Flerie (FLERIE) Q2 2024 earnings summary

Executive summary

• Achieved Nasdaq Stockholm listing via reverse takeover and up-listing, marking the first quarterly report as a listed company.

• Net asset value (NAV) at June 30, 2024 was SEK 4.4 billion, 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 for future investments, including SEK 793 million raised after costs in Q2.

• Portfolio consists of 29 investments across product development, commercial growth, and limited partnerships.

• Portfolio value increased by 14% per annum since 2011, with SEK 1.2 billion in value created from exits.

Financial highlights

• Net asset value at end of June: SEK 4.38 billion, up from SEK 3.42 billion at the start of the quarter.

• Net profit for Q2 was SEK 103 million, mainly driven by portfolio value changes, while H1 2024 saw a net loss of SEK 47 million due to one-time costs.

• Portfolio fair value at end of June: SEK 3.058 billion, up SEK 288 million from the previous quarter.

• Cash and cash equivalents at June 30, 2024 were SEK 882 million, with over SEK 1 billion available including loan facilities.

• Non-recurring listing and transaction costs totaled SEK 68 million in the quarter.

Outlook and guidance

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

• Portfolio approach and active ownership model to continue driving value and risk mitigation.

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

• No significant change expected in the split between commercial growth and product development segments.