Karolinska Development (KDEV) Q1 2026 earnings summary

Executive summary

• Net loss for Q1 2026 was SEK -34.1 million, widening from SEK -14.2 million in Q1 2025, mainly due to negative fair value changes in portfolio holdings and earn-out agreements.

• Rights issue raised SEK 115.2 million before costs, strengthening liquidity and broadening the shareholder base.

• Portfolio companies advanced clinical programs, with Dilafor signing a major licensing deal and AnaCardio securing a key US patent.

Financial highlights

• Net sales were SEK 0.4 million in Q1 2026, down from SEK 0.5 million in Q1 2025.

• Change in fair value of shares in portfolio companies was SEK -11.6 million (Q1 2025: SEK -3.5 million).

• Change in fair value of other financial assets and liabilities (earn-outs) was SEK -18.0 million (Q1 2025: SEK -6.1 million), due to the write-down of the Forendo Pharma earn-out.

• Net asset value at March 31, 2026 was SEK 1,105.5 million (SEK 1.7 per share), up from SEK 1,044.7 million (SEK 3.9 per share) a year earlier, with the per-share decrease due to share issuance.

• Cash and cash equivalents increased to SEK 106.3 million (Q1 2025: SEK 51.1 million).

• Investments in portfolio companies totaled SEK 8.0 million (Q1 2025: SEK 15.5 million).

Outlook and guidance

• Several portfolio companies are approaching key clinical milestones and potential licensing deals in 2026–2027.

• Management expects continued value inflection from clinical data and business development activities.