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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 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 third quarter was SEK -66.8 million (SEK -10.9 million in the third quarter 
of 2024). Earnings per share totaled SEK -0.25 (SEK -0.04 in the third quarter of 2024). Net 
profit/loss for the period January – September 2025 amounted to SEK -154.3 (-26.7) million. 
 The result of the Change in fair value of shares in portfolio companies for the third quarter 
amounted to SEK -65.4 million (SEK -7.9 million in the third quarter of 2024). The result is mainly 
due to the value of Umecrine Cognition, where the market value has been adjusted to the decided 
terms for an early redemption of the convertible loans during the fourth quarter of 2025, as well 
as a decline in the price of the listed holding Modus Therapeutics. Change in fair value of shares 
in portfolio companies for the period January – September 2025 amounted to SEK -80.3 (-17.1) 
million 
 The total fair value of the portfolio was SEK 1,346.7 million at the end of September 2025, 
corresponding to a decrease of SEK 38.2 million from SEK 1,384.9 million at the end of the 
previous quarter. The net portfolio fair value at the end of September 2025 was SEK 
1,022.0 million, corresponding to a decrease of SEK 36.9 million from SEK 1,058.9 million at the 
end of the previous quarter. The main reason for the net decrease in fair value was the adjustment 
of the new market price of Umecrine Cognition linked to the upcoming redemption of convertible 
loans together with the downturn in the share price of the listed holding Modus Therapeutics.  
 The result of Change in fair value of other financial assets and liabilities (earn-out agreements) 
for the third quarter amounted to SEK 0.3 million (SEK -0.5 million in the third quarter of 2024). 
Change in fair value of other financial assets and liabilities for the period January – September 
2025 amounted to SEK -63.4 (6.4) million. 
Other financial assets, current and non-current, (earn-out agreements) amounted to SEK 18.9 
million at the end of September 2025, an increase of SEK 0.3 million from SEK 18.6 million at the 
end of the previous quarter. 
 Net asset value amounted to SEK 1,085.4 million, per share SEK 4.0, at the end of September 
2025 (SEK 1,224.4 million, per share SEK 4.5 at the end of September 2024). 
Q3

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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 2 Karolinska Development AB (publ) 
 
 Net sales totaled SEK 0.3 million during the third quarter of 2025 (SEK 0.4 million during the third 
quarter of 2024). Net sales for the period January – September 2025 totaled SEK 1.2 (1.3) million. 
 Karolinska Development invested a total of SEK 28.4 million in portfolio companies during the 
third quarter of 2025 (SEK 19.8 million in the third quarter of 2024). Third quarter 2025 
investments in portfolio companies by Karolinska Development and other specialized life 
sciences investors totaled SEK 34.6 million (SEK 19.8 million in the third quarter of 2024). 
 Cash and cash equivalents decreased by SEK 26.6 million, an effect of investments and operating 
activities during the third quarter, totaling SEK 44.5 million on 30 September 2025 (SEK 29.3 
million on 30 September 2024). 
 
Significant events during the third quarter 
 Karolinska Development announced an update from Organon on the development of the drug 
candidate OG-6219, acquired by Organon through its acquisition of Forendo Pharma in 2021. 
Following results from a phase 2 clinical study with OG-6219, Organon plans to discontinue the 
clinical development of the drug candidate (July 2025).  
 The portfolio company Modus Therapeutics completed patient enrollment on schedule to the 
part 1 of its ongoing clinical phase 2a study with sevuparin, which is being evaluated as a 
treatment for patients with chronic kidney disease with anemia (July 2025). 
 The portfolio company Umecrine Cognition raised SEK 24.6 million through a convertible loan 
to be used for the ongoing clinical phase 1b/2a study of golexanolone in Primary biliary cholangitis 
(PBC). The convertible loan with attached share options is directed to a consortium of existing 
long-term shareholders and investors in Umecrine Cognition, including Karolinska Development 
(July 2025). 
 The portfolio company Modus Therapeutics raised SEK 28.3 million in a unit issue with a 
subscription rate of 189 percent. The proceeds from the rights issue are intended to finance the 
continued development of the drug candidate, sevuparin, for the treatment of chronic kidney 
disease (August 2025). 
 The portfolio company Umecrine Cognition presented data showing that its drug candidate 
golexanolone provides sustained reversal of neuroinflammation in a Parkinson's disease model. 
The data, published in the scientific journal Frontiers in Immunology, support a key mechanism 
for golexanolone in alleviating symptoms of Parkinson’s disease, which paves the way for the use 
of golexanolone as a chronic treatment (September 2025). 
 The portfolio company AnaCardio completed enrollment in the phase 2a part of its clinical study 
GOAL-HF1. The ongoing study evaluates AnaCardio’s drug candidate AC01 in patients with heart 
failure and reduced ejection fraction, with results expected by the end of the year (September 
2025). 
 
Significant post-period events 
 The portfolio company Dilafor was granted a patent in the US protecting its drug candidate 
tafoxiparin for its main target indication, priming of labor. The patent will serve as a key asset as 
Dilafor advances into phase 3 clinical development of tafoxiparin (October 2025).

