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InDex Pharmaceuticals Holding AB
(FLERIE)
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Rating:48Neutral
Price Target:
kr15.50
▼(-16.67% Downside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by very weak profitability and persistent cash burn, despite a strong low-debt balance sheet. Technicals add further pressure given a clear downtrend and negative momentum. Valuation is also a headwind because losses result in a negative P/E and there is no dividend yield data to provide support.
Positive Factors
Very low leverage
Exceptionally low leverage reduces the burden of interest and debt repayment while preserving financial flexibility. For a clinical-stage biotech with ongoing development needs, this balance-sheet structure provides greater capacity to fund operations and pursue partnering or regulatory milestones without substantial debt pressure.
Negative Factors
Persistent cash burn
Persistent negative operating and free cash flow means the company is consuming cash rather than funding development internally. Continued burn can require additional financing, partnerships, or other capital sources, potentially limiting strategic flexibility if clinical progress or commercial partnering takes longer than expected.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Exceptionally low leverage reduces the burden of interest and debt repayment while preserving financial flexibility. For a clinical-stage biotech with ongoing development needs, this balance-sheet structure provides greater capacity to fund operations and pursue partnering or regulatory milestones without substantial debt pressure.
Read all positive factors
InDex Pharmaceuticals Holding AB (FLERIE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.27B
Dividend YieldN/A
Average Volume (3M)62.56K
Price to Earnings (P/E)―
Beta (1Y)0.02
Revenue Growth-172.86%
EPS Growth-251.31%
CountrySE
Employees8
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-12.02
Shares Outstanding86,697,700
10 Day Avg. Volume70,043
30 Day Avg. Volume62,564
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
12
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -5.10M | 8.80M | 100.00K | 97.50M | 0.00 | 0.00 |
| Gross Profit | -27.90M | -12.70M | -41.60M | 93.35M | -1.07M | -1.25M |
| EBITDA | -873.50M | -743.60M | -225.70M | -93.82M | -99.15M | -101.66M |
| Net Income | -975.50M | -756.90M | -228.00M | -95.27M | -100.33M | -103.04M |
Balance Sheet | ||||||
| Total Assets | 3.19B | 3.40B | 4.22B | 299.39M | 351.34M | 445.20M |
| Cash, Cash Equivalents and Short-Term Investments | 265.10M | 540.20M | 865.10M | 294.27M | 344.93M | 428.45M |
| Total Debt | 1.60M | 2.10M | 800.00K | 2.30M | 3.25M | 1.28M |
| Total Liabilities | 75.50M | 20.30M | 25.30M | 60.50M | 17.38M | 11.16M |
| Stockholders Equity | 3.11B | 3.38B | 4.20B | 238.88M | 333.96M | 434.04M |
Cash Flow | ||||||
| Free Cash Flow | -31.00M | -28.10M | -17.00M | -37.98M | -129.44M | -124.06M |
| Operating Cash Flow | -31.00M | -28.10M | -17.00M | -37.98M | -129.44M | -124.06M |
| Investing Cash Flow | -112.60M | -109.50M | -19.80M | -625.20M | 0.00 | 0.00 |
| Financing Cash Flow | -108.90M | -195.50M | 571.90M | 634.70M | -818.00K | 486.39M |
InDex Pharmaceuticals Holding AB Technical Analysis
Negative
18.60
Price Trends
16.80
Negative
18.60
Negative
23.22
Negative
Market Momentum
-0.66
Negative
26.18
Positive
41.22
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 above the 20-day moving average (MA) of 15.22, above the 50-day MA of 16.80, and below the 200-day MA of 23.22, indicating a bearish trend. The MACD of -0.66 indicates Negative momentum. The RSI at 26.18 is Positive, neither overbought nor oversold. The STOCH value of 41.22 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 | kr451.68M | 2.36 | 63.09% | ― | ― | ― | |
55 Neutral | kr4.00B | -5.01 | ― | ― | -3.57% | 8.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr911.79M | -8.23 | -58.12% | ― | ― | 1.42% | |
48 Neutral | kr1.27B | -1.16 | -28.79% | ― | -172.86% | -251.31% | |
44 Neutral | kr2.73B | -5.05 | -53.71% | ― | -48.40% | -1.06% | |
43 Neutral | kr357.32M | -0.73 | -128.54% | ― | -83.67% | -50.29% |
* Healthcare Sector Average
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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.