Medivir AB (MVR0) Q3 2026 Earnings Report

The call was predominantly positive, with management highlighting full funding for three phase II studies through at least 2030, on-plan progress in FLEX-HCC and MIV-711, strengthened fostrox intellectual property, and advancement of all three out-licensed programs. The main negatives were lower royalty revenue, a wider operating loss, higher clinical-study costs, negative operating cash flow, and a relatively quiet news flow. Overall, the operational and financial runway highlights significantly outweighed the stated challenges.

Medivir said all three phase II studies are fully funded, with cash assessed as sufficient at least into 2030, excluding income from out-licensing of fostrox or MIV-711 and future revenues from Vetbiolix and Biossil; FLEX-HCC is recruiting according to plan at 12 sites in South Korea, with all patients expected to be included within this 12 months, a planned randomization of 80 patients, and primary readout during 2027; preparations for the MIV-711 proof-of-concept studies are progressing according to plan, with approximately 20 adult patients planned for the osteogenesis imperfecta study, randomized one-to-one to a high or a low dose and treated for 12 months, while the Perthes disease pediatric formulation remains a prerequisite; Vetbiolix had enrolled 40 dogs toward 45 evaluable dogs, versus the earlier recruitment figure of 51 including expected dropout, with top-line results expected in the near term; the company anticipates positively a bit more cost from OI clinical and CMC activities, but is not anticipating a major increase and does not anticipate fostrox costs to go up, if anything, in the other direction; and cash was SEK 247 million, with fostrox combination-patent protection expected until at least 2041 once granted.