REG - Malin Corp PLC - 2025 Full Year Results & Leadership Changes

MalinAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260226:nRSZ4422Ua&default-theme=true

RNS Number : 4422U  Malin Corporation PLC  26 February 2026

 

Malin Corporation plc

 

2025 Full Year Results & Leadership Changes

 

·    Estimated intrinsic equity value per share was €9.21 at 31
December 2025 and €9.24 at 23 February 2026

·    Fiona Dunlevy and Kirsten Drejer to leave the Company

·    Malin's AGM will be held on 26 March 2026

 

Dublin-Ireland, 26 February 2026: Malin Corporation plc (Euronext Growth
Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative
life sciences companies, today publishes its full year results and annual
report for the year ended 31 December 2025. Malin's 2025 Annual Report is
available to view on the Company's website at www.malinplc.com
(http://www.malinplc.com) and the financial highlights are set out below.

 

The Company today also announces the following leadership changes:

 

·    The Company's Chief Executive Officer ("CEO") and Company Secretary,
Fiona  Dunlevy, will leave the Company at the end of May. Mr Liam Daniel,
Non-Executive Chair, will assume the role of Executive Chair and Ms Andrea
Stafford, Malin's Head of Finance, will assume the role of Company Secretary
following Ms Dunlevy's departure.

·    Non-Executive Director Kirsten Drejer has advised the Board that she
will not go forward for re-election at the Company's 2026 Annual General
Meeting ("AGM").

 

Commenting on the leadership changes, Mr Daniel stated, "I wish to acknowledge
and thank Fiona for her significant contribution over the last 11 years with
Malin. She has successfully led the Malin business since 2023 and during this
time has effectively executed on its business strategy of realising value from
our investee companies and returning capital to shareholders. I wish both
Kirsten and Fiona all the best in the future.

 

The leadership changes are consistent with the Board's focus on ensuring that
the Company's governance and operating infrastructure aligns with the scale,
complexity and activity levels of the Company and its underlying investee
interests. The divestment of Poseida in early 2025 followed by the significant
return of capital has transitioned Malin into a new phase. Malin's remaining
interests now include its contingent value rights ("CVRs") linked to the
Poseida sale to Roche and contingent consideration linked to the Kymab sale to
Sanofi. Working together with my fellow Board members and Ms Stafford, we are
committed to continuing to maximise shareholder returns from our remaining
investee interests through this next phase of Malin and we will continue to
update shareholders as our investee companies progress towards the achievement
of their relevant milestones."

 

 

Estimated intrinsic equity value

 

·    Malin's intrinsic equity value at 31 December 2025 was estimated to
be €9.21 per share, or €39.9 million and is arrived at by taking the
aggregate fair value of our investee company holdings in accordance with the
International Private Equity and Venture Capital Valuation ("IPEV") Guidelines
and adjusting this value for Malin's corporate cash balance.

 

·    Malin's estimated intrinsic equity value at 23 February 2026 has
increased to €9.24 per share, or €40.0 million as a result of a post
year end update to our valuation of Kymab following an announcement by Sanofi
in January 2026 of positive results in two Phase 3 studies of amlitelimab (the
product acquired by Sanofi as part of its 2021 acquisition of Kymab) in atopic
dermatitis and noted their intention to move forward with global regulatory
submissions.

 

·    As at 23 February 2026, Malin had 4,335,106 Ordinary Shares in
issuance.

 

Fair value of investee companies

 

·    The aggregate fair value of Malin's interests in its investee
companies was €27.0 million at 31 December 2025 compared to €133.5
million at 31 December 2024. The decrease in the aggregate fair value during
2025 is largely due to the divestment of Poseida in January 2025 and to a
downward revision to the estimated valuations of Malin's interests in Viamet
and Xenex, partially offset by the fair value estimate of Malin's Poseida
CVRs.

 

·    The aggregate fair value of Malin's interests in its investee
companies increased to €27.4 million as at 23 February 2026 as a result of
the increased valuation of Kymab as noted above offset by foreign exchange
movements.

 

Cash Position and Operating Expenditure

 

·    Malin's corporate cash balance at 31 December 2025 was approximately
€12.9 million compared to €62.1 million at 31 December 2024.

 

·    The decrease in Malin's cash balance over this period is primarily as
a result of the return of capital of €150 million in March 2025, funded
principally from the upfront proceeds of €103.5 million generated from the
sale of Poseida.

 

·    Malin's cash balance at 23 February 2026 was approximately €12.6
million.

