Year-end Report - January-December 2025

Core Viewpoint - KDventures AB has strengthened its financial position and is well-positioned to support its portfolio companies in developing new treatments for significant medical needs [1]. Significant Events During the Fourth Quarter - Dilafor received a US patent for its drug candidate tafoxiparin, which is advancing to phase 3 clinical development [2]. - PharmNovo obtained approval to start a phase 2a clinical trial for PN6047, a treatment for neuropathic pain, aligned with FDA requirements [2]. - SVF Vaccines reported positive preclinical results for its immunotherapy SVF-001 targeting chronic hepatitis B and D [2]. - KDventures participated in a SEK 7.5 million financing round for BOOST Pharma, which raised a total of SEK 15 million for its stem cell therapy BT-101 [2]. - BOOST Pharma presented new long-term data from the BOOSTB4 trial for BT-101 at an international conference [2]. - Modus Therapeutics received regulatory approval to initiate the second part of its phase 2 study for sevuparin in chronic kidney disease [2]. - AnaCardio reported positive results from the phase 2a trial of AC01 for heart failure, meeting its primary endpoint [2]. - SVF Vaccines signed a non-binding letter of intent for a reverse takeover with Novakand Pharma, aiming for a Nasdaq First North Premier listing [3]. Financial Update Fourth Quarter - KDventures reported a net loss of SEK -39.6 million for Q4 2025, compared to SEK -18.6 million in Q4 2024 [6]. - The total fair value of the portfolio decreased to SEK 1,327.4 million from SEK 1,346.7 million in the previous quarter [6]. - Net asset value at the end of December 2025 was SEK 1,044.7 million, down from SEK 1,245.0 million at the end of December 2024 [6]. Financial Update Full-Year - For the full year 2025, KDventures reported a net loss of SEK -193.9 million, compared to SEK -8.1 million in 2024 [10]. - The total fair value of the portfolio decreased to SEK 1,327.4 million from SEK 1,451.5 million in 2024 [10]. - KDventures invested SEK 61.8 million in portfolio companies during 2025, down from SEK 62.0 million in 2024 [10].