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Flerie (FLERIE) investor relations material
Flerie Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Portfolio consists of 27 companies, with 71% in private firms and a focus on late clinical and commercial stages; NAV per share decreased by 4.2% to SEK 50.58 in Q3 2025, remaining 19% above the Nasdaq Stockholm closing price.
Q3 centered on milestone achievements, financing progress, and major events such as a merger with Toleranzia, a take-private of Bonsai Biotherapeutics, and successful capital raises for KAHR Medical and others.
Net profit/loss for Q3 was SEK -138 million, with earnings per share at SEK -1.78 before and after dilution.
First share redemption scheme implemented; Nanologica entered China's insulin market post-quarter.
Portfolio companies received SEK 65 million in investments from Flerie and SEK 205 million from co-investors, with SEK 511 million in cash and cash equivalents at quarter-end.
Financial highlights
Net asset value (NAV) at end of Q3 was SEK 3,918 million, down from SEK 4,262 million year-over-year and SEK 4.1 billion at end of Q2.
NAV per share decreased to SEK 50.58 from SEK 52.78 sequentially and SEK 54.59 year-over-year.
Cash and cash equivalents represent 13% of NAV, or SEK 511 million, down from SEK 911 million a year earlier.
Negative fair value changes and write-downs totaled SEK 124 million in the quarter.
Return on NAV per share for the quarter was -7.3%; expense ratio for the last twelve months was 1.2%.
Outlook and guidance
Management emphasizes selective capital allocation to the most promising portfolio companies, focusing on milestone achievement and commercial traction.
The company is well-positioned to support further development and commercialization of innovations, with a strong cash position.
Explain capital reallocation from underperforming assets
Xspray Pharma: Mitigate FDA delay and pipeline value
Cash deployment strategy given market funding trends
What drove the Q3 portfolio write-downs?
How will market trends impact portfolio concentration?
Empros Pharma's strategy in the obesity market?
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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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