000     30 Jun 2025  30 Jun 2024 31 Dec 2024 
Other financial assets, non-current 
      
Earn-out agreement Forendo Pharma 
  9,039 64,711 71,271 
Earn-out agreement Oncopeptides 
  - 0 0 
Total     9,039 64,711 71,271 
Other financial assets, current           
Earn-out agreement Forendo Pharma     9,584 10,037 11,084 
Total     9,584 10,037 11,084 
Total other financial assets     18,623 74,748 82,355 
 
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 18.6 million, whereof Karolinska Development expects SEK 9.6 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 were entitled to additional future 
payments upon the achievement of certain development, registration and commercial milestones pertaining to 
Forendo Pharma's drug candidates. Following Organon's update regarding the development of the drug 
candidate OG-6219, which is based on results from a Phase 2 clinical study in endometriosis-related pain, 
Organon plans to discontinue the development program with OG-6219, resulting in a fair value adjustment for 
Karolinska Development by SEK -57.6 million as the acquisition agreement included the right to an additional 
purchase price. The acquisition of Forendo included two drug candidates, of which OG-6219 was the most 
advanced drug project. 
 
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 – Jun 2025 
Interim Report January – June 2025 32 Karolinska Development AB (publ) 
 
 
 
NOTE 5 Interest income on loans to portfolio companies1) 
SEK 000     2025  
Apr-Jun 
2024 
Apr-Jun 
2025 
Jan-Jun 
2024 
Jan-Jun 
2024 
Full-year 
Net operations 
         
Interest on loans to portfolio companies 
  1,832 - 3,460 - 5,202 
Total     1,832 0 3,460 0 5,202 
Financial net               
Interest on loans to portfolio companies 
and other interest     70 1,522 168 3,250 1,057 
Total     70 1,522 168 3,250 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 second quarter of 2024 amounted to KSEK 1,218 and for the 
period January – June 2024 KSEK 2,477). Other interest income is reported in net financial items. 
 
 
NOTE 6  Pledge assets and contingent liabilities 
SEK 000     30 Jun 2025  30 Jun 2024 31 Dec 2024 
Pledge assets       
       
Contingent liabilities       
Loan to portfolio company   26,454 - - 
Loan commitment to portfolio company   - - 5,000 
Investment agreement in portfolio company     - 18,500 - 
Summa     26,454 18,500 5,000