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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 3 Karolinska Development AB (publ) 
 
 The portfolio company PharmNovo received approval from the Spanish regulatory authorities to 
initiate a phase 2a clinical trial of its drug candidate, PN6047, being developed as a treatment for 
neuropathic pain. The trial will be conducted in the EU, but has been fully aligned with the 
requirements defined by the U.S. Food and Drug Administration (FDA), earlier this year (October 
2025). 
 The portfolio company SVF Vaccines presented positive results from a preclinical study of its 
immunotherapy SVF-001 targeting chronic hepatitis B and D at the Molecular Biology of HBV 
meeting in Berlin and the DeltaCure meeting in Hannover (October 2025). 
 Karolinska Development has exercised its pro rata participation of SEK 7.5 million in BOOST 
Pharma’s latest financing. In total, BOOST Pharma’s financing, structured as a convertible loan, 
brought SEK 15 million to the company. The investment supports the continued preparation for 
phase 3 clinical development of BT-101, a pioneering stem cell-based therapy for Osteogenesis 
imperfecta (OI), also known as Brittle bone disease (October 2025). 
 The portfolio company BOOST Pharma presented new positive long-term data from the 
BOOSTB4 phase 1/2 trial with the company’s cell therapy BT-101 targeting the rare bone disease 
Osteogenesis imperfecta. The new results comprise two-year follow-up data from the trial and 
were selected for presentation at the prestigious 15th International Conference on Osteogenesis 
imperfecta (OI) in Hong Kong (October 2025). 
 The portfolio company BOOST Pharma raised a SEK 34 million investment structured as a 
tranched convertible loan from Sound Bioventures. The investment supports continued clinical 
development of BT-101, a pioneering stem cell-based therapy for osteogenesis imperfecta (OI), 
also known as Brittle bone disease (November 2025). 
 The portfolio company Modus Therapeutics received regulatory approval to initiate the second 
part of the phase 2 study with sevuparin as a treatment of chronic kidney disease with anemia. 
The study will be initiated in Q4 2025, in line with the company’s development timeline (November 
2025). 
 
 
Viktor Drvota, CEO of Karolinska Development, comments: 
“We are now approaching a period during which several portfolio companies will conclude their clinical studies, 
yielding exciting data readouts”. 
 
 
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 – Sep 2025 
Interim Report January – September 2025 4 Karolinska Development AB (publ) 
 
Chief Executive’s Report  
Our portfolio company Modus secured capital for the continued development of its candidate 
drug in an oversubscribed rights issue despite a challenging capital market landscape with 
limited access to risk capital. Our focus in this testing global environment continues to be on our 
existing portfolio companies, and we are delighted to say that the immediate future for these 
companies looks very exciting indeed. AnaCardio, for example, is approaching the data readout 
stage in its clinical study in patients with heart failure, while Umecrine Cognition continues to 
make strong progress in recruiting for its PBC (Primary biliary cholangitis) study, and two of our 
other portfolio companies, Dilafor and BOOST Pharma, are now preparing registration-enabling 
studies following FDA clearance for the next stage of their development work.  
AnaCardio completes phase 2a study 
Our portfolio company AnaCardio is, at the time of writing, in the process of completing the 
clinical phase 2a study of its candidate drug AC01, which is being evaluated in patients with 
heart failure and reduced ejection fraction. The final patient was enrolled in September, and 
results are expected shortly. AC01 represents a completely new approach to treating patients 
with heart failure and we are looking forward to the results, which will be incredibly important for 
both AnaCardio and the continued development of AC01.  
Financing and new data boost Umecrine Cognition 
The third quarter saw Umecrine Cognition secure financing to continue its ongoing study of 
golexanolone in patients with Primary biliary cholangitis (PBC) through a convertible loan 
directed at an investor consortium that includes Karolinska Development. The study is 
proceeding according to plan, and a planned evaluation will be conducted at the end of the year 
to assess whether the patient population will provide conclusive data or whether the number of 
patients needs to be expanded. If the patient base is deemed sufficient, top line results from the 
study are expected in the first half of 2026.  
Umecrine Cognition has also published data showing a sustained effect of golexanolone in a 
preclinical Parkinson’s disease model. The study also demonstrates golexanolone’s mechanism 
of action in alleviating cognitive symptoms in Parkinson’s disease and this, coupled with the 
promising efficacy results, paves the way for the potential use of the candidate drug as a chronic 
treatment.  
Dilafor strengthens US patent protection 
In October, our portfolio company Dilafor was awarded a patent for the use of its candidate 
drug, tafoxiparin, in the priming of spontaneous labour. The patent, which strengthens Dilafor’s 
intellectual property protection through 2043, will be a key asset as Dilafor advances into phase 
3 clinical development of tafoxiparin.  
Dilafor has also, after productive interactions with both US and European authorities in recent 
years, achieved consensus with the authorities regarding the design of a registration-enabling 
clinical phase 3 study in Europe and the USA.  
BOOST Pharma paves the way for pivotal study 
The Danish cell therapy company BOOST Pharma has also held successful dialogues with the 
US authorities and was recently given clearance to proceed with the clinical development of its 
cell therapy, BT-101, in accordance with the proposed plan. BT-101 is a unique potential 
treatment for the bone disease, Osteogenesis imperfecta (also known as Brittle bone disease), 
in children. No other treatment has shown such promising results as BOOST’s cell therapy, and 
the ability to commence treatment immediately upon diagnosis, either before or shortly after 
birth, offers an excellent chance to ensure the best possible conditions for the child during the

