Reported Earnings • May 05
First quarter 2026 earnings released: kr0.068 loss per share (vs kr0.053 loss in 1Q 2025) First quarter 2026 results: kr0.068 loss per share (further deteriorated from kr0.053 loss in 1Q 2025). Net loss: kr34.1m (loss widened 141% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Announcement • Apr 07
KDventures AB, Annual General Meeting, May 12, 2026 KDventures AB, Annual General Meeting, May 12, 2026, at 15:00 W. Europe Standard Time. Location: nanna svartz vag 2, 171 65 solna, solna Sweden Reported Earnings • Mar 25
Full year 2025 earnings released: kr0.72 loss per share (vs kr0.03 loss in FY 2024) Full year 2025 results: kr0.72 loss per share (further deteriorated from kr0.03 loss in FY 2024). Net loss: kr193.9m (loss widened kr185.8m from FY 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year whereas the company’s share price has fallen by 49% per year. Announcement • Mar 03
KDventures AB Announces Organon Discontinues Development of Forendo's Drug Candidate for Polycystic Ovarian Syndrome KDventures AB 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 has been discontinued. KDventures will therefore write off its entire remaining book value of the agreement on potential additional purchase considerations entered into between the parties in connection with the acquisition. In 2021, Organon acquired KDventures' portfolio company Forendo, but in July 2025 discontinued development of OG-6219, its most advanced drug candidate targeting endometriosis. The acquisition also included a preclinical drug candidate for polycystic ovary syndrome. Organon has now announced that development of this drug candidate has also been discontinued. This announcement means that the value of KDventures' share of the parties’ agreement on potential additional purchase considerations will be written off in its entirety, which will be reported in the interim report for the first quarter of 2026. Reported Earnings • Feb 16
Full year 2025 earnings released: kr0.72 loss per share (vs kr0.03 loss in FY 2024) Full year 2025 results: kr0.72 loss per share (further deteriorated from kr0.03 loss in FY 2024). Net loss: kr193.9m (loss widened kr185.8m from FY 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year and the company’s share price has also fallen by 46% per year. New Risk • Jan 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 142% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (142% increase in shares outstanding). Revenue is less than US$1m (kr1.7m revenue, or US$197k). Minor Risk Market cap is less than US$100m (kr185.7m market cap, or US$21.0m). Announcement • Jan 29
Karolinska Development AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 115.249999 million. Karolinska Development AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 115.249999 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 384,166,664
Price\Range: SEK 0.3
Transaction Features: Rights Offering New Risk • Jan 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr88.6m (US$9.62m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (kr1.7m revenue, or US$189k). Market cap is less than US$10m (kr88.6m market cap, or US$9.62m). New Risk • Dec 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr92.8m (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (kr1.7m revenue, or US$185k). Market cap is less than US$10m (kr92.8m market cap, or US$9.87m). New Risk • Dec 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (kr1.7m revenue, or US$184k). Minor Risk Market cap is less than US$100m (kr118.6m market cap, or US$12.6m). Announcement • Dec 01
Karolinska Development AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 202.558196 million. Karolinska Development AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 202.558196 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 675,193,985
Price\Range: SEK 0.3
Transaction Features: Rights Offering Price Target Changed • Nov 18
Price target decreased by 13% to kr1.75 Down from kr2.00, the current price target is provided by 1 analyst. New target price is 117% above last closing price of kr0.81. Stock is down 30% over the past year. The company posted a net loss per share of kr0.03 last year. Reported Earnings • Nov 15
Third quarter 2025 earnings released: kr0.25 loss per share (vs kr0.04 loss in 3Q 2024) Third quarter 2025 results: kr0.25 loss per share (further deteriorated from kr0.04 loss in 3Q 2024). Net loss: kr66.8m (loss widened kr55.9m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Announcement • Nov 05
Modus Therapeutics Receives Approval for Second Part of Phase 2 Study in Chronic Kidney Disease with anemia Karolinska Development AB announced that its portfolio company, Modus Therapeutics, has received regulatory approval to initiate the second part of the phase 2 study with sevuparin as a treatment of chronic kidney disease with anemia. The study will be initiated in fourth quarter of 2025, in line with the company's development timeline. Modus Therapeutics, listed on Nasdaq First North Growth Market, has received approval from regulatory authorities in Italy to initiate the second part of The company's phase 2 study with sevuparin in patients with chronic kidney disease with anemic. Three doses of sevuparin will be evaluated in the second part of the clinical study, based on single-dose data from the initial part, where data shows that sevuparin was well-tolerated. Announcement • Sep 04
Karolinska Development AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 28.3 million. Karolinska Development AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 28.3 million.
