MEDIVIR AB – INTERIM REPORT JANUARY – MARCH 2021

Financing secured to bring the MIV-818 study into the next phase

January – March

Financial summary for the quarter

Net turnover amounted to SEK 9.9 (7.3) million.
The loss before interest, tax, depreciation and amortization (EBITDA) amounted to SEK -7.2 (-20.7) million. Basic and diluted earnings per share amounted to SEK -0.18 (-0.96) and SEK -0.18 (-0.96) respectively.
Cash flow from operating activities amounted to SEK -1.5 (-16.6) million.
Liquid assets and short-term investments at the end of the period amounted to SEK 269.3 (116.6) million.

Significant events during the quarter

In January the company signed an exclusive license agreement with IGM Biosciences, Inc. for birinapant. Medivir received a payment of USD 1 million after signing, which is to be followed by an additional USD 1.5 million when IGM includes birinapant in phase I clinical trials. In addition, the agreement entitles Medivir to milestone payments and royalties.
A rights issue of class B shares with preferential rights for existing shareholders was completed in early February. Through the rights issue, which was oversubscribed to 93.5 percent, Medivir received approximately SEK 170 million before transaction costs.
The Board of Directors decided to exercise the overallotment option of SEK 25 million, directed to the specialist investor HealthInvest.
An Extraordinary General Meeting on March 11, 2021, decided on a directed new share issue of approximately SEK 28 million to Linc AB.
In February 2021 a licensing agreement with Ubiquigent was signed for the preclinical research program USP7.
In March, the last patient was included in the first part of the phase Ib study with MIV-818.
In March 2021, it was announced that Yilmaz Mahshid will leave his position as CEO of Medivir at the Annual General Meeting on May 5, for personal reasons. The recruitment process for a new CEO has begun.
Medivir's Nomination Committee proposes the reelection of Uli Hacksell, Lennart Hansson, An van Es Johansson and Bengt Westermark as board members. The Nomination Committee proposes the election of Yilmaz Mahshid as new board member and that Uli Hacksell is elected Chairman of the Board. Bengt Julander and Helena Levander have declined re-election.

Significant events after the end of the quarter

On April 16, it was announced that Magnus Christensen had been appointed interim CEO of Medivir. He will take up his new role in connection with Medivir's Annual General Meeting on May 5, 2021.
On April 19, it was announced that the overall results from the first part of the phase Ib study with MIV-818 were positive with a good safety and tolerability profile. Thus, the starting dose for the second part of the phase Ib study could be determined.

Medivir in brief

Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Medivir is focusing on the development of MIV-818, a pro-drug designed to selectively treat liver cancer cells and to minimize side effects.

Collaborations and partnerships are important parts of Medivir's business model, and the drug development is conducted either by Medivir or in partnership. Birinapant, a SMAC mimetic, is exclusively outlicensed to IGM Biosciences (Nasdaq: IGMS) to be developed in combination with IGM-antibodies for the treatment of solid tumors. Medivir's share (ticker: MVIR) is listed on Nasdaq Stockholm's Small Cap list. www.medivir.com

CEO's message

An important step forward in the clinical development of MIV-818. Out-licensing of birinapant to IGM Biosciences. Successful financing and a strengthened institutional ownership base. The beginning of 2021 has certainly been eventful for Medivir.

The quarter began with the signing of an exclusive license agreement with US based IGM Biosciences for birinapant, for the treatment of solid tumors. The license agreement gives IGM the global and exclusive rights to develop birinapant. IGM intends to initiate clinical studies with birinapant in 2021 in combination with its proprietary antibody IGM-8444, which preclinically has shown enhanced antitumor activity.

The agreement provided Medivir with a payment of USD 1 million after signing, which is to be followed by an additional USD 1.5 million when IGM includes birinapant in phase I clinical trials. Furthermore, the agreement entitles Medivir to milestone payments up to a total of approximately USD 350 million, given that birinapant is successfully developed and approved, and tiered royalties up to mid-teens on net sales. A portion of all revenue is shared with Tetralogic Pharmaceuticals Corporation, from which birinapant was acquired in 2016, but the main part remains with Medivir.