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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 5 Karolinska Development AB (publ) 
 
early years of its life. At the end of October, BOOST Pharma presented positive long-term data 
from a two-year follow-up, showing that the reduction in fracture frequency had increased to 
78% and that over half of the children in the study had avoided fractures completely during the 
first two years.  
The next step for BOOST Pharma primarily involves preparations for the pivotal phase 3 study 
of BT-101. Ahead of continued clinical development, the company has strengthened its financial 
position after the end of the quarter. Through a private placement to Sound Bioventures, 
BOOST Pharma has received SEK 34 million, and through a convertible loan, Karolinska 
Development and Industrifonden have jointly contributed SEK 15 million.  
Modus continues study after successful financing round 
Karolinska Development’s portfolio company, Modus Therapeutics, is currently preparing to 
initiate the second part of the company’s ongoing clinical phase 2 study of its candidate drug, 
sevuparin, in the treatment of multiple inflammatory diseases. A challenging market 
environment notwithstanding, Modus conducted an oversubscribed unit issue during the quarter 
and is consequently able to progress the project. The remaining part of the study is designed to 
evaluate the therapeutic potential of repeated dosing – an important value-driving milestone in 
the development programme. The final results are expected in 2026.  
PharmNovo to start study in Spain 
Portfolio company PharmNovo has in October received approval from Spanish authorities to 
start a clinical phase 2a study with the drug candidate PN6047. The study evaluates a new 
treatment for complex neuropathic pain that does not give rise to the addiction problems 
associated with common opioids. 
Positive data from SVF Vaccines hepatitis project 
After the end of the quarter, portfolio company SVF Vaccines presented positive data from a 
preclinical study with the company's immunotherapy SVF-001 against chronic hepatitis B and 
D at two scientific conferences in Germany. Study data show that SVF-001 has an antiviral 
effect in a preclinical model with simultaneous infection of hepatitis B and D and supports the 
therapeutic potential of the project. 
 
Exciting times ahead!  
We are now approaching a period in which several portfolio companies will conclude their 
clinical studies, yielding exciting data readouts. Our primary focus is on helping them achieve 
their goals and on entering into agreements for their continued development and 
commercialisation – important value-driving activities for the companies, the shareholders and, 
ultimately, the patients 
Solna, 14 November 2025 
 
Viktor Drvota 
Chief Executive Officer

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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 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 September 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. project.

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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 7 Karolinska Development AB (publ)

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INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 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 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 successfully completed scientific advisory meetings with the FDA and 
several European regulatory authorities, reaching alignment on the design of the registrational 
phase 3 studies in Europe and the United States for tafoxiparin. 
 In October 2025, Dilafor was granted a U.S. patent protecting the use of tafoxiparin for induction 
of labor. The patent is valid until at least May 2043 and represents an important asset as 
tafoxiparin advances into phase 3 clinical development. 
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 – Sep 2025 
Interim Report January – September 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.  
This 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. 
This 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 October 2025, Karolinska Development invested SEK 7.5 million in BOOST Pharma to support 
preparations for the pivotal Phase 3 study of BT-101. 
 During the same month, BOOST Pharma presented two-year data from the Phase 1/2 BOOSTB4 
study at the 15th International Conference on OI in Hong Kong: >50% of patients remained fracture-
free and total fracture reduction reached 78%. 
 In November 2025, BOOST Pharma raised SEK 34 million through a tranched convertible loan 
from Sound Bioventures to accelerate the development of BT-101. 
Expected milestones 
 A registration-enabling phase 3 study is expected to start 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 – Sep 2025 
Interim Report January – September 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 by 2029. 
Recent progress 
 In May 2025, Umecrine Cognition presented validation data for the new CGI-S-PBC™ clinical 
scale at the EASL Congress 2025. 
 In the same month, 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. 
 In September 2025, the company published preclinical data showing sustained reversal of 
neuroinflammation in a Parkinson’s disease model with golexanolone. 
Expected milestones 
Topline data from the phase 2 study of golexanolone in patients with PBC are expected in H1 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 60% 
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 – Sep 2025 
Interim Report January – September 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. 
Modus Therapeutics is conducting a phase 2 clinical study to evaluate sevuparin as a treatment for chronic 
kidney disease (CKD) with anemia. Part 1, initiated at the end of 2024, has been completed and showed that 
sevuparin was well tolerated at all dose levels, with no treatment discontinuations or clinically significant safety 
signals. The results form the basis for Part 2, which will evaluate the effects of repeated dosing on 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 costliest 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 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. 
 In September 2025, Modus Therapeutics resolved a compensation issue to the guarantors, all 
of whom opted to receive compensation in units. 
 In the same month, the company presented new preclinical data for sevuparin at the 32nd 
Symposium on Glycosaminoglycans, supporting its continued development in CKD with anemia. 
 In November 2025, Modus Therapeutics received regulatory approval for Part 2 of its Phase 2a 
CKD-anemia study and remains on track to start in Q4 2025. 
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 54% 
KDev Investments 1% 
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 – Sep 2025 
Interim Report January – September 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 and reduced ejection fraction (HFrEF). 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 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 favorable development path for AC01 treatment of chronic HFrEF. 
 In September 2025, AnaCardio strengthened its leadership team with the appointment of Philipp 
Mathieu as Chief Financial Officer (CFO). 
 In the same month 2025, AnaCardio announced that target enrollment in the phase 2a portion of 
GOAL-HF1 (AC01 in HFrEF) had been completed, results are expected by the end of 2025. 
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 – Sep 2025 
Interim Report January – September 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 2a proof-of-concept study of PN6047 in patients with neuropathic pain. 
 In October 2025, PharmNovo secured clinical trial application (CTA) approval in Spain to initiate a 
phase 2a proof-of-concept study of PN6047 for the treatment of 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 – Sep 2025 
Interim Report January – September 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 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 worldwide live with a 
chronic hepatitis B infection. Each year, one million chronic carriers of the virus die from complications.  
Globally, an estimated 15–25 million people are infected with 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. 
 In October 2025, SVF Vaccines reported positive preclinical data for SVF-001 in chronic hepatitis 
B/D, showing marked reductions in HBV DNA and HDV RNA. 
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 – Sep 2025 
Interim Report January – September 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 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. 
 In August 2025, Promimic reported a record number of new customer agreements during the 
second quarter of 2025. 
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 – Sep 2025 
Interim Report January – September 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 
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Jun 
2024 
Full-year 
Condensed income statement           
Change in fair value of shares in portfolio 
companies  -65.4 -7.9 -80.3 -17.1 1.6 
Net profit/loss  -66.8 -10.9 -154.3 -26.7 -8.1 
Balance sheet information           
Cash and cash equivalents  44.5 29.3 44.5 29.3 42.0 
Net asset value (Note 1)  1,085.4 1,224.4 1,085.4 1,224.4 1,245.0 
Net debt (Note 1)  -44.5 -29.3 -44.5 -29.3 -42.0 
Share information           Earnings per share, weighted average 
before dilution (SEK)  -0.2 0.0 -0.6 -0.1 0.0 
Earnings per share, weighted average 
after dilution (SEK)  -0.2 0.0 -0.6 -0.1 0.0 
Net asset value per share (SEK) (Note 1) 4.0 4.5 4.0 4.5 4.6 
Equity per share (SEK) (Note 1)  4.0 4.5 4.0 4.5 4.6 
Share price, last trading day in the 
reporting period (SEK)  0.9 1.2 0.9 1.2 1.0 
Portfolio information          
Investments in portfolio companies  28.4 19.8 45.7 42.6 62.0 
Of which investments not affecting cash flow 2.0 1.4 5.4 3.8 5.2 
Portfolio companies at fair value through 
profit or loss   1,022.0 1,121.8 1,022.0 1,121.8 1,120.8 
 
