Interim Report - January-June 2026

“Following the acquisition of all shares in KDev Investments and the resulting elimination of the complex waterfall structure, KDventures now operates from a significantly simplified and more transparent platform. This gives us more direct exposure to the value development of the portfolio and better conditions to focus on the value-driving events ahead, not least in Umecrine Cognition and Modus Therapeutics”, says Viktor Drvota, CEO, KDventures.

Significant events during the second quarter

• KDventures AB announced that it exercised its share of the portfolio company Modus Therapeutics’ warrant program series 2025/2026 (TO2) (April 2026).
• At KDventure’s Annual General Meeting, it was decided, among other things, to adopt the profit and loss statement and the balance sheet as well as the consolidated profit and loss statement, the consolidated balance sheet, and to approve the allocation of the result, proposed by the Board of Directors and the CEO, to elect Anders Hallberg, Anders Bladh and Angelica Loskog to the Board of Directors and to re-elect Anna Lefevre Skjöldebrand and Ben Toogood to its Board of Directors, and to elect Anders Hallberg Chairman of the Board (May 2026).
• The portfolio company Umecrine Cognition presented new patient data at the liver conference EASL 2026 showing that severe fatigue and cognitive symptoms are among the most burdensome symptoms in primary biliary cholangitis, PBC. Data also shows that 60 percent of patients prefer treatment for extreme fatigue, an area where targeted drug treatments are currently lacking. Umecrine Cognition is developing drug candidate golexanolone for the treatment of neurological symptoms in PBC (May 2026).
• The portfolio company Umecrine Cognition completed a directed share issue of SEK 19.6 million, as part of a larger share issue totaling SEK 63 million. The capital will finance the remaining part of the ongoing Phase 1b/2a study with golexanolone within PBC. After the issue, KDventures' ownership interest amounts to 58.5 percent on a fully diluted basis. In connection with the issue, KDventures will reduce the book value of the holding by SEK 390.1 million, corresponding to 65.5 percent, compared to the portfolio value as of March 31, 2026 (June 2026).
• KDventures conducted a directed new share issue of approximately SEK 23.9 million before transaction costs. The issue comprised 99,516,667 B shares at a subscription price of SEK 0.24 per share and was directed at Swedish and international institutional and professional investors, including companies related to board member Anders Bladh (June 2026).
• In connection with the directed new share issue, KDventures announced the acquisition of Rosetta's shares in KDev Investments and a revised valuation of Dilafor. The valuation review was based on updated assumptions in the underlying rNPV model and was of a valuation technical nature (June 2026).
• The portfolio company Umecrine Cognition has completed an interim sample size analysis in its phase 1b/2a clinical study of golexanolone. The analysis concludes that patient recruitment can continue as planned with no increase in the pre-defined study size. Results are expected in the second half of 2026 (June 2026).
• The portfolio company AnaCardio’s phase 1b/2a study of the drug candidate AC01 was published in The Lancet, one of the world’s most prestigious medical journals. The results from the study show a favorable safety profile and signs of rapid, sustained effects on cardiac function and structure in patients with heart failure with reduced ejection fraction (HFrEF) (June 2026).

Significant post-period events

• The portfolio company PharmNovo completed a capital raise of approximately SEK 39 million, with participation from external investors. In connection with the transaction, KDventures' book value of its holding in PharmNovo has been adjusted down by SEK 13.1 million to SEK 5 million during the second quarter 2026 (July 2026).
• The portfolio company Umecrine Cognition enrolled the last patient in the ongoing Phase 1b/2a study of the drug candidate golexanolone. The phase 2a part enrolled 99 patients with primary biliary cholangitis (PBC) who experience clinically significant fatigue and cognitive symptoms. Results are expected in the second half of 2026 (August 2026).
• The liquidation of the company KCIF Co-Investment Fund KB, jointly owned by the EIF (European Investment Fund), has begun. The remaining holding in OssDsign, which was owned by KCIF Co-Investment Fund KB, has therefore been divested. After the divestment, KDventures will not have any ownership interest in OssDsign, either directly or indirectly (August 2026).