In the financing we successfully carried out in the beginning of 2021, the rights issue was oversubscribed to 93.5 percent. As a result, the over-allotment option was exercised, directed to the specialist investor HealthInvest, which thus becomes a new shareholder in Medivir. In addition, a directed new share issue of approximately SEK 28 million to Linc AB was carried out. In total, Medivir received approximately SEK 223 million before transaction costs through the issues, a financing that is central for us to be able to develop our cutting-edge project MIV-818 into the next phase. That this financing received strong support from both existing owners such as Linc AB and Nordea as well as from new institutional specialist investors such as HealthInvest feels very gratifying. Medivir gained an ownership base with strong institutions in the lead.

Another licensing agreement was signed in February 2021, for Medivir's preclinical research program USP7. The agreement grants UK based Ubiquigent Limited an exclusive global license to develop and commercialize all of the program's related substances in all therapeutic indications in exchange for agreed revenue sharing with Medivir upon successful development or commercialization.

End of March, we could announce that the last patient with advanced liver cancer had been included in the first part of the phase Ib study with Medivir's leading candidate drug, MIV-818, against liver cancer. Barely a

month later, after the end of the quarter, we were able to ascertain that the overall results from this part of the phase Ib study were positive with a good safety and tolerability profile. Thus, we were also able to determine the starting dose for the second part of the phase Ib study. We expect to be able to present detailed data from the first part of the phase Ib study at an upcoming scientific conference. The second part of the phase Ib study, where MIV-818 will be administered in combination with other therapies , is planned to be initiated during the second half of this year.

MIV-818 has potential to become a liver-directed, orally administered drug that can help patients with various cancers in the liver. Liver cancer is the third most common cause of cancer-related deaths in the world and hepatocellular carcinoma (HCC) is the most common form of cancer that occurs in the liver. Although existing treatments for HCC can prolong patients' lives, the treatment benefits are often limited and mortality remains at a high level. The results we have presented so far regarding MIV-818 have generated strong interest.

Despite the ongoing vaccination program, the Covid-19 pandemic is still an uncertainty factor in terms of clinical trial schedules, but we have so far managed to carry out our studies without too serious delays and at present it seems that we will be able to initiate the next part of the phase Ib study as planned during the second half of 2021.

In connection with the Annual General Meeting, I will leave the operational work as CEO of Medivir. I am pleased to be proposed as a board member of Medivir and look forward to continue to contribute to the company's development in that role. The Board's work to recruit my replacement as CEO is in full swing, but not yet fully completed.

I would like to thank my competent and dedicated colleagues at the company for this exciting and inspiring period and assure my successor that Medivir has good prerequisites and a very strong potential to create value for healthcare and patients as well as for our shareholders.

Yilmaz Mahshid President & CEO

Proprietary project

PROPRIETARY PROJECT

MIV-818 – for the treatment of liver cancer.

MIV-818 is our proprietary prodrug for the treatment of liver cancer. Cancer originating from liver cells (hepatocellular carcinoma, HCC) is the third most common cause of cancer-related deaths in the world. Although existing treatments for HCC can extend patients' lives, treatment benefits are often marginal and mortality remains at a high level. During the spring 2020, MIV-818 received orphan drug designation both in the USA and in Europe, for the treatment of HCC.

MIV-818 has been developed to achieve a targeted anti-tumor effect with the maximum concentration of the active substance in the liver, while keeping the concentration in the rest of the body low to minimize potential side effects.

The first clinical study with MIV-818 was initiated late 2018. The primary purpose of this phase Ia study was to study the safety, tolerability and pharmacokinetics of MIV-818 in patients with advanced liver cancer.

In March 2020, data were presented from all nine patients in the phase Ia study. Pharmacokinetic analysis showed that patients were exposed only to low levels of MIV-818 and acceptable troxacitabine levels outside of the liver, providing experimental support for MIV-818's liver targeted effect. The adverse events were dosedependent and mainly mild, and the few serious side effects observed were reversible.

Biomarker analysis of liver biopsies from patients showed a selective effect of the treatment with MIV-818: while tumor tissue had clear DNA damage, healthy liver tissue showed only minimal or no DNA damage. Based on an independent analysis of the liver tumors, five of the nine patients were assessed to have stable liver disease after treatment.

In March 2020 the first patient with advanced liver cancer in the phase Ib study was dosed with MIV-818. It is a classic 3+3 inter-patient dose-escalation multicenter study with groups of three patients, that aims to further investigate the safety and tolerability profile and to determine the starting dose for part two of the Phase Ib study.

