Medivir (MVIR) Q1 2026 earnings summary

Executive summary

• Achieved a transformative quarter with strengthened financial position, including a SEK 45 million share issue, and significant progress in clinical programs for fostrox and MIV-711, with new rare disease opportunities and key studies advancing in Korea.

• High engagement from hospitals and investigators in Korea for the FLEX-HCC liver cancer study, with four new hospitals added and two sites now open for patient enrollment.

• Scientific Expert Council established for MIV-711 in Osteogenesis Imperfecta, advancing phase II proof-of-concept study preparations with strong external expert and patient organization engagement.

• Vetbiolix's VBX-1000 (MIV-701) study in canine periodontitis has enrolled 22 of 51 dogs, with over 40% of subjects recruited and results expected in Q4 2026.

• Management changes included the appointment of a new CFO and board restructuring.

Financial highlights

• Net turnover for Q1 2026 was SEK 1.0 million, up from SEK 0.6 million in Q1 2025.

• Operating loss for Q1 2026 was SEK -9.4 million, nearly SEK 4 million better than Q1 2025.

• EBITDA loss improved to SEK -8.8 million from SEK -12.6 million year-over-year.

• Cash flow from operating activities was SEK -13.0 million; cash balance at quarter-end was SEK 149.1 million.

• Cash position strengthened by SEK 45 million directed share issue.

Outlook and guidance

• FLEX-HCC Phase 2 study in liver cancer aims to enroll 80 patients over 12 months, with topline results anticipated in H2 2027, targeting a >$2.5bn annual market.

• MIV-711 phase II proof-of-concept study in osteogenesis imperfecta to target adults with milder disease, aiming for rapid enrollment in Europe and potential rare pediatric disease designation.

• Vetbiolix study results for MIV-701 in dogs expected in Q4 2026, with significant royalty revenue potential post-launch.

• Existing cash resources considered sufficient to complete planned clinical studies.