Report from CEO Anders Dahlgren

At Katalysen, we don’t fear complexity, we embrace it. With strategic focus and hands-on execution, we aim to deliver great value creation to our shareholders. In this context we specifically want to highlight the development in the following portfolio companies:

• QuTEM has become a global leader in GMP-certified electron microscopy services for life sciences, using the latest generation instruments together with Gridsee, their proprietary in-house software. QuTEM is now working with 9 of the world’s 10 largest pharmaceutical companies. Following a strategic restart in late 2023, the company reached monthly profitability in Q4 2024.
• S4DX continues its rapid scale-up in digital pre-analytics. Backed by partnerships with Roche, Siemens, and Beckman Coulter, S4DX secured its first U.S. client late last year and is now entering a transformative phase, both operationally and commercially.
• Meanwhile, InvitePeople, continues to perform well. Following acquisition interest from major U.S. players last year, the company is now in active dialogue with strategic partners. Its expansion in Germany, with clients like Deutsche Bahn, further strengthens our belief in its long-term value. We’ve recently increased our ownership, and we remain closely involved in its next growth chapter.

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From Strategy to Execution: Our Roadmap

Katalysen has crystallized a long-term operational plan which involves the following:

• From promising early-stage ventures to later-stage companies which can be in challenged situations (we call it “special situations”) and where we can contribute. We have expanded our focus to also include more mature companies facing challenges, turnarounds, pivots, ownership transitions, where we can deliver value by helping to solve the problem via our extensive network and expertise.
• From venture development to hands-on work: We bring not just capital, but structure, strategy, connection to valuable networks and true engagement during the portfolio journey.
• With our refined business model, we can expect a shorter time to exit, enabled by addressing key challenges in more mature companies. This approach allows for earlier exits, creating shareholder value and strong returns on investment.

We aim to reach monthly break-even by Q4 2025, driven by new, recurring revenues tied directly to value creation in the portfolio, including project management fees, transaction support, and partner contributions.

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A New Chapter in Leadership

This spring marks a defining milestone for Katalysen. After founding and leading the company since 2015, Peter Almberg has transitioned to the role of Executive Chairman. I’m honored to step into the role of CEO, building on Peter’s vision and hard work.

Having served as CFO since early 2023, I’ve had the opportunity to work closely with Peter and the broader team. I’ve seen first-hand the power of our model: the clarity of purpose, the appetite for complexity, and the relentless focus on value creation. My own background, spanning entrepreneurship, finance, and business development, aligns deeply with Katalysen’s ethos: pragmatic, analytical and partnership-driven with an aim to create shareholder value.

Peter continues as fulltime operative Chairman, bringing strategic insight and continuity, something that is of great value both to me and to Katalysen. In Tobias Mathiasen, I have a trusted partner in the management team. His deep operational knowledge, entrepreneurial mindset, and long-term commitment make him a cornerstone of our daily execution and future success. Together, we are building a structure that balances experience, energy, and focus. We’ve also welcomed two new board members, adding further operational strength and external perspective as we grow. Our former Chairman, Heinrich Weber, continues his support to Katalysen as a board member. Based in Switzerland, Heinrich brings an important international perspective to the board. His experience and long-term outlook are valuable assets as we pursue crossborder opportunities and strengthen Katalysen’s strategic position in both the Nordic and European markets.

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Financial Performance and Market Perspective

Q1 2025 marked a quarter of strategic execution and continued investment in future value creation.

• Operating result: -1.9 MSEK, a significant improvement from -3.7 MSEK in Q1 2024, driven by reduced personnel costs and tightened external spend.
• Net result: -5.4 MSEK (vs. -3.6 MSEK in Q1 2024), including market-driven revaluations totalling -3.6 MSEK in book value, reflecting temporary private market pricing pressure, not structural deterioration.

Despite this, our equity ratio strengthened to 93.4%, and we maintained a solid balance sheet structure. The increase in the number of outstanding shares reflects previously issued warrants being exercised, a positive signal of shareholder confidence.

We are working hard and  constructively to strengthen Katalysen’s liquidity situation.

Estimated Portfolio market value at the end of Q1 131 MSEK.

The broader macro environment remains uncertain, marked by geopolitical instability, fluctuating capital markets, and selective investor appetite. Yet we believe that these conditions reinforce Katalysen’s relevance. We are prepared to act when others pause. And we continue to see significant opportunity in potential new ventures that require Katalysen’s type of  courage, creativity, and hands-on execution.

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Looking Ahead

Our pipeline continues to grow, with two new Venture Targeter (VT) projects in pipeline added during Q1. We are actively supporting several portfolio companies. At least one exit discussion is progressing, and we remain focused on building a recurring liquidity model which will enable us to deliver long-term value for our shareholders.

Our purpose remains clear: To unlock value where others hesitate, to act when others stall, and to build long-term partnerships that can turn complex challenges into realized potential.

I look forward to sharing more in the coming quarters, and to continuing this journey, together with our team, partners and shareholders.

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Yours Sincerely,

Anders Dahlgren


Chief Executive Officer


Katalysen Ventures AB (publ)

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Link to full report: https://mb.cision.com/Main/21469/4152574/3458184.pdf