Core Viewpoint - Karolinska Development AB plans to conduct a rights issue of class B shares to raise approximately SEK 202.6 million for the continued development of existing investments, new investments, and general corporate purposes [2][4]. Rights Issue Details - The rights issue will consist of up to 675,193,985 new class B shares at a subscription price of SEK 0.30 per share, with an estimated transaction cost of SEK 16.8 million [4][9]. - Shareholders will have preferential rights, where one existing share grants five subscription rights, and two subscription rights allow for the purchase of one new class B share [4][9]. - The subscription period is from January 13, 2026, to January 27, 2026, with trading in subscription rights occurring from January 13 to January 22, 2026 [10][11]. Financial Commitments - Existing shareholders and members of the Board have committed approximately SEK 5.2 million, representing about 2.6% of the rights issue, while guarantee commitments total approximately SEK 95.2 million, or about 47% of the rights issue [3][12][13]. - The net proceeds will primarily be allocated to existing portfolio companies (approximately 75%) and general corporate purposes (approximately 25%) [10][8]. Company Background - Karolinska Development is an investment company focused on medical innovations with significant commercial potential, managing a portfolio of eleven companies, nine of which have drug candidates in clinical trials [6][7]. - The company aims to leverage its management expertise and co-investments with other investors to enhance the development and commercialization of its portfolio [7][23]. Extraordinary General Meeting - The rights issue is subject to approval by an Extraordinary General Meeting scheduled for January 8, 2026, which will also consider amendments to the company's articles of association and a proposed name change to KDventures AB [19][20].

Core Insights - Umecrine Cognition has published data indicating that early treatment with golexanolone may delay the progression of Parkinson's disease symptoms and postpone the need for L-DOPA treatment [1][4] Company Overview - Karolinska Development AB holds a 60 percent ownership stake in Umecrine Cognition, which is focused on developing a new class of drugs to alleviate cognitive symptoms associated with Parkinson's disease [4] - The company is a Nordic life sciences investment firm that identifies and invests in breakthrough medical innovations in the Nordic region [5][6] Research Findings - A preclinical study shows that early administration of golexanolone leads to stronger and longer-lasting relief from symptoms compared to later treatment [3] - The study demonstrated significant reductions in severe fatigue and lack of movement, along with enhanced motor coordination and improved gross motor function [3][4] - Golexanolone appears to rebalance key neurotransmitter systems in the brain, suggesting its potential as a disease-modifying treatment rather than merely providing symptomatic relief [4]

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]

Core Insights - Modus Therapeutics has received regulatory approval to initiate the second part of its phase 2 study for sevuparin, targeting chronic kidney disease with anemia, set to begin in Q4 2025 [1][2][3] Company Overview - Karolinska Development AB holds a 54% direct and 1% indirect ownership in Modus Therapeutics, indicating a significant stake in the company's progress [3] - The company focuses on identifying and investing in breakthrough medical innovations in the Nordic region, aiming to develop these into commercial products that improve patient lives while providing returns to shareholders [4][5] Clinical Development - The second part of the clinical study will evaluate three doses of sevuparin, building on initial data that demonstrated the drug's good tolerance [2] - The approval is seen as a crucial milestone for Modus Therapeutics, allowing it to adhere to its planned clinical development timeline [3]

Core Viewpoint - BOOST Pharma has successfully raised SEK 34 million through a tranched convertible loan from Sound Bioventures to support the clinical development of BT-101, a stem cell-based therapy for Osteogenesis imperfecta (OI) [1][3]. Group 1: Company Overview - BOOST Pharma is a clinical-stage biopharmaceutical company focused on developing BT-101, a novel mesenchymal stem cell therapy aimed at infants with Osteogenesis imperfecta, a condition that leads to fragile bones and frequent fractures [2]. - The treatment targets the genetic cause of OI and aims to reduce fracture frequency in affected children from an early age, potentially providing significant treatment advantages during the critical early years of life [2]. Group 2: Investment and Financial Position - The investment from Sound Bioventures, along with recent financing in which Karolinska Development participated, will enable BOOST Pharma to accelerate its clinical development program and work towards offering the first disease-modifying treatment for OI [3]. - Karolinska Development holds a 14 percent ownership stake in BOOST Pharma, indicating a strong financial position that supports the accelerated development of BT-101 [4]. Group 3: Company Strategy and Goals - Karolinska Development aims to identify and invest in breakthrough medical innovations in the Nordic region, focusing on companies that can advance these innovations into commercial products that improve patient lives while providing returns to shareholders [5][6]. - The company has a portfolio of eleven companies targeting innovative treatments for serious diseases, supported by experienced management teams and a global network of investors [7].

