Flerie (FLERIE) Q3 2024 earnings summary

Executive summary

• Active investment approach in a diversified portfolio of 29 life science companies, delivering a 14% IRR per year since 2011, with a focus on innovation, collaboration, and syndication.

• Net asset value (NAV) at end of Q3 was SEK 4,262 million, with NAV per share at SEK 54.59, 30% above the share price at quarter end.

• Cash and cash equivalents stood at SEK 911 million, representing over 20% of NAV and providing significant investment capacity.

• Annual share redemption scheme allows up to 5% of shares to be redeemed at NAV per share, enhancing liquidity.

• Reverse share split (1:100) completed in July 2024; reverse merger and share issue in June 2024 raised SEK 793 million after costs.

Financial highlights

• NAV per share at end of Q3 was SEK 54.59, down 2.7% from Q2 and 7.0% year-to-date.

• Portfolio fair value at end of September was SEK 2,993 million, a decrease of SEK 65 million (4%) from end of June.

• Net loss for Q3 was SEK -117 million, compared to SEK -299 million in Q3 2023.

• Investments in the portfolio during Q3 totaled SEK 56 million, mainly follow-ons in Atrogi, Chromafora, and the LP segment.

• Expense ratio for Jan–Sep was 1.34% (2023: 1.4%).

Outlook and guidance

• Ongoing focus on syndicating investments, attracting co-investors, and advancing portfolio innovations to key inflection points, including clinical trial readouts and scaling up manufacturing.

• Planned re-submission of NDA for Xspray's Dasynoc in Q4 2024 following positive FDA meeting.

• No significant events have occurred after the end of the quarter.