FluoGuide A/S Releases Q1 2024 Interim Report

FluoGuide A/S, a biotech company based in Copenhagen, Denmark, recently released its financial results for the first quarter of 2024, covering the period from January 1 to March 31. These results are now available in a detailed report on the company's official website.

During this quarter, FluoGuide reported no revenue and incurred a net loss of DKK 7,521 thousand, compared to a net loss of DKK 9,535 thousand in the same period last year. This financial outcome aligns with the company's development agenda. As of March 31, 2024, the company had a total of 12,208,384 shares, an increase from 11,814,500 shares recorded on March 31, 2023. The average number of shares during Q1 2024 was also 12,208,384.

Key financial figures for Q1 2024 include:
- No net revenue
- EBIT of -DKK 8,345 thousand, compared to -DKK 11,645 thousand in Q1 2023
- Net loss of DKK 7,521 thousand, compared to DKK 9,535 thousand in Q1 2023
- Cash and bank holdings of DKK 10,683 thousand, down from DKK 16,269 thousand in Q1 2023
- A solvency ratio of 29%, a significant drop from 82% in the previous year
- Loss per share of DKK 0.62, improved from a loss of DKK 0.81 per share in Q1 2023

Significant developments for FluoGuide during the first quarter include a strategic update focused on their journey towards the commercialization of FG001, their lead product. Additionally, the company has entered a collaboration with Intuitive Surgical, a global leader in robotic-assisted surgery, specifically targeting head and neck cancer surgeries. FluoGuide also welcomed two new board members, Donna Haire, who brings regulatory expertise, and Roger Gunnarsson, with a financial background.

Post-Q1, FluoGuide has made strides in photothermal cancer therapy by selecting a laser system that complements FG001. CEO Morten Albrechtsen remarked that the collaboration with Intuitive Surgical, alongside positive clinical phase II results from the previous year, strengthens their long-term goal of enhancing cancer patient outcomes.

FluoGuide specializes in improving cancer surgery precision through its flagship product, FG001. This product uses fluorescent light to make cancer cells visible during surgery by targeting the uPAR receptor, which is prevalent in many solid tumors. The aim is to lower the rate of local recurrence post-surgery and reduce surgical complications, thus improving patient outcomes and reducing healthcare costs. Additionally, FluoGuide's technology holds potential for photothermal therapy (PTT), a treatment that kills cancer cells through targeted heating, minimizing damage to surrounding healthy tissues.

FluoGuide is publicly traded on the Nasdaq First North Growth Market in Stockholm under the ticker symbol "FLUO." The company's focus on innovative cancer treatments positions it as a significant player in the biotech space, aiming to make a meaningful impact on cancer surgery and patient care outcomes.