Financial update

• The net profit/loss for the second quarter was SEK -451.0 million (SEK -73.3 million in the second quarter of 2025). Earnings per share totaled SEK -0.68 (SEK -0.27 in the second quarter of 2025). Net profit/loss for the period January – June amounted to SEK -485.2 (-87.5) million
• The Change in fair value in the income statement of shares in portfolio companies for the second quarter amounted to SEK -446.8 million (SEK -11.5 million in the second quarter of 2025). A main reason is that the valuation of Umecrine Cognition after a completed financing round, even with new investors, constituted a new valuation point for the company, which resulted in the total company value being adjusted from SEK 1,032.9 million to SEK 387.0 million. For KDventures this means an adjustment with SEK -390.1 million. A second main reason is that a review of the valuation of Dilafor was carried out, where the total company value was adjusted from SEK 1,697.6 million to SEK 650.6 million which was currency adjusted to SEK 663.3 million at the end of the quarter, which for KDventures means a total decrease of SEK 326.0 million (directly and indirectly through KDev Investments). This review was made in connection with KDventures’ acquisition of Rosetta's shares in the jointly owned company KDev Investments. A favorable effect of the acquisition is that the potential dividend to Rosetta will not be paid, which means an improvement in fair value of SEK 320.2 million. Change in fair value of shares in portfolio companies for the period January – June amounted to SEK -458.4 (-15.0) million.
• The total fair value of the portfolio was SEK 625.8 million at the end of June 2026, corresponding to a decrease of SEK 693.6 million from SEK 1,319.4 million at the end of the previous quarter. In connection with the acquisition of the remaining shares in KDev Investments, the potential distribution to Rosetta is eliminated and the portfolio's fair value therefore amounts to the same amount as the total fair value, which at the end of June 2026 amounted to SEK 625.8 million, a decrease of SEK 373.4 million from SEK 999.2 million at the end of the previous quarter. A main reason for the net decrease in the fair value valuation is the revaluation of Umecrine Cognition following a capital raising even with new investors, which results in a decrease in Umecrine Cognition's portfolio value by SEK 369.4 million. Another main reason is the revised valuation of Dilafor, which results in a decrease in the portfolio value of a total of SEK 326.0 million following KDventure's acquisition of Rosetta's shares in the jointly owned company KDev Investments. A favorable effect of the acquisition is that the potential dividend to Rosetta is eliminated, which means an improvement in net fair value of SEK 320.2 million.
• Net asset value amounted to SEK 677.2 million at the end of June 2026 (SEK 1,148.6 million at the end of June 2025). The decrease in net asset value is mainly due to the valuation of Umecrine Cognition after a capital round that included new owners and to the more conservative valuation of Dilafor after KDventures' acquisition of Rosetta's shares in the jointly owned company KDev Investments. The decrease is partly offset by the cancellation of potential dividend to Rosetta, which increases the Fair value of the part of the portfolio held in the now wholly owned subsidiary KDev Investments.
• The net asset value per share amounted to SEK 0.89 at the end of June 2026 (SEK 4.26 at the end of June 2025). The decrease in net asset value per share compared to the same period in 2025 is due to both the decreased net asset value and the fact that the number of shares in KD-ventures after the rights issue in February and the directed issue in June increased by 181 percent.
• Net sales totaled SEK 0.3 million during the second quarter of 2026 (SEK 0.4 million during the second quarter of 2025). Net sales for the period January – June totaled SEK 0.7 (0.9) million.
• KDventures invested a total of SEK 73.4 million in portfolio companies during the second quarter of 2026, of which SEK 35.8 million constitutes the acquisition of the remaining shares in KDev Investments from Rosetta Capital (SEK 1.8 million in the second quarter of 2025). Second quarter 2026 investments in portfolio companies by KDventures and other specialized life sciences investors totaled SEK 163.5 million (SEK 159.9 million in the second quarter of 2025).
• Cash and cash equivalents decreased by SEK 19.7 million during the quarter compared to the same period last year. This was a net effect of several factors: investments in the portfolio companies and in KDev Investments reduced cash, while the share issues carried out in the first and second quarters increased it. Before issue costs, these share issues provided SEK 115.2 million in the first quarter and a further SEK 23.9 million in the second quarter, totaling SEK 139.1 million. Cash and cash equivalents amounted to SEK 51.4 million on 30 June 2026, compared to SEK 71.1 million on 30 June 2025.

The interim Report for KDventures AB for the period January-June 2026 is available as a PDF at www.kd-ventures.com.