Malin’s 2025 results: a leaner business with value tied to milestones
Malin Corporation has published its 2025 full year results and flagged leadership changes as it shifts into a much leaner phase. The big headline for me is the estimated intrinsic equity value – Malin’s own assessment of what its equity is worth based on the fair value of its holdings (using International Private Equity and Venture Capital Valuation, or IPEV, guidelines) plus corporate cash – which stood at €9.21 per share at 31 December 2025 and nudged up to €9.24 at 23 February 2026.
That equates to €39.9 million at year end and €40.0 million most recently, on 4,335,106 shares in issue. After divesting Poseida early in 2025 and returning €150 million to shareholders, Malin is now essentially a focused holding company where most of the remaining value sits in contingent milestones and royalty streams.
Leadership changes reflect a smaller, milestone-driven portfolio
CEO and Company Secretary, Fiona Dunlevy, will leave at the end of May. Non-Executive Chair, Liam Daniel, will become Executive Chair, and Head of Finance, Andrea Stafford, will assume the Company Secretary role. Non-Executive Director, Kirsten Drejer, will not stand for re-election at the 2026 AGM on 26 March 2026.
My read: this is governance and cost structure catching up with reality. With the core divestment done and capital returned, Malin’s job now is to steward a small set of contingent assets to conclusion. Moving to an Executive Chair model and streamlining roles should trim costs. The flip side is execution risk sits with a smaller senior team, so clarity of communication and oversight will matter.
What now drives Malin’s intrinsic value
Poseida CVRs – the largest single component
Roche acquired Poseida on 8 January 2025 for $9.00 per share in cash at closing, plus a non-transferable contingent value right (CVR) of up to $4.00 per share tied to future clinical and commercial milestones. A CVR is a contractual right to receive extra payments if certain milestones are hit.
- Malin owned approximately 12% of Poseida and received approximately $106.5 million upfront.
- Potential additional receipts via CVRs are up to $47.3 million.
- Malin estimates the fair value of its Poseida CVRs at €13.1 million as at 23 February 2026.
In short: this is the biggest lever on value. Progress against Poseida’s milestone map inside Roche will be the key swing factor.
Kymab contingent consideration – boosted by positive Phase 3 data
Following Sanofi’s 2021 acquisition of Kymab, Malin remains eligible for milestone-related contingent payments over time. Sanofi announced positive results in two Phase 3 studies of amlitelimab (for atopic dermatitis) in January 2026 and intends to move forward with global regulatory submissions.
- Malin estimates the maximum remaining consideration at $7 million.
- Fair value included in Malin’s 23 February 2026 intrinsic value is €3.3 million.
That recent Phase 3 success explains the slight uptick in Malin’s intrinsic equity value in February. Regulatory submissions are the next catalyst.
Viamet/Mycovia – value depends on label expansion
Mycovia, the successor to Viamet, continues to engage the FDA to expand the patient population for VIVJOA™. At present, it is approved for Recurrent Vulvovaginal Candidiasis in females with a history of RVVC who are not of reproductive potential.
- Commercial progress has been curtailed or delayed while additional development work is completed.
- Malin has reduced its discounted cash flow (DCF) fair value estimate of Viamet to €11 million at 31 December 2025.
- Further clarity is expected in the second half of 2026.
Translation: if label expansion proceeds favourably, milestones and royalties could follow. If not, Malin’s Viamet valuation could be materially impacted.
Xenex – written down to zero
Despite the potential of its LightStrike+ robot, Xenex has struggled with sales performance, costs and capital constraints. Malin has fully written down the fair value of its interest in Xenex at 31 December 2025. That removes one uncertainty but also removes any near-term optionality from this asset.
Cash, costs and capital returns
Corporate cash was approximately €12.9 million at 31 December 2025 and €12.6 million at 23 February 2026. The recurring corporate cash operating spend for 2025 was €2.1 million (down from €2.4 million in 2024), covering public company, employee and professional costs. The Board is seeking further savings where possible.
The step down in cash from €62.1 million a year earlier reflects the €150 million return of capital in March 2025, funded principally from €103.5 million of upfront Poseida proceeds. On today’s run-rate, Malin has several years of operating cash coverage, which gives time for CVR and milestone outcomes to play out.
Key numbers at a glance
| Metric | 31 Dec 2025 | 23 Feb 2026 |
|---|---|---|
| Intrinsic equity value per share | €9.21 | €9.24 |
| Total intrinsic equity value | €39.9 million | €40.0 million |
| Shares in issue | Not disclosed | 4,335,106 |
| Fair value of investee holdings | €27.0 million | €27.4 million |
| Corporate cash | €12.9 million | €12.6 million |
| Recurring cash operating spend (FY) | €2.1 million | Not applicable |
| Return of capital (March 2025) | €150 million | — |
| Poseida upfront proceeds | Approximately $106.5 million | — |
| Poseida CVR potential | Up to $47.3 million | — |
| Poseida CVR fair value | Not disclosed | €13.1 million |
| Kymab maximum remaining | $7 million | — |
| Kymab fair value in estimate | Not disclosed | €3.3 million |
| Viamet fair value | €11 million | — |
| Xenex fair value | Written down to €0 | — |
Why the small move up in intrinsic value matters
The modest increase to €9.24 per share reflects tangible progress at Kymab via amlitelimab’s Phase 3 wins. It also shows how sensitive Malin’s value now is to external milestones. A positive regulatory outcome for amlitelimab and any Poseida CVR triggers would feed directly into Malin’s valuation, while delays or negatives could drag it down.
Foreign exchange also moved the dial between periods, which is worth remembering given the dollar-denominated nature of several contingent streams.
What to watch in 2026
- Sanofi’s global regulatory submissions for amlitelimab following the positive Phase 3 studies in atopic dermatitis.
- Mycovia’s FDA engagement on expanding VIVJOA™’s label, with expected clarity in H2 2026.
- Any Roche updates that could relate to Poseida CVR milestones.
- Further cost discipline as Malin aligns governance and spend with its scale.
- AGM on Thursday, 26 March 2026, 10:00 a.m. GMT, at the Conrad Dublin Hotel.
My take: focused, low-burn, and binary on milestones
Malin is now a concentrated, low-burn play on contingent outcomes. The Poseida CVRs and Kymab contingent payments are the principal value drivers, with Viamet offering upside if label expansion lands, and Xenex no longer in the mix. The cost base is sensible for this phase and cash looks ample relative to annual running costs.
On the risk side, most of the levers sit with third parties and regulators, and the outcomes are binary by nature. Governance is getting leaner, which makes execution discipline even more important. For retail investors tracking the story, the catalysts are clear, the balance sheet is tidy, and the next few regulatory milestones will likely do most of the talking.
