Flerie AB — Call Transcript 2026

Good morning, everyone, and welcome to the Flerie Q4 report presentation. It's a pleasure that so many of you have called in and also reached out since we both sent out our NAV report and now our full quarterly report. I'm not going to spend too much time on explaining who we are. I think many of you know who we are, but this slide, of course, shows who we are. I just want to point out that, of course, there is a disappointment on our side with the negative development during the quarter and during last year. But I think and hope that I, during this presentation, together with Cecilia, our CFO, can show you that we think we have a great opportunity in our portfolio and that we've actually been in an investment phase rather than a selling phase. That partly explains the negative development during the last year. In basic terms, Q4 has been about sharpening our focus, really increasing our focus on direct investments through divesting the LP segment, which I'll talk a little bit about, and doing what we're really good at, which is doing these direct investments, but also thinking creatively about financial ways of financing our companies. We're doing that now for the second time through a merger with one of our portfolio companies, which I'll also talk about. First, our current net asset value is almost SEK 3.4 billion. It's SEK 43.6 per share. And our firepower is significant: 17% or 16% of our net asset value in cash. That's SEK 6.97 out of the SEK 43.6. That is to be invested in the further value of our current portfolio. And one of the examples where we've done that, in fact, strengthened our position, is in our biggest holding, Prokarium. And I'll get back to that in a moment. So, the significant events and value changes have been the following. I'll talk in detail about the merger with Lipum on the next slide. But most importantly, the divestment of the limited partnership segment requires a little bit of explanation. We have actually benefited greatly from having this LP segment when we started as Flerie. As you know, we were unknown as an entity. Of course, we were people who had built biotech companies for a long time before we joined Flerie. But as any new company, you have to make a name for yourself. And for us, it was important to gain the networks of these three funds that we had invested in as an LP. And we did. And some of them actually invested in our company. So, we've gained benefit from that. But now we are known and are able to invest with people all around the world, very reputable investment companies around the world. And we no longer need this network. And we want to focus, and I really pointed out, focus on direct investments. So, that's why we've divested it. And we divested it at fair value, which I think is very reasonable, better than we could have expected. And it has no effect on the results. We've done several capital raises very successfully: Prokarium, Frontier, Mendus did a public raise, Xintela as well, and Chromafora did a raise together with an acquisition of a Danish subsidiary of the Montrose Environmental Group. So, that's very exciting. I'm happy to talk about that now. In the next bullet, you can see that Chromafora is a PFAS specialist. They actually acquired the Danish PFAS specialist subsidiary of Montrose, as I said, who work on the sort of long-chain PFAS. Without going into too much detail, this gives Chromafora a great benefit for customers today. They have the innovative technology to bring in the customers of tomorrow. That's why Montrose Environmental Group also became a strategic investor. Multiple of our companies have good clinical results: Prokarium, Empros, Xintela, and AnaCardio. I'm happy to answer questions about that in the Q&A. After the quarter, KAHR Bio reported strong phase II data and secured $22 million in equity funding. That's our Israeli company that's working in the oncology space. Very glad to see that they are now well funded for quite some time forward. Let's talk a little bit more about the Lipum merger plan. We had this agreed together in both companies, actually, with the boards and with the shareholders. It's good to go now. There's a process that needs to be done with the Swedish Companies House, or Bolagsverket. But essentially, this will all be completed by the end of Q1 2026. It's clear to point out that actually this was a 33% premium to pre-announced trading price. I think everyone, including the internal investors in Lipum, thinks that this is a very good move in order to secure the continued financing of SOL-116 into phase two. This is a rheumatoid arthritis treatment. You should know that rheumatoid arthritis is actually the seventh largest sickness in the world in terms of sales. But the sales are of essentially symptom medication that only impact the symptoms, don't actually improve the, or get rid of the cause of rheumatoid arthritis. While SOL-116 has the potential to be curative, so we're very excited to see the effect data coming out of that phase II study, which I think will be transformative so for me, I see this as a very good investment of Flerie for the future. It's, of course, the privatization so we will take Lipum private. And that would help us to access specialist capital going forward. And we're actually also able to sell some of our shares in Lipum, which we've done with Toleranzia, which we've done before. Toleranzia is now Bonsai Biotherapeutics. And as you know, we sold some of our Toleranzia shares in order to raise money to help all of our portfolio of [good food]. When it comes to financing, we continue to catalyze significant investments in Frontier, Chromafora, and Mendus. As you can see here, multiple times our own invested capital is invested by other investors alongside us. Typically, it's two to three times what we invest overall. So, I'm very excited that this Q4, our syndicating partners invested over SEK 500 million alongside our SEK 172 million. Last but not least, in my section, I want to point out some of the key portfolio developments. AnaCardio, our heart failure company, they reported strong phase II-A data. We co-invested there with Novo and with Eir Ventures and others, Swedish investors. It's incredibly a growing field. We were at JPMorgan Healthcare Conference last week. This is a field that requires solutions. AnaCardio has one that could be really groundbreaking. Prokarium, our largest holding, we raised GBP 6 million in that company from the existing shareholders. That explains the big negative effect on our NAV, because Prokarium is a big holding. It's over SEK 200 million negative effect due to this transaction. We did that on purpose, because we believe Prokarium is in an exciting space. This bladder cancer trial is already having a good readout, but we will get full bladder cancer trial readout with this financing. We essentially recapitalized the company, changed the shareholder base. Those who could join, they joined and strengthened their position. That was certainly the case for Flerie. Those who could not join on the internals, they've obviously been diluted. Empros Pharma, clinical study showed side effects can be well managed. We're excited about that. They've really delivered on what they said they would. Xspray, as you know, has had an issue with their manufacturer in Italy. But I've talked a lot about that, but willing to answer any more questions if you have. But the positive side about Xspray is that the FDA has provided a so-called PDUFA date for nilotinib, which is the second program. And that's also in June 2026. So, this means there could be a dual launch of two products during this year. Now I'll hand over to Cecilia for further financial numbers. Thank you, Ted. Yes, so let's head into the financial section for the quarter. Just as Ted just described, it is a quarter where we saw continued progress in several of our portfolio companies, but where a down round and a delayed FDA process significantly affected our NAV. Our net asset value was SEK 3.4 billion end of Q4. It is down 14% from Q3. Our NAV per share decreased to SEK 43.60. Now, 90% of this decrease relates to only three companies. All of them are in the product development segment. In the quarter, we also saw a few other changes in valuation, both up and down. I will come back to these details shortly. The portfolio fair value end of Q4 was SEK 2.6 billion, down from SEK 3.1 billion end of Q3. This relates, of course, mainly to the negative change in fair value, but also to the divestments, which the most significant one was the LP segment. As Ted mentioned, we also sold some of our shares in Lipum. Divestment decreased the fair value by SEK 116 million. Finally, we also made investments in the portfolio in the quarter, another SEK 179 million. With that, let's go to the next slide and look at the segments. The PD segment had a total value end of Q4 of just over SEK 2 billion. The change in fair value of the segment was negative over SEK 500 million. The decrease, as we've already talked about, was mainly explained by two things. Firstly, the lower valuation in connection with funding rounds for Prokarium and Geneos, which decreased the portfolio value by SEK 275 million together. We also saw a negative share price development for Xspray, SEK 213 million, following the complete response letter we received in October. Meanwhile, the share price development was positive for the listed company Lipum. Again, we announced and got approval for the planned merger with Lipum that will close in Q1. And the value increase for the company was SEK 36 million in Q4. In the quarter, we invested SEK 136 million, of which the more significant was in Lipum, where we converted our loans to shares, which was a part of the merger plan. We also invested in Prokarium and Xintela, the major ones. And again, divestments are part of our shares in Lipum in this segment. So, continuing to the CG segment, where we saw an increase in the portfolio value up to SEK 581. We had a positive