Medivir
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Medivir (MVIR) investor relations material

Medivir Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • SEK 151 million rights issue and SEK 45 million directed share issue strengthened the financial position, enabling advancement of MIV-711 for Osteogenesis Imperfecta and fostrox for liver cancer, both with significant market potential.

  • MIV-711 received FDA Orphan Drug Designation for Osteogenesis Imperfecta; phase II proof-of-concept study underway, targeting a high unmet need with no approved systemic treatments.

  • Fostrox program in liver cancer advancing, with finalized study design and collaboration with major Korean hospitals; top-line results expected in 2027.

  • VBX-1000 (MIV-701) for canine periodontitis shows promising proof-of-concept data; randomized, placebo-controlled study initiated, with results expected Q4 2026.

  • Out-licensing of remetinostat to Biossil, with potential milestone payments up to USD 60 million and future royalties.

Financial highlights

  • Q4 net turnover was SEK 5.5 million, up from SEK 1.0 million year-over-year, mainly due to remetinostat licensing revenue and royalty income from Xerclear.

  • Operating loss for Q4 was SEK -42.5 million, higher year-over-year due to a SEK 29.8 million non-cash write-down on the birinapant project.

  • Cash flow from operating activities in Q4 was approximately SEK -6.3 million.

  • Year-end cash balance was SEK 119.2 million, up from SEK 62.5 million, bolstered by rights and directed share issues.

  • Full-year net turnover reached SEK 8.5 million, up from SEK 3.5 million in 2024.

Outlook and guidance

  • Cash runway extends into 2028, sufficient to fund planned phase II studies in both liver cancer and Osteogenesis Imperfecta under current assumptions.

  • MIV-711 phase II study in OI expected to enroll quickly due to pre-identified patient populations; pivotal phase to follow proof-of-concept.

  • Fostrox study in Korea expected to generate top-line results in 2027.

  • VBX-1000 animal health study results expected Q4 2026.

  • No dividend proposed for 2025.

MIV-711 commercialization strategy post-ODD
MIV-701 royalty revenue impact on valuation
Strategy for Birinapant and USP-1/7 assets
MIV-711 OI: patient population for Phase II
Fostrox: how will patient enrollment be expedited?
VBX-1000: Basis for blockbuster potential
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Frequently asked questions

Medivir AB researches, develops, and sells pharmaceuticals primarily for the treatment of oncology in Sweden and internationally. It focuses on targeted therapies and vaccines. The company offers Merivo alfa, a product that has completed late stage clinical trials; MIV-711, which has completed phase I/II clinical trials; MIV-102 that has completed phase I/II clinical trial; and other projects in various phases of clinical development. Medivir AB was founded in 1987 and is headquartered in Huddinge, Sweden.

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