Malin Corporation plc

Malin reports 2026 Interim Results

·    Intrinsic equity value estimate of €9.36 per share at 30 June 2026 and €8.28 per share at 24 August 2026

·    Current cash balance of approximately €11.2 million

Dublin-Ireland, 26 August 2026: 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 2026. 

"As we entered 2026, a key focus for the Board was to ensure Malin's operating and governance structure is suitable and effective as the Company enters its new phase, as a result of several successful divestments by Malin over the past few years and the significant return of capital in 2025" said Liam Daniel, Executive Chair, commenting on the results. "Malin's investee company interests are now concentrated in a small number of areas and due to the nature of the recent transactions, The Company's direct involvement has been reduced. Malin's remaining interests now include its contingent value rights ('CVRs') linked to the Poseida sale to Roche. We will continue to monitor progress towards the achievement of the milestones underpinning this asset based on public announcements made by Roche".

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 2026 was €9.36, compared to the estimated intrinsic equity value per share as at 31 December 2025 of €9.21. Malin's overall intrinsic equity value increased slightly from €39.9 million at 31 December 2025 to €40.7 million at 30 June 2026.

·    The net increase in Malin's intrinsic equity value over the period is primarily attributable to foreign exchange movements and unwinding of discount rates due to passing of time.

·    Malin's estimated intrinsic equity value per share at 24 August 2026 was €8.28, a 12% decrease compared to 30 June 2026. This decrease was attributable to a reduction in fair value of Kymab along with a slight decrease in cash resulting from normal operating activities.

·    Corporate cash operating expenses for the first half of 2026 were €0.8 million.

·    The Group's cash position at 30 June 2026 was €11.6 million (31 December 2025: €12.9 million) and has decreased slightly to €11.2 million at 24 August 2026, 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 contingent value rights ("CVRs") 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 CVRs conditional upon the achievement of specific milestones. Malin has estimated the fair value of its CVRs to be approximately €13.5 million at 24 August 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 estimated that the maximum remaining consideration which the Company could receive equated to $7 million.

·    In January 2026, Sanofi announced positive results in two Phase 3 studies of amlitelimab in atopic dermatitis and noted their intention to move forward with global regulatory submissions.

·    At 30 June 2026 Malin estimated that the fair value of the remaining consideration equated to 3.7 million.

·    However, Sanofi announced on 24th July 2026 the discontinuation of the clinical development of Amlitelimab in moderate to severe atopic dermatitis. As a result, Malin will reduce its valuation of its remaining interest in the Kymab contingent consideration to nil in the second half of 2026 (included in the current IPEV valuation as at 24 August 2026).

Viamet

·    We have referenced on several occasions the ongoing work by Mycovia (the acquirer of Viamet's lead anti-fungal drug, Vivjoa) to seek to broaden the patient population for Vivjoa. Vivjoa is currently approved by the US Food and Drug Administration ("the FDA") for the treatment of Recurrent Vulvovaginal Candidiasis ("RVVC") in females with a history of RVVS and who are not of reproductive potential.

·    Subsequent to the 30th June, Malin with other investors in Viamet are working on a restructuring of Viamet which may include a direct investment in Mycovia. Pending finalisation of any such restructuring, we have not adjusted the carrying value of our investment in Viamet at 30th June or 24 August 2026. As previously advised, the carrying value of this asset could be materially impacted by the outcome of the FDA review which is expected during the second half of 2026.

Xenex

·    Malin took the decision to write down the value of its interest in Xenex to Nil at 31 December 2025, based on the company's significant commercial challenges and its uncertain capital position. This view remains unchanged based on developments over the first half of the year and recovery of Malin's investment in Xenex remains highly uncertain.

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

Andrea Stafford, Head of Finance /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]