Flerie (FLERIE) Q2 2024 earnings summary

Executive summary

• Achieved Nasdaq Stockholm listing via reverse takeover and up-listing, marking a significant milestone and the first major Swedish life science listing in three years.

• Net asset value (NAV) reached SEK 4.4 billion ($420 million) at quarter end, with NAV per share at SEK 56.10, adjusted to SEK 57.41 after transaction costs.

• Oversubscribed capital raise secured SEK 1 billion in available funds, with SEK 793 million raised after costs via a directed share issue and fully deployed into the portfolio.

• Portfolio consists of 29 companies, diversified across clinical, commercial, and limited partnership stages.

• Introduced an annual share redemption scheme to enhance shareholder liquidity.

Financial highlights

• NAV increased from SEK 3.42 billion to SEK 4.38 billion during Q2 2024, with NAV per share nearly flat but adjusted for one-time costs, increased by 2.1% to SEK 57.41.

• Net profit for Q2 2024 was SEK 103 million, up from a loss of SEK 38 million in Q2 2023, mainly driven by portfolio value changes.

• Portfolio fair value rose by SEK 288 million to SEK 3.058 billion.

• Cash and cash equivalents at quarter end were SEK 882 million, with over SEK 1 billion in available liquidity including loan facilities.

• Portfolio investments for Q2 were SEK 130 million, with largest investments in Lipum, Mendus, Xspray, and Kancera.

Outlook and guidance

• Plan to deploy approximately 10% of NAV per year, focusing on supporting current portfolio companies and advancing clinical and commercial milestones.

• Portfolio distribution between product development and commercial growth segments expected to remain stable.

• Cash deployment will be skewed towards product development companies due to higher cash needs.

• No annual dividend is planned as cash flow will be reinvested for growth.