Swedish biotech company Medivir reported a SEK 253.5 million cash position at the end of Q2 2026, a sharp increase from SEK 38.2 million a year earlier, providing financial runway through at least 2030. The company also completed an oversubscribed directed share issue raising approximately SEK 140 million gross, bringing in new institutional investors.
Net turnover for the quarter fell to SEK 1.2 million from SEK 1.5 million in the prior-year period, while operating losses narrowed to SEK 21.2 million from SEK 23.2 million. Total operating costs declined by SEK 2.6 million year-over-year to SEK 22.4 million, with personnel costs dropping SEK 2.8 million to SEK 4.3 million. Cash flow from operating activities remained negative at SEK 18.3 million.
Medivir’s balance sheet showed a current ratio of 5.34 and an Altman Z-Score of 9.95, reflecting improved financial health. Shares were last quoted at $16.60, up 29% from the previous close of $12.86, though trading data showed no change at the time of reporting.
The company highlighted progress across its pipeline, including fostrox, an oral prodrug for liver cancer. Final safety and efficacy data for fostrox combined with lenvatinib were published in Clinical Cancer Research in June 2026. A Phase II FLEX-HCC study in Korea, involving 80 patients with advanced second-line hepatocellular carcinoma, began dosing in May 2026 with full enrollment expected within 12 months. Top-line results are anticipated in the second half of 2027.
Fostrox demonstrated a 24% objective response rate and a median duration of response exceeding seven months, with the longest ongoing response surpassing 36 months. More than 75% of patients treated with the combination experienced tumor shrinkage. The liver cancer market is valued at over $2.5 billion annually for second-line indications.
Medivir also advanced MIV-711 into a second rare bone disease indication, Perthes disease, alongside existing programs in osteogenesis imperfecta. Perthes disease, affecting about 1 in 1,500 children, disrupts blood supply to the femoral head, with an estimated U.S. annual treatment cost of $150,000 to $200,000. Pediatric formulation development has commenced, and funding is secured for a proof-of-concept study.
The company’s MIV-701 program, developed in partnership with Vetbiolix for canine periodontitis, remains on track with top-line results expected in Q4 2026. Medivir’s leadership emphasized the alignment of financial strength with clinical momentum as a pivotal inflection point for the business.
