Interim report
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Light up cancer maximize surgical outcome Q2 2026 FluoGuide A/S CRV no. 39296438 Titanhus, 9-13B DK-2200 Copenhagen N
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FluoGuide – Q2 2026 2 “ Our focus is execution of CT-006 while continuing to strengthen the broader value of the FG001 platform.” Morten Albrechtsen CEO FluoGuide A/S IN THIS REPORT FLUOGUIDE AT A GLANCE ................................ ................................ ............................ 3 Q2 2026 OPERATIONAL HIGHLIGHTS ................................ ................................ ............ 4 Q2 2026 FINANCIAL HIGHLIGHTS (UNAUDITED) ................................ ............................. 5 CEO letter: FROM SCIENCE TO EXECUTION ................................ ................................ .... 6 Special Topic: REGULATORY & COMMERCIAL STRATEGY FOR HIGH GRADE GLIOMA .......... 8 Strategy: EXECUTING OUR STRATEGY ................................ ................................ ..........10 2026 OUTLOOK ................................ ................................ ................................ .........12 FG001 PIPELINE ................................ ................................ ................................ .........13 MANAGEMENT ................................ ................................ ................................ .........14 SHAREHOLDER INFORMATION ................................ ................................ ....................16 FINANCIAL REVIEW ................................ ................................ ................................ ....17 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) .......19 BALANCE SHEET (UNAUDITED) ................................ ................................ ....................20 STATEMENT OF CHANGES IN EQUITY (UNAUDITED) ................................ ......................21 CASH FLOW STATEMENTS (UNAUDITED) ................................ ................................ ......24 COMPANY INFORMATION ................................ ................................ ..........................25 TERMS AND EXPLANATIONS ................................ ................................ .......................26 GET IN TOUCH WITH FLUOGUIDE ................................ ................................ ................27
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FluoGuide – Q2 2026 3 FLUOGUIDE AT A GLANCE ≈ 20 million New patients diagnosed every year Partnering with leading MedTech companies Non-exclusive partnerships FG001 lead in high-grade glioma Focused on the U.S. FDA granted Orphan and Fast Track Designation FG001 in high grade glioma Oncology surgery Light up cancer uPAR targeted fluorescence Relevant for all solid cancers 5 positive clinical Phase 2 results in different cancer types Ongoing clinical trials High-grade glioma (CT-006) and oral head and neck cancer (CT-005)
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FluoGuide – Q2 2026 4 Q2 2026 OPERATIONAL HIGHLIGHTS Operational Highlights – Q2 2026 • The last patient was enrolled in the first part of the Phase 2 clinical trial in head and neck cancer (CT-005) • Positive results announced from the Phase 2 oral head and neck cancer trial • The first patient of the remaining planned 10 patients was enrolled in the investigator-initiated trial in presumed low-grade glioma • The first U.S. site received green light to enroll patients in the Phase 2 trial in high-grade glioma supporting registration (after end of the quarter)
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FluoGuide – Q2 2026 5 Q2 2026 FINANCIAL HIGHLIGHTS (UNAUDITED) KEY FIGURES Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 DKK thousand 01-Apr-26 01-Apr-25 01-Jan-26 01-Jan-25 01-Jan-25 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 31-Dec-25 Income statement Other operating income 92 57 146 93 220 Other external expenses -9,763 -6,002 -18,344 -11,813 -23,980 Staff expenses -5,109 -3,773 -9,726 -7,465 -15,504 Depreciation and amortization -135 -135 -269 -289 -558 Income before interest and tax (EBIT) -14,915 -9,853 -28,194 -19,474 -39,822 Net financial items -686 -784 -1,569 -1,838 -5,137 Income before tax -15,601 -10,637 -29,763 -21,313 -44,959 Tax on income 2,782 1,690 5,157 3,510 5,500 Net result -12,819 -8,947 -24,606 -17,803 -39,459 Balance sheet Non-current assets 1,272 1,817 1,272 1,817 1,548 Current assets 63,846 31,579 63,846 31,579 86,744 Total assets 65,118 33,396 65,118 33,396 88,292 Equity 30,677 5,945 30,677 5,945 54,528 Non-current liabilities 422 548 422 548 28,038 Current liabilities 34,019 26,903 34,019 26,903 5,727 Cash flow statement Cash, cash equivalents & securities 49,824 19,632 49,824 19,632 78,799 Cash flow from: Operating activities -12,996 -11,331 -28,197 -20,958 -36,957 Investing activities 7 34 7 112 -29,904 Financing activities -425 9,947 -786 21,870 97,038 The period’s cash flow -13,415 -1,350 -28,975 1,024 30,176 Key ratios Equity share (solvency ratio) 47% 18% 47% 18% 62% Earnings per share (DKK) -0.78 -0.66 -1.51 -1.31 -2.81
