FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
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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 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 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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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 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 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 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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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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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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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
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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