Karolinska Development (KDEV) Q3 2025 earnings summary

Executive summary

• Net loss for Q3 2025 was SEK -66.8 million, a significant decline from SEK -10.9 million in Q3 2024; nine-month net loss reached SEK -154.3 million compared to SEK -26.7 million year-over-year.

• Portfolio fair value decreased to SEK 1,346.7 million at September 2025, down SEK 38.2 million from the previous quarter, mainly due to revaluation of Umecrine Cognition and a decline in Modus Therapeutics' share price.

• Investments in portfolio companies totaled SEK 28.4 million in Q3 2025, up from SEK 19.8 million in Q3 2024.

Financial highlights

• Net sales for Q3 2025 were SEK 0.3 million (Q3 2024: SEK 0.4 million); nine-month sales were SEK 1.2 million (2024: SEK 1.3 million).

• Change in fair value of shares in portfolio companies for Q3 2025 was SEK -65.4 million (Q3 2024: SEK -7.9 million); for the nine months, SEK -80.3 million (2024: SEK -17.1 million).

• Net asset value at September 2025 was SEK 1,085.4 million (SEK 4.0 per share), down from SEK 1,224.4 million (SEK 4.5 per share) a year earlier.

• Cash and cash equivalents stood at SEK 44.5 million at quarter-end, up from SEK 29.3 million a year earlier.

• Earnings per share for Q3 2025 were SEK -0.25 (Q3 2024: SEK -0.04); for the nine months, SEK -0.57 (2024: SEK -0.10).

Outlook and guidance

• Several portfolio companies are approaching key clinical data readouts in late 2025 and early 2026, which could drive value inflection.

• Ongoing focus on supporting existing portfolio companies through challenging capital markets, with continued evaluation of exit and licensing opportunities.