Karolinska Development (KDEV) Q2 2026 earnings summary

Executive summary

• Net loss for Q2 2026 was SEK -451.0 million, a significant increase from SEK -73.3 million in Q2 2025, mainly due to large downward revaluations of key portfolio holdings.

• Net asset value (NAV) at June 30, 2026, was SEK 677.2 million, down from SEK 1,148.6 million a year earlier, with NAV per share at SEK 0.89 versus SEK 4.26.

• Major strategic shift: acquisition of Rosetta's shares in KDev Investments, eliminating a complex structure and potential dividend obligations, improving transparency and direct exposure to portfolio value.

• Portfolio companies advanced clinical programs, with several approaching key milestones in 2026–2027.

Financial highlights

• Change in fair value of portfolio companies in Q2 2026 was SEK -446.8 million, driven by revaluations of Umecrine Cognition (down SEK 390.1 million) and Dilafor (down SEK 326.0 million).

• Total portfolio fair value at June 30, 2026, was SEK 625.8 million, a decrease of SEK 693.6 million from the previous quarter.

• Net sales for Q2 2026 were SEK 0.3 million (Q2 2025: SEK 0.4 million); for H1 2026, SEK 0.7 million (H1 2025: SEK 0.9 million).

• Cash and cash equivalents at June 30, 2026, were SEK 51.4 million, down from SEK 71.1 million a year earlier.

• Earnings per share for Q2 2026 were SEK -0.68 (Q2 2025: SEK -0.27).

Outlook and guidance

• Several portfolio companies are expected to report Phase 2 and Phase 3 clinical data in 2026–2027, potentially enabling value-creating exits or licensing deals.

• Umecrine Cognition and AnaCardio are approaching key clinical milestones, with data readouts expected in H2 2026.

• Focus remains on advancing value-driving events and making underlying portfolio value more visible to shareholders.