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FluoGuide – Q2 2026 6 CEO letter FROM SCIENCE TO EXECUTION The second quarter of 2026 marks an important milestone for FluoGuide. After receiving FDA authorization to initiate FG001 -CT-006 (CT -006) under our U.S. IND, we activated the study’s first U.S. clinical site, marking the initiation of our first U.S. clini cal study intended to support registration. This milestone reflects FluoGuide’s evolution from a compelling scientific story to one defined by clinical and regulatory execution. Building a robust regulatory case CT-006 represents several important firsts for the company. It is our: • first clinical study conducted under a U.S. IND; • first multicenter clinical trial in the United States; and • first pivotal trial, designed with clinically meaningful endpoints aligned with FDA feedback and intended to support a future application for regulatory approval The initiation of CT-006 reflects years of scientific advancement and rigorous clinical and regulatory preparation. The coming quarters will focus on patient recruitment. We will provide further guidance of study timelines as the study progresses. Drawing on experience from our previous clinical trials, we have incorporated additional flexibility into our planning to account for the variability inherent in clinical development. In this report’s Special Topic, we explain how CT - 006 has been designed to support two complementary objectives, regulatory approval and commercialization, and how this dual focus strengthens the potential of FG001. Our confidence in this strategy is supported by the FDA’s Fast Track designation. The designation reflects the significant unmet medical need in High-grade glioma ( HGG) and the potential for new approaches to address that need. We believe this further underscore the relevance of our efforts in fluorescence-guided brain surgery. The initiation of CT-006 reflects years of scientific advancement and rigorous clinical and regulatory preparation.
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FluoGuide – Q2 2026 7 Expanding the FG001 Platform Beyond HGG, we continued to advance the FG001 platform during the quarter, reporting positive results from Part 1 of our Phase 2 trial in oral head and neck cancer. The study met its primary endpoint, identifying 0.30 mg/kg as the optimal FG001 dose, while also confirming that FG001 was very well tolerated and could be detected across all near -infrared imaging systems evaluated and representing leading equipment of the different types. These findings support the broader applicability of FG001 within existing surgical workflows , and even with a potential to save surgical time. Part 2 of the study will evaluate flexibility in the dosing - to-surgery window and automation of FG001 in intraoperative margin assessment, with the goal of providing surgeons with swift information on inadequate margins while the patient is still in the operating room, within the current workflow . In parallel, we are continuing to strengthen the clinical, regulatory and commercial foundation for FG001 in head and neck cancer. In addition to the automated intraoperative margin assessment, we evaluate broaden the use of FG001 into more complex surgical procedures of head and neck cancer not typically undergoing surgery today , including through potential partnerships. An investigator -initiated study at Rigshospitalet has been approved to evaluate FG001 in robotic surgery of head and neck cancer. Further, we received grant funding secur ing academic research to evaluate FG001 in other brain tumors. These activities have the potential to generate clinical evidence needed for future development of FG001 broadly across brain cancers. A well-earned retirement On August 31, 2026 , our CDO Grethe Rasmussen will retire. I would like to express our deep appreciation to Grethe for her outstanding drug development expertise and passionate contribution to the development of FluoGuide wishing her all the best in the next phase of life. Focused on Execution Our priority is the disciplined execution of CT-006, while continuing to prepare strengthening the broader FG001 platform through evaluation of additional brain tumor indications. We will continue advancing head and neck cancer in a cost disciplined way representing a high gain opportunity at lower risk. We would like to thank you for being part of the journey as we move into this exciting new phase of FluoGuide's development. Morten Albrechtsen CEO, FluoGuide A/S