Security Name: Shares
Security Type: Common Stock
Transaction Features: Rights Offering Reported Earnings • Aug 31
Second quarter 2025 earnings released: kr0.27 loss per share (vs kr0.059 loss in 2Q 2024) Second quarter 2025 results: kr0.27 loss per share (further deteriorated from kr0.059 loss in 2Q 2024). Net loss: kr73.3m (loss widened 359% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Jun 30
An undisclosed buyer completed the acquisition of an unknown minority stake in OssDsign AB (publ) (OM:OSSD) from Karolinska Development AB (publ) (OM:KDEV). An undisclosed buyer acquired an unknown minority stake in OssDsign AB (publ) (OM:OSSD) from Karolinska Development AB (publ) (OM:KDEV) on June 30, 2025.
An undisclosed buyer completed the acquisition of an unknown minority stake in OssDsign AB (publ) (OM:OSSD) from Karolinska Development AB (publ) (OM:KDEV) on June 30, 2025. Price Target Changed • May 19
Price target decreased by 7.7% to kr2.10 Down from kr2.28, the current price target is provided by 1 analyst. New target price is 110% above last closing price of kr1.00. Stock is down 38% over the past year. The company posted a net loss per share of kr0.03 last year. Reported Earnings • May 02
First quarter 2025 earnings released: kr0.053 loss per share (vs kr0.001 profit in 1Q 2024) First quarter 2025 results: kr0.053 loss per share (down from kr0.001 profit in 1Q 2024). Net loss: kr14.2m (down kr14.4m from profit in 1Q 2024). Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Announcement • Apr 08
Karolinska Development AB (publ), Annual General Meeting, May 15, 2025 Karolinska Development AB (publ), Annual General Meeting, May 15, 2025, at 15:00 W. Europe Standard Time. Location: at nanna svartz vag 2, 17165 solna, Sweden Reported Earnings • Mar 24
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: kr0.03 loss per share (down from kr0.02 profit in FY 2023). Net loss: kr8.10m (down 250% from profit in FY 2023). Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) exceeded analyst estimates by 67%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 17
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: kr0.03 loss per share (down from kr0.02 profit in FY 2023). Net loss: kr8.10m (down 250% from profit in FY 2023). Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) exceeded analyst estimates by 67%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. New Risk • Feb 15
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Revenue is less than US$1m (kr1.9m revenue, or US$176k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr24m net loss in 2 years). Market cap is less than US$100m (kr280.6m market cap, or US$26.2m). Announcement • Dec 19
Karolinska Development AB Announces Changes to Chairman Karolinska Development AB announced that its Board of Directors has appointed Ben Toogood as new Chairman until the next General Meeting. Karolinska Development’s Board of Directors has internally appointed its member Ben Toogood as new Chairman, following Professor Hans Wigzell’s resignation from the position at his own request. Ben Toogood has been a member of the Board since 2021 and is beyond the assignment also Head of Global Business Development at Sino Pharmaceuticals Limited, CEO at invoX Pharma Limited and Director at Softhale BV and pHion Therapeutics. Announcement • Dec 11
Karolinska Development AB (Publ) Announces Resignation of Hans Wigzell as Chairman of the Board Karolinska Development AB announced that the company’s Chairman of the Board, Professor Hans Wigzell, has decided to resign from his position. The Board of Directors will immediately initiate a process to appoint a new Chairman. Hans Wigzell has been an instrumental force in Karolinska Development ever since the company was founded. He has served as Chairman of the Board during several periods, most recently since the 2024 Annual General Meeting. Reported Earnings • Nov 17
Third quarter 2024 earnings released: kr0.04 loss per share (vs kr0.044 profit in 3Q 2023) Third quarter 2024 results: kr0.04 loss per share (down from kr0.044 profit in 3Q 2023). Net loss: kr10.9m (down 191% from profit in 3Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 33% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Announcement • Nov 15
