KDventures' net asset value amounted to SEK677m at the end of the second quarter of 2026, driven by sharply lower fair-value marks on Dilafor and Umecrine Cognition. The quarter's central event was KDventures' acquisition of Rosetta Capital's remaining stake in KDev Investments, which removed a complex waterfall structure resulting in a significant gain for KDventures, even though it triggered a downward revaluation of Dilafor. Umecrine obtained funding for its ongoing controlled phase IIa study, with a major readout expected in H2 this year, similarly triggering a lower valuation, which we judge reflect the bargaining power of the external investors rather than a worsened outlook. We make several changes to our sum-of-the-parts valuation in this update.
LÄS MER