Financial Development for the Investment Entity in 2025 
Investments (comparable numbers 2024) 
Investments in the portfolio in the third quarter of 2025 by external investors and Karolinska Development 
amounted to SEK 63.1 (33.7) million, whereof 55% (41%) by external investors.  
Karolinska Development invested during the third quarter 2025 SEK 28.4 (19.8) million, of which SEK 26.5 
(18.5) million was cash investments. Investments were made in Umecrine Cognition with SEK 15.0 million, 
Modus Therapeutics with SEK 10.0 million, KDev Investments with SEK 1,3 million and Dilafor with SEK 0.1 
million. Non-cash investments (accrued interest on loans) amounted to SEK 2.0 (1.4) million.  
Investments by external investors in the portfolio companies during the third quarter 2025 amounted to SEK 
34.6 (13.8) million and were made in Umecrine Cognition, Modus Therapeutics, Dilafor and PharmNovo.

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 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-Q3 2025 
Umecrine Cognition 18.1 11.6 29.6 
Modus Therapeutics 15.4 14.6 30.0 
Dilafor 4.8 8.3 13.1 
Boost Pharma 3.4 3.4 6.8 
SVF Vaccines 2.8 0.0 2.8 
KDev Investments 1.3 0.0 1.3 
OssDsign 0.0 158.1 158.1 
PharmNovo 0.0 6.9 6.9 
Total 45.7 202.8 248.6 
 
Portfolio Fair Value 
Fair Value of the portfolio companies owned directly by Karolinska Development showed a net decrease by 
SEK 34.4 million during the third quarter 2025. The main reason for the decrease in fair value was the adjusted 
fair value in Umecrine Cognition, where the value has been adjusted to the now known conditions for an early 
redemption of the convertible loans during the fourth quarter of 2025, as well as a downturn in share price in 
the listed holding Modus Therapeutics. 
Fair Value of the portfolio companies owned indirectly via KDev Investments decreased by SEK 3.7 million 
during the third quarter 2025. The main reason for the decrease in Fair value of the portfolio companies was 
the downturn in share price in the listed holdings Promimic and Modus Therapeutics. 
Total Fair Value from portfolio companies owned directly by Karolinska Development and indirectly via KDev 
Investments decreased by SEK 38.1 million in the third quarter 2025. 
Because 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 1.2 million, resulting in Net Portfolio Fair Value decreasing by 
SEK 36.9 million in the third quarter 2025. 
SEKm 30 Sep 2025 30 Jun 2025 
Q3 2025 vs        
Q2 2025 
Karolinska Development Portfolio Fair Value (unlisted companies) 774.4 815.8 -41.4 
Karolinska Development Portfolio Fair Value (listed companies) 40.8 33.8 7.0 
KDev Investments Portfolio Fair Value 531.5 535.2 -3.7 
Total Portfolio Fair Value 1,346.7 1,384.9 -38.1 
Potential distribution to Rosetta Capital of fair value of KDev 
Investments -324.7 -325.9 1.2 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) 1,022.0 1,058.9 -36.9 
 
Profit development 2025 (comparable numbers 2024) 
During the third quarter of 2025, Karolinska Development’s revenue amounted to SEK 0.3 (0.4) million and 
consists primarily of services provided to portfolio companies. For the period January - September 2025 the 
revenue amounted to SEK 1.2 (1.3) million. 
Change in fair value of shares in portfolio companies of in total SEK -65.4 (-7.9) million includes the difference 
between the change in Net Portfolio Fair Value during the third quarter of 2025 with SEK -39.9 million and the 
investment in portfolio companies of SEK 28.4 million.  For the period January - September 2025 the change 
in fair value of shares in portfolio companies amounted to SEK -80.3 (-17.1) million.     
Interest income on loans to portfolio companies amounted to SEK 2.0 million during the third quarter of 2025 
(0.0 for the third quarter of 2024 as these are reported in net financial items). For the period January - 
September 2025 the interest income on loans to portfolio companies amounted to SEK 5.4 million (SEK 0.0 as 
these are reported in financial items).