fair value change in the quarter, which related to Chromafora and the increased valuation from the funding round that closed in December, so Chromafora's valuation increased SEK 30 million. But the increase was somewhat offset by a negative share price development in Nanologica that decreased SEK 15 million. We made investments in the CG segment as well, mainly the participation in the Chromafora round, but also a smaller amount in Frontier, and then a few words on the LP segment. Just before New Year's, we divested the entire holdings of the investment funds that constituted the limited partnership segment, so it generated proceeds of SEK 109 million, which was based on the valuation from our November NAV report. The valuation of the investment funds is usually based on the quarterly fund reports that we receive from the fund managers. And these are distributed around six to eight weeks after the quarter end. So, we will make a final settlement with the stakeholder of the investment, LP segment, in Q1, when we have received the valuation reports for December. So, that wraps up the financial segment. And I hand over to you, Ted. Thank you, Cecilia. I think I was a little fast on the slides before. So, those of you who didn't see the slide 11, I'm happy to share more information about that if you need to. Okay, regarding concluding remarks, I would just say that we're very happy with the state of our portfolio, the 25 companies that we have. It's well diversified, as it always has been. And now with the LP segment divested, we are really focusing fully on these direct investments in the 25 portfolio companies. I would say, coming back from JPMorgan in San Francisco last week, that the Americans are speaking about, can it get even better than it already is? And that's because the Nasdaq Biotechnology Index has actually gone very well in the last half year. Europe is always at least six months behind the U.S. when it comes to market recovery. And therefore, I think we have a lot to look forward to. Why am I telling you all this? It's because I think Flerie has actually been in a very good investment phase for the last three years. It has been a good time for us to deploy our capital into companies at good valuations. And we continue to do that now, as we did, for example, in Prokarium. We actually strengthened our position in a very exciting company that could, in the future, be sold at a good return. So, the big question is, when is a good time to sell? And we're not there yet. We have to have some, as we say in Swedish, ice in the stomach, is i magen. But I think the market recovery will come. And we're prepared for that. We have good cash in hand. And we have the ability to support our portfolio companies going forward. And we're focusing very much on strategic discussions with pharma partners. So, thank you. And I hope we can answer any questions that you might have. Yes, and welcome to today's Q&A session. My name is Paula, and I will be today's moderator. If you have any question, then please click on the raise your hand icon on the toolbar. I will then activate your microphone when it's your turn to speak. Thank you very much. So, do we have any questions? Yes, Linus, I will activate your microphone. Welcome, Linus. Thank you very much. I hope you can hear me. Starting off, it would be interesting to hear more about the write-down in Geneos and also what the roadmap and what the capitalization is like in that company. Sure. Yeah, so Geneos was the third largest write-down we did during the last quarter. We essentially have a process of financing ongoing that is not closed. But there is some delay in that. But we felt it necessary to make that adjustment now because of that delay. What is on the positive side there is that if Geneos is able to close that financing, then it will be funded to a good inflection point for the next actual randomized control trial. As you know, Linus, that's really the key for Geneos is to do that randomized control trial. We've had a lot of discussions with pharma. That's what they're looking for. So, although Geneos has had really fantastic results that have been published in Nature and have really been well received, the big pharma are really looking for that randomized control trial. I'm happy to answer more questions about that if someone doesn't know exactly what that means. Thanks. That's very clear. And then more broadly on, sort of I completely understand and subscribe to the rationale behind lowering valuations to get more investors on board with a capital raise like you did in Prokarium. But we've seen the NAV come down consistently over a couple of quarters. Can we have confidence in sort of portfolio progress coming through and driving value in 2026? Yeah, thank you for that. That's obviously front and center of my mind on a continual basis. I would be lying if I didn't think the market recovery would have come earlier. I mean, when we did the IPO, I already thought we were on the right track with that. It's as simple as there are times when it's good to invest, and there are times when it's good to sell. I thought the time where it was good to sell was going to come sooner. It hasn't come yet. To be honest with you, though, I've also kind of given up on predicting the future with all the tumultuousness of the Trump administration. But having said that, I think from a scientific and clinical point of view, we are really making great progress. Prokarium has really good results on the bladder cancer trial. It has the potential to replace standard of care, as some of you know, and that standard of care, there's a limited amount available. The manufacturing is very difficult, so the urologists around the world are really screaming for a new solution, and Prokarium can provide that, and CG Oncology, which is in this space, UroGen and others, there's several both mid-sized biotechs and also large biotechs like J&J and others who've invested significantly in the bladder cancer space, so if I just take Prokarium as an example, it is a hot area. AnaCardio is another hot area. A few years ago, when we first invested, heart disease was not a top of mind of investors, at least, but it is obviously one of the biggest killers in the world, right, so I think we're invested in areas that are really hot. We tend to invest countercyclical. We go into places and into companies that may be not as sexy at the time. But we know that it's good signs, and it's solving a solution that is necessary. I would just ask all the shareholders to realize that, yes, we are a long-term investment. You should definitely not be day trading or even trading on a month-by-month basis in Flerie shares. We're really a long-term investment. But having looked at the history, you will see that we've invested in companies now that are getting more and more mature. If you saw the slide that I had at concluding remarks, you see that a lot of companies are in phase II. That's when we get efficacy results. That's when the pharma companies get excited, and we can make a deal. What I can say is I cannot promise anything. But it's front and center of my mind to try and make partnering deals and get exits for some of our companies. I appreciate that answer, and then finally, I just wanted to ask if there are any more takeaways that you would highlight from JPMorgan. Yeah, I mean, I was amazed by Aktis Oncology, the first IPO of the year. That's obviously highlighted a lot in all the discussions at JPMorgan. This is a preclinical company in Boston that raised $320 million. Their post-money valuation was $1 billion. And in the first few days, it went up to $1.2 billion. I mean, you're having a $1.2 billion company, preclinical company. That's incredible. And again, I point out that that's when pharma realizes that biotech companies have alternatives. So, pharma has generally been buying late-stage assets because they need to replenish their pipelines. And it makes most sense to buy late-stage assets because they will obviously help replenish the pipeline sooner. But as soon as they see that they might lose out to the IPO market, that's when they buy earlier stage assets. Because if they don't buy them, they go IPO, and they become competitors instead. So, I think that if the IPO market in the U.S. has a few more like Aktis and also the European IPO market gets going, that's when pharma will say, wow, we really need to deploy that capital. And they do have big war chests. So, I think the machine just needs to get going. And it will. It's just a matter of time. Thank you very much, Ted. Thank you. Thank you, Linus Sigurdson from DNB Carnegie. Do we have any additional questions? No questions. Ted, do you have any final remarks before we conclude? Yeah, I just want to point out what we did in Chromafora. I think the acquisition of that subsidiary of Montrose, I think it places Chromafora. It's one of our odd ones, right? But I like to talk about it sometimes. It's a clean tech company that really has the potential to clean water off PFAS. So, most of you have read a lot about PFAS. The changes in the regulation are coming in Europe. But the regulation coming has been a bit delayed, right? Because actually, it's such a big problem that politicians have an issue with enforcing that because it will actually be there are no solutions. But Chromafora has that solution, has several pilot plants already running. And we have European investment bank money as well. So, but now with this acquisition of that subsidiary of Montrose, we actually can immediately start selling solutions to customers today that are taking care of these long-chain PFAS. So, in other words, Chromafora is also a very exciting development, even though it's not our core in pharma and biotech. I hope if you have any other questions, you can, of course, send your questions to [email protected], investor relations email that we have. And otherwise, I look forward to speaking to you again in some other venue. Thank you very much, and thank you all for today.

