SEB har mod betaling udarbejdet denne analyse af Fluoguide
As we expected, the Q1 report itself bore no surprises but served to highlight FluoGuide’s progress in de-risking and diversifying its R&D programme. The Q1 result was better than we expected, owing mainly to a more rapid closure of activities from the ph1/2 clinical trial, as well as grant income. The key near-term milestones are the high-grade glioma efficacy readout and phase 2a lung cancer trial, both by YE 2022, through which FluoGuide is financed.
Smaller loss than we had forecasted
Q1 EBIT of DKK -5.4m was 55% ahead of our expectations, due to a mix of lower R&D and staff costs than we expected, as well as DKK 3.3m in Other operating income that was not in our forecast. This is due to the longer timeline for FG001 to read out phase 2b, although we believe these near term delays due to a more ambitious clinical programme will ultimately accelerate the programme.
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