Karolinska Development (KDEV) Q1 2025 earnings summary

Executive summary

• Net loss of SEK -14.2 million in Q1 2025, down from a profit of SEK 0.2 million in Q1 2024, with EPS at SEK -0.05 versus SEK 0.00 year-over-year.

• Portfolio fair value decreased by SEK 17.3 million to SEK 1,434.2 million, mainly due to divestments and a downturn in Modus Therapeutics, partially offset by gains in OssDsign and Promimic.

• Cash and cash equivalents increased by SEK 9.0 million to SEK 51.1 million at quarter-end, despite lower year-over-year levels.

• High activity in portfolio companies, with several clinical milestones and financings achieved.

Financial highlights

• Net sales remained flat at SEK 0.5 million compared to Q1 2024.

• Change in fair value of shares in portfolio companies was SEK -3.5 million, down from SEK 1.9 million in Q1 2024.

• Net asset value at quarter-end was SEK 1,230.4 million (SEK 4.6 per share), slightly down from SEK 1,254.3 million a year earlier.

• Investments in portfolio companies totaled SEK 15.5 million, up from SEK 12.0 million in Q1 2024.

• Operating loss widened to SEK -14.3 million from SEK -1.5 million in Q1 2024.

Outlook and guidance

• Several portfolio companies expect key clinical data readouts and phase transitions in 2025–2026, potentially enabling value-creating exits or licensing deals.

• Ongoing review of financing options, including divestments, loans, and share issues, to support continued operations and investments.