FluoGuide (FLOU) Q2 2025 earnings summary

Executive summary

• Achieved key clinical milestones for FG001, including phase II trial approval for head and neck cancer and first patient enrollment in CT-005.

• Entered a non-exclusive collaboration with Olympus, complementing existing partnerships with Intuitive Surgical and SurgVision.

• FG001 demonstrated efficacy and safety in clinical trials, supporting its broad potential across solid cancer types.

• Maintained a cash position of DKK 19.6m and cash preparedness of DKK 24.6m at the end of Q2 2025.

Financial highlights

• No revenue reported for Q2 2025; net loss of DKK 8.95m compared to DKK 7.20m in Q2 2024.

• EBIT loss of DKK 9.85m in Q2 2025 (Q2 2024: DKK 8.12m); H1 2025 EBIT loss DKK 19.5m (H1 2024: DKK 16.5m).

• Equity decreased to DKK 5.9m (June 30, 2024: DKK 37.0m); solvency ratio at 18% (91% in prior year).

• Market cap at DKK 363m as of June 30, 2025.

• Cash and bank balance of DKK 19.6m; credit facility of SEK 40m (~DKK 26m) with two tranches drawn.

Outlook and guidance

• Preparing for U.S. IND submission for FG001 in Q4 2025; regulatory evaluation ongoing.

• Key 2025 milestones: interim data from first 15 head and neck cancer patients, planning of registrational trial, and additional partnerships.

• Long-term objectives include first U.S. approval for FG001 and expansion into additional brain and head and neck cancer indications.