 

·    The recurring corporate cash operating spend for the year ended 31
December 2025 was €2.1 million (31 December 2024: €2.4 million), comprised
primarily of public company costs, employee costs and professional fees. The
Board is committed to seeking further savings in operating expenditure where
possible,  taking into account the necessary costs associated with the
Company's listed status and with maintaining an appropriate management and
corporate governance structure.

 

Investee Company Highlights

 

Poseida

·    On 8 January 2025, Poseida was acquired by Roche at a price of $9.00
per share in cash at closing, plus a non-transferable contingent value right
("CVR") to receive certain contingent payments of up to an aggregate of $4.00
per share in cash upon the achievement of specific future clinical and
commercial milestones.

 

·    Malin owned approximately 12% of Poseida and received approximately
$106.5 million of upfront consideration in January 2025, with the potential to
receive up to a further $47.3 million through its CVRs on the achievement of
specific milestones. Malin has estimated the fair value of its CVRs to be
approximately €13.1 million at 23 February 2026.

 

Kymab

·    Malin previously announced that in connection with the sale of Kymab
to Sanofi in 2021, Malin could over time receive further payments in
connection with its share of milestone-related contingency payments. Malin
estimates that the maximum remaining consideration which the Company could
receive equates to $7 million.

 

·    In January 2026, Sanofi announced positive results in two Phase 3
studies of amlitelimab (the product acquired by Sanofi as part of its 2021
acquisition of Kymab) in atopic dermatitis and noted their intention to move
forward with global regulatory submissions.

 

·    The Company's intrinsic value estimate at 23 February 2026 includes a
fair value estimate of €3.3 million related to the balance of the potential
contingent payments.

 

Viamet

·    As previously communicated, Mycovia, the successor company to Malin's
investee company Viamet, continues to engage with the FDA with the aim of
gaining regulatory approval to extend the targeted patient population of
VIVJOA™, which is currently approved by the FDA for the treatment of
Recurrent Vulvovaginal Candidiasis ("RVVC") in females with a history of RVVC
and who are not of reproductive potential. Mycovia and we expect further
clarity in the second half of 2026.

 

·    The need to complete this additional development work has curtailed
or delayed commercial launches of the drug in the US and other markets thereby
impacting the milestones and royalties that may have become payable to Viamet
in the near-term. As a result, the fair value estimate of Malin's interest in
Viamet, which is based on a discounted cashflow model, has been reduced in the
year to 31 December 2025 to €11 million. As noted previously, an
unfavourable outcome to Mycovia's efforts to extend the patient population for
VIVJOA™ could materially impact the Company's fair value estimate of its
interest in Viamet.

 

Xenex

·    Despite the significant potential of Xenex's products, most notably
its FDA-authorised LightStrike™+ robot, to revolutionise infection control,
the company has faced challenges in seeking to drive improvements in sales
performance while maintaining cost efficiencies and balancing a challenging
capital position. This has resulted in Malin fully writing down the fair value
estimate of its interest in Xenex at 31 December 2025.

 

2026 AGM

 

Malin's 2026 AGM will be held in the Conrad Dublin Hotel, Earlsfort Terrace,
Dublin 2, D02 V562, Ireland at 10:00 a.m. GMT on Thursday, 26 March 2026. The
Notice of Annual General Meeting and Form of Proxy will be issued to
shareholders on Monday, 2 March 2026.  Copies of all documents relating to
the AGM are also available on the Company's website at www.malinplc.com
(http://www.malinplc.com)

ENDS

 

About Malin Corporation plc

 

Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative
life sciences companies. Its purpose is to create shareholder value through
the application of long-term capital and operational and strategic expertise
to a diverse range of global healthcare businesses. Malin has a focus on
innovative businesses underpinned by exceptional science and works with its
investee companies, providing strategic and financial support to enable them
to reach their value potential. Malin is headquartered and domiciled in
Ireland and listed on the Euronext Growth Dublin. For more information
visit www.malinplc.com (http://www.malinplc.com/) .

For further information contact:

 

Malin

Fiona Dunlevy, CEO/ Company Secretary

Tel: +353 (0)1 905 3531

cosec@malinplc.com (mailto:investorrelations@malinplc.com)

 

Andrea Stafford, Head of Finance

Tel: +353 (01)1 905 3531

astafford@malinplc.com (mailto:astafford@malinplc.com)

 

Davy Corporate Finance (Euronext Growth Listing Sponsor & Broker)

Brian Garrahy / Daragh O'Reilly

Tel: +353 1 679 6363

 

Sodali & Co (Media enquiries)

Eavan Gannon

Tel: +353 87 236 5973

eavan.gannon@sodali.com (mailto:eavan.gannon@sodali.com)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FR DZGZZGKFGVZZ



            Copyright 2019 Regulatory News Service, all rights reserved