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FluoGuide – Q2 2026 8 Special topic REGULATORY & COMMERCIAL STRATEGY FOR HIGH GRADE GLIOMA High-grade glioma (HGG) is FluoGuide’s lead indication for the clinical development and planned regulatory registration of FG001 and represents the company’s beach head opportunity - the first indication where FG001 can be approved and where it could make a huge change for patients. FG001 is being developed as an intraoperative fluorescence imaging agent designed to help surgeons identify and distinguish malignant tissue from normal brain tissue in real time, supporting more complete and precise tumor resection while helping preserve healthy tissue. Building the regulatory case Following discussions with the U.S. FDA, we expect the clinical development program in high -grade glioma (HGG) to comprise two studies intended to support a future regulatory submission. The first, FG001-CT-006, is a prospective, multicenter Phase 2 study in 76 patients with newly diagnosed, resectable HGG. CT-006 has two co-primary efficacy endpoints: • Tumor visualization: the tumor -to- background ratio (TBR) of near -infrared fluorescence imaging of the tumor bulk in situ compared with adjacent normal tissue. TBR provides a quantitative measure of the contrast between malignant and surrounding normal tissue during surgery. • Gross total resection (GTR): the proportion of patients achieving GTR, defined in the study as less than 0.175 cm³ of residual contrast -enhancing tumor, determined by volumetric analysis of contrast -enhanced MRI performed within 48 hours after surgery. Together, these endpoints are designed to assess both FG001’s ability to provide clear intraoperative visualization of HGG tissue and the extent of tumor resection achieved following fluorescence-guided surgery. FG001 has also received Orphan Drug and Fast Track designations from the FDA. Fast Track designation is intended to facilitate the development and expedite the review of products for serious conditions that demonstrate the potential to address an unmet med ical need. We believe the designation supports the relevance of continued development of FG001 in HGG and provides opportunities for more frequent interaction with the FDA as the program advances. Beyond approval: Building a competitive advantage Alongside the core registration strategy, CT -006 includes an exploratory endpoint assessing the ability of FG001 to visualize non -contrast- enhancing tumor tissue that may further improve the extent of safe surgical resection. Interim findings from an investigator -initiated study in presumed low -grade glioma (pLGG) indicate that FG001 generates fluorescence in tumors that do not show contrast enhancement on MRI, which means that the blood brain barrier still is intact. Contrast enhancement on MRI imaging is today widely used to support the suspicion that a patient has high -grade glioma as well as evaluating the result of the surgery. These observations provide early clinical evidence that FG001 may visualize malignant tissue beyond areas identified by contrast -enhanced MRI, including tissue where the blood -brain barrier remains intact. This is particularly relevant in HGG, where infiltrative tumor may extend beyond the contrast-enhancing tumor core identified on MRI. The exploratory analysis in CT -006 is intended to assess whether FG001 can identify malignant tissue in these non -contrast-enhancing areas. If confirmed, this capability could help surgeons visualize tumor beyond conventional imaging - defined margins and potentially support more complete, safe tumor resection. The ability to visualize malignant tissue outside the contrast -enhancing tumor core also represents an important point of differentiation from currently available fluorescence -guided approaches. The potential clinical benefit derived from visualizing the non -contrast enhancing
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FluoGuide – Q2 2026 9 malignant tissue will have to be proven subsequently. If the clinical data demonstrates a substantial improvement over available approaches on a clinically significant endpoint, we will also evaluate whether the findings support an application for FDA Breakthrough Therapy designation. Two complementary value drivers: regulatory value and commercial value FluoGuide has aligned with the FDA on the core HGG development strategy. In CT -006, the primary endpoints are designed to confirm the selected FG001 dose and administration timing based on intraoperative tumor -to-background ratio (TBR), and to assess the p roportion of patients achieving gross total resection (GTR) evaluated by MRI within 48 hours postoperatively. The GTR endpoint is also planned to be used in the subsequent Phase 3 study. Based on current FDA interactions, the development pathway is expected to comprise one Phase 2 study followed by one Phase 3 study to support