Speaker 3: Good morning, everyone, and welcome to the Flerie Q4 report presentation. It's a pleasure that so many of you have called in and also reached out since we both sent out our NAV report and now our full quarterly report. I'm not going to spend too much time on explaining who we are. I think many of you know who we are, but this slide, of course, shows who we are. I just want to point out that, of course, there is a disappointment on our side with the negative development during the quarter and during last year. But I think and hope that I, during this presentation, together with Cecilia, our CFO, can show you that we think we have a great opportunity in our portfolio and that we've actually been in an investment phase rather than a selling phase. Good morning, everyone, and welcome to the Flerie Q4 report presentation. good morning everyone and welcome to the flerie q4 report presentation It's a pleasure that so many of you have called in and also reached out since we both sent out our NAV report and now our full quarterly report. it's a pleasure that so many of you have called in and also reached out since we both sent out our nav report and now our full quarterly report I'm not going to spend too much time on explaining who we are. i'm not going to spend too much time on explaining who we are I think many of you know who we are, but this slide, of course, shows who we are. i think many of you know who we are but this slide of course shows who we are I just want to point out that, of course, there is a disappointment on our side with the negative development during the quarter and during last year. i just want to point out that of course there is a disappointment on our side with the negative development during the quarter and during last year But I think and hope that I, during this presentation, together with Cecilia, our CFO, can show you that we think we have a great opportunity in our portfolio and that we've actually been in an investment phase rather than a selling phase. but i think and hope that i during this presentation together with cecilia our cfo can show you that we think we have a great opportunity in our portfolio and that we've actually been in an investment phase rather than a selling phase That partly explains the negative development during the last year. In basic terms, Q4 has been about sharpening our focus, really increasing our focus on direct investments through divesting the LP segment, which I'll talk a little bit about, and doing what we're really good at, which is doing these direct investments, but also thinking creatively about financial ways of financing our companies. We're doing that now for the second time through a merger with one of our portfolio companies, which I'll also talk about. First, our current net asset value is almost SEK 3.4 billion. It's SEK 43.6 per share. And our firepower is significant: 17% or 16% of our net asset value in cash. That's SEK 6.97 out of the SEK 43.6. That is to be invested in the further value of our current portfolio. That partly explains the negative development during the last year. that partly explains the negative development during the last year In basic terms, Q4 has been about sharpening our focus, really increasing our focus on direct investments through divesting the LP segment, which I'll talk a little bit about, and doing what we're really good at, which is doing these direct investments, but also thinking creatively about financial ways of financing our companies. in basic terms q4 has been about sharpening our focus really increasing our focus on direct investments through divesting the lp segment which i'll talk a little bit about and doing what we're really good at which is doing these direct investments but also thinking creatively about financial ways of financing our companies We're doing that now for the second time through a merger with one of our portfolio companies, which I'll also talk about. we're doing that now for the second time through a merger with one of our portfolio companies which i'll also talk about First, our current net asset value is almost SEK 3.4 billion . first our current net asset value is almost sek 3.4 billion It's SEK 43.6 per share. it's sek 43.6 per share And our firepower is significant: 17% or 16% of our net asset value in cash. and our firepower is significant 17% or 16% of our net asset value in cash That's SEK 6.97 out of the SEK 43.6. that's sek 6.97 out of the sek 43.6 That is to be invested in the further value of our current portfolio. that is to be invested in the further value of our current portfolio And one of the examples where we've done that, in fact, strengthened our position, is in our biggest holding, Prokarium. And I'll get back to that in a moment. So, the significant events and value changes have been the following. I'll talk in detail about the merger with Lipum on the next slide. But most importantly, the divestment of the limited partnership segment requires a little bit of explanation. We have actually benefited greatly from having this LP segment when we started as Flerie. As you know, we were unknown as an entity. Of course, we were people who had built biotech companies for a long time before we joined Flerie. But as any new company, you have to make a name for yourself. And for us, it was important to gain the networks of these three funds that we had invested in as an LP. And we did. And one of the examples where we've done that, in fact, strengthened our position, is in our biggest holding, Prokarium. and one of the examples where we've done that in fact strengthened our position is in our biggest holding prokarium And I'll get back to that in a moment. and i'll get back to that in a moment So, the significant events and value changes have been the following. so the significant events and value changes have been the following I'll talk in detail about the merger with Lipum on the next slide. i'll talk in detail about the merger with lipum on the next slide But most importantly, the divestment of the limited partnership segment requires a little bit of explanation. but most importantly the divestment of the limited partnership segment requires a little bit of explanation We have actually benefited greatly from having this LP segment when we started as Flerie. we have actually benefited greatly from having this lp segment when we started as flerie As you know, we were unknown as an entity. as you know we were unknown as an entity Of course, we were people who had built biotech companies for a long time before we joined Flerie. of course we were people who had built biotech companies for a long time before we joined flerie But as any new company, you have to make a name for yourself. but as any new company you have to make a name for yourself And for us, it was important to gain the networks of these three funds that we had invested in as an LP. and for us it was important to gain the networks of these three funds that we had invested in as an lp And we did. and we did And some of them actually invested in our company. So, we've gained benefit from that. But now we are known and are able to invest with people all around the world, very reputable investment companies around the world. And we no longer need this network. And we want to focus, and I really pointed out, focus on direct investments. So, that's why we've divested it. And we divested it at fair value, which I think is very reasonable, better than we could have expected. And it has no effect on the results. We've done several capital raises very successfully: Prokarium, Frontier, Mendus did a public raise, Xintela as well, and Chromafora did a raise together with an acquisition of a Danish subsidiary of the Montrose Environmental Group. So, that's very exciting. I'm happy to talk about that now. And some of them actually invested in our company. and some of them actually invested in our company So, we've gained benefit from that. so we've gained benefit from that But now we are known and are able to invest with people all around the world, very reputable investment companies around the world. but now we are known and are able to invest with people all around the world very reputable investment companies around the world And we no longer need this network. and we no longer need this network And we want to focus, and I really pointed out, focus on direct investments. and we want to focus and i really pointed out focus on direct investments So, that's why we've divested it. so that's why we've divested it And we divested it at fair value, which I think is very reasonable, better than we could have expected. and we divested it at fair value which i think is very reasonable better than we could have expected And it has no effect on the results. and it has no effect on the results We've done several capital raises very successfully: Prokarium, Frontier, Mendus did a public raise, Xintela as well, and Chromafora did a raise together with an acquisition of a Danish subsidiary of the Montrose Environmental Group. we've done several capital raises very successfully prokarium frontier mendus did a public raise xintela as well and chromafora did a raise together with an acquisition of a danish subsidiary of the montrose environmental group So, that's very exciting. so that's very exciting I'm happy to talk about that now. i'm happy to talk about that now In the next bullet, you can see that Chromafora is a PFAS specialist. They actually acquired the Danish PFAS specialist subsidiary of Montrose, as I said, who work on the sort of long-chain PFAS. Without going into too much detail, this gives Chromafora a great benefit for customers today. They have the innovative technology to bring in the customers of tomorrow. That's why Montrose Environmental Group also became a strategic investor. Multiple of our companies have good clinical results: Prokarium, Empros, Xintela, and AnaCardio. I'm happy to answer questions about that in the Q&A. After the quarter, KAHR Bio reported strong phase II data and secured $22 million in equity funding. That's our Israeli company that's working in the oncology space. Very glad to see that they are now well funded for quite some time forward. In the next bullet, you can see that Chromafora is a PFAS specialist. in the next bullet you can see that chromafora is a pfas specialist They actually acquired the Danish PFAS specialist subsidiary of Montrose, as I said, who work on the sort of long-chain PFAS. they actually acquired the danish pfas specialist subsidiary of montrose as i said who work on the sort of long-chain pfas Without going into too much detail, this gives Chromafora a great benefit for customers today. without going into too much detail this gives chromafora a great benefit for customers today They have the innovative technology to bring in the customers of tomorrow. they have the innovative technology to bring in the customers of tomorrow That's why Montrose Environmental Group also became a strategic investor. that's why montrose environmental group also became a strategic investor Multiple of our companies have good clinical results: Prokarium, Empros, Xintela, and AnaCardio. multiple of our companies have good clinical results prokarium empros xintela and anacardio I'm happy to answer questions about that in the Q&A. i'm happy to answer questions about that in the q&a After the quarter, KAHR Bio reported strong phase II data and secured $22 million in equity funding. after