At the end of March this year, the last patient with advanced liver cancer was included in the first part of the phase Ib study and on April 19 it was announced that the last patient had undergone the safety followup. The results were positive with a good safety and tolerability profile. Thus, the starting dose could be determined for the second part of the phase Ib study, where MIV-818 is given in combination with other therapies, which is planned to be initiated during the second half of this year.

Project descriptions

Full descriptions of all Medivir's development projects, including their current status and ongoing studies, can be found on the Medivir website: http://www.medivir.com/our-projects.

Projects for partnering

Investigator sponsored study

PROJECTS FOR PARTNERING

Medivir has two projects for licensing/partnerships: Remetinostat - for improved treatment of Mycosis fungoides, the most common type of cutaneous T-cell lymphoma

MIV-711 – with the potential to be the first diseasemodifying drug in osteoarthritis.

Currently Medivir does not conduct any clinical development for these projects, but instead evaluates the possibilities of concluding a license or collaboration agreement for the continued development of each project.

INVESTIGATOR-INITIATED STUDIES

In Medivir's collaborations with academic research, two investigator-initiated phase II studies has been conducted at Stanford University in the USA.

In an investigator-initiated study in collaboration with researchers at Stanford University, remetinostat was given to patients with basal cell cancer (BCC). The preliminary results indicate that remetinostat has potential as an effective and well- tolerated treatment of local skin tumors in BCC patients. A publication of final data is now being prepared.

At Stanford University, an investigator-initiated phase II clinical trial was also conducted in which remetinostat was given to patients with squamous cell carcinoma. Four patients were treated before recruitment was negatively impacted by the Covid-19 pandemic. The study has been terminated due to a shortage of drug. The shelf life of remetinostat expired at the end of October 2020 and it could not be extended. We expect data from the four patients to be published in the future.

Outlicensed projects

OUTLICENSED PROJECTS

Xerclear® - In 2009, Xerclear® (Zoviduo®) was approved for the treatment of labial herpes. The marketing rights to Xerclear® in the USA, Canada and Mexico were divested in 2010, while the corresponding rights in Europe and the rest of the world have been outlicensed to GlaxoSmithKline, with the exception of China, where Medivir has out-licensed the rights to Shijiazhuang Yuanmai Biotechnology Co Ltd. (SYB), and Israel and South America where Medivir has retained the rights.

Medivir receives royalties on Xerclear®/(Zoviduo®) sales from GlaxoSmithKline. In addition, Medivir would receive milestones when Zoviduo® is approved as an over the counter product in new markets.

After marketing approval and production in China, Medivir will receive a fixed royalty from SYB for each unit sold and the agreement guarantees a minimum sale during the first three years on the market amounting to single-digit million SEK.

Birinapant – for the treatment of solid tumors. In January 2021, Medivir entered into a licensing agreement with IGM regarding the global and exclusive rights to develop birinapant. IGM plans to initially study birinapant in combination with its antibody, IGM-8444, against Death Receptor 5, which is in clinical development.

Medivir received a payment of USD 1 million after signing the agreement, which is to be followed by an additional USD 1.5 million when IGM includes birinapant in Phase I clinical trials. In addition, the agreement entitles Medivir to milestone payments up to a total of approximately USD 350 million, given that birinapant is successfully developed and approved, as well as tiered royalties up to mid-teens on net sales. A portion of all revenue is shared with Tetralogic, but the main part remains with Medivir.

At the National Cancer Institute (NCI) in the USA, an ongoing investigator-initiated phase I study evaluates the safety and tolerability of birinapant combined with radiotherapy in patients with recurrent squamous cell carcinoma in the head and neck region.

MIV-701

In the spring of 2019, a licensing agreement was signed for one of Medivir's candidate drugs, MIV-701, with the French company Vetbiolix, granting Vetbiolix the right to develop the product for veterinary use.

MIV-701 is a cathepsin K inhibitor that is not suitable for human development due to its rapid degradation, but which has excellent properties for animals. Medivir is entitled to additional milestone payments as well as royalties during the continued development.

Preclinical projects

In the first quarter of 2020 Medivir entered into a licensing agreement with the US-based biotech company Tango Therapeutics for the preclinical USP1 research programme. Tango recently announced that they expect to file an IND for a USP1 inhibitor in 2022. Through the agreement, Medivir is entitled to multiple development and commercial milestone payments as well as royalties on future sales.

Furthermore, Medivir has entered into an option agreement with another biotech company for yet another preclinical research project.

