Major surprises from the Q4 report seem unlikely to us. We cut our opex estimates in line with the recent cost trajectory and to reflect management’s view that FluoGuide has a cash runway through Q1/24 sufficient to cover its ongoing clinical trials. FluoGuide has several major trial readouts in 2023 that we deem to have a high probability of success and major de-risking potential. We also add head and neck cancer to our valuation of FG001.
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