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Karolinska Development
Karolinska Development (KDEV) investor relations material
Karolinska Development Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Net loss for 2025 was SEK -193.9 million, a significant decline from SEK -8.1 million in 2024, driven by negative fair value changes in portfolio companies and earn-out agreements.
Net asset value at year-end was SEK 1,044.7 million (SEK 3.9 per share), down from SEK 1,245.0 million (SEK 4.6 per share) at the end of 2024.
Portfolio fair value decreased to SEK 1,327.4 million from SEK 1,451.5 million year-over-year, mainly due to dilution in PharmNovo and a downturn in Modus Therapeutics.
Cash and cash equivalents at year-end were SEK 23.9 million, down from SEK 42.0 million in 2024.
No dividend proposed for 2025.
Financial highlights
Revenue for 2025 was SEK 1.7 million, slightly down from SEK 1.8 million in 2024.
Change in fair value of shares in portfolio companies was SEK -115.6 million for the year (SEK 1.6 million in 2024).
Change in fair value of other financial assets and liabilities (earn-outs) was SEK -63.8 million (SEK 15.4 million in 2024), mainly due to the discontinued OG-6219 program at Organon.
Operating loss for the year was SEK -194.1 million (SEK -9.2 million in 2024).
Investments in portfolio companies totaled SEK 61.8 million (SEK 62.0 million in 2024).
Outlook and guidance
A rights issue in January 2026 raised SEK 115 million before costs, strengthening the financial position for continued support of portfolio companies.
Several portfolio companies are expected to report key clinical trial results in 2026–2027, potentially enabling attractive exits or licensing deals.
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Next Karolinska Development earnings date
Q1 202630 Apr, 2026
Karolinska Development
Next Karolinska Development earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Karolinska Development AB is a Sweden-based investment company that plays a significant role in the biotechnology sector. It is primarily engaged in providing capital, developing, and commercializing biotechnological products. The company's activities span a broad range of medical and therapeutic areas, including oncology, infections and wound healing, women’s health, cardiovascular and hematology, as well as medical equipment and diagnostics. Karolinska Development AB showcases a diverse portfolio that comprises investments in pharmaceutical research and development, healthcare technology, gene research and development, drug delivery technologies, and life sciences tools, among others. Founded in 2003 and with a modest team, the company focuses on fostering innovation and advancing the development of new treatments and medical solutions. The company is headquartered in Solna, Sweden, and its shares are listed on the Stockholm Stock Exchange.
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