InDex Pharmaceuticals Holding AB (FLERIE) AI Stock Analysis

• Market Cap: kr2.68B
• Dividend Yield: N/A
• Average Volume (3M): 10.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: -35.98%
• EPS Growth: -102.62%
• Country: SE
• Employees: 8
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): -6.99
• Shares Outstanding: 77,455,960
• 10 Day Avg. Volume: 8,358
• 30 Day Avg. Volume: 10,307
• PEG Ratio: -0.02
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 331.74
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: kr33.00 ▼(-11.41% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily weighed down by weak financial performance—large losses, negative margins, and sustained operating cash burn—despite the benefit of very low leverage. Technicals add a modest drag given the price trading below major moving averages, while valuation is constrained by a negative P/E and no stated dividend yield.

Positive Factors

Low leverage

The company’s very low debt profile provides a durable solvency buffer that reduces near-term default risk and interest burden. This conservative capital structure gives management time to execute R&D or commercialization plans without immediate debt-driven liquidity pressure, supporting long-term optionality.

Large equity base / funding access

Substantial increases in equity indicate proven capital access and a larger balance sheet to underwrite operations and development. Durable access to funding supports continued R&D and clinical/commercial activities, extending runway and allowing strategic investment even amid operating losses.

Early revenue recovery

Revenue increased in 2025 from a depressed 2024 level, signaling initial signs of commercialization or recurring sales returning. If sustained, this upward trend can form the basis for scaling operations, improving unit economics and enabling progress toward margin improvement over the medium term.

Negative Factors

Persistent cash burn

Consistent negative operating cash flow demonstrates structural cash consumption to run the business, forcing reliance on external financing. Over months this erodes liquidity, raises dilution or refinancing risk, and constrains ability to invest organically until operations generate sustainable positive cash flow.

Deep, recurring losses

Very large operating and net losses reflect heavy cost intensity and lack of operating leverage. Persistently negative margins threaten equity returns and require continual capital injections; until structural cost reductions or scalable revenue are achieved, profitability remains a distant objective.

Highly volatile revenue

Extreme year-to-year revenue swings reduce predictability of future cash flows and complicate operational planning. Such volatility suggests reliance on one-off items or intermittent sales, increasing execution risk for commercialization and making sustainable margin expansion and forecasting more difficult.

InDex Pharmaceuticals Holding AB Business Overview & Revenue Model

Company Description

Flerie AB (publ) is a venture capital firm specializing in early-stage investments. It seeks to invest in biotech and pharma companies engaged in drug development and associated tools or applications tackling major medical challenges of our time. The firm seeks to invest in Europe, United States and Israel. Flerie AB (publ) was founded in 2011 and is based in Stockholm, Sweden with additional office in London, United Kingdom.

How the Company Makes Money

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InDex Pharmaceuticals Holding AB Financial Statement Overview

Summary

Balance sheet leverage is very low, reducing solvency risk, but overall financial performance is weakened by highly volatile revenue, deeply negative profitability (negative gross profit and very large EBIT/net losses), and persistent operating cash outflows indicating ongoing cash burn and reliance on external funding.

Income Statement

Revenue is highly volatile (2023: 97.5m vs. 2024: 0.1m, then 2025: 8.8m), and profitability is consistently weak. The company remains deeply loss-making with negative gross profit in the latest year (2025 gross profit -12.1m) and very large operating and net losses (2025 EBIT -782.1m; net income -756.9m), indicating heavy cost intensity and limited operating leverage at the current scale. While 2025 shows positive revenue growth off a depressed base, the overall trajectory still reflects an early/unstable commercialization profile with materially negative margins.

Balance Sheet

Leverage appears very low, with minimal debt relative to equity (e.g., 2024 debt-to-equity ~0.0002; 2023 ~0.0096), which reduces solvency risk. However, equity and assets swing dramatically over time (equity rising from ~49m in 2020 to ~4.2bn in 2024 and ~3.38bn in 2025), and returns on equity are consistently negative (e.g., 2024 ROE about -5.4%; 2023 about -39.9%), reflecting ongoing value dilution/earnings deficits. Overall, the balance sheet looks conservatively levered, but profitability and stability remain key concerns.

Cash Flow

Operating cash flow is consistently negative (e.g., -124.1m in 2021, -129.4m in 2022, -38.0m in 2023, -17.0m in 2024, and -28.1m in 2025), indicating continued cash burn to fund operations. Free cash flow is also negative in most years (2020–2024), and reported 2025 free cash flow is 0, suggesting either temporary improvement or data noise versus the still-negative operating cash flow. The pattern implies reliance on external funding and sensitivity to capital market conditions until the business reaches sustainable revenue scale.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.80M	100.00K	97.50M	0.00	0.00
Gross Profit	-12.70M	-41.60M	93.35M	-1.07M	-1.25M
EBITDA	-743.60M	-225.90M	-93.82M	-99.15M	-101.66M
Net Income	-756.90M	-228.00M	-95.27M	-100.33M	-103.04M
Balance Sheet
Total Assets	3.40B	4.22B	299.39M	351.34M	445.20M
Cash, Cash Equivalents and Short-Term Investments	540.20M	865.10M	294.27M	344.93M	428.45M
Total Debt	3.70M	800.00K	2.30M	3.25M	1.28M
Total Liabilities	20.30M	25.30M	60.50M	17.38M	11.16M
Stockholders Equity	3.38B	4.20B	238.88M	333.96M	434.04M
Cash Flow
Free Cash Flow	0.00	-17.00M	-37.98M	-129.44M	-124.06M
Operating Cash Flow	-28.10M	-17.00M	-37.98M	-129.44M	-124.06M
Investing Cash Flow	-109.50M	-19.80M	-625.20M	0.00	0.00
Financing Cash Flow	-195.50M	571.90M	634.70M	-818.00K	486.39M

InDex Pharmaceuticals Holding AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 37.25 is above the 20-day moving average (MA) of 35.68, above the 50-day MA of 36.15, and below the 200-day MA of 40.47, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 28.55 is Positive, neither overbought nor oversold. The STOCH value of 1.04 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SYNACT	56 Neutral	kr934.35M	-10.42	-58.41%	―	―	48.14%
CRAD.B	55 Neutral	kr861.06M	168.74	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLERIE	47 Neutral	kr2.68B	-1.34	-19.71%	―	-35.98%	-102.62%
VICO	44 Neutral	kr2.76B	-5.68	-49.96%	―	-91.85%	-6.65%
XSPRAY	43 Neutral	kr1.03B	-7.05	-35.03%	―	―	25.14%
GUARD	42 Neutral	kr31.36M	-0.24	-186.13%	―	―	0.30%