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 18 Karolinska Development AB (publ) 
 
Change in fair value of other financial assets and liabilities amounted to SEK 0.3 (-0.5) million and were the 
consequence of changes in valuation of earn-out deals. Change in fair value of other financial assets and 
liabilities for the period January – September 2025 amounted to SEK -63.4 (6.4) million. 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. 
During the third quarter of 2025 other expenses amounted to SEK 1.2 (1.5) million and personnel costs 
amounted to SEK 2.7 (2.7) million. For the period January – September 2025 other expenses amounted to 
SEK 4.4 (5.0) million and personnel cost amounted to 12.4 (16.3) million. The reduced personnel costs 
compared to the previous year are the effect of personnel being made redundant. 
The operating profit/loss in the third quarter of 2025 amounted to SEK -66.9 million compared to SEK -12.4 
million in the third quarter 2024. The operating profit/loss for the period January - September 2025 amounted 
to   -154.5 (-31.4) million. 
The financial net during the third 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 
third 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 - September 2025 amounted to SEK 0.2 (4.2) million. 
The Investment Entity’s Net profit/loss amounted to SEK -73.3 (16.0) million in the third quarter of 2025. Net 
profit/loss for the period January - September 2025 amounted to SEK -87.5 (-26.7) million. 
 
Financial position 
The Investment Entity’s equity to total assets ratio amounted to 99% on 30 September 2025, which it also did 
on 30 September 2024. 
The investment company's equity on 30 September 2025 amounted to SEK 1,084.4 million, compared to SEK 
1,151.2 million on 30 June 2025, a decrease by SEK 66.8 million during the quarter. The decrease is a 
consequence of the profit/loss for the period of SEK -66.8 million.  
After paying operational costs and investments for the third quarter 2025, cash and cash equivalents amounted 
to SEK 44.5 million on 30 September 2025 compared to SEK 29.3 million on 30 September 2024. Net debt 
(negative net debt/ net cash) amounted to SEK -44.5 million on 30 September 2025 compared to the net debt 
of SEK -29.3 million on 30 September 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 third quarter of 2025, the Parent Company’s Net profit/loss amounted to SEK -66.8 (-10.9) million. 
The net profit/loss for the period January - September 2025 amounted to -154.3 (-26.6) million.  
The negative result for the third quarter of 2025 led to a decrease in equity of SEK 66.8 million from SEK 
1,151.2 million as of 30 June 2025 to SEK 1,084.4 million 30 September 2025. The decrease is a consequence 
of the profit/loss for the period of SEK -66.8 million.

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 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 September 2025 was SEK 0.9, and the market capitalization 
amounted to SEK 246 million.  
The share capital of Karolinska Development on 30 September 2025 amounted to SEK 2.7 million divided into 
2,555,261 class A shares, each with ten votes (25,552,610 votes) and 267,522,333 class B shares, each with 
one vote (267,522,333 votes). The total number of shares and votes in Karolinska Development on 30 
September 2025 amounted to 270,077,594 shares and 293,074,943 votes. 
Ownership 
On 30 September 2025, Karolinska Development had 12,700 shareholders. 
Shareholder A-Shares B-Shares Cap % Vote % 
invoX Pharma Ltd 0 128,736,381 47.67% 43.93% 
Worldwide International Investments Ltd 0 16,482,419 6.10% 5.62% 
Swedbank Robur Microcap fond 0 8,750,000 3.24% 2.99% 
Avanza Pension 0 6,018,474 2.23% 2.05% 
Styviken Invest 0 5,236,206 1.94% 1.79% 
Steffensen Asset Management 0 2,812,809 1.04% 0.96% 
Stift För Främjande & Utveckling 2,555,261 0 0.95% 8.72% 
Coastal Investment Management LLC 0 2,470,541 0.91% 0.84% 
Nordnet Pensionsförsäkring 0 1,627,712 0.60% 0.56% 
Skandia Fonder 0 1,175,313 0.44% 0.40% 
Sum Top 10 Shareholders 2,555,261 173,309,855 65.12% 67.85% 
Sum Other Shareholders 0 94,212,478 34.88% 32.15% 
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 may have effects, both domestically in the US, which 
is often the largest and most important market for new drugs, and 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 business and financial environment 
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 – Sep 2025 
Interim Report January – September 2025 20 Karolinska Development AB (publ) 
 
Signing of the report 
 
Solna, 14 November 2025 
 
 
 
Viktor Drvota 
CEO 
 
 
Review report 
Karolinska Development AB, corporate identity number 556707-5048 
Introduction 
We have reviewed the condensed interim report for Karolinska Development AB (publ) as of September 30, 
2025 and for the nine months period then ended. The Board of Directors and the Managing Director are 
responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the 
Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on 
our review. 
Scope of review 
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 
2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review 
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and 
applying analytical and other review procedures. A review is substantially less in scope than an audit 
conducted in accordance with International Standards on Auditing and other generally accepted auditing 
standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we 
would become aware of all significant matters that might be identified in an audit. Accordingly, we do not 
express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not 
prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding 
the Investment entity, and in accordance with the Swedish Annual Accounts Act regarding the Parent 
Company. 
 