a planned regulatory submission. CT-006 will also explore whether FG001 can visualize malignant, non -contrast-enhancing tumor tissue beyond the conventional contrast - enhancing MRI -defined tumor margin. If confirmed, this capability could create value from both a regulatory and commercial perspective. From a regulatory perspective, compelling clinical evidence of visualization in non -contrast- enhancing malignant tissue could further strengthen the clinical profile of FG001 and support evaluation of an application for FDA Breakthrough Therapy designation. From a commercial perspective , the potential ability to visualize malignant tissue beyond the contrast-enhancing tumor core could constitute important help to the patients with high -grade glioma and therefore not only support FG001’s relevance in high-grade glioma but also open new avenues for brain tumor surgery. This strengthens FG001’s competitive positioning and commercial potential. 66 evaluable patients 0.45 mg/kg single dose 12–19h pre-surgery imaging window <48h early post-op MRI Grade 3/4 WHO HGG included Administer FG001 Single IV dose before surgery Resection White light + microscope fluorescence Biopsies Bulk tumor + margins across phases MRI endpoint Volumetric Contrast Enhancing residual tumor Follow-up 6-week EOP2 option subject to data FG001-CT-006 design at a glance Prospective, single-group, open-label, multicenter Phase 2 in newly diagnosed High-Grade Glioma (HGG)
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FluoGuide – Q2 2026 10 Strategy 2026: EXECUTING OUR STRATEGY FluoGuide aims to improve outcomes for patients with cancer by enabling more precise oncology surgery. Our long -term ambition is to establish FG001 as a leading platform in fluorescence-guided precision oncology surgery. Our vision is to become a leader in fluorescence - guided precision oncology, improving outcomes for patients with cancer. Advance → Partner → Expand • Advance FG001 toward first regulatory approval • Build strategic partnerships with surgical imaging companies to support commercialization • Expand the FG001 platform across additional cancer indications During 2026, FluoGuide is advancing multiple clinical, regulatory and partnering activities in parallel. These activities support the path toward the first regulatory approval of FG001 while building the foundation for commercialization and expanding the long-term potential of the platform. FluoGuide’s strategy is to establish FG001 as a leading fluorescence -guided precision oncology surgery platform, initially focused on high -grade glioma (HGG) in the U.S., followed by expansion into additional cancer indications and surgical applications th rough strategic partnerships and continued platform development. During 2026, FluoGuide is executing this strategy through three strategic priorities: • Advancing the U.S. HGG development program, including CT-006, the Phase 2 study intended to support a future regulatory submission • Building strategic partnerships with leading surgical imaging companies to support future commercialization and market adoption • Expanding the long-term potential of FG001 across additional oncology indications and surgical applications High-grade glioma (HGG) in the US FG001 has received both Fast Track and Orphan Drug Designations from the FDA, supporting the development of FG001 in high-grade glioma (HGG), a serious disease where improved intraoperative visualization may help surgeons achieve more complete and precise tumor resection. FluoGuide’s immediate priority is the execution of CT-006, the Phase 2 study in HGG intended to support a future regulatory submission and advance FG001 toward its first commercial opportunity in the U.S. The first clinical site for CT- 006 has been activated, and enrollment of the first patient is expected anytime. Clinical data generated to date support the potential of FG001 in HGG surgery. In the previously completed FG001 -CT-001 study, all 12 patients had additional cancerous tissue removed based on FG001 fluorescence guidance. High-grade glioma remains one of the most aggressive forms of brain cancer, with a high risk of recurrence following surgery. FG001 has also demonstrated a favorable safety profile in clinical development to date, with more than 125 patients treated across the clinical program. FG001 may also have the potential to visualize malignant tissue beyond areas identified by contrast-enhanced MRI, including non -contrast- enhancing tumor tissue. This is being explored in CT-006 and, if confirmed, could provide additional clinical, regulatory and competitive differentiation for FG001 in HGG and potentially other neuro - oncology applications. “FluoGuide is executing a focused strategy to advance FG001 toward its first regulatory approval while prepare expanding the long- term potential of the platform.”