the quarter, kahr bio reported strong phase ii data and secured $22 million in equity funding That's our Israeli company that's working in the oncology space. that's our israeli company that's working in the oncology space Very glad to see that they are now well funded for quite some time forward. very glad to see that they are now well funded for quite some time forward Let's talk a little bit more about the Lipum merger plan. We had this agreed together in both companies, actually, with the boards and with the shareholders. It's good to go now. There's a process that needs to be done with the Swedish Companies House, or Bolagsverket. But essentially, this will all be completed by the end of Q1 2026. It's clear to point out that actually this was a 33% premium to pre-announced trading price. I think everyone, including the internal investors in Lipum, thinks that this is a very good move in order to secure the continued financing of SOL-116 into phase two. This is a rheumatoid arthritis treatment. You should know that rheumatoid arthritis is actually the seventh largest sickness in the world in terms of sales. Let's talk a little bit more about the Lipum merger plan. let's talk a little bit more about the lipum merger plan We had this agreed together in both companies, actually, with the boards and with the shareholders. we had this agreed together in both companies actually with the boards and with the shareholders It's good to go now. it's good to go now There's a process that needs to be done with the Swedish Companies House, or Bolagsverket. there's a process that needs to be done with the swedish companies house or bolagsverket But essentially, this will all be completed by the end of Q1 2026. but essentially this will all be completed by the end of q1 2026 It's clear to point out that actually this was a 33% premium to pre-announced trading price. it's clear to point out that actually this was a 33% premium to pre-announced trading price I think everyone, including the internal investors in Lipum, thinks that this is a very good move in order to secure the continued financing of SOL-116 into phase two. i think everyone including the internal investors in lipum thinks that this is a very good move in order to secure the continued financing of sol-116 into phase two This is a rheumatoid arthritis treatment. this is a rheumatoid arthritis treatment You should know that rheumatoid arthritis is actually the seventh largest sickness in the world in terms of sales. you should know that rheumatoid arthritis is actually the seventh largest sickness in the world in terms of sales But the sales are of essentially symptom medication that only impact the symptoms, don't actually improve the, or get rid of the cause of rheumatoid arthritis. While SOL-116 has the potential to be curative, so we're very excited to see the effect data coming out of that phase II study, which I think will be transformative so for me, I see this as a very good investment of Flerie for the future. It's, of course, the privatization so we will take Lipum private. And that would help us to access specialist capital going forward. And we're actually also able to sell some of our shares in Lipum, which we've done with Toleranzia, which we've done before. Toleranzia is now Bonsai Biotherapeutics. And as you know, we sold some of our Toleranzia shares in order to raise money to help all of our portfolio of [good food]. But the sales are of essentially symptom medication that only impact the symptoms, don't actually improve the, or get rid of the cause of rheumatoid arthritis. but the sales are of essentially symptom medication that only impact the symptoms don't actually improve the or get rid of the cause of rheumatoid arthritis While SOL-116 has the potential to be curative, so we're very excited to see the effect data coming out of that phase II study, which I think will be transformative so for me, I see this as a very good investment of Flerie for the future. while sol-116 has the potential to be curative so we're very excited to see the effect data coming out of that phase ii study which i think will be transformative so for me i see this as a very good investment of flerie for the future It's, of course, the privatization so we will take Lipum private. it's of course the privatization so we will take lipum private And that would help us to access specialist capital going forward. and that would help us to access specialist capital going forward And we're actually also able to sell some of our shares in Lipum, which we've done with Toleranzia, which we've done before. and we're actually also able to sell some of our shares in lipum which we've done with toleranzia which we've done before Toleranzia is now Bonsai Biotherapeutics. toleranzia is now bonsai biotherapeutics And as you know, we sold some of our Toleranzia shares in order to raise money to help all of our portfolio of [good food]. and as you know we sold some of our toleranzia shares in order to raise money to help all of our portfolio of [good food] When it comes to financing, we continue to catalyze significant investments in Frontier, Chromafora, and Mendus. As you can see here, multiple times our own invested capital is invested by other investors alongside us. Typically, it's two to three times what we invest overall. So, I'm very excited that this Q4, our syndicating partners invested over SEK 500 million alongside our SEK 172 million. Last but not least, in my section, I want to point out some of the key portfolio developments. AnaCardio, our heart failure company, they reported strong phase II-A data. We co-invested there with Novo and with Eir Ventures and others, Swedish investors. It's incredibly a growing field. We were at JPMorgan Healthcare Conference last week. This is a field that requires solutions. AnaCardio has one that could be really groundbreaking. When it comes to financing, we continue to catalyze significant investments in Frontier, Chromafora, and Mendus. when it comes to financing we continue to catalyze significant investments in frontier chromafora and mendus As you can see here, multiple times our own invested capital is invested by other investors alongside us. as you can see here multiple times our own invested capital is invested by other investors alongside us Typically, it's two to three times what we invest overall. typically it's two to three times what we invest overall So, I'm very excited that this Q4, our syndicating partners invested over SEK 500 million alongside our SEK 172 million . so i'm very excited that this q4 our syndicating partners invested over sek 500 million alongside our sek 172 million Last but not least, in my section, I want to point out some of the key portfolio developments. last but not least in my section i want to point out some of the key portfolio developments AnaCardio, our heart failure company, they reported strong phase II- A data. anacardio our heart failure company they reported strong phase ii- a data We co-invested there with Novo and with Eir Ventures and others, Swedish investors. we co-invested there with novo and with eir ventures and others swedish investors It's incredibly a growing field. it's incredibly a growing field We were at JPMorgan Healthcare Conference last week. we were at jpmorgan healthcare conference last week This is a field that requires solutions. this is a field that requires solutions AnaCardio has one that could be really groundbreaking. anacardio has one that could be really groundbreaking Prokarium, our largest holding, we raised GBP 6 million in that company from the existing shareholders. That explains the big negative effect on our NAV, because Prokarium is a big holding. It's over SEK 200 million negative effect due to this transaction. We did that on purpose, because we believe Prokarium is in an exciting space. This bladder cancer trial is already having a good readout, but we will get full bladder cancer trial readout with this financing. We essentially recapitalized the company, changed the shareholder base. Those who could join, they joined and strengthened their position. That was certainly the case for Flerie. Those who could not join on the internals, they've obviously been diluted. Empros Pharma, clinical study showed side effects can be well managed. We're excited about that. They've really delivered on what they said they would. Prokarium, our largest holding, we raised GBP 6 million in that company from the existing shareholders. prokarium our largest holding we raised gbp 6 million in that company from the existing shareholders That explains the big negative effect on our NAV, because Prokarium is a big holding. that explains the big negative effect on our nav because prokarium is a big holding It's over SEK 200 million negative effect due to this transaction. it's over sek 200 million negative effect due to this transaction We did that on purpose, because we believe Prokarium is in an exciting space. we did that on purpose because we believe prokarium is in an exciting space This bladder cancer trial is already having a good readout, but we will get full bladder cancer trial readout with this financing. this bladder cancer trial is already having a good readout but we will get full bladder cancer trial readout with this financing We essentially recapitalized the company, changed the shareholder base. we essentially recapitalized the company changed the shareholder base Those who could join, they joined and strengthened their position. those who could join they joined and strengthened their position That was certainly the case for Flerie. that was certainly the case for flerie Those who could not join on the internals, they've obviously been diluted. those who could not join on the internals they've obviously been diluted Empros Pharma, clinical study showed side effects can be well managed. empros pharma clinical study showed side effects can be well managed We're excited about that. we're excited about that They've really delivered on what they said they would. they've really delivered on what they said they would Xspray, as you know, has had an issue with their manufacturer in Italy. But I've talked a lot about that, but willing to answer any more questions if you have. But the positive side about Xspray is that the FDA has provided a so-called PDUFA date for nilotinib, which is the second program. And that's also in June 2026. So, this means there could be a dual launch of two products during this year. Now I'll hand over to Cecilia for further financial numbers. Xspray, as you know, has had an issue with their manufacturer in Italy. xspray as you know has had an issue with their manufacturer in italy But I've talked a lot about that, but willing to answer any more questions if you have. but i've talked a lot about that but willing to answer any more questions if you have But the positive side about Xspray is that the FDA has provided a so-called PDUFA date for nilotinib, which is the second program. but the positive side about xspray is that the fda has provided a so-called pdufa date for nilotinib which is the second program And that's also in June 2026. and that's also in june 2026 So, this means there could be a dual launch of two products during this year. so this means there could be a dual launch of two products during this year Now I'll hand over to Cecilia for further financial numbers. now i'll hand over to cecilia for further financial numbers

