Karolinska Development (KDEV) Q4 2025 earnings summary

Executive summary

• Net loss for 2025 was SEK -193.9 million, a significant decline from SEK -8.1 million in 2024, driven by negative fair value changes in portfolio companies and earn-out agreements.

• Net asset value at year-end was SEK 1,044.7 million (SEK 3.9 per share), down from SEK 1,245.0 million (SEK 4.6 per share) at the end of 2024.

• Portfolio fair value decreased to SEK 1,327.4 million from SEK 1,451.5 million year-over-year, mainly due to dilution in PharmNovo and a downturn in Modus Therapeutics.

• Cash and cash equivalents at year-end were SEK 23.9 million, down from SEK 42.0 million in 2024.

• No dividend proposed for 2025.

Financial highlights

• Revenue for 2025 was SEK 1.7 million, slightly down from SEK 1.8 million in 2024.

• Change in fair value of shares in portfolio companies was SEK -115.6 million for the year (SEK 1.6 million in 2024).

• Change in fair value of other financial assets and liabilities (earn-outs) was SEK -63.8 million (SEK 15.4 million in 2024), mainly due to the discontinued OG-6219 program at Organon.

• Operating loss for the year was SEK -194.1 million (SEK -9.2 million in 2024).

• Investments in portfolio companies totaled SEK 61.8 million (SEK 62.0 million in 2024).

Outlook and guidance

• A rights issue in January 2026 raised SEK 115 million before costs, strengthening the financial position for continued support of portfolio companies.

• Several portfolio companies are expected to report key clinical trial results in 2026–2027, potentially enabling attractive exits or licensing deals.