Opex is front-end-loaded in 2026 due to high trial start costs. We believe Fluoguide has sufficient capital to complete its high-grade glioma ph2 trial. The key is progressing the ph2 high-grade glioma trial, but head and neck interim data are key to Business Development. Long term, we see photosensitizer therapy as the biggest value driver; thus optimisation work will be important. We reiterate our estimates and our equity valuation range of SEK 101-117 p.s.
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