In July 2020 a research collaboration was initiated with the Drug Discovery and Development Platform (DDD) at SciLifeLab on potential inhibitors of SARS CoV-2. Through the collaboration, DDD will get access to Medivir's unique proprietary protease-targeted compound library.

In february 2021 a licensing agreement with Ubiquigent was signed for the preclinical research program USP7.

The agreement grants Ubiquigent an exclusive global license to develop and commercialize all of the program's related substances in all therapeutic indications in exchange for agreed revenue sharing with Medivir upon successful development or commercialization.

Financial overview, January – March 2021

Summary of the Group's figures		Q1	Full Year
(SEK m)	2021	2020	2020
Net turnover	9.9	7.3	13.9
Operating profit before depreciation and amortization (EBITDA)	-7.2	-20.7	-38.5
Operating profit (EBIT)	-7.9	-22.2	-42.9
Profit/loss before tax	-8.0	-23.4	-42.6
Basic earnings per share, SEK	-0.18	-0.96	-1.75
Diluted earnings per share, SEK	-0.18	-0.96	-1.75
Net worth per share, SEK	6.01	6.64	5.84
Return on equity, %	-13.6	-54.1	-30.0
Cash flow from operating activities	-1.5	-16.6	-58.1
Cash and cash equivalents at period end	269.3	116.6	70.0

Revenues

Net turnover for the period from January – March was SEK 9.9 million (7.3 m) corresponding to an increase of SEK 2.6 million, the difference mainly attributable to the outlicencing agreement with Birinapant and higher royalty income. During the quarter, reimbursement was received for previous clinical studies and is reported as other operating income.

Operating expenses

Other external costs totaled SEK -18.8 million (-20.7 m), corresponding to a decrease of SEK 1.9 million which relates to both lower cost for clinical studies and lower overhead. Personnel costs amounted to SEK -5.8 million (-7.3 m) a decrease of 1.5 million which relates to fewer employees. The total overheads amounted to SEK -24.6 million (-28.0 m), a decrease of 3.4 million.

Operating profit/loss

The operating loss totaled SEK -7.9 million (-22.2 m), SEK 14.3 million better than previous year. The improvement mainly relates to reimbursement of previous clinical studies and lower other external costs.

Cash flow, investments, and financial position

Liquid assets, including short-term investments amounted to SEK 269.3 million (116.6 m) at the end of the period, corresponding to an increase of SEK 152.7 million. The opening balance 2021 was SEK 70.0 million (134.5 m).

Medivir's financial assets are, in accordance with its financial policy, invested in low-risk, interest-bearing securities.

Cash flow from operating activities totaled SEK -1.5 million (-16.6 m), with changes in working capital accounting for SEK 6.3 million (3.7 m) of this total.

The period's investments in tangible and intangible fixed assets totaled SEK 0.0 million (3.3 m).

Cash flow from financing activities totaled SEK 200.8 million (-3.8 m).

Liquid assets and short-term investments (SEK m)

Employees

Medivir had 9 (13) employees (FTEs) at the period end, 56% (44%) of whom were women. Out of these employees, there are 0 (2) who have been given notice of termination of employment, but whose employment has not yet been terminated.

Share-related incentive plans

In May 2018, the board of directors proposed and the AGM approved a new long-term incentive program. During the second quarter 2018, Medivir employees bought 51 864 warrants at a market value of 5.63 each with an exercise price of SEK 52.75 per share. The warrants may be exercised to subscribe for new class B shares during the period from 16 December 2021 up to and including 15 January 2022. The valuation calculation for 2018 was based on the following figures: term, 3.66 years; strike price, SEK 52.75; VWAP, SEK 39.66; risk-free interest rate, –0.16 percent; volatility, 32 percent.

In May 2020, the Board of Directors proposed and the AGM approved a new long-term incentive program. During the second quarter 2020, Medivir employees bought 227 000 warrants at a market value of 1.30 each with an exercise price of SEK 31.40 per share. In the third quarter 2020, Medivir employees bought an additional 300 000 warrants. These warrants were issued at a market value of SEK 1.00 each with an exercise price of SEK 31.40 per share. The total 527 000 warrants may be exercised to subscribe for new class B shares during the period from 1 December 2023 up to and including 15 December 2023. The valuation calculation for 2020 was based on the following figures: term, 3.58 years; strike price, SEK 31.40; VWAP, SEK 15.70; risk-free interest rate, 0.0 percent; volatility, 41 percent.

