Medivir AB (publ)

Revenue in Q4 was higher than the prior quarter, mainly from the out-license of remetinostat and royalty income from Xerclear. Operating loss in Q4 was minus SEK 42 million, versus last year’s Q4, and this included a SEK 29.8 million write-down of the birinapant project, which had no cash impact. Cash flow from operating activities in Q4 was approximately minus SEK 6 million. For FY2025, the company said other external expenses were significantly lower, reflecting lower clinical costs, while personnel costs were slightly higher due to provisions for personnel under notice of termination. Medivir completed a rights issue raising approximately SEK 151 million before transaction costs, ended the year with SEK 119 million in cash, and later said the directed issue added SEK 45 million and supports cash runway into 2028. Forward guidance: the company expects to proceed with the planned Phase II study in OI, continue preparations for the FLEX-HCC study in liver cancer, and still targets top-line data from the fostrox/Korean study in 2027.

Jens Lindberg struck an optimistic tone, calling the quarter “very eventful” and emphasizing “great progress” across the pipeline. He presented MIV-711 as a strategically important new in-house asset enabled by the recent financing, said fostrox remains a priority with very limited competitive movement in second-line liver cancer, and described VBX-1000 as a potentially large royalty opportunity if Vetbiolix’s next study is positive. He repeatedly framed the company as moving “with speed” toward key clinical milestones and potential first-in-class positions.

Magnus Christensen said Q4 revenue was higher than the previous quarter, driven primarily by the remetinostat out-license and Xerclear royalties. He noted that other external expenses were significantly lower, reflecting lower clinical costs, while personnel costs rose slightly due to termination-related provisions; he also highlighted the SEK 29.8 million birinapant write-down, which did not affect cash. He said the company ended 2025 with SEK 119 million in cash after a SEK 151 million rights issue, and after the later SEK 45 million directed issue, management believes cash resources are sufficient to fund the planned Phase II liver-cancer and OI studies and extend runway into 2028.

Analyst questions focused on the regulatory path and timing for MIV-711, the royalty structure for VBX-1000, and the post-funding runway. Management said OI likely follows a two-step path: first establish clinical proof of concept, then move to a pivotal phase, with the main open question being whether adult and pediatric patients can be studied together or need separate sub-studies. On VBX-1000, they declined to disclose the royalty percentage but said the economics were intentionally backloaded toward royalties and potential partnership payments, and they confirmed the deal remains relevant despite additional patent work. On cash, management reiterated that existing resources plus the directed issue should fund the planned studies into 2028.