Stockholm, 14 November 2025 
Ernst & Young AB 
 
Oskar Wall 
Authorized Public Accountant

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 21 Karolinska Development AB (publ) 
 
Dates for Publication of Financial Information 
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 14 November 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 22 =====

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 22 Karolinska Development AB (publ) 
 
Financial Statements 
Condensed income statement for the Investment Entity 
SEK 000   Note 2025 
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Revenue   
322 387 1,245 1,345 1,838 
Change in fair value of 
shares in portfolio 
companies  2,3 -65,370 -7,883 -80,323 -17,096 1,579 
Interest income on loans 
to portfolio companies  5 1,954 - 5,414 - 5,202 
Change in fair value of 
other financial assets and 
liabilities  3 321 -528 -63,355 6,414 15,443 
Other expenses   -1,172 -1,456 -4,362 -5,026 -7,097 
Personnel costs   -2,665 -2,666 -12,408 -16,318 -25,126 
Depreciation of right-of-
use assets     -249 -249 -748 -748 -997 
Operating profit/loss     -66,859 -12,395 -154,537 -31,429 -9,158           
Financial net   5 70 1,523 238 4,773 1,057 
Profit/loss before tax   -66,789 -10,872 -154,299 -26,656 -8,101           Taxes     - - - - - 
NET PROFIT/LOSS FOR 
THE PERIOD     -66,789 -10,872 -154,299 -26,656 -8,101 
 
Condensed statement of comprehensive income for the Investment Entity 
SEK 000   Note 2025 
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Net profit/loss for the 
period     -66,789 -10,872 -154,299 -26,656 -8,101 
Total comprehensive 
income/loss for the 
period   
  
-66,789 -10,872 -154,299 -26,656 -8,101 
 
Earnings per share for the Investment Entity 
SEK   Note 2025 
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Earnings per share, 
weighted average before 
dilution  -0.25 -0.04 -0.57 -0.10 -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  -0.25 -0.04 -0.57 -0.10 -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 23 =====

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 23 Karolinska Development AB (publ) 
 
Condensed balance sheet for the Investment Entity 
SEK 000   Note 30 Sep 2025 30 Sep 2024 31 Dec 2024 
ASSETS           
Tangible assets       
Right-of-use assets   1,413 2,410 2,161 
Financial assets       
Shares in portfolio companies at fair value 
through profit or loss  2,3 1,021,985 1,121,806 1,120,777 
Other financial assets   4 8,950 63,398 71,271 
Total non-current assets   1,032,348 1,187,614 1,194,209   
     Current assets  
Receivables from portfolio companies   2,230 704 1,126 
Other financial assets  4 9,990 9,904 11,084 
Other current receivables   1,372 1,244 2,400 
Prepaid expenses and accrued income   1,393 2,035 1,151 
Cash and cash equivalents     44,545 29,321 42,010 
Total current assets     59,530 43,208 57,771 
TOTAL ASSETS     1,091,878 1,230,822 1,251,980   
     EQUITY AND LIABILITIES  
Total equity  
 
1,084,424 1,220,168 1,238,723   
     Current liabilities  
Other financial liabilities   40 77 100 
Accounts payable   548 1,156 762 
Liability to make lease payment   1,804 2,355 2,112 
Other current liabilities   1,368 1,475 684 
Accrued expenses and prepaid income     3,694 5,591 9,599 
Total current liabilities     7,454 10,654 13,257 
Total liabilities     7,454 10,654 13,257 
TOTAL EQUITY AND LIABILITIES     1,091,878 1,230,822 1,251,980 
 
Condensed statement of changes in the Investment Entity’s equity 
SEK 000   Not 30 Sep 2025  30 Sep 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     -1,654,180 -1,518,436 -1,499,881 
Closing balance, equity     1,084,424 1,220,168 1,238,723

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 24 Karolinska Development AB (publ) 
 
Condensed statement of cash flows for the Investment Entity 
SEK 000   Note  2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Operating activities           
Operating profit/loss   -154,537 -31,429 -9,158 
Adjustments for items not affecting cash flow     
Depreciation   748 748 997 
Change in fair value   143,678 10,682 -17,022 
Other items   -5,378 271 -4,040 
Cash flow from operating activities before 
changes in working capital and operating 
investments 
  
-15,489 -19,728 -29,223    
    Cash flow from changes in working capital 
Increase (-)/Decrease (+) in operating receivables -61 -1,497 -1,284 
Increase (+)/Decrease (-) in operating liabilities   -5,000 -148 2,677 
Cash flow from operating activities   -20,550 -21,373 -27,830        Investment activities  
Part payment from earn-out deal   - 887 887 
Proceeds from sale of shares in portfolio companies 64,212 4,086 41,497 
Acquisitions of shares in portfolio companies  -40,329 -38,753 -56,753 
Cash flow from investment activities     23,883 -33,780 -14,369        Financing activities  
Amortization of lease liabilities     -798 -798 -1,063 
Cash flow from financing activities   -798 -798 -1,063 
   
2,535 -55,951 -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     44,545 29,321 42,010

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 25 Karolinska Development AB (publ) 
 
