InDex Pharmaceuticals Holding AB (FLERIE) AI Stock Analysis

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InDex Pharmaceuticals Holding AB

(Nasdaq OMX AB:FLERIE)

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Rating:40Underperform

Price Target:SEK 12.50▼(-3.85% Downside)

Action:reiterated

Date:10/16/26

The score is driven primarily by severely weak financial performance, including declining revenue, persistent losses, and negative cash flow. Weak technical momentum and a negative P/E ratio further limit the score, while the low-debt balance sheet provides only partial support.

Positive Factors

Low leverageExceptionally low leverage gives InDex greater financial flexibility than a highly indebted biotech. Limited debt reduces mandatory financing pressure and interest exposure, helping preserve strategic options while clinical, regulatory, and partnering activities continue.

Negative Factors

Persistent cash burnOngoing negative operating and free cash flow means InDex is consuming cash rather than funding development internally. Persistent burn increases the importance of future financing, partnerships, or asset monetization and can constrain the pace of clinical and regulatory execution.

InDex Pharmaceuticals Holding AB (FLERIE) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 1.18B
Dividend Yield: ―
Average Volume (3M): 54.11K
Price to Earnings (P/E): -1.1
Beta (1Y): 0.04
Revenue Growth: -172.86%
EPS Growth: -251.31%
Country: Sweden
Employees: 8
Sector: Healthcare
Sector Strength: 51
Industry: Biotechnology

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 producin...

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 fr...

InDex Pharmaceuticals Holding AB Financial Statement Overview

Summary

Financial performance is very weak overall: revenue has declined sharply, profitability remains deeply negative, and operating and free cash flow are negative. The low-debt balance sheet and substantial equity provide support, but do not offset continuing losses and cash burn.

Income Statement

4Very Negative

Balance Sheet

78Positive

Cash Flow

14Very Negative

Financial statement breakdown
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	0
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	0
Financing Cash Flow	-108.90M	-195.50M	571.90M	634.70M	-818.00K	486.39M

InDex Pharmaceuticals Holding AB Technical Analysis

Technical Analysis SentimentNegative

Last Price13.00

Price Trends

50DMA15.61Negative

100DMA17.77Negative

200DMA22.18Negative

Market Momentum

MACD-0.85Negative

RSI29.12Positive

STOCH37.39Neutral

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 13.00 is below the 20-day moving average (MA) of 13.88, below the 50-day MA of 15.61, and below the 200-day MA of 22.18, indicating a bearish trend. The MACD of -0.85 indicates Negative momentum. The RSI at 29.12 is Positive, neither overbought nor oversold. The STOCH value of 37.39 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

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

SE:FLERIE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:CANTA	83Outperform	SEK 395.00M	2.04	63.09%	―	―	―
SE:HNSA	60Neutral	SEK 4.71B	-5.93	―	―	68.88%	10.63%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SE:VICO	44Neutral	SEK 3.09B	-5.70	-55.97%	―	-54.97%	-1.66%
SE:BINV	43Neutral	SEK 192.15M	-0.39	-128.54%	―	-83.67%	-50.29%
SE:SYNACT	43Neutral	SEK 898.30M	-7.07	-60.58%	―	―	14.35%
SE:FLERIE	40Underperform	SEK 1.18B	-1.08	-28.79%	―	-172.86%	-251.31%

* Healthcare Sector Average

Performance Comparison

SE:FLERIE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:FLERIE	InDex Pharmaceuticals Holding AB	13.00	-20.60	-61.31%
SE:HNSA	Hansa Biopharma	46.84	20.60	78.51%
SE:BINV	BioInvent International AB	2.92	-26.98	-90.25%
SE:SYNACT	SynAct Pharma AB	13.22	-7.88	-37.35%
SE:VICO	Vicore Pharma Holding AB	10.72	0.78	7.85%
SE:CANTA	Cantargia AB	1.39	-2.06	-59.77%

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.

Date of analysis: Oct 16, 2026

InDex Pharmaceuticals Holding AB AI Stock Analysis