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FluoGuide – Q2 2026 11 Based on the current U.S. development plan for HGG, FluoGuide expects the program to progress through the following key milestones: Expected HGG development milestones: 2026–2027: Execution of CT -006 Phase 2 clinical trial – prepare sites, train, enroll patients and secure high-quality data. 2027-2028: Phase 2 data readout and regulatory interaction with the FDA to determine the final steps needed to support approval. Thereafter: Advancement into Phase 3, subject to the Phase 2 results and FDA feedback. Differentiated Technology Platform FG001 is built on a differentiated and scalable technology platform targeting uPAR (urokinase - type plasminogen activator receptor), a tumor - associated receptor broadly expressed across solid cancers. This provides the potential for precision targeting across multiple oncology indications. The platform combines several important technical advantages: • Designed to support targeted visualization of cancer tissue through uPAR binding • Applicability across various solid tumor surgeries • Early indication of the ability to cross a disrupted blood -brain barrier in brain tumors • Demonstrated ability to identify additional cancer tissue during surgery Together, these characteristics support FG001’s potential as a differentiated platform technology with opportunities for expansion across multiple surgical oncology indications and significant long - term clinical and commercial potential. Building long-term partnerships Partnerships with leading MedTech and surgical equipment manufacturers are central to FluoGuide’s long-term commercial strategy. The fluorescence -guided surgery market remains significantly underpenetrated despite a clear unmet clinical need. FluoGuide believes broad adoption of fluorescence-guided precision surgery will require close collaboration among all stakeholders, including imaging system manufacturers, surgeons, hospitals, and industry partners. FG001’s spectral characteristics are aligned with established near -infrared fluorescence imaging standards, supporting compatibility with existing surgical imaging infrastructure while preserving flexibility for strategic device partnerships. FluoGuide aims to support integration into surgical oncology workflows and enable broader adoption across appropriate oncology indications. Scalable expansion strategy While HGG remains the lead indication, FluoGuide continues to advance the head and neck cancer application and generate additional clinical data in brain tumor indications to support future label expansion. These programs create attractive partnership opportunities while supporting a scalable, capital - efficient growth strategy. FluoGuide has adapted its operating model to current market conditions while maintaining flexibility to support future development and commercial expansion. Targeting a large and underserved market Approximately 20 million people are diagnosed with cancer annually worldwide, and surgery remains a central component of treatment for many patients, often requiring more than one procedure. FluoGuide aims to both improve surgical precision for these patients and potentially expand treatment opportunities for patients who are currently not considered surgical candidates. By 2030, the number of cancer -related surgical procedures worldwide is estimated to reach approximately 45 million annually, highlighting the scale of the potential opportunity for technologies that improve intraoperative tumor visualization. Within brain tumors and head and neck cancer alone, FluoGuide estimates the near -term opportunity at approximately 640,000 procedures annually. Based on current pricing levels for imaging agents, this represents a substantial long- term commercial opportunity for FG001. More information More information about FluoGuide and FG001 can be found on our website: www.fluoguide.com
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FluoGuide – Q2 2026 12 2026 OUTLOOK
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FluoGuide – Q2 2026 13 FG001 PIPELINE FG001 is an uPAR target imaging agent designed to work with any standard intraoperative imaging device FGS: Fluorescence guided surgery Abbreviation Indication Status CT-005 OSCC (head & neck) Positive result from part I CT-006 HGG First site opened for patient enrolment IIT-01 Meningioma and LGG (brain) Patient enrolment ongoing IIT-02 Robotic surgery of OPSCC (head and neck) Protocol approved
