Rankings Pharma & medtech FluoGuide
FluoGuide
42
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Funding and debt−10
- Clinical and commercial risk−6
Strengths
- Regulatory progress+2
- Positive clinical data+1
How the score is built
From 100 to 42, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 29.80 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −25%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−22 of −30
- −10MarginAlmost no revenue (DKK 0.27m TTM). Operating result was -DKK 48.5m TTM and -28.2m in H1 2026, and the loss is growing (-32m in 2022, -40m in 2025). There have been losses every year.
- −5Capital allocationOperations are financed by repeated issues and loans: a directed issue of SEK 60m at 42.50 (2024), a directed issue of SEK 104m at SEK 38 (November 2025) and a credit facility of SEK 40m, which is fully drawn. The share count has risen from 11.3m (2021) to 16.35m.
- −4MoatFG001 is a uPAR-targeted fluorescent imaging agent for surgery, and FDA has granted Fast Track. But the company has only 7 employees and no phase 3 data, and the moat so far consists of patents and early clinical data.
- −3Quality of growthThe agreement with Olympus (July 2025) is non-exclusive, with no prepayment and no financial effect. The partnerships validate the technology but bring in no money.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −4Multiples vs own historyP/B is 12.6 vs 7.1 at the end of 2025 (range 7–39 since 2021), and equity has fallen from DKK 54.5m to 30.7m in half a year. There is no earnings or revenue to compare with.
- −3PeersEV is about DKK 334m (market cap 357 - cash 49.8 + loans 27.0). Curasight, which also works with uPAR but with a weaker balance sheet, has an EV of about DKK 430m. FluoGuide is not cheap for a phase 2 company without revenue, but not extremely priced either.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−26 of −35
- −10Funding and debtCash incl. securities was DKK 49.8m at 30/6, and operating cash flow was -13.0m in Q2 and -28.2m in H1. The DKK 27m loan is now current and falls due in April 2027. Net cash is only DKK 22m, so money must be raised by H1 2027 at the latest.
- −3Delays and executionTopline data from part 2 of CT-005 in head and neck cancer has been postponed from H2 2026 to H1 2027 due to a protocol amendment, and part 2 only starts recruiting in Q4 2026.
- −6Clinical and commercial riskUS registration requires a phase 3 study in high-grade glioma, where 5-ALA (Gleolan) is already established for fluorescence-guided surgery. Surgical imaging agents have historically had slow commercial uptake, and the value rests on a single molecule.
- −5DilutionThe share count has risen about 20% in 12 months (2.73m new shares in November 2025 on top of 13.6m), and a new capital raise comes before the decisive data in 2027.
- −2Liquidity in the stockThe stock is thinly traded: on average about 3,800 shares a day (about SEK 130,000), so large orders move the price.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Regulatory progressFDA approved the IND (February 2026) and granted Fast Track Designation to FG001 in brain cancer (March 2026). The first US site in the registration-supporting study CT-006 has been activated.
- +1Positive clinical dataPart 1 of the phase 2 study CT-005 in head and neck cancer met the primary endpoint (optimal dose 0.30 mg/kg, good tolerability and detectable on all tested NIR camera systems).
Caveats
What the score does not capture, or where the data is weak.
Danish company listed on First North Stockholm: the share price is in SEK, but the accounts are in DKK. Penny amounts are converted to SEK (DKK 0.6604 per SEK), and the DKK figures are in the text. Market cap is calculated by us (16.35m shares × SEK 33.1 = SEK 541m = DKK 357m); Nordnet's DKK 383m looks out of date or wrong. The Q2 report's PDF could not be read, so cash, debt and cash flow are from the press release and stockanalysis' balance sheet. The credit facility of SEK 40m (fully drawn, due April 2027) is from the announcement of the issue in November 2025; lender and interest rate are not stated. Insider trades and the number of employee warrants have not been reviewed. Short data not found. No analysts on stockanalysis (forecast 404); only Redeye (fair value SEK 64).
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