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  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  

For further information please contact:

Malin

Fiona Dunlevy, CEO/Company Secretary

Tel: +353 (0)1 905 3531

[email protected]

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                            

[email protected]