Core Insights - BOOST Pharma has presented new long-term data from the BOOSTB4 phase 1/2 trial for its cell therapy BT-101, targeting Osteogenesis imperfecta, at the 15th International Conference on Osteogenesis imperfecta in Hong Kong [1][2] Company Overview - BOOST Pharma is a clinical-stage biopharmaceutical company focused on developing BT-101 as a stem cell therapy for infants with Osteogenesis imperfecta, a condition leading to fragile bones and frequent fractures [2] - Karolinska Development AB holds a 14% ownership stake in BOOST Pharma, indicating its investment in innovative medical solutions [4] Clinical Trial Results - Long-term results from the BOOSTB4 trial show that over 50% of treated patients did not experience any bone fractures in the second year after the last dose [3] - The previously reported 70% reduction in fractures during the first year was maintained and improved, leading to an overall reduction of nearly 78% compared to the pre-treatment period [3] Therapeutic Potential - The results from BOOST Pharma suggest that BT-101 has a robust therapeutic effect and potential as a disease-modifying treatment in a field with significant medical need and no adequate existing treatments [4]

Core Insights - Karolinska Development AB has invested SEK 7.5 million in BOOST Pharma's financing round, which totals SEK 15 million, aimed at advancing the clinical development of BT-101 for osteogenesis imperfecta [1][3][4] Company Overview - BOOST Pharma is a clinical-stage biopharmaceutical company focused on developing BT-101, a mesenchymal stem cell therapy for infants with osteogenesis imperfecta, a condition that leads to fragile bones and frequent fractures [2][3] - The financing will help BOOST Pharma accelerate its clinical program and work towards providing the first disease-modifying therapy for osteogenesis imperfecta [2] Clinical Development - Following positive results from the Phase 2 BOOSTB4 study, which showed a reduction in fracture rate of over 75% in children treated with BT-101, BOOST Pharma is preparing for a pivotal Phase 3 trial [3] - The BOOSTB4 trial demonstrated that BT-101 was safe and well-tolerated [3] Investment and Ownership - Karolinska Development holds a 14% ownership stake in BOOST Pharma, reflecting its commitment to supporting the development of innovative therapies [4]

Core Insights - Karolinska Development AB has invested SEK 7.5 million in BOOST Pharma's financing round, which totals SEK 15 million, aimed at advancing the clinical development of BT-101 for osteogenesis imperfecta [1][3][4] Company Overview - BOOST Pharma is a clinical-stage biopharmaceutical company focused on developing BT-101, a mesenchymal stem cell therapy for infants with osteogenesis imperfecta, a condition that leads to fragile bones and frequent fractures [2][3] - The financing will help BOOST Pharma accelerate its clinical program and work towards providing the first disease-modifying therapy for osteogenesis imperfecta [2] Clinical Development - Following positive results from the Phase 2 BOOSTB4 study, which demonstrated a reduction in fracture rate of over 75% in children with osteogenesis imperfecta, BOOST Pharma is preparing for a pivotal Phase 3 trial of BT-101 [3] - The BOOSTB4 trial indicated that BT-101 was safe and well-tolerated [3] Investment and Ownership - Karolinska Development's ownership stake in BOOST Pharma is 14% [4] - The financing round included equal participation from Industrifonden and Karolinska Development, highlighting collaborative investment efforts in the biopharmaceutical sector [3]

Core Insights - Karolinska Development AB's portfolio company SVF Vaccines has reported positive preclinical study results for its immunotherapy SVF-001, which targets chronic hepatitis B and D [1][2][4] Company Overview - SVF Vaccines specializes in developing DNA vaccines and immunotherapies based on proprietary technology from Karolinska Institutet [2] - Karolinska Development holds a 33% ownership stake in SVF Vaccines [5] Study Results - The preclinical study showed an antiviral effect in a humanized-liver mouse model of chronic HBV/HDV coinfection, with significant reductions in hepatitis B virus DNA and hepatitis D virus RNA levels in blood following SVF-001 administration [3] - The results presented at scientific meetings indicate the therapeutic potential of SVF-001 for patients coinfected with chronic hepatitis B and D [4] Future Prospects - SVF Vaccines is focused on developing next-generation therapeutic and prophylactic vaccines that could prevent disease and cure infected patients [4] - The company also has early-stage discovery programs targeting other serious infectious diseases [5]

Core Viewpoint - PharmNovo has received approval from Spanish regulatory authorities to initiate a phase 2a clinical trial for its drug candidate PN6047, aimed at treating neuropathic pain, with plans to expand the study to other EU countries [1][2]. Company Overview - Karolinska Development AB holds a 20% ownership stake in PharmNovo, which is focused on developing innovative medical treatments [5]. - The company specializes in identifying and investing in breakthrough medical innovations in the Nordic region, aiming to create and grow companies that advance these innovations into commercial products [6][8]. Clinical Development - The phase 2a clinical trial will assess the safety and efficacy of PN6047 in patients with neuropathic pain, with patient enrollment expected to start by mid-2026, contingent on securing necessary funding [2]. - The current study is fully aligned with the requirements set by the U.S. FDA, following a successful pre-IND Type B meeting in January 2025 [3]. Drug Candidate Details - PN6047 is a selective delta-opioid receptor agonist (DORA) being developed as a new treatment for complex pain conditions, potentially addressing severe pain without the addiction issues associated with traditional opioids [4][5].