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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Flerie
Flerie (FLERIE) investor relations material
Flerie Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Oct, 2026
Executive summary
NAV was SEK 3,113m (SEK 35.91/share) at 30 September; portfolio fair value was SEK 2,727m and private holdings represented 87% of portfolio value.
Q3 portfolio fair value fell SEK 249m, while NAV/share declined 8.3%; Empros and Xspray were major negative contributors.
Q3 outcomes included FDA approval of EMCITATE, positive Atrogi data after quarter-end, and a full Empros write-down.
Financial highlights
Q3 net loss was SEK 281m versus SEK 138m; diluted and undiluted EPS was -SEK 3.24 versus -SEK 1.78.
Q3 portfolio fair value fell SEK 249m; currency effects were positive SEK 23m. Empros shares and convertible loan were impaired by SEK 204.5m and SEK 25.9m, respectively.
Xspray had a SEK 35m negative valuation movement after an FDA complete response letter; Microbiotica fair value rose SEK 27m following a funding round and warrant exercise.
Q3 portfolio investments totalled SEK 127m; quarter-end cash was SEK 265m, or 8.5% of NAV.
The May bonus issue and subsequent share cancellation reduced NAV/share by SEK 1.50 on an adjusted comparison; nearly SEK 100m of value transferred from the majority shareholder to minority shareholders.
Outlook and guidance
Xspray planned to resubmit applications for both products in Q4 2026; management hoped for resubmission before Christmas or New Year.
AnaCardio expected first enrolment in GOAL-HF2 in Q4 2026, with Phase 3 readiness targeted for 2028; its EUR 62.5m Series B is intended to fund the study.
Atrogi planned a placebo-controlled Phase 2 trial of ATR-258 in 2027; CAR Medical top-line data and Microbiotica Phase II start were expected in H1 2027.
Prokarium efficacy data were expected in H1 2027 after a December database lock; Biosergen merger registration was expected October 23, with BSG005 clinical development to restart.
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Latest events from Flerie
- NAV per share dropped 2.9% to SEK 39.14, with a net loss of SEK -92 million in Q2.FLERIE
Q2 2026 - NAV at SEK 3,670 million, SEK 208 million raised, and portfolio progress despite market volatility.FLERIEQ1 2026
- NAV per share dropped 18.9% to SEK 43.60, with a net loss of SEK -757 million.FLERIEQ4 2025
- NAV per share dropped 4.2% to SEK 50.58, with major write-downs and a net loss.FLERIEQ3 2025
- NAV per share up 4.4% to SEK 52.78, net profit SEK 174m, portfolio outperformed indices.FLERIEQ2 2025
- NAV per share fell 2.7% to SEK 54.59, with strong liquidity and key portfolio changes in Q3.FLERIEQ3 2024
- NAV reached SEK 4.4 billion after a Nasdaq listing, with SEK 1bn raised and SEK 103m profit in Q2.FLERIEQ2 2024
- NAV fell to SEK 3.947 billion, with a SEK 251m loss and strong cash reserves.FLERIEQ1 2025
- NAV at SEK 4.2B, net loss narrowed, strong liquidity, and key portfolio milestones achieved.FLERIEQ4 2024
Next Flerie earnings date
Q4 202620 Jan, 2027
Flerie
Next Flerie earnings date
Q4 202620 Jan, 2027
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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.