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FluoGuide – Q2 2026 14 MANAGEMENT Board of Directors Peter Mørch Eriksen – Chair of the Board since 2021 Peter has over 25 years of international experience in the medtech and life science sectors. He is currently focusing on Board leaderships and serves as Chairman of Monsenso A/S and AptaShape ApS. Peter previously held senior roles as CEO of BioPorto A/S and at Medtronic in both the U.S. and Denmark, including Vice President. Peter has a strong track record in driving growth, leading restructurings, and securing funding in complex, technology -driven organizations. With a background in accounting and executive management training, he combines financial expertise with strategic leadership. He is Director of PME Holding ApS and is a member of the Medical Device and Diagnostics Advisory Committee at Cincinnati Children’s Hospital Medical Center. Mats Thorén – Vice-Chair of the Board since 2022 Mats brings 25 years of financial market experience, specializing in healthcare through roles in equity analysis and corporate finance. He has spent 20 years as a Healthcare investment expert, working with firms like Nalka Life Science AB and MedCap AB, an d now leads Vixco Capital. Mats holds board positions at Xbrane BioPharma AB, Arcoma AB, Herantis Pharma Oy, BioPorto A/S and C-Rad AB with past board roles at Duocort AB, Cellartis AB, and others. His educational background includes Economics, focusing on Accounting and Financial Economics, and medical studies at the Karolinska Institute in Stockholm. Michael Engsig – Board member since 2023 Michael has extensive experience within the pharmaceutical industry with 20+ years of experience in both foreign capital markets and publicly listed companies. This includes a successful track record in general management, R&D, and commercial functions. Since 2019 Michael has been CEO at Nykode Therapeutics, Norway. Michael holds a M.Sc. in chemistry with a specialization in biotechnology from the Technical University of Denmark (DTU) and a graduate diploma in Business Administration (HD) from Copenhagen Business School (CBS). Camilla Harder Hartvig – Board member since 2025 Camilla has 30 years of operational and strategic commercial experience within the worldwide lifescience industry. She has lived abroad for most of her career, only returning to Denmark in 2023. Her most recent roles were as EVP, CCO in Ascendis Pharma in Copenhagen; EVP, CCO in Theramex Ltd based in London and before that SVP for the International region in Alexion Pharmaceuticals based out of Zurich. Camilla has launched numerous products worldwide, most notably as the VP Global Marketing for AstraZeneca. She has served on boards for more than a decade, in leading companies like Danish Crown and CWorldWide and currently sits on the board of Goddess Gaia Ventures (London), MagCath ApS and Biobridge Partners in Copenhagen. She is a member of the female inves tor group Angella Invest and is currently enrolled in their Angel and Venture Capital Investor Accelerator Programme. Camilla holds a MBSc in economics and business administration - international marketing and management from CBS, a CEMS MIM from HEC in Paris and board educations from Harvard and INSEAD. Andreas Kjær – Board member since 2018 Andreas is an MD, PhD, DMSc, and professor at the University of Copenhagen as well as chief physician at Rigshospitalet, the National University Hospital of Denmark. His research is focused on molecular imaging with PET, PET/MRI and optical probes in cancer and cardiovascular disease and his achievements include development of several new tracers that have reached first -in-humans clinical use. He is the holder of an ERC Advanced Grant, has published 700 peer -review articles, and has received multiple prestigious scientific awards throughout the years. Andreas also holds an MBA from Copenhagen Business School. Kim Domela Kjøller – Board member since 2026 Kim has more than 25 years of international experience from big -, midsize pharma and Biotech. Kim has held global positions across sales, strategic marketing and R&D. As EVP of R&D at LEO Pharma, part of the global leadership team for 10 years. Track recor d includes strategic change management, pipeline build and portfolio management, digital innovation and launch of more than 10 new molecules across oncology, CNS, and immunology. Strong track record in product development from early stage until launch of c learly differentiated treatments fulfilling unique unmet medical needs. Since 2021 the CEO of UNION therapeutics.