Speaker 4: Thank you, Ted. Yes, so let's head into the financial section for the quarter. Just as Ted just described, it is a quarter where we saw continued progress in several of our portfolio companies, but where a down round and a delayed FDA process significantly affected our NAV. Our net asset value was SEK 3.4 billion end of Q4. It is down 14% from Q3. Our NAV per share decreased to SEK 43.60. Now, 90% of this decrease relates to only three companies. All of them are in the product development segment. In the quarter, we also saw a few other changes in valuation, both up and down. I will come back to these details shortly. The portfolio fair value end of Q4 was SEK 2.6 billion, down from SEK 3.1 billion end of Q3. Thank you, Ted. thank you ted Yes, so let's head into the financial section for the quarter. yes so let's head into the financial section for the quarter Just as Ted just described, it is a quarter where we saw continued progress in several of our portfolio companies, but where a down round and a delayed FDA process significantly affected our NAV. just as ted just described, it is a quarter where we saw continued progress in several of our portfolio companies but where a down round and a delayed fda process significantly affected our nav Our net asset value was SEK 3.4 billion end of Q4. It is down 14% from Q3. our net asset value was sek 3.4 billion end of q4. it is down 14% from q3 Our NAV per share decreased to SEK 43.60. our nav per share decreased to sek 43.60 Now, 90% of this decrease relates to only three companies. now 90% of this decrease relates to only three companies All of them are in the product development segment. all of them are in the product development segment In the quarter, we also saw a few other changes in valuation, both up and down. in the quarter we also saw a few other changes in valuation both up and down I will come back to these details shortly. i will come back to these details shortly The portfolio fair value end of Q4 was SEK 2.6 billion, down from SEK 3.1 billion end of Q3. the portfolio fair value end of q4 was sek 2.6 billion down from sek 3.1 billion end of q3 This relates, of course, mainly to the negative change in fair value, but also to the divestments, which the most significant one was the LP segment. As Ted mentioned, we also sold some of our shares in Lipum. Divestment decreased the fair value by SEK 116 million. Finally, we also made investments in the portfolio in the quarter, another SEK 179 million. With that, let's go to the next slide and look at the segments. The PD segment had a total value end of Q4 of just over SEK 2 billion. The change in fair value of the segment was negative over SEK 500 million. The decrease, as we've already talked about, was mainly explained by two things. Firstly, the lower valuation in connection with funding rounds for Prokarium and Geneos, which decreased the portfolio value by SEK 275 million together. This relates, of course, mainly to the negative change in fair value, but also to the divestments, which the most significant one was the LP segment. this relates of course mainly to the negative change in fair value but also to the divestments which the most significant one was the lp segment As Ted mentioned, we also sold some of our shares in Lipum. as ted mentioned we also sold some of our shares in lipum Divestment decreased the fair value by SEK 116 million. divestment decreased the fair value by sek 116 million Finally, we also made investments in the portfolio in the quarter, another SEK 179 million. finally we also made investments in the portfolio in the quarter another sek 179 million With that, let's go to the next slide and look at the segments. with that let's go to the next slide and look at the segments The PD segment had a total value end of Q4 of just over SEK 2 billion. the pd segment had a total value end of q4 of just over sek 2 billion The change in fair value of the segment was negative over SEK 500 million. the change in fair value of the segment was negative over sek 500 million The decrease, as we've already talked about, was mainly explained by two things. the decrease as we've already talked about was mainly explained by two things Firstly, the lower valuation in connection with funding rounds for Prokarium and Geneos , which decreased the portfolio value by SEK 275 million together. firstly the lower valuation in connection with funding rounds for prokarium and geneos which decreased the portfolio value by sek 275 million together We also saw a negative share price development for Xspray, SEK 213 million, following the complete response letter we received in October. Meanwhile, the share price development was positive for the listed company Lipum. Again, we announced and got approval for the planned merger with Lipum that will close in Q1. And the value increase for the company was SEK 36 million in Q4. In the quarter, we invested SEK 136 million, of which the more significant was in Lipum, where we converted our loans to shares, which was a part of the merger plan. We also invested in Prokarium and Xintela, the major ones. And again, divestments are part of our shares in Lipum in this segment. So, continuing to the CG segment, where we saw an increase in the portfolio value up to SEK 581. We also saw a negative share price development for Xspray, SEK 213 million, following the complete response letter we received in October. we also saw a negative share price development for xspray sek 213 million following the complete response letter we received in october Meanwhile, the share price development was positive for the listed company Lipum. meanwhile the share price development was positive for the listed company lipum Again, we announced and got approval for the planned merger with Lipum that will close in Q1. again we announced and got approval for the planned merger with lipum that will close in q1 And the value increase for the company was SEK 36 million in Q4. and the value increase for the company was sek 36 million in q4 In the quarter, we invested SEK 136 million, of which the more significant was in Lipum, where we converted our loans to shares, which was a part of the merger plan. in the quarter we invested sek 136 million of which the more significant was in lipum where we converted our loans to shares which was a part of the merger plan We also invested in Prokarium and Xintela, the major ones. we also invested in prokarium and xintela the major ones And again, divestments are part of our shares in Lipum in this segment. and again divestments are part of our shares in lipum in this segment So, continuing to the CG segment, where we saw an increase in the portfolio value up to SEK 581. so continuing to the cg segment where we saw an increase in the portfolio value up to sek 581 We had a positive fair value change in the quarter, which related to Chromafora and the increased valuation from the funding round that closed in December, so Chromafora's valuation increased SEK 30 million. But the increase was somewhat offset by a negative share price development in Nanologica that decreased SEK 15 million. We made investments in the CG segment as well, mainly the participation in the Chromafora round, but also a smaller amount in Frontier, and then a few words on the LP segment. Just before New Year's, we divested the entire holdings of the investment funds that constituted the limited partnership segment, so it generated proceeds of SEK 109 million, which was based on the valuation from our November NAV report. The valuation of the investment funds is usually based on the quarterly fund reports that we receive from the fund managers. We had a positive fair value change in the quarter, which related to Chromafora and the increased valuation from the funding round that closed in December, so Chromafora's valuation increased SEK 30 million. we had a positive fair value change in the quarter which related to chromafora and the increased valuation from the funding round that closed in december so chromafora's valuation increased sek 30 million But the increase was somewhat offset by a negative share price development in Nanologica that decreased SEK 15 million. but the increase was somewhat offset by a negative share price development in nanologica that decreased sek 15 million We made investments in the CG segment as well, mainly the participation in the Chromafora round, but also a smaller amount in Frontier, and then a few words on the LP segment. we made investments in the cg segment as well mainly the participation in the chromafora round but also a smaller amount in frontier and then a few words on the lp segment Just before New Year's, we divested the entire holdings of the investment funds that constituted the limited partnership segment, so it generated proceeds of SEK 109 million, which was based on the valuation from our November NAV report. just before new year's we divested the entire holdings of the investment funds that constituted the limited partnership segment so it generated proceeds of sek 109 million which was based on the valuation from our november nav report The valuation of the investment funds is usually based on the quarterly fund reports that we receive from the fund managers. the valuation of the investment funds is usually based on the quarterly fund reports that we receive from the fund managers And these are distributed around six to eight weeks after the quarter end. So, we will make a final settlement with the stakeholder of the investment, LP segment, in Q1, when we have received the valuation reports for December. So, that wraps up the financial segment. And I hand over to you, Ted. And these are distributed around six to eight weeks after the quarter end. and these are distributed around six to eight weeks after the quarter end So, we will make a final settlement with the stakeholder of the investment, LP segment, in Q1, when we have received the valuation reports for December. so we will make a final settlement with the stakeholder of the investment lp segment in q1 when we have received the valuation reports for december So, that wraps up the financial segment. so that wraps up the financial segment And I hand over to you, Ted. and i hand over to you ted

