Q3 2024 Flerie AB Earnings Call Transcript
Key Points
- Flerie AB (STU:1NP1) is optimistic about the potential market entry of Xspray's Dasynoc in the US next year, which could significantly impact their portfolio.
- The company is investing in innovative technologies, such as AnaCardio's heart failure drug and Amarna Therapeutics' gene therapy for type 1 diabetes, showcasing a strong commitment to groundbreaking medical advancements.
- Microbiotica has advanced to the clinical stage with its microbiome treatment for melanoma and ulcerative colitis, indicating progress in Flerie AB's portfolio.
- Flerie AB maintains a diversified portfolio with companies like Geneos Therapeutics and Mendes making significant progress in their respective fields, enhancing the potential for future growth.
- The company has a robust cash balance of over SEK1 billion, providing ample resources for future investments and portfolio expansion.
- Flerie AB's net asset value decreased by SEK118 million in the third quarter, reflecting a negative financial performance.
- The company's net profit for the quarter was a loss of SEK117 million, indicating financial challenges.
- There was a decrease in the fair value of the portfolio by SEK65 million, primarily due to value decreases in certain investments.
- Xspray, a significant part of the portfolio, experienced a decrease in value by SEK173 million, impacting the overall portfolio valuation.
- The share price of Flerie AB is trading at a 30% discount to its NAV per share, highlighting a potential lack of market confidence in the company's valuation.
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(audio in progress) which is selling, it's a blockbuster drug by BMS. And this, of course, means that the payers, the pharmacies have to watch out to not give the same dose as SPRYCEL because Xspray's Dasynoc is actually more potent. So the FDA wanted more clearer labelling there. And that's what the company is working through now. There's actually only some delay here, but we really do believe in the company and that they will go to market in the US next year.
Not only that, this technology can be applied to many protein kinase inhibitors. So it's not just the Dasynoc and SPRYCEL market, but it's actually a lot more that Xsprayâs could solve. Again, you see here, the fair value SEK294 million. We've invested SEK299 million. So we are a long term investor. We really believe that Xspray will have that success that they deserve next year and beyond.
Other key developments in the private portfolio, they don't affect our NAV as much, but that's precisely because of our very prudent valuation methodology, which our CFO is going to speak a
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