Interim Report - January-September 2025

Core Insights - Karolinska Development AB is approaching a period where several portfolio companies will conclude their clinical studies, which is expected to yield exciting data readouts [1] Significant Events During the Third Quarter - Organon announced the discontinuation of the clinical development of drug candidate OG-6219 following phase 2 study results [4] - Modus Therapeutics completed patient enrollment for part 1 of its ongoing phase 2a study with sevuparin for chronic kidney disease with anemia [4] - Umecrine Cognition raised SEK 24.6 million through a convertible loan for its ongoing clinical study of golexanolone in Primary biliary cholangitis [4] - Modus Therapeutics raised SEK 28.3 million in a unit issue with a subscription rate of 189% to finance the development of sevuparin [4] - Umecrine Cognition presented data supporting golexanolone's mechanism in alleviating Parkinson's disease symptoms [4] - AnaCardio completed enrollment in the phase 2a study of drug candidate AC01 for heart failure, with results expected by year-end [4] - Dilafor was granted a US patent for tafoxiparin, which will support its phase 3 clinical development [4] - PharmNovo received approval to initiate a phase 2a clinical trial of PN6047 for neuropathic pain [4] - SVF Vaccines presented positive preclinical study results for SVF-001 targeting chronic hepatitis B and D [4] - Karolinska Development participated in BOOST Pharma's financing, contributing SEK 7.5 million to support phase 3 development of BT-101 for Osteogenesis imperfecta [4] - BOOST Pharma presented new long-term data from the BOOSTB4 trial for BT-101 at an international conference [4] - Modus Therapeutics received regulatory approval to initiate the second part of its phase 2 study with sevuparin [5] Financial Update - The net profit/loss for Q3 2025 was SEK -66.8 million, compared to SEK -10.9 million in Q3 2024 [8] - Earnings per share for Q3 2025 totaled SEK -0.25, down from SEK -0.04 in Q3 2024 [8] - The total fair value of the portfolio at the end of September 2025 was SEK 1,346.7 million, a decrease of SEK 38.2 million from the previous quarter [8] - Net asset value at the end of September 2025 was SEK 1,085.4 million, or SEK 4.0 per share, down from SEK 1,224.4 million or SEK 4.5 per share at the end of September 2024 [8] - Net sales for Q3 2025 totaled SEK 0.3 million, compared to SEK 0.4 million in Q3 2024 [8] - Karolinska Development invested SEK 28.4 million in portfolio companies during Q3 2025, up from SEK 19.8 million in Q3 2024 [8] - Cash and cash equivalents decreased by SEK 26.6 million, totaling SEK 44.5 million on September 30, 2025 [8]