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FluoGuide: Key H1/23 readouts; head and neck modelled - SEB

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.

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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