Core Viewpoint - Umecrine Cognition's drug candidate golexanolone shows promise in reversing neuroinflammation in a Parkinson's disease model, indicating its potential as a chronic treatment option [1][3]. Company Overview - Karolinska Development AB holds a 73% ownership stake in Umecrine Cognition prior to dilution, emphasizing its significant investment in innovative medical solutions [4]. - The company focuses on identifying and developing breakthrough medical innovations in the Nordic region, aiming to create and grow companies that advance these innovations into commercial products [5][6]. Research Findings - A preclinical study demonstrated that golexanolone completely reverses the activation of immune cells responsible for neuroinflammation in the brain, which is crucial for controlling voluntary movement and posture [3]. - The treatment with golexanolone not only reversed the increase of inflammation-promoting proteins but also provided robust protection against neuroinflammation as early as three weeks after disease onset [3]. - After nine weeks, golexanolone continued to counteract inflammation and aided in restoring protective immune cells, indicating a sustained effect on harmful brain inflammation [3]. Academic Collaboration - The study was conducted in collaboration with academic partners at Centro de Investigación Príncipe Felipe in Valencia, Spain, highlighting the importance of academic partnerships in advancing medical research [4].

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].

Core Viewpoint - Umecrine Cognition has successfully raised SEK 24.6 million through a convertible loan to support its ongoing clinical Phase 1b/2a study of golexanolone in primary biliary cholangitis, with participation from existing shareholders including Karolinska Development [1][3]. Group 1: Clinical Study Details - Umecrine Cognition is conducting the second part of its clinical Phase 1b/2a study, aiming to recruit 84 patients across over 30 sites in eight countries [2]. - The first part of the study concluded with interim results indicating that golexanolone was well-tolerated, safe, and resulted in only mild adverse events, achieving clinically relevant drug exposure levels and positive outcomes in anxiety and depression scoring [2]. Group 2: Funding and Ownership - The convertible loan, which includes attached share options, is directed to a consortium of investors, including Karolinska Development, AB Ility, and Ribbskottet AB, and will finance the clinical trial and operational expenses [3]. - Karolinska Development currently holds a 73% ownership stake in Umecrine Cognition, which will decrease to 62% upon conversion of the loan and full exercise of the share options [4]. Group 3: Company Background - Karolinska Development is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations in the region [5][6]. - The company has a portfolio of eleven companies targeting innovative treatments for serious diseases and is supported by a team of experienced investment professionals [7].

Company Overview - Karolinska Development AB is a Nordic life sciences investment company focused on identifying breakthrough medical innovations in the Nordic region [3][4] - The company has a portfolio of eleven companies targeting innovative treatments for life-threatening or serious debilitating diseases [5] - Karolinska Development holds a 73% ownership stake in Umecrine Cognition, which is developing a new class of drugs for cognitive symptoms caused by liver disease [2] Clinical Trial Update - Umecrine Cognition has resumed patient inclusion in the clinical phase 1b/2a trial for the drug candidate golexanolone in patients with primary biliary cholangitis (PBC) [1] - The trial had been previously halted in March due to technical issues in capsule production, but this did not affect patient safety [1] Drug Development Focus - Golexanolone is being evaluated in a randomized, double-blind, placebo-controlled study aimed at patients with PBC who experience significant fatigue and cognitive symptoms [2]

Core Insights - Umecrine Cognition, a portfolio company of Karolinska Development, is presenting new clinical scale data for Primary Biliary Cholangitis (PBC) at the EASL Congress 2025 in Amsterdam [1][2]. Company Overview - Karolinska Development AB holds a 73% ownership stake in Umecrine Cognition [5]. - The company focuses on identifying and investing in breakthrough medical innovations in the Nordic region, aiming to develop these into commercial products [6][8]. Drug Development - Umecrine Cognition is developing golexanolone, a drug candidate currently in a Phase 2a clinical study for PBC [2]. - The newly developed CGI-S-PBC™ scale is designed to evaluate symptom severity in PBC patients, which cannot be measured by conventional laboratory tests [3]. Clinical Research - The CGI-S-PBC™ scale expands on the PBC-40 patient-reported outcome measure and has been validated in two separate studies [3]. - Abstracts summarizing the validation and implementation of CGI-S-PBC™ will be presented at the EASL Congress, focusing on its role as a clinical trials outcome tool [4].

Company Overview - Karolinska Development AB holds a 73% ownership stake in Umecrine Cognition, which is focused on developing a new class of drugs to alleviate cognitive symptoms associated with Parkinson's disease [6][2]. - The company is a Nordic life sciences investment firm that identifies and invests in breakthrough medical innovations, aiming to create and grow companies that advance these innovations into commercial products [7][8]. Research Grant Announcement - Umecrine Cognition has been awarded a research grant of USD 420,000 from The Michael J. Fox Foundation to finance preclinical studies evaluating the treatment effect of golexanolone in Parkinson's disease [1][5]. - The grant will support further studies to confirm golexanolone's effects on sleep dysfunction and cognitive impairments related to Parkinson's disease, as well as its impact on disease progression [2][5]. Parkinson's Disease Context - Parkinson's disease is characterized by progressive neurodegeneration, primarily affecting motor functions, but non-motor symptoms like sleep disorders and cognitive impairments often appear earlier and have been historically overlooked [4]. - Current treatments primarily target motor dysfunction, with no approved therapies available for non-motor symptoms, highlighting a significant medical need in this area [4][5].

Core Insights - Karolinska Development AB reported high developmental intensity levels in its portfolio companies during Q1 2025, with many making significant progress [1] Significant Events During Q1 - AnaCardio secured SEK 205 million in a Series A extension financing round and reported positive results from a phase 1b/2a study of AC01 for heart failure [4] - Dilafor completed regulatory meetings with the FDA and European Health Agencies for tafoxiparin, aligning on pivotal Phase 3 study designs [4] - Promimic published positive results on bacterial growth reduction on its HAnano Surface implant [4] - AnaCardio initiated dosing for the phase 2a part of the GOAL-HF1 clinical study, with results expected by year-end [4] - PharmNovo received positive feedback from the FDA regarding its drug candidate PN6047 in a pre-IND meeting [4] - Umecrine Cognition faced delays in its clinical trial for golexanolone due to production issues but reported no safety concerns [4] - Umecrine Cognition presented preclinical data on golexanolone at an international conference [4] - Viktor Drvota took over as CEO of Umecrine Cognition while remaining CEO of Karolinska Development [4] Financial Update for Q1 - The net profit/loss for Q1 was SEK -14.2 million, compared to SEK 0.2 million in Q1 2024 [4] - Earnings per share were SEK -0.05, down from SEK 0.00 in Q1 2024 [4] - Change in fair value of shares in portfolio companies was SEK -3.5 million, influenced by a downturn in Modus Therapeutics' share price [4] - Total fair value of the portfolio was SEK 1,434.2 million, a decrease of SEK 17.3 million from the previous quarter [9] - Net asset value was SEK 1,230.4 million, with a per-share value of SEK 4.6 [9] - Net sales were SEK 0.5 million, unchanged from Q1 2024 [9] - Karolinska Development invested SEK 15.5 million in portfolio companies during Q1 2025, up from SEK 12.0 million in Q1 2024 [9] - Cash and cash equivalents increased by SEK 9.0 million, totaling SEK 51.1 million by March 31, 2025 [9]