Flerie (FLERIE) Q3 2025 earnings summary

Executive summary

• Portfolio consists of 27 companies, with 71% in private firms and a focus on late clinical and commercial stages; NAV per share decreased by 4.2% to SEK 50.58 in Q3 2025, remaining 19% above the Nasdaq Stockholm closing price.

• Q3 centered on milestone achievements, financing progress, and major events such as a merger with Toleranzia, a take-private of Bonsai Biotherapeutics, and successful capital raises for KAHR Medical and others.

• Net profit/loss for Q3 was SEK -138 million, with earnings per share at SEK -1.78 before and after dilution.

• First share redemption scheme implemented; Nanologica entered China's insulin market post-quarter.

• Portfolio companies received SEK 65 million in investments from Flerie and SEK 205 million from co-investors, with SEK 511 million in cash and cash equivalents at quarter-end.

Financial highlights

• Net asset value (NAV) at end of Q3 was SEK 3,918 million, down from SEK 4,262 million year-over-year and SEK 4.1 billion at end of Q2.

• NAV per share decreased to SEK 50.58 from SEK 52.78 sequentially and SEK 54.59 year-over-year.

• Cash and cash equivalents represent 13% of NAV, or SEK 511 million, down from SEK 911 million a year earlier.

• Negative fair value changes and write-downs totaled SEK 124 million in the quarter.

• Return on NAV per share for the quarter was -7.3%; expense ratio for the last twelve months was 1.2%.

Outlook and guidance

• Management emphasizes selective capital allocation to the most promising portfolio companies, focusing on milestone achievement and commercial traction.

• The company is well-positioned to support further development and commercialization of innovations, with a strong cash position.