The Parent Company in brief

Medivir AB (publ.), corporate ID no. 556238-4361, is the Parent Company of the Group. Its operations consist of pharmaceutical development, administrative and company management functions.

The Parent Company's total turnover amounted to SEK 9.9 million (7.3 m).

Combined operating expenses totaled SEK -25.3 million (-29.6 m).

The operating loss was SEK -7.9 million (-22.2 m), corresponding to an improved result of SEK 14.3 million.

Net financial items totaled SEK 0.1 million (-1.0 m), corresponding to an increase of SEK 1.2 million.

The tax for the period totaled SEK 0.0 million (0.0 m). The net loss for the period was SEK -7.8 million

(-23.3 m), corresponding to an improvement of SEK 15.5 million. The improvement mainly relates to lower costs for clinical studies, reimbursement from previous clinical studies and lower personnel costs.

Liquid assets, including short-term investments with a maximum term of three months, amounted to SEK 261.1 million (108.7 m).

Transactions with related parties

Transactions with related parties are on market terms. There are existing agreements between companies owned by previous senior executives and Medivir, dating from 2005, which entitles to royalties on products within the area of infection that the company developed based on patented inventions that the company has purchased from the parties in question. During the period, no transactions with related parties took place.

Significant risks and uncertainty factors

The process of pharmaceutical research and development, all the way up to regulatory market approval, is both high-risk and capital-intensive. The majority of projects initiated will never achieve market authorization. If competing pharmaceuticals take market shares, or competing research projects achieve better efficacy and reach the market more quickly, the future value of Medivir's product and project portfolio may be lower than expected. Medivir's success in developing medicines, to enter into partnerships and to secure funding for its operations, are decisive in terms of the company's future.

A more detailed description of the exposure to risk, and of the ways in which Medivir manages it, is provided in the 2020 Annual Report, see pages 23-24 and 32-33 and in Note 7 on pages 53-55. The Annual Report is available on the company's website: www.medivir.com.

Dividend

The Board of Directors proposes that no dividend be paid for the 2020 financial year.

Annual General Meeting

The Annual General Meeting will be held on 5 May 2021. In order to mitigate the spread of Covid-19, the board of directors has decided that the extraordinary general meeting will be conducted by advance voting only, without physical presence of shareholders, proxies and third parties. More information is available on the website, www.medivir.com.

Outlook

Medivir's future investments will mainly be in clinical pharmaceutical projects within oncology.

It is the view from Board of Directors and management that the current cash is sufficient to complete the ongoing clinical activities.

Huddinge, April 28, 2021

Yilmaz Mahshid CEO and President

This report has not been subject to auditors' review.

The information was submitted for publication at 08.30 CET on April 28, 2021.

For further information, please contact

Yilmaz Mahshid, CEO, +46 (0) 8 5468 3100 Magnus Christensen, CFO, +46 (0) 8 5468 3100

Conference call for investors, analysts and the media

The Interim Report January - March 2021 will be presented by Medivir's President & CEO, Yilmaz Mahshid.

Time: Wednesday, April 28, 2021, at 14.00 (CET).

Phone numbers for participants from: Sweden + 46 8 505 583 52 Europe + 44 33 3300 9260 US + 1 833 526 8398

The conference call will also be streamed via a link on the website: www.medivir.com

The presentation will be available on Medivir's website after completion of the conference.

Financial calendar:

Annual General Meeting 2021 May 5, 2021 Interim Report (January – June 2021) August 19, 2021 Interim Report (January – September 2021) November 3, 2021

Accounting principles

Medivir prepares its Consolidated Accounts in accordance with IFRS, International Financial Reporting Standards, as endorsed by the EU. In addition to the stated IFRS, the Group also applies the Swedish Financial Reporting Board's recommendation, RFR 1 Supplementary Accounting Rules for Groups, and applicable statements from the Swedish Financial Reporting Board. The Group utilizes the acquisition value for Balance Sheet item valuation, unless otherwise indicated. IFRS are under constant development, and new standards and interpretations are published on an ongoing basis, only some of which

have come into effect. An assessment of the impact that the introduction of these standards and statements has had, and may have, on Medivir's financial statements follows. Comments are restricted to those changes that have had, or could have, a significant effect on Medivir's accounting. See pages 44-49 of the 2020 Annual Report for a full presentation of the accounting principles applied by the Group.

