Flerie (FLERIE) Q3 2026 earnings summary

Executive summary

• NAV was SEK 3,113m (SEK 35.91/share) at 30 September; portfolio fair value was SEK 2,727m and private holdings represented 87% of portfolio value.

• Q3 portfolio fair value fell SEK 249m, while NAV/share declined 8.3%; Empros and Xspray were major negative contributors.

• Q3 outcomes included FDA approval of EMCITATE, positive Atrogi data after quarter-end, and a full Empros write-down.

Financial highlights

• Q3 net loss was SEK 281m versus SEK 138m; diluted and undiluted EPS was -SEK 3.24 versus -SEK 1.78.

• Q3 portfolio fair value fell SEK 249m; currency effects were positive SEK 23m. Empros shares and convertible loan were impaired by SEK 204.5m and SEK 25.9m, respectively.

• Xspray had a SEK 35m negative valuation movement after an FDA complete response letter; Microbiotica fair value rose SEK 27m following a funding round and warrant exercise.

• Q3 portfolio investments totalled SEK 127m; quarter-end cash was SEK 265m, or 8.5% of NAV.

• The May bonus issue and subsequent share cancellation reduced NAV/share by SEK 1.50 on an adjusted comparison; nearly SEK 100m of value transferred from the majority shareholder to minority shareholders.

Outlook and guidance

• Xspray planned to resubmit applications for both products in Q4 2026; management hoped for resubmission before Christmas or New Year.

• AnaCardio expected first enrolment in GOAL-HF2 in Q4 2026, with Phase 3 readiness targeted for 2028; its EUR 62.5m Series B is intended to fund the study.

• Atrogi planned a placebo-controlled Phase 2 trial of ATR-258 in 2027; CAR Medical top-line data and Microbiotica Phase II start were expected in H1 2027.

• Prokarium efficacy data were expected in H1 2027 after a December database lock; Biosergen merger registration was expected October 23, with BSG005 clinical development to restart.