Flerie (FLERIE) Q1 2025 earnings summary

Executive summary

• Maintained a diversified portfolio of 27 companies, with 74% in private holdings and a focus on biotech and pharma investments.

• Net asset value (NAV) at quarter end was SEK 3,947 million, NAV per share SEK 50.56, down 6.0% from the previous quarter.

• Proactive portfolio management included a full write-off of Provell Pharmaceuticals and divestment of A3P Biomedical at a premium.

• Majority of portfolio companies are in late clinical or commercial stages, supporting resilience against market volatility.

• Proposed merger and privatization of Toleranzia to enable clinical progress amid challenging public market conditions.

Financial highlights

• NAV at end of Q1 was SEK 3.947 billion, down from SEK 4.198 billion at year-end, a decrease of SEK 251 million.

• NAV per share was SEK 50.56, compared to SEK 53.77 at the end of Q4 and SEK 56.24 year-over-year.

• Portfolio fair value decreased by SEK 197 million, mainly due to negative share price developments and currency effects.

• Cash and cash equivalents totaled SEK 802 million, representing over 20% of NAV.

• Net loss for the quarter was SEK -251 million, with EPS at SEK -3.22.

Outlook and guidance

• Expect continued market turbulence and challenging fundraising environment, especially for early-stage biotech.

• Focus on long-term value creation, optimizing portfolio for inflection points and potential exits.

• Redemption program to provide liquidity and align share price with NAV.

• Flerie will prioritize investments and maintain strategic discipline to weather market volatility.