Interim Report - January-June 2025

Core Viewpoint - Karolinska Development AB emphasizes its clear strategy and stable scientific foundation for its investment portfolio, focusing on patient benefits amidst challenging market conditions [1]. Significant Events - Organon plans to discontinue the clinical development of drug candidate OG-6219, following Phase 2 study results [3]. - Umecrine Cognition presented preclinical data on golexanolone's effects on Parkinsonian symptoms at the AD/PD 2025 conference [4]. - Umecrine Cognition received a USD 420,000 research grant from The Michael J. Fox Foundation for golexanolone studies [4]. - OssDsign achieved a milestone of treating 10,000 patients with its bone graft product in the US market [4]. - Karolinska Development divested its remaining shares in OssDsign, resulting in a capital injection of approximately SEK 34.5 million [4]. Financial Update - The net profit/loss for Q2 2025 was SEK -73.3 million, compared to SEK -16.0 million in Q2 2024 [5]. - The total fair value of the portfolio decreased to SEK 1,384.9 million at the end of June 2025, down from SEK 1,434.2 million [5]. - Net asset value at the end of June 2025 was SEK 1,148.6 million, or SEK 4.3 per share, compared to SEK 1,238.2 million, or SEK 4.6 per share, at the end of June 2024 [5]. - Cash and cash equivalents increased by SEK 20.0 million, totaling SEK 71.1 million on June 30, 2025 [5].