Speaker 3: Thank you, Cecilia. I think I was a little fast on the slides before. So, those of you who didn't see the slide 11, I'm happy to share more information about that if you need to. Okay, regarding concluding remarks, I would just say that we're very happy with the state of our portfolio, the 25 companies that we have. It's well diversified, as it always has been. And now with the LP segment divested, we are really focusing fully on these direct investments in the 25 portfolio companies. I would say, coming back from JPMorgan in San Francisco last week, that the Americans are speaking about, can it get even better than it already is? And that's because the Nasdaq Biotechnology Index has actually gone very well in the last half year. Europe is always at least six months behind the U.S. when it comes to market recovery. Thank you, Cecilia. thank you cecilia I think I was a little fast on the slides before. i think i was a little fast on the slides before So, those of you who didn't see the slide 11, I'm happy to share more information about that if you need to. so those of you who didn't see the slide 11 i'm happy to share more information about that if you need to Okay, regarding concluding remarks, I would just say that we're very happy with the state of our portfolio, the 25 companies that we have. okay regarding concluding remarks i would just say that we're very happy with the state of our portfolio the 25 companies that we have It's well diversified, as it always has been. it's well diversified as it always has been And now with the LP segment divested, we are really focusing fully on these direct investments in the 25 portfolio companies. and now with the lp segment divested we are really focusing fully on these direct investments in the 25 portfolio companies I would say, coming back from JP Morgan in San Francisco last week, that the Americans are speaking about, can it get even better than it already is? i would say coming back from jp morgan in san francisco last week that the americans are speaking about can it get even better than it already is And that's because the Nasdaq Biotechnology Index has actually gone very well in the last half year. and that's because the nasdaq biotechnology index has actually gone very well in the last half year Europe is always at least six months behind the U.S. when it comes to market recovery. europe is always at least six months behind the u.s when it comes to market recovery And therefore, I think we have a lot to look forward to. Why am I telling you all this? It's because I think Flerie has actually been in a very good investment phase for the last three years. It has been a good time for us to deploy our capital into companies at good valuations. And we continue to do that now, as we did, for example, in Prokarium. We actually strengthened our position in a very exciting company that could, in the future, be sold at a good return. So, the big question is, when is a good time to sell? And we're not there yet. We have to have some, as we say in Swedish, ice in the stomach, is i magen. But I think the market recovery will come. And we're prepared for that. We have good cash in hand. And therefore, I think we have a lot to look forward to. and therefore i think we have a lot to look forward to Why am I telling you all this? why am i telling you all this It's because I think Flerie has actually been in a very good investment phase for the last three years. it's because i think flerie has actually been in a very good investment phase for the last three years It has been a good time for us to deploy our capital into companies at good valuations. it has been a good time for us to deploy our capital into companies at good valuations And we continue to do that now, as we did, for example, in Prokarium. and we continue to do that now as we did for example in prokarium We actually strengthened our position in a very exciting company that could, in the future, be sold at a good return. we actually strengthened our position in a very exciting company that could in the future be sold at a good return So, the big question is, when is a good time to sell? so the big question is when is a good time to sell And we're not there yet. and we're not there yet We have to have some, as we say in Swedish, ice in the stomach, is i magen. we have to have some as we say in swedish ice in the stomach, is i magen But I think the market recovery will come. but i think the market recovery will come And we're prepared for that. and we're prepared for that We have good cash in hand. we have good cash in hand And we have the ability to support our portfolio companies going forward. And we're focusing very much on strategic discussions with pharma partners. So, thank you. And I hope we can answer any questions that you might have. And we have the ability to support our portfolio companies going forward. and we have the ability to support our portfolio companies going forward And we're focusing very much on strategic discussions with pharma partners. and we're focusing very much on strategic discussions with pharma partners So, thank you. so thank you And I hope we can answer any questions that you might have. and i hope we can answer any questions that you might have