Karolinska Development AB Announces CEO Changes to its Portfolio Company SVF Vaccines Karolinska Development AB announced that its portfolio company SVF Vaccines has appointed Dr Gaston Picchio as acting CEO. He will assume the position with effect from November 15, 2024, as Dr Richard Bethell has decided to step down as CEO to pursue other professional interests while remaining associated with the company in an advisory role. Dr. Gaston Picchio has over 30 years of experience in clinical virology from his previous roles at the Scripps Research Institute, Johnson & Johnson, and Arbutus Biopharma. While at Johnson & Johnson, Dr. Picchio was involved in the development and approval of antivirals and vaccines for HIV, HCV, and Zika. Most recently, he comes from Arbutus Biopharma, where he led the development of novel therapeutic combinations aimed at curing chronic hepatitis B. Announcement • Sep 23
An undisclosed buyer acquired 15% stake in Henlez ApS from Karolinska Development AB (publ) (OM:KDEV). An undisclosed buyer acquired 15% stake in Henlez ApS from Karolinska Development AB (publ) (OM:KDEV) on September 23, 2024.
An undisclosed buyer completed the acquisition of 15% stake in Henlez ApS from Karolinska Development AB (publ) (OM:KDEV) on September 23, 2024. New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (kr1.9m revenue, or US$185k). Minor Risk Market cap is less than US$100m (kr357.3m market cap, or US$34.8m). Reported Earnings • Sep 01
Second quarter 2024 earnings released: kr0.059 loss per share (vs kr0.086 profit in 2Q 2023) Second quarter 2024 results: kr0.059 loss per share (down from kr0.086 profit in 2Q 2023). Net loss: kr16.0m (down 169% from profit in 2Q 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 40% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 28
First quarter 2024 earnings released First quarter 2024 results: Net income: kr208.0k (up kr28.2m from 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 25% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Apr 16
Karolinska Development AB (Publ) Announces That Björn Cochlovius Has Declined Re-Election Karolinska Development AB (publ) announced that Björn Cochlovius has declined re-election. Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: kr0.02 (vs kr0.34 loss in FY 2022) Full year 2023 results: EPS: kr0.02 (up from kr0.34 loss in FY 2022). Net income: kr5.39m (up kr93.5m from FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 23% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Mar 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 45% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 45% per year for the foreseeable future. Revenue is less than US$1m (kr2.0m revenue, or US$191k). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (kr428.5m market cap, or US$40.5m). Recent Insider Transactions • Feb 22
Chief Executive Officer recently bought kr81k worth of stock On the 19th of February, Viktor Drvota bought around 50k shares on-market at roughly kr1.62 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Viktor's only on-market trade for the last 12 months. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr0.02 (vs kr0.34 loss in FY 2022) Full year 2023 results: EPS: kr0.02 (up from kr0.34 loss in FY 2022). Net income: kr5.39m (up kr93.5m from FY 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: kr0.044 (vs kr0.17 loss in 3Q 2022) Third quarter 2023 results: EPS: kr0.044 (up from kr0.17 loss in 3Q 2022). Net income: kr12.0m (up kr58.6m from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 28% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Announcement • Nov 09
Karolinska Development AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 40.3 million. Karolinska Development AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 40.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,150,000
Price\Range: SEK 2
Transaction Features: Rights Offering Announcement • Sep 21
Ossdsign Receives FDA Clearance for the Use of OssDsign Catalyst in Interbody Cages in Spinal Surgery Karolinska Development AB announced that its portfolio company OssDsign has received clearance from FDA for the use of OssDsign Catalyst in interbody cages in spinal surgery. The FDA clearance creates possibilities in a new indication with major market potential for the company's innovative nanosynthetic bone graft. The clearance from the U.S. Food and Drug Administration (FDA) allows surgeons to use the OssDsign Catalyst on-label in any interbody cage cleared for use with synthetic bone grafts. OssDsign Catalyst is the first synthetic bone graft to be cleared to market for interbody use based on bone graft data alone. The decision by the FDA is based on OssDsign's outstanding bone regeneration results which surpass other synthetic bone grafts in challenging evaluation models. Reported Earnings • Aug 27
