Medivir AB (STU:MVR0)

Q2 2026 Medivir AB Earnings Call Transcript

Aug 20, 2026 / 12:00 PM GMT

Release Date Price: €0.1608 (+9.24%)

Transcript

Key Points

Positve

Phase 1b2a data for fostroxacimab plus lenvatinib published in Clinical Cancer Research, validating the liver-targeted mechanism and tumor-selective efficacy.
First patient dosed in the randomized FLEX-HCC study in Korea, with recruitment progressing well and expected to complete within 12 months.
Oversubscribed directed share issue raised approximately SEK 140 million, strengthening the balance sheet and funding all three Phase 2 studies.
MIV-711 is now being developed for two rare bone indications (Perthes disease and osteogenesis imperfecta), both with no approved treatments and significant market potential.
Received notice of allowance for a U.S. combination patent covering fostroxacimab plus lenvatinib, providing protection until at least 2041 in key markets.
Cash position of SEK 253.5 million is sufficient into 2030, excluding potential partnering proceeds.
Strong investigator and patient organization engagement for the OI study, with five sites approved and enrollment expected to be fast.
Positive data from the VetBioLix partnership (MIV-701) in canine periodontitis expected in Q4 2026, a potential value driver without material development costs.

Negative

Net turnover decreased by SEK 0.3 million year-over-year, reflecting lower revenue.
Other external expenses increased by SEK 13.4 million quarter-over-quarter due to early recruitment in FLEX-HCC, impacting operating costs.
Operating loss of SEK 21.2 million, though improved, remains significant.
No approved treatment exists for second-line HCC, and the recent IMbrave251 study showed no benefit from continuing immunotherapy, highlighting the challenging competitive landscape.
The company faces uncertainty regarding the patent application in China, with no timeline for a decision.
MIV-711 has only been tested in adults, and there are potential risks when treating children, requiring careful safety monitoring.
The company is still early in pricing and market access work for Perthes disease, with estimates based on benchmarks that may not materialize.
The FLEX-HCC study results are not expected until the second half of 2027, leaving a long period before potential value inflection.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MEDIVIR.ST - Medivir AB
Q2 2026 Medivir AB Earnings Call
Aug 20, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you, operator, and welcome, everyone, to Medivir's webcast covering the second quarter of 2026.

And looking back, this was the quarter where a lot of things came together for us. The Phase 1b2a data for phostroxin combination with lamatinib was published in Clinical Cancer Research, which is one of oncology's most cited journals. And we also took the important sort of exciting next step as the first patient was dosed in the randomized FLEX-HCC study in Korea.

We secured funding to take MIV711 into a second rare bone indication, Perth's disease, through an oversubscribed directed share issue of approximately 140 million sick.

Pia will take you through the clinical progress in both Fostrox and MIV711, and Patrick will

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