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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Karolinska Development (KDEV) investor relations material
Karolinska Development Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Net loss for Q3 2025 was SEK -66.8 million, a significant decline from SEK -10.9 million in Q3 2024; nine-month net loss reached SEK -154.3 million compared to SEK -26.7 million year-over-year.
Portfolio fair value decreased to SEK 1,346.7 million at September 2025, down SEK 38.2 million from the previous quarter, mainly due to revaluation of Umecrine Cognition and a decline in Modus Therapeutics' share price.
Investments in portfolio companies totaled SEK 28.4 million in Q3 2025, up from SEK 19.8 million in Q3 2024.
Financial highlights
Net sales for Q3 2025 were SEK 0.3 million (Q3 2024: SEK 0.4 million); nine-month sales were SEK 1.2 million (2024: SEK 1.3 million).
Change in fair value of shares in portfolio companies for Q3 2025 was SEK -65.4 million (Q3 2024: SEK -7.9 million); for the nine months, SEK -80.3 million (2024: SEK -17.1 million).
Net asset value at September 2025 was SEK 1,085.4 million (SEK 4.0 per share), down from SEK 1,224.4 million (SEK 4.5 per share) a year earlier.
Cash and cash equivalents stood at SEK 44.5 million at quarter-end, up from SEK 29.3 million a year earlier.
Earnings per share for Q3 2025 were SEK -0.25 (Q3 2024: SEK -0.04); for the nine months, SEK -0.57 (2024: SEK -0.10).
Outlook and guidance
Several portfolio companies are approaching key clinical data readouts in late 2025 and early 2026, which could drive value inflection.
Ongoing focus on supporting existing portfolio companies through challenging capital markets, with continued evaluation of exit and licensing opportunities.
Quantify OG-6219 discontinuation's financial impact.
Assess current cash position and runway.
Identify next major portfolio value inflection points.
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Next Karolinska Development earnings date
Q4 202513 Feb, 2026
Next Karolinska Development earnings date
Q4 202513 Feb, 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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