Speaker 1: Yes, and welcome to today's Q&A session. My name is Paula, and I will be today's moderator. If you have any question, then please click on the raise your hand icon on the toolbar. I will then activate your microphone when it's your turn to speak. Thank you very much. So, do we have any questions? Yes, Linus, I will activate your microphone. Welcome, Linus. Yes, and welcome to today's Q&A session. yes and welcome to today's q&a session My name is Paula, and I will be today's moderator. my name is paula and i will be today's moderator If you have any question, then please click on the raise your hand icon on the toolbar. if you have any question then please click on the raise your hand icon on the toolbar I will then activate your microphone when it's your turn to speak. i will then activate your microphone when it's your turn to speak Thank you very much. thank you very much So, do we have any questions? so do we have any questions Yes, Linus, I will activate your microphone. yes linus i will activate your microphone Welcome, Linus. welcome linus

Speaker 2: Thank you very much. I hope you can hear me. Starting off, it would be interesting to hear more about the write-down in Geneos and also what the roadmap and what the capitalization is like in that company. Thank you very much. thank you very much I hope you can hear me. i hope you can hear me Starting off, it would be interesting to hear more about the write-down in Geneos and also what the roadmap and what the capitalization is like in that company. starting off it would be interesting to hear more about the write-down in geneos and also what the roadmap and what the capitalization is like in that company

Speaker 3: Sure. Yeah, so Geneos was the third largest write-down we did during the last quarter. We essentially have a process of financing ongoing that is not closed. But there is some delay in that. But we felt it necessary to make that adjustment now because of that delay. What is on the positive side there is that if Geneos is able to close that financing, then it will be funded to a good inflection point for the next actual randomized control trial. As you know, Linus, that's really the key for Geneos is to do that randomized control trial. We've had a lot of discussions with pharma. That's what they're looking for. So, although Geneos has had really fantastic results that have been published in Nature and have really been well received, the big pharma are really looking for that randomized control trial. Sure. sure Yeah, so Geneos was the third largest write-down we did during the last quarter. yeah so geneos was the third largest write-down we did during the last quarter We essentially have a process of financing ongoing that is not closed. we essentially have a process of financing ongoing that is not closed But there is some delay in that. but there is some delay in that But we felt it necessary to make that adjustment now because of that delay. but we felt it necessary to make that adjustment now because of that delay What is on the positive side there is that if Geneos is able to close that financing, then it will be funded to a good inflection point for the next actual randomized control trial. what is on the positive side there is that if geneos is able to close that financing then it will be funded to a good inflection point for the next actual randomized control trial As you know, Linus, that's really the key for Geneos is to do that randomized control trial. as you know linus that's really the key for geneos is to do that randomized control trial We've had a lot of discussions with pharma. we've had a lot of discussions with pharma That's what they're looking for. that's what they're looking for So, although Geneos has had really fantastic results that have been published in Nature and have really been well received, the big pharma are really looking for that randomized control trial. so although geneos has had really fantastic results that have been published in nature and have really been well received the big pharma are really looking for that randomized control trial I'm happy to answer more questions about that if someone doesn't know exactly what that means. I'm happy to answer more questions about that if someone doesn't know exactly what that means. i'm happy to answer more questions about that if someone doesn't know exactly what that means

Speaker 2: Thanks. That's very clear. And then more broadly on, sort of I completely understand and subscribe to the rationale behind lowering valuations to get more investors on board with a capital raise like you did in Prokarium. But we've seen the NAV come down consistently over a couple of quarters. Can we have confidence in sort of portfolio progress coming through and driving value in 2026? Thanks. thanks That's very clear. that's very clear And then more broadly on, sort of I completely understand and subscribe to the rationale behind lowering valuations to get more investors on board with a capital raise like you did in Prokarium. and then more broadly on sort of i completely understand and subscribe to the rationale behind lowering valuations to get more investors on board with a capital raise like you did in prokarium But we've seen the NAV come down consistently over a couple of quarters. but we've seen the nav come down consistently over a couple of quarters Can we have confidence in sort of portfolio progress coming through and driving value in 2026? can we have confidence in sort of portfolio progress coming through and driving value in 2026

Speaker 3: Yeah, thank you for that. That's obviously front and center of my mind on a continual basis. I would be lying if I didn't think the market recovery would have come earlier. I mean, when we did the IPO, I already thought we were on the right track with that. It's as simple as there are times when it's good to invest, and there are times when it's good to sell. I thought the time where it was good to sell was going to come sooner. It hasn't come yet. To be honest with you, though, I've also kind of given up on predicting the future with all the tumultuousness of the Trump administration. But having said that, I think from a scientific and clinical point of view, we are really making great progress. Prokarium has really good results on the bladder cancer trial. Yeah, thank you for that. yeah thank you for that That's obviously front and center of my mind on a continual basis. that's obviously front and center of my mind on a continual basis I would be lying if I didn't think the market recovery would have come earlier. i would be lying if i didn't think the market recovery would have come earlier I mean, when we did the IPO, I already thought we were on the right track with that. i mean when we did the ipo i already thought we were on the right track with that It's as simple as there are times when it's good to invest, and there are times when it's good to sell. it's as simple as there are times when it's good to invest and there are times when it's good to sell I thought the time where it was good to sell was going to come sooner. i thought the time where it was good to sell was going to come sooner It hasn't come yet. it hasn't come yet To be honest with you, though, I've also kind of given up on predicting the future with all the tumultuousness of the Trump administration. to be honest with you though i've also kind of given up on predicting the future with all the tumultuousness of the trump administration But having said that, I think from a scientific and clinical point of view, we are really making great progress. but having said that i think from a scientific and clinical point of view we are really making great progress Prokarium has really good results on the bladder cancer trial. prokarium has really good results on the bladder cancer trial It has the potential to replace standard of care, as some of you know, and that standard of care, there's a limited amount available. The manufacturing is very difficult, so the urologists around the world are really screaming for a new solution, and Prokarium can provide that, and CG Oncology, which is in this space, UroGen and others, there's several both mid-sized biotechs and also large biotechs like J&J and others who've invested significantly in the bladder cancer space, so if I just take Prokarium as an example, it is a hot area. AnaCardio is another hot area. A few years ago, when we first invested, heart disease was not a top of mind of investors, at least, but it is obviously one of the biggest killers in the world, right, so I think we're invested in areas that are really hot. We tend to invest countercyclical. It has the potential to replace standard of care, as some of you know, and that standard of care, there's a limited amount available. it has the potential to replace standard of care as some of you know and that standard of care there's a limited amount available The manufacturing is very difficult, so the urologists around the world are really screaming for a new solution, and Prokarium can provide that, and CG Oncology, which is in this space, UroGen and others, there's several both mid-sized biotechs and also large biotechs like J&J and others who've invested significantly in the bladder cancer space, so if I just take Prokarium as an example, it is a hot area. the manufacturing is very difficult so the urologists around the world are really screaming for a new solution and prokarium can provide that and cg oncology which is in this space urogen and others there's several both mid-sized biotechs and also large biotechs like j&j and others who've invested significantly in the bladder cancer space so if i just take prokarium as an example it is a hot area AnaCardio is another hot area. anacardio is another hot area A few years ago, when we first invested, heart disease was not a top of mind of investors, at least, but it is obviously one of the biggest killers in the world, right, so I think we're invested in areas that are really hot. a few years ago when we first invested heart disease was not a top of mind of investors at least but it is obviously one of the biggest killers in the world right so i think we're invested in areas that are really hot We tend to invest countercyclical. we tend to invest countercyclical We go into places and into companies that may be not as sexy at the time. But we know that it's good signs, and it's solving a solution that is necessary. I would just ask all the shareholders to realize that, yes, we are a long-term investment. You should definitely not be day trading or even trading on a month-by-month basis in Flerie shares. We're really a long-term investment. But having looked at the history, you will see that we've invested in companies now that are getting more and more mature. If you saw the slide that I had at concluding remarks, you see that a lot of companies are in phase II. That's when we get efficacy results. That's when the pharma companies get excited, and we can make a deal. What I can say is I cannot promise anything. We go into places and into companies that may be not as sexy at the time. we go into places and into companies that may be not as sexy at the time But we know that it's good signs, and it's solving a solution that is necessary. but we know that it's good signs and it's solving a solution that is necessary I would just ask all the shareholders to realize that, yes, we are a long-term investment. i would just ask all the shareholders to realize that yes we are a long-term investment You should definitely not be day trading or even trading on a month-by-month basis in Flerie shares. you should definitely not be day trading or even trading on a month-by-month basis in flerie shares We're really a long-term investment. we're really a long-term investment But having looked at the history, you will see that we've invested in companies now that are getting more and more mature. but having looked at the history you will see that we've invested in companies now that are getting more and more mature If you saw the slide that I had at concluding remarks, you see that a lot of companies are in phase II. if you saw the slide that i had at concluding remarks you see that a lot of companies are in phase ii That's when we get efficacy results. that's when we get efficacy results That's when the pharma companies get excited, and we can make a deal. that's when the pharma companies get excited and we can make a deal What I can say is I cannot promise anything. what i can say is i cannot promise anything But it's front and center of my mind to try and make partnering deals and get exits for some of our companies. But it's front and center of my mind to try and make partnering deals and get exits for some of our companies. but it's front and center of my mind to try and make partnering deals and get exits for some of our companies

