“We started 2026 by strengthening our own financial position through a rights issue that raised SEK 115 million before issue costs. We look forward to several important events during the year with the goal of delivering long-term value to our shareholders while helping to ensure that the portfolio companies’ medical innovations benefit more patients”, says Viktor Drvota, CEO, KDventures.

Significant events during the first quarter

• The portfolio company Dilafor signed a binding term sheet with Exeltis, a global Women’s Health company, for an exclusive semi-global license (excluding China and Japan) to its lead candidate drug tafoxiparin. Exeltis will fund pivotal clinical trials, development and commercialization of tafoxiparin for priming of labor. The deal offers Dilafor significant upside through sales-based milestone payments and up to double-digit royalties on net sales, alongside limited upfront and development-based milestones (January 2026).
• The Company announced both the outcome of the rights issue and the name change to KDventures, which were decided by the board on December 1, 2025, and approved by the extraordinary general meeting on January 8, 2026. The rights issue was subscribed to a total of approximately 57 percent, of which approximately 21 percent was subscribed with the support of subscription rights and approximately 2 percent was subscribed without the support of subscription rights. This means that approximately 34 percent, corresponding to SEK 69.4 million of the Rights Issue is allocated to the investors who have guaranteed the Rights Issue. KDventures is thus provided with approximately SEK 115.2 million before issue costs.
  The company also carried out a directed new share issue, with a deviation from the shareholders' preferential rights, as compensation for the guarantee commitments provided in the rights issue.
  The new share issue also means that the new share register is more balanced - all individual owners now hold less than 20% of shares or votes (January and February 2026).
• Novakand Pharma's (Novakand) planned reverse acquisition of portfolio company SVF Vaccines in February 2026 will not be implemented as planned, after a majority of Novakand's shareholders at an extraordinary general meeting chose a different path (February 2026).
• KDventures announced that Organon has discontinued the development of a preclinical drug candidate for polycystic ovarian syndrome (PCOS) that was part of the acquisition of the portfolio company Forendo. Thus, the development of both drug candidates included in the acquisition have been discontinued. KDventures has therefore written off its entire remaining book value of the agreement on potential additional purchase considerations entered into between the parties in connection with the acquisition (March 2026).
• The portfolio company AnaCardio received approval for a US patent covering the use of AC01 for the treatment of heart failure with reduced ejection fraction (HFrEF). The issued patent extends the IP protection for AC01 in the US until the 2040s (March 2026).

Significant post-period events

• The portfolio company SVF Vaccines entered a collaboration with Touchlight, a biotechnology company specializing in cell-free DNA manufacturing. The purpose of the collaboration is to accelerate SVF Vaccines’ lead hepatitis B/D immunotherapy program, SVF-001, toward clinical development (April 2026).
• KDventures announced that it is exercising its share of the portfolio company Modus Therapeutics’ warrant program series 2025/2026 (TO2) (April 2026).

Financial update

• The net profit/loss for the first quarter was SEK -34.1 million (SEK -14.2 million in the first quarter of 2025). Earnings per share totaled SEK -0.07 (SEK -0.05 in the first quarter of 2025).
• The result of the Change in fair value of shares in portfolio companies for the first quarter amounted to SEK -11.6 million (SEK -3.5 million in the first quarter of 2025). The result is mainly due to downturn in the price of listed holdings.
• The total fair value of the portfolio was SEK 1,319.4 million at the end of March 2026, corresponding to a decrease of SEK 8.0 million from SEK 1,327.4 million at the end of the previous quarter. The net portfolio fair value at the end of March 2026 was SEK 999.2 million, corresponding to a decrease of SEK 3.6 million from SEK 1,002.8 million at the end of the previous quarter. The main reason for the net decrease in fair value was downturn in the price of listed holdings, although the decrease was partly offset by the quarter's investments.
• The result of Change in fair value of other financial assets and liabilities (earn-out agreements) for the first quarter amounted to SEK -18.0 million (SEK -6.1 million in the first quarter of 2025). The decrease is due to Organon's decision to terminate further development of the second and final compound that Organon acquired through the acquisition of Forendo Pharma. The additional purchase price for Forendo is now written down to zero and fully settled.
• Net asset value amounted to SEK 1,105.5 million, per share SEK 1.7, at the end of March 2026 (SEK 1,044.7 million, per share SEK 3.9 at the end of March 2025). The decrease in net asset value per share is mainly due to the increase in the number of shares due to the new share issue carried out during the quarter.
• Net sales totaled SEK 0.4 million during the first quarter of 2026 (SEK 0.5 million during the first quarter of 2025).
• KDventures invested a total of SEK 8.0 million in portfolio companies during the first quarter of 2026 (SEK 15.5 million in the first quarter of 2025). First quarter 2026 investments in portfolio companies by KDventures and other specialized life sciences investors totaled SEK 15.6 million (SEK 25.6 million in the first quarter of 2025).
• Cash and cash equivalents increased by SEK 55.3 million during the quarter, compared to the same period last year, an effect among other things, of the rights issue carried out during the quarter, which before issue costs, provided the company with SEK 115.2 million. Cash and cash equivalents totaling SEK 106.3 million on 31 March 2026 (SEK 51.1 million on 31 March 2025).

The interim Report for KDventures AB for the period January-March 2025 is available as a PDF at www.kd-ventures.com.

For further information, please contact:

Viktor Drvota, CEO, KDventures AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@kd-ventures.com

Hans Christopher “HC” Toll, CFO, KDventures AB
Phone: +46 70 717 00 41, e-mail: hc.toll@kd-ventures.com

TO THE EDITORS

About KDventures AB

KDventures AB (Nasdaq Stockholm: KDV) is a Nordic investment company specialized in life sciences. The company identifies and invests in innovative pharmaceutical projects and medical technology products originating from leading research institutions in the Nordic region. Through a diversified portfolio across various stages of development, professional due diligence, and active board engagement, KDventures creates value from early research to commercialization. The company offers investors exposure to both listed and private life science projects with significant value growth potential.

For more information, please visit www.kd-ventures.com