Second quarter 2023 earnings released: EPS: kr0.086 (vs kr0.083 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.086 (up from kr0.083 loss in 2Q 2022). Net income: kr23.3m (up kr45.6m from 2Q 2022). Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Sweden are expected to grow by 28%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 22
Chief Legal Officer & Deputy CEO recently bought kr165k worth of stock On the 20th of June, Johan Dighed bought around 100k shares on-market at roughly kr1.65 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr466k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 08
Chief Legal Officer & Deputy CEO recently bought kr56k worth of stock On the 4th of May, Johan Dighed bought around 35k shares on-market at roughly kr1.61 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr89k. Insiders have collectively bought kr301k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 29
Chief Legal Officer & Deputy CEO recently bought kr89k worth of stock On the 27th of March, Johan Dighed bought around 50k shares on-market at roughly kr1.78 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr245k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 28
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: kr0.34 loss per share (down from kr0.97 profit in FY 2021). Net loss: kr88.1m (down 152% from profit in FY 2021). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Sweden are expected to grow by 28%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 19
Full year 2022 earnings released: kr3.43 loss per share (vs kr0.97 profit in FY 2021) Full year 2022 results: kr3.43 loss per share (down from kr0.97 profit in FY 2021). Net loss: kr88.1m (down 152% from profit in FY 2021). Revenue is expected to decline by 7.1% p.a. on average during the next 2 years, while revenues in the Pharmaceuticals industry in Sweden are expected to grow by 28%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Feb 15
Karolinska Development AB (Publ) Announces That Its Portfolio Company Dilafor’S Extended Clinical Phase 2B Study with the Drug Candidate Tafoxiparin Has Resulted in Further Positive Data Karolinska Development AB (publ) announced that its portfolio company Dilafor’s extended clinical phase 2b study with the drug candidate tafoxiparin has resulted in further positive data. The extension of the study met its objective, which was to evaluate if the efficacy of tafoxiparin obtained in the phase 2b trial persists when the drug is administered in additional doses. In a clinical phase 2b study, tafoxiparin showed a significant positive effect on cervical ripening in first-time mothers that were given treatment for a planned start of labor. The completed extension of the phase 2b study included a total of 164 women, and the results show that the cervical ripening effect persists in the study. In addition, a clear dose-response relationship was observed. Up to 30% of all pregnant women are subject to planned start of labor, the current interventions increase the risk of medical complications in both mother and child, leading to high healthcare costs. Karolinska Development's direct ownership in Dilafor amounts to 1% and indirect ownership interest via KDev Investment in Dilafor amounts to 30%. Recent Insider Transactions • Dec 23
Chief Legal Officer & Deputy CEO recently bought kr84k worth of stock On the 19th of December, Johan Dighed bought around 50k shares on-market at roughly kr1.67 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr156k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr46.6m (loss widened kr45.4m from 3Q 2021). Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Sweden are expected to grow by 33%. Announcement • Nov 18
Karolinska Development AB (publ), Annual General Meeting, May 16, 2023 Karolinska Development AB (publ), Annual General Meeting, May 16, 2023. Price Target Changed • Nov 16