Speaker 2: I appreciate that answer, and then finally, I just wanted to ask if there are any more takeaways that you would highlight from JPMorgan. I appreciate that answer, and then finally, I just wanted to ask if there are any more takeaways that you would highlight from JP Morgan. i appreciate that answer and then finally i just wanted to ask if there are any more takeaways that you would highlight from jp morgan

Speaker 3: Yeah, I mean, I was amazed by Aktis Oncology, the first IPO of the year. That's obviously highlighted a lot in all the discussions at JPMorgan. This is a preclinical company in Boston that raised $320 million. Their post-money valuation was $1 billion. And in the first few days, it went up to $1.2 billion. I mean, you're having a $1.2 billion company, preclinical company. That's incredible. And again, I point out that that's when pharma realizes that biotech companies have alternatives. So, pharma has generally been buying late-stage assets because they need to replenish their pipelines. And it makes most sense to buy late-stage assets because they will obviously help replenish the pipeline sooner. But as soon as they see that they might lose out to the IPO market, that's when they buy earlier stage assets. Yeah, I mean, I was amazed by Aktis Oncology, the first IPO of the year. yeah i mean i was amazed by aktis oncology the first ipo of the year That's obviously highlighted a lot in all the discussions at JP Morgan. that's obviously highlighted a lot in all the discussions at jp morgan This is a preclinical company in Boston that raised $320 million. this is a preclinical company in boston that raised $320 million Their post-money valuation was $1 billion. their post-money valuation was $1 billion And in the first few days, it went up to $1.2 billion. and in the first few days it went up to $1.2 billion I mean, you're having a $1.2 billion company, preclinical company. i mean you're having a $1.2 billion company preclinical company That's incredible. that's incredible And again, I point out that that's when pharma realizes that biotech companies have alternatives. and again i point out that that's when pharma realizes that biotech companies have alternatives So, pharma has generally been buying late-stage assets because they need to replenish their pipelines. so pharma has generally been buying late-stage assets because they need to replenish their pipelines And it makes most sense to buy late-stage assets because they will obviously help replenish the pipeline sooner. and it makes most sense to buy late-stage assets because they will obviously help replenish the pipeline sooner But as soon as they see that they might lose out to the IPO market, that's when they buy earlier stage assets. but as soon as they see that they might lose out to the ipo market that's when they buy earlier stage assets Because if they don't buy them, they go IPO, and they become competitors instead. So, I think that if the IPO market in the U.S. has a few more like Aktis and also the European IPO market gets going, that's when pharma will say, wow, we really need to deploy that capital. And they do have big war chests. So, I think the machine just needs to get going. And it will. It's just a matter of time. Because if they don't buy them, they go IPO, and they become competitors instead. because if they don't buy them they go ipo and they become competitors instead So, I think that if the IPO market in the U.S. has a few more like Aktis and also the European IPO market gets going, that's when pharma will say, wow, we really need to deploy that capital. so i think that if the ipo market in the u.s has a few more like aktis and also the european ipo market gets going that's when pharma will say wow we really need to deploy that capital And they do have big war chests. and they do have big war chests So, I think the machine just needs to get going. so i think the machine just needs to get going And it will. and it will It's just a matter of time. it's just a matter of time

Speaker 2: Thank you very much, Ted. Thank you very much, Ted. thank you very much ted

Speaker 3: Thank you. Thank you. thank you

Speaker 1: Thank you, Linus Sigurdson from DNB Carnegie. Do we have any additional questions? No questions. Ted, do you have any final remarks before we conclude? Thank you, Linus Sigurdson from DNB Carnegie. thank you linus sigurdson from dnb carnegie Do we have any additional questions? do we have any additional questions No questions. no questions Ted, do you have any final remarks before we conclude? ted do you have any final remarks before we conclude

Speaker 3: Yeah, I just want to point out what we did in Chromafora. I think the acquisition of that subsidiary of Montrose, I think it places Chromafora. It's one of our odd ones, right? But I like to talk about it sometimes. It's a clean tech company that really has the potential to clean water off PFAS. So, most of you have read a lot about PFAS. The changes in the regulation are coming in Europe. But the regulation coming has been a bit delayed, right? Because actually, it's such a big problem that politicians have an issue with enforcing that because it will actually be there are no solutions. But Chromafora has that solution, has several pilot plants already running. And we have European investment bank money as well. Yeah, I just want to point out what we did in Chromafora. yeah i just want to point out what we did in chromafora I think the acquisition of that subsidiary of Montrose, I think it places Chromafora. i think the acquisition of that subsidiary of montrose i think it places chromafora It's one of our odd ones, right? it's one of our odd ones right But I like to talk about it sometimes. but i like to talk about it sometimes It's a clean tech company that really has the potential to clean water off PFAS. it's a clean tech company that really has the potential to clean water off pfas So, most of you have read a lot about PFAS. so most of you have read a lot about pfas The changes in the regulation are coming in Europe. the changes in the regulation are coming in europe But the regulation coming has been a bit delayed, right? but the regulation coming has been a bit delayed right Because actually, it's such a big problem that politicians have an issue with enforcing that because it will actually be there are no solutions. because actually it's such a big problem that politicians have an issue with enforcing that because it will actually be there are no solutions But Chromafora has that solution, has several pilot plants already running. but chromafora has that solution has several pilot plants already running And we have European investment bank money as well. and we have european investment bank money as well So, but now with this acquisition of that subsidiary of Montrose, we actually can immediately start selling solutions to customers today that are taking care of these long-chain PFAS. So, in other words, Chromafora is also a very exciting development, even though it's not our core in pharma and biotech. I hope if you have any other questions, you can, of course, send your questions to [email protected], investor relations email that we have. And otherwise, I look forward to speaking to you again in some other venue. So, but now with this acquisition of that subsidiary of Montrose, we actually can immediately start selling solutions to customers today that are taking care of these long-chain PFAS. so but now with this acquisition of that subsidiary of montrose we actually can immediately start selling solutions to customers today that are taking care of these long-chain pfas So, in other words, Chromafora is also a very exciting development, even though it's not our core in pharma and biotech. so in other words chromafora is also a very exciting development even though it's not our core in pharma and biotech I hope if you have any other questions, you can, of course, send your questions to [email protected], investor relations email that we have. i hope if you have any other questions you can of course send your questions to [email protected] investor relations email that we have And otherwise, I look forward to speaking to you again in some other venue. and otherwise i look forward to speaking to you again in some other venue

Speaker 1: Thank you very much, and thank you all for today. Thank you very much, and thank you all for today. thank you very much and thank you all for today