Finance Review
Estimated intrinsic equity value per share
We believe that estimated intrinsic equity value per share is the most robust metric to assess the progress of Malin. Estimated intrinsic equity value is calculated using our estimate of the fair value of our investee company holdings in accordance with International Private Equity and Venture Capital Valuation (“IPEV”) guidelines and adjusting this value for Malin’s net cash, and has been presented as at 30 June 2025 and 25 August 2025.
Malin’s estimated intrinsic equity value at 30 June 2025 was €9.52 per Ordinary Share, or €41.3 million. This estimated intrinsic equity value decreased to €9.45 per Ordinary Share, or €41.0 million, at 25 August 2025, as a result of a slight reduction in cash.
Estimated intrinsic equity value at 30 June 2025
As at 30 June 2025, the estimated intrinsic equity value of Malin was €41.3 million, encompassing an IPEV-compliant fair value of our interests in our investee companies of €27.6 million and corporate cash of €13.7 million. At 31 December 2024, the estimated intrinsic equity value of Malin was €195.6 million, encompassing an IPEV-compliant fair value of our interests in our investee companies of €133.5 million and corporate cash of €62.1 million.
The net decrease in the intrinsic value during the first half of 2025 is primarily attributable to the disposal of Poseida, the subsequent share buy back and downward revisions to the valuation of Malin’s interest in Viamet, whose successor company, Mycovia, continues work to extend the targeted patient population of VIVJOATM (oteseconazole) which has resulted in delayed or curtailed commercial launches in the near-term.
Malin’s corporate cash position was €13.7 million at 30 June 2025.
Estimated intrinsic equity value at 25 August 2025
At 25 August 2025, the revised estimated intrinsic equity value of Malin was €41.0 million, encompassing an IPEV-compliant fair value of our interests in our investee companies of €27.6 million and corporate cash of €13.4 million. The IPEV fair value estimate represents the IPEV fair value estimates at 30 June 2025, adjusted for foreign exchange movements.
Malin’s corporate cash position was €13.4 million at 25 August 2025, a decrease of €0.3 million from 30 June 2025, resulting from normal operating activity.
25 August 2025 |
30 June 2025 |
31 December 2024 |
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IPEV fair value estimate1,2 |
Malin % shareholding3 |
€’m |
Malin % shareholding3 |
€’m |
€’m |
Poseida |
- |
12.8 |
- |
12.8 |
109.4 |
Viamet |
15% |
10.5 |
15% |
10.5 |
19.1 |
Xenex |
10% |
2.2 |
10% |
2.2 |
2.8 |
Kymab |
- |
2.1 |
- |
2.1 |
2.2 |
Total |
27.6 |
27.6 |
133.5 |
||
Corporate cash |
13.4 |
13.7 |
62.1 |
||
Estimated intrinsic equity value |
41.0 |
41.3 |
195.6 |
||
Estimated intrinsic equity value per share |
€9.45 |
€9.52 |
€10.36 |
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1 IPEV fair value estimate at 25 August 2025 represents IPEV fair value estimates as at 30 June 2025 updated for prevailing foreign exchange rates at 25 August 2025.
2 The following considerations are used when calculating the fair value of life sciences companies:
• Market basis: Where the investment is publicly listed, the fair value will be the company’s share price at the reporting date.
• Milestone analysis: In applying the milestone analysis approach, the Group attempts to assess where there has been an indication of change in fair value based on consideration of the progress of the investee company’s key milestones. A milestone event may include technical, regulatory and/or financial measures.
• Discounted cash flows: Involves estimating the fair value of an investment by calculating the present value of expected future cash flows, based on the most recent forecasts in respect of the underlying business.
• Price of recent investment: Where there has been a recent investment by a third party, the price of that investment generally provides the basis of the valuation.
• Cost basis: Where the investment has been made recently it is valued on a cost basis unless there is objective evidence that a change in fair value has occurred since the investment was made.
3 Shareholding based on issued share capital and does not take convertible debt into account.
Consolidated financial statements
As outlined in the 2024 annual report, Malin consolidates investee companies which we control (subsidiaries), equity accounts for investee companies over which we have the right to exercise significant influence (associate companies) and accounts for the remainder of our investments at fair value (financial assets held at fair value through other comprehensive income (“FVTOCI”)). Malin’s consolidated income statement and balance sheet incorporates the financials of our corporate and investee company subsidiaries, as well as recognising our share of the profits or losses of our associate companies. Changes in the fair value of our investee companies held at FVTOCI are recognised through the consolidated statement of comprehensive income. Changes in the fair value of our investee companies held at FVTPL are recognised through the consolidated income statement. As at 30 June 2025, the carrying value of our investments in associates was €10.5 million, financial assets at FVTOCI was €1.3 million and financial assets at FVTPL was €15.8 million.
The selected financial data above in relation to Malin attempts to highlight the key financial information that we believe is most relevant in assessing Malin’s financial progress, performance and position.