Medivir (MVIR) Q3 2026 earnings summary

Executive summary

• Q3 execution remained on plan: FLEX-HCC recruitment and MIV-711 proof-of-concept preparations advanced, alongside partnered programs.

• Three capital raises totaled SEK 336m before transaction costs, funding three Phase II studies and operations at least into 2030; FLEX-HCC’s primary readout is expected in 2027.

Financial highlights

• Q3 net turnover was SEK 0.7m vs SEK 0.9m YoY; total income was SEK 0.9m vs SEK 1.0m.

• Q3 EBIT was SEK -17.1m vs SEK -13.6m, EBITDA SEK -15.9m vs SEK -12.9m, and net loss SEK 16.0m vs SEK 14.6m; higher clinical-study costs contributed to the wider operating loss.

• 9M net turnover was SEK 3.0m, unchanged YoY; EBIT was SEK -47.7m vs SEK -50.1m and net loss SEK 45.5m vs SEK 51.2m.

• Operating cash outflow was SEK 14.7m in Q3 and SEK 46.1m in 9M; period-end cash was SEK 247.9m.

• Q3 financing cash flow was SEK 9.2m, mainly from tranche two of the directed share issue; 9M financing cash flow was SEK 174.8m.

Outlook and guidance

• FLEX-HCC enrollment is on plan at 12 South Korean sites, with all patients targeted for inclusion within 12 months of the May 2026 start and primary readout expected in 2027.

• FLEX-HCC results are intended to inform pivotal study design, regulatory interactions and partnering; the next step is a randomized registrational study.

• MIV-711 Phase II proof-of-concept preparations are progressing for osteogenesis imperfecta (OI) and Perthes disease; 2026/2027 priorities include site activation, study start-up and Perthes formulation completion.

• Cash is assessed as sufficient at least into 2030 based on the current portfolio, excluding potential out-licensing proceeds, milestones and future partner revenues.