FluoGuide (FLOU) Q2 2024 earnings summary

Executive summary

• Raised SEK 60 million in a directed share issue, strengthening cash reserves and extending runway to end of 2025.

• Focused on late-stage clinical development and commercialization of FG001 for precision cancer surgery.

• Appointed Jens Ellrich as Chief Medical Officer to lead late-stage trials and commercialization.

• Partnership with Intuitive Surgical progressing for FG001 in head and neck surgeries.

Financial highlights

• No revenue reported for Q2 2024 or year-to-date; net loss of DKK 7.2 million in Q2 2024 (DKK 7.1 million Q2 2023).

• Net loss for H1 2024 was DKK 14.7 million, improved from DKK 16.7 million in H1 2023.

• Cash and bank at June 30, 2024: DKK 28.95 million, up from DKK 8.06 million a year earlier.

• Solvency ratio at 91% (83% Q2 2023); result per share for Q2 2024: DKK -0.58.

• Operating expenses decreased due to fewer ongoing clinical trials compared to prior year.

Outlook and guidance

• Cash reserves and undrawn credit facility provide funding through December 2025 under current plans.

• Next clinical studies for FG001 in brain and head & neck cancer to be initiated in H2 2024.

• Continued development of FG001 as a photosensitizer for photothermal and photodynamic therapy.