Medivir (MVIR) Q2 2026 earnings summary

Executive summary

• Phase 1b/2a data for fostrox plus lenvatinib published in Clinical Cancer Research, validating efficacy and safety in advanced liver cancer; FLEX-HCC phase II study initiated in May 2026 with recruitment progressing well.

• MIV-711 expanded into Perthes disease and Osteogenesis Imperfecta, both with Orphan Drug and Rare Pediatric Disease Designations, and funding secured for phase II proof-of-concept studies.

• Three phase II studies now fully funded, with strengthened cash position and expanded pipeline following an oversubscribed SEK 140 million share issue.

Financial highlights

• Net turnover for Q2 2026 was SEK 1.2 million, down from SEK 1.5 million year-over-year.

• Operating loss for Q2 2026 was SEK -21.2 million, improved from SEK -22.5 million last year.

• Cash and cash equivalents at quarter-end were SEK 253.5 million, up from SEK 38.2 million a year earlier.

• Cash flow from operating activities for Q2 2026 was SEK -18.3 million.

• Cash is assessed to be sufficient into 2030, covering all planned phase II studies.

Outlook and guidance

• FLEX-HCC study expected to complete enrollment within 12 months; topline results anticipated in H2 2027.

• Funding in place for all three phase II studies, with cash position sufficient at least into 2030, excluding potential out-licensing proceeds.

• Focus for H2 2026 includes patient recruitment in FLEX-HCC, preparations for MIV-711 proof-of-concept studies, and Vetbiolix phase II canine study results expected in Q4 2026.

• Perthes disease pediatric formulation work initiated; proof-of-concept study funded and in planning.

• Key milestones include Vetbiolix phase II readout in Q4, rare pediatric disease designation in OI, and continued IP strengthening.