REG - Malin Corp PLC - 2025 Interim Report

MalinAnnouncement

27/08/2025 07:00

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RNS Number : 7593W  Malin Corporation PLC  27 August 2025

Malin Corporation plc

 

Malin reports 2025 Interim Results

 

·    Intrinsic equity value estimate of €9.52 per share at 30 June 2025
and €9.45 per share at 25 August 2025

·    Current cash balance of approximately €13.4 million

·    Malin generated cash proceeds of approximately €103.4 million via
the divestment of its interest in Poseida

·    Malin returned €150 million to shareholders via a tender offer in
March 2025

 

Dublin-Ireland, 27 August 2025: Malin Corporation plc (Euronext Growth
Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative
life sciences companies, today publishes its interim results for the six month
period to 30 June 2025.

 

"Beginning 2025 with the sale of Poseida represented a very significant
milestone for Malin in our continuing strategy to deliver maximum value to
shareholders" said Fiona Dunlevy, Chief Executive Officer, commenting on the
results. "We were delighted that through the sale of Poseida, together with
the divestment of Malin's interest in CG Oncology in mid-2024, we were able to
deliver a significant capital return to shareholders of €150 million in
March 2025".

 

Financial Highlights

 

·    Estimated intrinsic equity value is calculated using our estimate of
the fair value of our investee company holdings in accordance with the
International Private Equity and Venture Capital Valuation ("IPEV")
guidelines, adjusted for cash.

 

·    Malin's estimated intrinsic equity value per share at 30 June 2025
was €9.52, compared to the estimated intrinsic equity value per share as at
31 December 2024 of €10.36. Malin's overall intrinsic equity value decreased
from €195.6 million at 31 December 2024 to €41.3 million at 30 June 2025.

 

·    The net decrease in Malin's intrinsic equity value over the period is
primarily attributable to the divestment of Poseida in January 2025, the
subsequent return of capital of €150 million in March 2025 and to a downward
revision to the estimated valuation of Malin's interest in Viamet.

 

·    As a result of the share buyback completed in March 2025, Malin's
issued share capital has reduced to 4,335,106 Ordinary Shares at 30 June 2025
(31 December 2024: 18,889,274 Ordinary Shares). The Company no longer has any
A Ordinary Shares in issuance.

 

·    Malin's estimated intrinsic equity value per share at 25 August 2025
was €9.45, a 1% decrease compared to 30 June 2025. This decrease was
attributable primarily to a decrease in cash resulting from normal operating
activities.

 

·    Corporate cash operating expenses for the first half of 2025 were
€1.4 million.

 

·    The Group's cash position at 30 June 2025 was €13.7 million (31
December 2024: €62.1 million) and has decreased slightly to €13.4 million
at 25 August 2025, as a result of normal operating activities.

 

Investee Company Updates

 

Poseida

 

On 8 January 2025, Poseida was acquired by Roche at a price of $9.00 per share
in cash at closing, plus a 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 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 CVR conditional upon the achievement of specific milestones. Malin
has estimated the fair value of its CVR to be approximately €12.8 million at
25 August 2025.

 

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
approximately $7 million.

 

The Company's intrinsic value estimate at 25 August 2025 includes a fair value
estimate of €2.1 million related to the balance of the potential contingent
payments.

 

Viamet

 

In April 2022, Mycovia, the successor company to Malin's investee company
Viamet, announced the approval from the FDA of VIVJOA™ (otesecanazole) for
the treatment of Recurrent Vulvovaginal Candidiasis ("RVVC") in females with a
history of RVVC and who are not of reproductive potential. Additional studies
are being performed for submission to the FDA, with the aim of gaining
regulatory approval to extend the targeted patient population.

This has been a challenging process and Malin has adjusted downwards the
estimated value of its interest in Viamet in light of these challenges. A
negative outcome to the FDA engagement would likely have a material impact on
this valuation. We will continue to engage with Mycovia throughout the coming
months as these efforts progress.

Xenex

 

The challenging macroeconomic situation facing hospitals in the US continues
to be a major headwind for Xenex and the company continues to explore
initiatives to expand sales channels despite these challenges. The FDA
authorisation granted to Xenex's LightStrike™ device has the potential to
serve as a competitive differentiator and as a barrier to entry for competing
products but this has not yet translated into a meaningful uplift in sales
revenue.

 

Interim Report

 

Malin's interim report and further information on Malin is available to view
on Malin's website at (http://www.malinplc.com)  www.malinplc.com
(http://www.malinplc.com) , under the "Investors" section.

 

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 please contact:

Malin

Fiona Dunlevy, CEO/Company Secretary

Tel: +353 (0)1 905 3531

cosec@malinplc.com (mailto:cosec@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)

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