Condensed income statement for the Parent Company 
SEK 000   Note 2025  
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Revenue   322 387 1,245 1,345 1,838 
Change in fair value of shares 
in portfolio companies 2.3 -65,370 -7,883 -80,323 -17,096 1,579 
Interest income on loans to 
portfolio companies   1,954 - 5,414 - 5,202 
Change in fair value of other 
financial assets and 
liabilities   321 -528 -63,355 6,414 15,443 
Other expenses   -1,439 -1,722 -5,160 -5,824 -8,160 
Personnel costs     -2,665 -2,666 -12,408 -16,318 -25,126 
Operating profit/loss   -66,877 -12,412 -154,587 -31,479 -9,224           
Financial net     86 1,548 292 4,856 1,162 
Profit/loss before tax   -66,791 -10,864 -154,295 -26,623 -8,062 
          
Tax     - - - - - 
NET PROFIT/LOSS FOR 
THE PERIOD     -66,791 -10,864 -154,295 -26,623 -8,062 
 
Condensed statement of comprehensive income for the Parent Company  
SEK 000   Note 2025  
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Net profit/loss for the period     -66,791 -10,864 -154,295 -26,623 -8,062 
Total comprehensive 
income/loss for the period     -66,791 -10,864 -154,295 -26,623 -8,062

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 26 Karolinska Development AB (publ) 
 
Condensed balance sheet for the Parent Company  
SEK 000   Note 30 Sep 2025 30 Sep 2024 31 Dec 2024 
            
ASSETS       
Financial non-current assets       
Shares in portfolio companies at fair value 
through profit or loss 2,3 1,021,985 1,121,806 1,120,777 
Other financial assets   4 8,950 63,398 71,271 
Total non-current assets     1,030,935 1,185,204 1,192,048   
     Current assets  
Receivables from portfolio companies   2,230 704 1,127 
Other financial assets  4 9,990 9,904 11,084 
Other current receivables   1,372 1,244 2,400 
Prepaid expenses and accrued income   1,393 2,035 1,151 
Cash and cash equivalents     44,545 29,321 42,010 
Total current assets     59,530 43,208 57,772 
TOTAL ASSETS     1,090,465 1,228,412 1,249,820   
     EQUITY AND LIABILITIES  
       
Total equity   1,084,378 1,220,113 1,238,673   
     Current liabilities  
Other financial liabilities   40 77 100 
Accounts payable   548 1,156 762 
Other current liabilities   1,805 1,475 686 
Accrued expenses and prepaid income     3,694 5,591 9,599 
Total current liabilities     6,087 8,299 11,147 
Total liabilities     6,087 8,299 11,147 
TOTAL EQUITY AND LIABILITIES     1,090,465 1,228,412 1,249,820 
 
Condensed statement of changes in equity for the Parent Company   
SEK 000   Not 30 Sep 2025 30 Sep 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     -1,654,226 -1,518,491 -1,499,931 
Closing balance, equity     1,084,378 1,220,113 1,238,673

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 27 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 - September 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 44.5 million).  
Equity to total assets ratio: Equity divided by total assets.

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 28 Karolinska Development AB (publ) 
 
Net asset value as of 30 September 2025: 
  Number of 
shares 
  Fair value Part of Karolinska 
Developments' net asset 
value 
SEK 000       SEK per 
share3 
percentage 
Listed assets       
Modus Therapeutics 67,825,187  40,753 0.15 3.8% 
Total listed assets     40,753 0.15 3.8% 
Unlisted assets       
AnaCardio   60,628 0.22 5.6% 
Boost Pharma   10,038 0.04 0.9% 
Dilafor   50,674 0.19 4.7% 
PharmNovo   35,177 0.13 3.2% 
SVF Vaccines   28,836 0.11 2.7% 
Umecrine Cognition   585,466 2.17 53.9% 
KCIF Co-Investment Fund KB1   3,626 0.01 0.3% 
KDev Investments1   206,787 0.77 19.1% 
Total unlisted assets     981,232 3.64 90.4% 
Net of other liabilities and debts2     63,445 0.24 5.8% 
Total net asset value     1,085,430 4.02 100.0% 
 
1The company has both listed and unlisted assets. 
2 Includes SEK 44.5 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  
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Full-year 
2024 
Jan-Sep 
Result level 1               
Listed companies, realized   - - 8,962 - 8,383 
Listed companies, unrealized   -3,217 -8,979 -14,119 -13,082 843 
Total level 1     -3,217 -8,979 -5,157 -13,082 9,226           
Result level 3          
Unlisted companies, realized   -22 -3,288 -5,602 -2,485 -1,245 
Unlisted companies, unrealized   -62,131 4,384 -69,564 -1,529 -6,402 
Total level 3     -62,153 1,096 -75,166 -4,014 -7,647 
Total      -65,370 -7,883 -80,323 -17,096 1,579 
 
Shares in portfolio companies, at fair value through profit or loss 
 
SEK 000     30 Sep 2025 30 Sep 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   45,742 42,590 61,998 
Sales during the year   -64,212 -4,086 -43,197 
Changes in fair value in net profit/loss for the 
year   -80,323 -17,096 1,579 
Closing balance     1,021,985 1,121,806 1,120,777

