Flerie (FLERIE) Q4 2024 earnings summary

Executive summary

• NAV at year-end was SEK 4.2 billion (SEK 4,198 million), with NAV per share at SEK 53.77, down from SEK 58.71 year-over-year, and the company listed on NASDAQ Stockholm since June 2024.

• Investment focus on 29 mainly private biotech and pharma companies across development stages, using an active ownership model and global expert network.

• Portfolio companies achieved clinical and commercial milestones, attracting new investors and syndication partners, with Q4 2024 co-investor capital four times internal commitments.

• Net loss for the year was SEK -228 million, a significant improvement from SEK -560 million the previous year.

• Cash and cash equivalents at year-end were SEK 865 million, representing over 20% of NAV.

Financial highlights

• NAV at year-end was SEK 4.198 billion, down 1.5% from SEK 4.262 billion at end of September; NAV per share SEK 53.77.

• Portfolio value increased by SEK 78 million to SEK 3.072 billion in Q4, with SEK 159 million in new/follow-on investments; full-year investments totaled SEK 485 million.

• Change in fair value of shares in portfolio companies was SEK -177 million for the year, equivalent to -6.3%.

• Earnings per share before and after dilution were SEK -3.24, compared to SEK -11.34 last year.

• Expense ratio improved to 1.2% from 1.3% year-over-year.

Outlook and guidance

• Expectation of significant value inflection from AnaCardio pending Phase II results and potential partnerships.

• Continued focus on leveraging active ownership and syndication to attract new investors and drive portfolio growth.

• Management expects continued value creation as portfolio companies reach clinical and commercial milestones.

• AnaCardio is advancing to phase 2 studies, and Chromafora is expanding commercial pilot plants across Europe.

• Flerie will persist with its active ownership model and prudent valuation methodology.