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Flerie
Flerie (FLERIE) investor relations material
Flerie Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
Q4 marked a strategic shift toward direct investments, highlighted by the divestment of the Limited Partnership (LP) segment at fair value and a merger with Lipum, sharpening focus on core portfolio companies.
Net asset value (NAV) at year-end was SEK 3.4 billion, with NAV per share at SEK 43.60, down 14% from Q3 and 18.9% year-over-year.
Portfolio remains diversified across 25 companies, with significant clinical and commercial progress despite valuation setbacks in key holdings.
Net loss for the year was SEK -757 million, with earnings per share at SEK -9.71.
Financial highlights
Portfolio fair value at Q4 end was SEK 2.6 billion, down from SEK 3.1 billion in Q3 and SEK 3.07 billion year-over-year, mainly due to negative revaluations and divestments.
NAV per share decreased 13.8% in Q4 and 18.9% year-over-year.
Net loss for Q4 was SEK -541 million; full-year net loss was SEK -757 million.
Cash and cash equivalents at year-end were SEK 540 million.
Expense ratio increased to 1.5% from 1.2% last year.
Outlook and guidance
Management remains optimistic about long-term value creation, citing strong clinical progress and a well-capitalized position to support portfolio companies.
No dividend proposed for 2025; cash flow to be reinvested in the portfolio.
Market recovery is anticipated, with Europe expected to follow the positive trend seen in the U.S. biotech sector.
Focus remains on strategic partnerships and potential exits as companies mature, particularly as more reach phase II efficacy milestones.
Prokarium valuation strategy impact
Portfolio funding strategy post-Lipum
Xspray FDA delay implications
Future capital deployment post LP divestment
What specific catalysts drive portfolio exits?
Geneos funding roadmap for RCT
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Next Flerie earnings date
Q1 202615 Apr, 2026
Flerie
Next Flerie earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
Flerie AB is a Swedish life science investment company that focuses on the biotechnology and pharmaceutical sectors. The company invests in and builds companies with pioneering biotech and pharmaceutical projects, leveraging its network, expertise, and resources to support long-term success. Flerie's investments span early to later-stage ventures, with a global reach in the life sciences industry. Flerie AB is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.
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