Flerie AB (publ)

Good morning, welcome everyone to FLIRi's Q3 2025 report presentation. I hope everybody has had a good morning and have got your coffee. We are in for a good ride to talk about several of our companies today. First, a disclaimer, of course, please act accordingly. A little reminder, of course, I think FLIR is well known now. We have 27 portfolio companies, 71% in private companies. You can see the division, six in preclinical stage, six in early clinical, nine in clinical stage and six in commercial. So actually, quite a significant over half of our number of companies are in late clinical or commercial stage. So quite a mature portfolio and certainly diversified portfolio. we operate as an evergreen investor as you know we're long term and we have a very specialized team and we always invest with others around the globe today of course we're talking about the q3 and it's all about reaching milestones and gaining traction for our portfolio companies that's what we're driven by and we know as well as any investor should, but not all do, that financing and R&D progress really go hand in hand. It's not enough to just have fantastic development in your companies. You've got to be out there networking, meeting others, and also ensuring that your companies get financed. So let's talk a little bit about examples of that. But first, our current net asset value is just shy of 4 billion crowns. That's 50.58 SEC per share. And we have cash and cash equivalents, about 13% of that novel 511 million. The significant events and the value changes during the quarter are listed here. I'll go through it briefly. SimCell and XSpray are really something to highlight. They're both closed deals. Of course, after the quarter, X-Pray has had a setback. We will talk about that as well. I'm happy to answer questions. But during the quarter, a fantastic development for X-Pray. Completed merger with Tolerantia as well. So that's us ourselves, Fleury Fused with Tolerantia, one of our companies that was publicly listed, is now Bonsai Biotherapeutics, a private company. And we've done what a lot of people talk about, but very few people do, and I think it's quite an innovative tech private maneuver that Cecilia can talk a little bit about and answer questions on. Carl Merkel also secured 20 million dollars, this is one of several capital raises successfully closed, and we've also had our first implementation of share redemption scheme, that's our inlösenprogram in Swedish. After the quarter, Nanologic secured entry into China's insulin market. Quite excited about that commercial development in Nanologic in a space that is actually growing quite a lot with all the peptide drugs around obesity that are coming to market. X-spray pharma's FDA approval was delayed. Those were observations of its contract manufacturer. I was on the Doggins Industry TV this morning, and I explained a little bit about that. So if you haven't seen that, ask a question in the Q&A, and I'm happy to answer. Lipem has also decreased in value and CAR has decreased a little in value because we did a fundraise at a slight down round, but we did strengthen our position in CAR Medical. And CAR, how did it secure 20 million? Well, we got strong support from our co-investors Peregrine, Amoon and Cancer Focus Fund, as well as others like Auriella. But we also welcome a new investor into our strong syndicate, and that's Spring Global Investments. They have offices in New York and Singapore. Welcome, Spring, to this very good and strong syndicate that will help CAR Medical get through their very focused colorectal cancer clinical study. And we're quite excited. I mean, the data was published earlier this year from the previous study. It's looking very promising indeed. In a very unmet medical need, it's actually growing tremendously colorectal cancer Unfortunately, even early onset colorectal cancer is growing. So younger and younger people are getting it. This is a problem, of course, that we're trying to solve with CAR Medical. And how do we do that? Well, it's a patented solution to treat colorectal cancer, the so-called multifunctional immunotherapeutic platform, or MIRP for short. It works for both solid and hematological malignancies. For those of you not familiar with that term, essentially solid tumors or blood-borne cancer, that's what hematological malignancies are. And in the depiction at the bottom, you can see that you have cancer cells. And of course, the body has its own immune cells that need to find those cancer cells, recognize them as being malignant or diseased cells, because these are our own cells. The immune cells have to recognize that and remove them. And what MIRP does is essentially connect those two and help the body's immune system to remove cancer cells. So quite exciting patented solution that has very good patent coverage for quite some time. A little bit more then, we're catalyzing significant investments, as we did in CAR, but also here you can see XSpray and Aldo Therapeutics during the quarter. Fleury put in 23 million when XSpray actually secured a total of 161, and in Aldo we put in a little less than half of what Aldo secured. Obviously a small amount in Aldo, but it's a very early stage company as well. So in total, our syndicating partners invested 205 million alongside our 65. I think that's proof of our continued ability to get what our companies need without having to pay for all of it ourselves. Steady R&D progress is the key. As I said, they go hand in hand financing in R&D. SimCell entered into a strategic R&D collaboration with Johnson & Johnson. That's a giant on a global scale. And of course, they are advancing this rapid serility testing that SimCell is able to transform. I'm very excited about it. They're measuring the heat of cells and they measure them so precisely that actually be able to turns sterility testing from days into sort of 24 to 48 hours turnaround so it could be revolutionary for how we manufacture for example cell and gene therapies then turning to the right cinteala presented positive 24 months data in knee osteoarthritis i've spoken about this before but now we finally have proof there's not only ameliorating pain but actually some of the data that cinteala has is showing that they're improving uh bone and joint bone and cartilage structure so if this turns out to really be proven in a larger study that they now need to do then you know you'll be able to have a game changer because you're changing the joint actually improving joint function rather than just ameliorating pain and bottom left genius therapeutics

Just taking a bit of water.

Genius Therapeutics, their patients have aggressive brain and liver cancers and they've been treated for several years now. And because we've followed these individuals for five years, we can now say that there has been no recurrence of the tumour during five years. That's an amazing achievement. These are patients that normally would only live a few months. And Procarium finished dosing all of the cohorts in a non-muscle invasive bladder cancer. Bladder cancer comes in several different forms. First, it's not invading the muscle, then it invades the muscle, and eventually patients have to remove the bladder entirely. The standard of care is something called BCG, and we've actually shown improvement in a lot of valid models that were actually much better than BCG. Procarium has the potential to be a real game changer for bladder cancer, which is actually the seventh largest cancer in men. Now let's turn over to the numbers. Cecilia, tell us a bit more about the quarter.