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Fluoguide: Cash burn coming down, but funding overhang is a headache - SEB

Fluoguide reported a 28% smaller loss as cost control efforts paid off, and has sufficient cash to fund operations through Q2/24, on our estimates. It has selected the laser to use for photothermal therapy, and now has a collaboration with Intuitive Surgical. Operationally, we believe management is doing everything right, but sentiment has been against it on the fundraising side, and now it is becoming urgent. Valuation range midpoint SEK 181 p.s.

Fluoguide reported a 28% smaller loss as cost control efforts paid off, and has sufficient cash to fund operations through Q2/24, on our estimates. It has selected the laser to use for photothermal therapy, and now has a collaboration with Intuitive Surgical. Operationally, we believe management is doing everything right, but sentiment has been against it on the fundraising side, and now it is becoming urgent. Valuation range midpoint SEK 181 p.s.
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