Year-end Report - January-December 2023 - Seite 2

• The portfolio company OssDsign reported positive data from the clinical study TOP FUSION. Top-line results show a 93% spinal fusion rate at 12 months as assessed with CT by independent radiological review after surgery with the novel nanosynthetic bone graft OssDsign Catalyst (January 2024).
• The portfolio company AnaCardio received the second tranche of SEK 50 million, completing the previously announced Series A investment round totaling SEK 150 million. The financing will fund the continued development of the company’s drug candidate AC01, including the ongoing clinical phase 1b/2a study in heart failure patients (January 2024).

Financial update

Fourth quarter

• The net profit/loss for the fourth quarter was SEK -1.9 million (SEK 10.0 million in the fourth quarter of 2022). Earnings per share totaled SEK 0.00 (SEK 0.04 in the fourth quarter of 2022).
• The result of the Change in fair value of shares in portfolio companies for the fourth quarter amounted to SEK 6.6 million (SEK 15.3 million in the fourth quarter of 2022). The result is largely due to the upturn in share price in the listed holdings OssDsign and Promimic which is partially offset by the downturn in share price in Modus Therapeutics and the dilutive effect of the transaction in Umecrine Cognition in connection to their capital rise.
• The total fair value of the portfolio was SEK 1,440.3 million at the end of December 2023, corresponding to an increase of SEK 48.1 million from SEK 1,392.2 million at the end of the previous quarter. The net portfolio fair value at the end of December 2023 was SEK 1,100.4 million, corresponding to an increase of SEK 48.2 million from SEK 1,052.2 million at the end of the previous quarter. The increase is mainly the effect of investments during the quarter, upturn in share price of listed holdings but partially offset by the dilutive effect of the transaction in Umecrine Cognition in connection to their capital rise.
• Net asset value amounted to SEK 1,253.4 million, per share SEK 4.6, at the end of December 2023 (SEK 1,249.1 million, per share SEK 4.6 at the end of December 2022).
• Net sales totaled SEK 0.5 million during the fourth quarter of 2023 (SEK 0.6 million during the fourth quarter of 2022.
• Karolinska Development invested a total of SEK 41.6 million in portfolio companies during the fourth quarter of 2023 (SEK 15.6 million in the fourth quarter of 2022). Fourth quarter 2023 investments in portfolio companies by Karolinska Development and other specialized life sciences investors totaled SEK 125.3 million (SEK 122.5 million in the fourth quarter of 2022).
• Cash and cash equivalents (including short-term investments) decreased by SEK 44.7 million during the fourth quarter, totaling SEK 85.3 million on 31 December 2023 (SEK 189.8 million on 31 December 2022).