Price target decreased to kr5.40 Down from kr6.10, the current price target is provided by 1 analyst. New target price is 160% above last closing price of kr2.08. Stock is down 73% over the past year. The company posted earnings per share of kr0.97 last year. Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Director Theresa Tse is the most experienced director on the board, commencing their role in 2017. Independent Director Anna Lefevre Skjoldebrand was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: kr22.3m (down 110% from profit in 2Q 2021). Over the next year, revenue is expected to shrink by 8.1% compared to a 91% growth forecast for the Pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to kr3.04, the stock trades at a trailing P/E ratio of 4.9x. Average forward P/E is 20x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 10% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Net loss: kr29.2m (loss widened 17% from 1Q 2021). Over the next year, revenue is expected to shrink by 6.1% compared to a 103% growth forecast for the industry in Sweden. Price Target Changed • Apr 27
Price target increased to kr7.90 Up from kr6.10, the current price target is provided by 1 analyst. New target price is 158% above last closing price of kr3.06. Stock is up 98% over the past year. The company posted earnings per share of kr0.97 last year. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Director Theresa Tse is the most experienced director on the board, commencing their role in 2017. Independent Director Anna Lefevre Skjoldebrand was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: kr0.97 (vs kr1.18 loss in FY 2020) Full year 2021 results: EPS: kr0.97 (up from kr1.18 loss in FY 2020). Net income: kr170.8m (up kr378.3m from FY 2020). Over the next year, revenue is expected to shrink by 7.8% compared to a 112% growth forecast for the pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr2.86, the stock trades at a trailing P/E ratio of 4.5x. Average forward P/E is 20x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 47% over the past three years. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr0.97 (up from kr1.18 loss in FY 2020). Net income: kr170.8m (up kr378.3m from FY 2020). Revenue missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 7.8% compared to a 73% growth forecast for the pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr5.08, the stock trades at a trailing P/E ratio of 3.2x. Average forward P/E is 19x in the Pharmaceuticals industry in Sweden. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr5.05, the stock trades at a trailing P/E ratio of 3.2x. Average forward P/E is 20x in the Pharmaceuticals industry in Sweden. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: kr1.20m (loss narrowed 99% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 22% share price gain to kr4.68, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 22x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 17% share price gain to kr4.22, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 24x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr4.05, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 113x in the Pharmaceuticals industry in Sweden. Total loss to shareholders of 53% over the past three years. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS kr1.23 (vs kr0.012 in 2Q 2020) Second quarter 2021 results: Net income: kr216.4m (up kr214.3m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • May 01
First quarter 2021 earnings released First quarter 2021 results: Net loss: kr24.9m (loss narrowed 80% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: kr1.18 loss per share (vs kr4.10 profit in FY 2019) Full year 2020 results: Net loss: kr207.5m (down 169% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Executive Departure • Mar 10
CFO & Deputy CEO Fredrik Jarrsten has left the company On the 7th of March, Fredrik Jarrsten, was replaced as CEO by Viktor Drvota. As of December 2020, Fredrik personally held only 120.00k shares (kr216k worth at the time). A total of 5 executives have left over the last 12 months. Is New 90 Day High Low • Feb 25
New 90-day low: kr1.59 The company is down 31% from its price of kr2.31 on 27 November 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 9.0% over the same period. Reported Earnings • Feb 13
Full year 2020 earnings released: kr1.18 loss per share (vs kr4.10 profit in FY 2019) Full year 2020 results: Net loss: kr207.5m (down 169% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 10
New 90-day low: kr1.61 The company is down 35% from its price of kr2.47 on 11 November 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day low: kr1.80 The company is down 31% from its price of kr2.60 on 23 October 2020. The Swedish market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 4.0% over the same period. 
