Karolinska Development (KDEV) Q2 2025 earnings summary

Executive summary

• Net loss for Q2 2025 was SEK -73.3 million, a significant increase from SEK -16.0 million in Q2 2024; H1 2025 net loss was SEK -87.5 million compared to SEK -15.8 million year-over-year.

• Earnings per share for Q2 2025 were SEK -0.3, down from SEK -0.06 in Q2 2024.

• Portfolio fair value decreased to SEK 1,384.9 million at June 2025, down SEK 49.3 million from the previous quarter, mainly due to the divestment of OssDsign and share price declines in Modus Therapeutics and Promimic.

• Net asset value at June 2025 was SEK 1,148.6 million (SEK 4.3 per share), down from SEK 1,238.2 million (SEK 4.6 per share) at June 2024.

Financial highlights

• Net sales for Q2 2025 were SEK 0.4 million (Q2 2024: SEK 0.5 million); H1 2025 net sales were SEK 0.9 million (H1 2024: SEK 1.0 million).

• Change in fair value of shares in portfolio companies for Q2 2025 was SEK -11.5 million (Q2 2024: SEK -11.1 million); H1 2025 was SEK -15.0 million (H1 2024: SEK -9.2 million).

• Change in fair value of other financial assets and liabilities (earn-out agreements) for Q2 2025 was SEK -57.6 million (Q2 2024: SEK 2.0 million), mainly due to Organon discontinuing OG-6219.

• Cash and cash equivalents increased to SEK 71.1 million at June 2025, up from SEK 49.7 million at June 2024, supported by the OssDsign divestment.

• Investments in portfolio companies by Karolinska Development in Q2 2025 totaled SEK 1.8 million (Q2 2024: SEK 10.7 million); total investments by all investors in Q2 2025 were SEK 159.9 million (Q2 2024: SEK 38.7 million).

Outlook and guidance

• Several portfolio companies are expected to report key clinical trial results (Phase 1 and Phase 2) during 2025-2026, potentially enabling divestments or licensing deals.

• The company maintains a stable financial position and continues to review financing options, including divestments, loans, and new share issues.