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InDex Pharmaceuticals Holding AB
(FLERIE)
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Rating:45Neutral
Price Target:
kr17.50
▼(-5.91% Downside)
Action:Reiterated
Date:07/13/26
The score is held down primarily by weak financial performance: large ongoing losses, negative/volatile revenue, and continued cash burn. Technicals add a modest headwind with price below key longer-term moving averages and a negative MACD. Valuation provides limited support because the company is unprofitable (negative P/E) and no dividend yield is available.
Positive Factors
Very low leverage
Extremely low leverage materially reduces refinancing and solvency risk, giving InDex a stronger capital structure than its profitability profile suggests. The limited debt burden preserves financial flexibility while the company advances clinical, regulatory, and partnering activities.
Negative Factors
Persistent large losses
Very large, persistent net and operating losses show that the current business is not covering its cost base through revenue. Continued losses can erode the capital base over time and make future progress increasingly dependent on successful clinical or partnering outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Extremely low leverage materially reduces refinancing and solvency risk, giving InDex a stronger capital structure than its profitability profile suggests. The limited debt burden preserves financial flexibility while the company advances clinical, regulatory, and partnering activities.
Read all positive factors
InDex Pharmaceuticals Holding AB (FLERIE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.65B
Dividend YieldN/A
Average Volume (3M)26.18K
Price to Earnings (P/E)―
Beta (1Y)0.05
Revenue Growth-195.45%
EPS Growth-223.22%
CountrySE
Employees2
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-10.56
Shares Outstanding86,697,700
10 Day Avg. Volume40,222
30 Day Avg. Volume26,180
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.76
Price to Sales (P/S)290.28
P/FCF Ratio-90.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
InDex Pharmaceuticals Holding AB Business Overview & Revenue Model
Company Description
Flerie AB (publ) functions as a venture capital entity, concentrating its investments on nascent businesses. The firm actively seeks to fund biotechnology and pharmaceutical companies dedicated to advancing drug discovery and development, or produ...
How the Company Makes Money
InDex Pharmaceuticals Holding AB primarily seeks to generate revenue through partnering and out-licensing its drug assets—most notably cobitolimod—rather than through product sales. Under this model, the company’s potential earnings typically come...
InDex Pharmaceuticals Holding AB Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -21.00M | 8.80M | 100.00K | 97.50M | 0.00 | 0.00 |
| Gross Profit | -42.30M | -12.70M | -41.60M | 93.35M | -1.07M | -1.25M |
| EBITDA | -737.60M | -743.60M | -225.90M | -93.82M | -99.15M | -101.66M |
| Net Income | -833.40M | -756.90M | -228.00M | -95.27M | -100.33M | -103.04M |
Balance Sheet | ||||||
| Total Assets | 3.41B | 3.40B | 4.22B | 299.39M | 351.34M | 445.20M |
| Cash, Cash Equivalents and Short-Term Investments | 305.70M | 540.20M | 865.10M | 294.27M | 344.93M | 428.45M |
| Total Debt | 1.70M | 2.10M | 800.00K | 2.30M | 3.25M | 1.28M |
| Total Liabilities | 15.80M | 20.30M | 25.30M | 60.50M | 17.38M | 11.16M |
| Stockholders Equity | 3.39B | 3.38B | 4.20B | 238.88M | 333.96M | 434.04M |
Cash Flow | ||||||
| Free Cash Flow | -37.50M | -28.10M | -17.00M | -37.98M | -129.44M | -124.06M |
| Operating Cash Flow | -37.50M | -28.10M | -17.00M | -37.98M | -129.44M | -124.06M |
| Investing Cash Flow | -101.80M | -109.50M | -19.80M | -625.20M | 0.00 | 0.00 |
| Financing Cash Flow | -303.90M | -195.50M | 571.90M | 634.70M | -818.00K | 486.39M |
InDex Pharmaceuticals Holding AB Technical Analysis
Negative
18.60
Price Trends
19.81
Negative
21.27
Negative
26.24
Negative
Market Momentum
-0.59
Positive
39.15
Neutral
51.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FLERIE, the sentiment is Negative. The current price of 18.6 is below the 20-day moving average (MA) of 18.87, below the 50-day MA of 19.81, and below the 200-day MA of 26.24, indicating a bearish trend. The MACD of -0.59 indicates Positive momentum. The RSI at 39.15 is Neutral, neither overbought nor oversold. The STOCH value of 51.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:FLERIE.
InDex Pharmaceuticals Holding AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr473.10M | 2.35 | 63.09% | ― | ― | ― | |
56 Neutral | kr4.44B | -5.34 | ― | ― | -3.57% | 8.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr1.02B | -9.66 | -58.12% | ― | ― | 1.42% | |
46 Neutral | kr3.21B | -5.76 | -53.71% | ― | -48.40% | -1.06% | |
45 Neutral | kr1.65B | -1.70 | -23.22% | ― | -195.45% | -223.22% | |
43 Neutral | kr1.51B | -3.03 | -99.58% | ― | -87.22% | -70.29% |
* Healthcare Sector Average
SE:FLERIE
InDex Pharmaceuticals Holding AB
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.