Consolidated Income Statement, summary	Q1	Full year
(SEK m)	2021	2020	2020
Net turnover	9.9	7.3	13.9
Other operating income	7.5	0.0	25.4
Total income	17.4	7.3	39.4
Other external expenses	-18.8	-20.7	-52.9
Personnel costs	-5.8	-7.3	-24.9
Depreciations and write-downs	-0.7	-1.5	-4.4
Operating profit/loss	-7.9	-22.2	-42.9
Net financial items	-0.1	-1.2	0.3
Profit/loss after financial items	-8.0	-23.4	-42.6
Tax	-0.1	-	-
Net profit/loss for the period	-8.1	-23.4	-42.6
Net profit/loss for the period attributable to:
Parent Company shareholders	-8.1	-23.4	-42.6
Earnings per share, calculated from the net profit/loss attributable to
Parent Company shareholders during the period
Earnings per share (SEK per share)
- Total operations, basic earnings	-0.18	-0.96	-1.75
- Total operations, diluted earnings	-0.18	-0.96	-1.75
Average number of shares, '000	44 053	24 288	24 288
Average number of shares after dilution '000	44 053	24 288	24 288
Number of shares at period end, '000	55 736	24 288	24 288

Consolidated Statement of Comprehensive Income		Q1
(SEK m)	2021	2020	2020
Net profit/loss for the period	-8.1	-23.4	-42.6
Other comprehensive income
Exchange rate differences	0.0	-	-0.5
Total other comprehensive income	0.0	-	-0.5
Total comprehensive income for the period	-8.1	-23.4	-43.1

Consolidated Balance Sheet, summary	31-mar	31-mar	31-dec
(SEK m)	2021	2020	2020
Assets
Intangible fixed assets	96.3	96.3	96.3
Tangible fixed assets	15.5	21.8	16.2
Long-term receivables	-	17.7	-
Current receivables	5.5	13.9	8.9
Short-term investments	211.1	89.3	56.0
Cash and cash equivalents	58.2	27.3	14.0
Total assets	386.7	266.4	191.5
Shareholders' equity and liabilities
Shareholders' equity	335.0	161.2	141.9
Long-term liabilities	14.5	50.0	14.9
Current liabilities	37.2	55.2	34.7
Total shareholders' equity and liabilities	386.7	266.4	191.5

Consolidated Statement of Changes in Equity			Exchange
(SEK m)	Share	Other paid	rate	Accum.	Total
	capital	in capital	difference	loss	equity
Opening balance, 1 January 2020	188.5	420.2	-3.2	-421.0	184.5
Total comprehensive income for the period	-	-	-	-23.4	-23.4
Closing balance, 31 March 2020	188.5	420.2	-3.2	-444.4	161.1
Opening balance, 1 January 2020	188.5	420.2	-3.2	-421.0	184.5
Total comprehensive income for the period	-	-	-0.5	-42.6	-43.1
Warrants	-	0.6	-	-	0.6
Closing balance, 31 December 2020	188.5	420.8	-3.7	-463.7	141.9
Opening balance, 1 January 2021	188.5	420.8	-3.7	-463.7	141.9
Total comprehensive income for the period	-	-	0.0	-8.1	-8.1
Reduction of share capital	-167.5	167.5	-	-	-
Share issue	195.3	27.4	-	-	222.8
Warrants	-	-	-	-	-
Transaction costs	-	-	-	-21.6	-21.6
Closing balance, 31 March 2021	216.3	615.7	-3.8	-493.3	335.0

Consolidated Cash Flow Statement, summary	Q1	Full Year
(SEK m)	2021	2020	2020
Cash flow from operating activities before changes in working
capital	-7.8	-20.3	-55.8
Changes in working capital	6.3	3.7	-2.3
Cash flow from operating activities	-1.5	-16.6	-58.1
Investing activities
Acquisition/sale of fixed assets	-	3.3	5.4
Cash flow from investing activities	-	3.3	5.4
Financing activities
Other changes in longterm receivables/liabilities	-0.4	-3.8	-12.7
Warrants	-	-	0.6
Rights issue	169.9	-	-
Directed issues	52.8	-	-
Transaction costs	-21.6	-	-
Cash flow from financing activities	200.8	-3.8	-12.1
Cash flow for the period	199.3	-17.0	-64.8
Cash and cash equivalents at beginning of period	70.0	134.5	134.5
Exchange rate difference, liquid assets	-	-0.9	0.3
Cash and cash equivalents at end of period	269.3	116.6	70.0