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 29 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 September 2025 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets         
Shares in portfolio companies, at fair value 
through profit or loss 40,753 - 981,232 1,021,985 
Other financial assets - - 18,940 18,940 
Cash and cash equivalents 44,545 - - 44,545 
Total 85,298 - 1,000,172 1,085,470 
Financial liabilities         
Other financial liabilities - - 40 40 
Total - - 40 40 
Fair value as of 30 September 2024 
SEK 000 Level 1 Level 2 Level 3 Total 
Financial assets     
Shares in portfolio companies, at fair value 
through profit or loss 111,516 - 1,010,290 1,121,806 
Other financial assets - - 73,302 73,302 
Cash, cash equivalents 29,321 - - 29,321 
Total 140,837 - 1,083,592 1,224,429 
Financial liabilities     Other financial liabilities - - 77 77 
Total - - 77 77 
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 - 1,108,419 1,245,142 
Financial liabilities         
Other financial liabilities - - 100 100 
Total - - 100 100

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

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 30 Karolinska Development AB (publ) 
 
Fair value (level 3) as of 30 September 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   30,335 - - 
Gains and losses recognized through profit or loss -75,166 -63,415 -60 
Closing balance 30 September 2025   981,232 18,940 40 
Realized gains and losses for the period included in profit 
or loss   -5,602 - - 
Unrealized gains and losses in profit or loss for the period 
included in profit or loss   -69,564 -63,415 60 
 
Fair value (level 3) as of 30 September 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 September 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 31 =====

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 31 Karolinska Development AB (publ) 
 
Shares in portfolio companies (Level 3) as of 30 September 2025 
SEK 000 Ownership  Market value   Valuation model1 
          
AnaCardio 10.0%  60,628  Last post money 
Boost Pharma 13.6%  10,038  Last post money 
Dilafor 2.7%  50,674  Last post money 
PharmNovo 19.7%  35,177  Last post money 
SVF Vaccines 32.7% 28,836  Last post money 
Umecrine Cognition 60.4% 2 585,466  Last post money3 
KCIF Co-Investment Fund KB 26.0%  3,626  A combination of share price 
listed company and fair value of 
financial asset4 
KDev Investments  90.1%  206,787  A combination of last post 
money and share price listed 
company5 
Total level 3   981,232     
 
1See The Annual Report 2024 Valuation of portfolio companies at fair value, for a description of valuation models. 
2Actual ownership in Umecrine Cognition amounts to 72.6% as of September 30, 2025. After redemption of convertible loans, 
Karolinska Development's ownership amounts to 60.4%. 
3Valued at price per share after redemption of convertible loans including distribution of extra options which was carried out in 
October 2025 following a decision at an extraordinary general meeting on October 23, 2025. Karolinska Development has a 
majority of votes at the meeting. 
4KCIF 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.  
5KDev 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 92% of the total fair value of KDev Investments. 
 
 
Sensitivity analysis of significant holdings 30 September 2025 
 +/-5% 
 
+/-15%  +/- 30% 
 Result/ equity  Result/ equity  Result/ equity 
  KSEK SEK/ share  KSEK SEK/ share  KSEK SEK/ share 
Umecrine Cognition1 +/-29,273 +/-0.1  +/-87,820 +/-0.3  +/-175,640 +/-0.7 
KDev Investments2 +/-17,275 +/-0.1  +/-51,525 +/-0.2  +/-103,650 +/-0.4 
1) Sensitivity in the value of Umecrine Cognition. 
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 32 =====

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 32 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 324.3 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 6.6 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 Sep 2025 30 Sep 2024 31 Dec 2024 
Karolinska Development Portfolio Fair Value (unlisted companies) 774,445 772,347 807,798 
Karolinska Development Portfolio Fair Value (listed companies) 40,753 111,516 94,713 
KDev Investments Portfolio Fair Value 531,503 579,296 549,021 
Total Portfolio Fair Value 1,346,701 1,463,159 1,451,532 
        
Potential distribution to Rosetta Capital of fair value of KDev 
Investments -324,716 -341,352 -330,754 
Net Portfolio Fair Value (after potential distribution to Rosetta Capital) 1,021,985 1,121,806 1,120,777 
 
NOTE 4 Other financial assets 
SEK 000     30 Sep 2025  30 Sep 2024 31 Dec 2024 
Other financial assets, non-current 
      
Earn-out agreement Forendo Pharma 
  8,950 63,398 71,271 
Earn-out agreement Oncopeptides 
  - 0 0 
Total     8,950 63,398 71,271 
Other financial assets, current           
Earn-out agreement Forendo Pharma     9,990 9,904 11,084 
Total     9,990 9,904 11,084 
Total other financial assets     18,940 73,302 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 18.9 million, whereof Karolinska Development expects SEK 10.0 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, in the second quarter 2025, 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 33 =====

INTERIM REPORT 
Jan – Sep 2025 
Interim Report January – September 2025 33 Karolinska Development AB (publ) 
 
 
 
NOTE 5 Interest income on loans to portfolio companies1) 
SEK 000     2025  
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Full-year 
Net operations 
         
Interest on loans to portfolio companies 
  1,954 0 5,414 0 5,202 
Total     1,954 0 5,414 0 5,202 
Financial net               
Interest on loans to portfolio companies 
and other interest     70 1,523 238 4,773 1,057 
Total     70 1,523 238 4,773 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 third quarter of 2024 amounted to KSEK 1,218 and for the period 
January – September 2024 KSEK 2,477). Other interest income is reported in net financial items. 
 
 
NOTE 6  Pledge assets and contingent liabilities 
SEK 000     30 Sep 2025  30 Sep 2024 31 Dec 2024 
Pledge assets       
       
Contingent liabilities       
Loan commitment to portfolio company   - - 5,000 
Summa     0 0 5,000