SEB har mod betaling udarbejdet denne analyse af Fluoguide
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.
Q4 financials unlikely to pack surprises
We forecast Q4 EBIT of DKK -10.42m, or -8.1% y/y. This increased loss is driven primarily by 95% lower grant income and by slightly higher other opex.
First efficacy data (and more) for FG001 in H1/23
We expect 2023 to be an exciting year for FluoGuide, particularly in H1/23, with three anticipated high-impact events across three tumour types (lung, head and neck, and high-grade glioma).
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