Flerie (FLERIE) Q3 2024 earnings summary

Executive summary

• Net asset value (NAV) at end of Q3 was SEK 4.262 billion, with NAV per share at SEK 54.59, 30% above the share price.

• Portfolio consists of 29 life science companies, diversified across product development, commercial growth, and limited partnerships, with a fair value of SEK 2.993 billion.

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

• Share redemption scheme introduced, allowing up to 5% of shares to be redeemed annually at NAV per share.

• 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

• Change in NAV per share for Q3 was -2.7%, with NAV per share at SEK 54.59 (Q3 2023: 52.88).

• Portfolio fair value at end of September was SEK 2.993 billion, a decrease of SEK 65 million (4%) from end of June.

• Net loss for Q3 was SEK 117 million.

• Investments in the portfolio during the quarter totaled SEK 56 million, mainly in Atrogi, Chromafora, and the LP segment.

• Expense ratio for Jan–Sep was 1.34%.

Outlook and guidance

• Ongoing focus on syndicating investments and attracting co-investors, especially for companies where Flerie is the largest shareholder.

• Key upcoming value drivers include clinical readouts and financing rounds for Prokarium, AnaCardio, and KAHR.

• Expectation of continued dynamic portfolio development, with several companies advancing to new clinical phases.

• Future growth expected from advancing portfolio innovations to key inflection points, including clinical trial readouts and scaling up manufacturing for pivotal studies.

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