Parent company income statement, summary	Q1		Full year
(SEK m)	2021	2020	2020
Net turnover	9.9	7.3	13.9
Other operating income	7.5	0.0	23.0
Total income	17.4	7.3	37.0
Other external expenses	-19.4	-21.5	-56.2
Personnel costs	-5.8	-7.3	-24.9
Depreciations and write-downs	-0.1	-0.7	-1.6
Other operating expenses	-	-	-
Operating profit/loss	-7.9	-22.2	-45.8
Profit/loss from participation in Group companies	-	-	-
Net financial items	0.1	-1.0	0.8
Profit/loss after financial items	-7.8	-23.3	-44.9
Tax	-	-	-
Net profit/loss for the period (=comprehensive income)	-7.8	-23.3	-44.9

Parent company balance sheet, summary	31-mar	31-mar	31-dec
(SEK m)	2021	2020	2020
Assets
Intangible fixed assets	96.3	96.3	96.3
Tangible fixed assets	0.4	6.7	0.5
Shares in subsidiaries	0.1	0.1	0.1
Receivables on Group companies	0.1	0.1	0.1
Current receivables	5.5	8.6	8.8
Short-term investments	211.1	89.2	56.0
Cash and bank balances	50.0	19.5	6.4
Total assets	363.5	220.6	168.1
Shareholders' equity and liabilities
Shareholders' equity	327.7	156.0	134.3
Provisions	-	14.4	-
Liabilities to Group companies	0.7	-	0.7
Current liabilities	35.1	50.2	33.1
Total shareholders' equity and liabilities	363.5	220.6	168.1

Key ratios, share data, options	Q1		Full year
	2021	2020	2020
Return on:
- shareholders' equity, %	-13.6	-54.1	-30.0
- capital employed, %	-12.7	-31.8	-26.6
- total capital, %	-11.1	-33.4	-22.0
Number of shares at beginning of period, '000	24 288	24 288	24 288
Number of shares at period end, '000	55 736	24 288	24 288
- of which class A shares	-	-	-
- of which class B shares	55 736	24 288	24 288
- of which repurchased B shares	-	-	-
Average number of shares, '000	44 053	24 288	24 288
Outstanding warrants, '000	-	110	637
Share capital at period end, SEK m	216.3	188.5	188.5
Shareholders' equity at period end, SEK m	335.0	161.2	141.9
Earnings per share, SEK
- Total operations, basic earnings	-0.18	-0.96	-1.75
- Total operations, diluted earnings	-0.18	-0.96	-1.75
Shareholders' equity per share, SEK	6.01	6.64	5.84
Net worth per share, SEK	6.01	6.64	5.84
Cash flow per share after investments, SEK	-0.03	-0.55	-2.43
Equity/assets ratio, %	86.6	60.5	74.1
EBITDA	-7.2	-20.7	-38.5
EBIT	-7.9	-22.2	-42.9

Key ratio definitions

Average number of shares. The unweighted average number of shares during the period.

Basic earnings per share. Profit/loss per share after tax divided by the average number of shares.

Capital employed. Balance Sheet total less non-interest-bearing liabilities including deferred tax liabilities.

Cash flow per share after investments. Cash flow after investments divided by the average number of shares. Diluted earnings per share. Profit/loss per share after tax divided by the average number of shares and outstanding warrants adjusted for any dilution effect.

EBIT (Earnings before interest and taxes). Operating profit/loss after depreciation and amortization.

EBITDA (Earnings before interest, taxes, depreciation and amortization). Operating profit/loss before depreciation and amortization.

Equity/assets ratio. Shareholders' equity in relation to the Balance Sheet total.

Net worth per share. Shareholders' equity plus hidden assets in listed equities divided by the number of shares at the period end.

Operating margin. Operating profit/loss as a percentage of net turnover.

Return on capital employed. Profit/loss after financial items plus interest expenses as a percentage of the average capital employed.

Return on shareholders' equity. Profit/loss after tax as a percentage of the average shareholders' equity.

Return on total assets. Profit/loss after financial items plus interest expenses as a percentage of the average Balance Sheet total.

Shareholders' equity per share. Shareholders' equity divided by the number of shares at the period end.

The above key ratios are deemed to be relevant for the type of operations conducted by Medivir and to contribute to an increased understanding of the financial report.

AI assistant

Medivir Interim / Quarterly Report 2021