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].

Core Viewpoint - Dilafor has entered into a binding term sheet with Exeltis for an exclusive semi-global license to develop and commercialize tafoxiparin, a drug aimed at priming labor, with Exeltis funding pivotal clinical trials and commercialization efforts [1][2][3] Company Overview - Dilafor AB is a women's health company based in Stockholm, Sweden, focused on developing therapies for women's health issues with significant unmet medical needs [5] - The company was founded in 2003 by scientists from prominent institutions and aims to minimize maternal and fetal complications during labor [5] - Tafoxiparin, Dilafor's leading drug candidate, is ready for clinical phase 3 trials and works by mimicking natural physiological processes to prepare for labor [5] Partnership Details - The agreement with Exeltis includes milestone payments linked to commercial performance and stepped royalties based on net sales, with Exeltis covering all future development and commercialization costs [2][3] - Exeltis is part of Insud Pharma, a Spanish multinational with over 40 years of experience and a focus on women's health, operating in more than 40 countries [4] Market Context - The deal positions tafoxiparin to address the increasing demand for labor inductions, which have risen to 30-40% among first-time mothers due to the risks associated with prolonged pregnancies [3] - The potential for tafoxiparin is significant, with expectations of it becoming a disruptive treatment option that allows for home care rather than hospital surveillance [3] Financial Implications - Karolinska Development holds a 3% direct ownership and a 29% indirect ownership interest in Dilafor, but the term sheet is not expected to significantly impact Dilafor's book value [6]

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 Viewpoint - Karolinska Development's portfolio company Dilafor has received a US patent for its drug candidate tafoxiparin, which is aimed at priming labor, marking a significant step as it progresses into Phase 3 clinical trials [1][2][3]. Group 1: Patent and Development - The US Patent and Trademark Office has granted a patent for tafoxiparin, providing intellectual property protection until at least May 2043 [2]. - Tafoxiparin is designed to prepare the cervix and uterus for labor, potentially increasing the likelihood of normal vaginal deliveries and reducing the need for traditional hospital-based induction treatments [3]. - The drug is positioned to meet new national guidelines recommending labor induction at 39 weeks in the US and 40-41 weeks in Europe, which may lead to an increase in births requiring medical intervention [3]. Group 2: Company Insights - Karolinska Development holds a 3% direct ownership and a 29% indirect ownership interest in Dilafor [5]. - The CEO of Karolinska Development, Viktor Drvota, emphasized the importance of strengthening intellectual property as Dilafor advances in clinical development, highlighting the potential for a safe at-home treatment option for pregnant women [4]. - The company focuses on identifying and investing in breakthrough medical innovations in the Nordic region, aiming to create and grow companies that can deliver impactful medical products [6][8].

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]