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FluoGuide – Q2 2026 15 Executive Management Morten Albrechtsen – CEO since 2018 Morten Albrechtsen is an MD and BBA (HD’ in marketing, CBS). Morten is a seasoned entrepreneur with a strong medical, commercial, and financial background. The expertise is gained within a broad range of therapeutic areas and with both drugs and devices. M orten has developed and launched new health care products and concepts internationally, e.g. in Nycomed Pharma, now Takeda Pharmaceuticals Ltd., Nanovi A/S and Boehringer Ingelheim GmbH. Ole Larsen – CFO since 2023 Ole Larsen holds a M.Sc. and is an experienced CFO with a strong history of working in various industries in both listed and unlisted companies, including Bavarian Nordic, BioPorto, Nordisk Film, and Berlingske Tidende. Ole is skilled in growth/start -ups, M&A and Corporate Finance, and has a finance professional background with a M.Sc. focused on Economics from Copenhagen Business School. Corporate Management Donna Haire – COO since 2025 Donna Haire is an accomplished board director and executive leader with 30+ years of experience in global healthcare, pharmaceuticals, and medical devices. She is the CEO of The Eriah Group, Inc. and COO of FluoGuide A/S. Donna is a former board member of FluoGuide A/S and she currently serves on the boards of BioPorto A/S and Sedana Medical AB. Her previous executive roles include Executive Vice President of Regulatory and Quality at On Target Laboratories, Vice President, Head of Medical Care Global Regulatory Affairs at Bayer , and Senior Vice President of Regulatory, Quality, Clinical, and Medical Affairs at AngioDynamics. She held senior leadership roles at Philips Healthcare, Medtronic, and STERIS, and was appointed as a U.S. regulatory expert to lead international trade negotiations. She served on AdvaMed’s Technical and Regulatory Board Committee and was an Adjunct Professor at the University of Akron School of Law. Donna holds an M.S. in Biology from Cleveland State University and a B.S. in Biology from The University of Akron. Andreas Kjær – CSO since 2018 Andreas is an MD, PhD, DMSc, and professor at the University of Copenhagen as well as chief physician at Rigshospitalet, the National University Hospital of Denmark. His research is focused on molecular imaging with PET, PET/MRI and optical probes in cancer and cardiovascular disease and his achievements include development of several new tracers that have reached first -in-humans clinical use. He is the holder of an ERC Advanced Grant, has published 700 peer-review articles, and has received multiple prestigious scientific awards throughout the years. Andreas also holds an MBA from Copenhagen Business School. Grethe Nørskov Rasmussen – CDO since 2019 Grethe Nørskov Rasmussen holds a M.Sc. and PhD. Grethe Rasmussen is an experienced product developer with a profound understanding of CMC and former Senior Vice President Product Development at Ascendis Pharma A/S, where she worked for over 10 years. Previously, Grethe served as Vice President for Protein Science at Maxygen, Inc. and later as Managing Director for the Danish subsidiary of Maxygen. Prior to joining Maxygen, Grethe held various positions at Novo Nordisk A/S, a global healthcare company, where she contributed to research and development. Grethe holds a PhD in Biochemistry from the Danish Technical University.
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FluoGuide – Q2 2026 16 SHAREHOLDER INFORMATION The Share FluoGuide has been listed on Nasdaq First North Growth Market Sweden since 2021. The trading name is FLUO, and the ISIN-code is DK0061123312. By June 30 , 2026, FluoGuide’s share capital amounted to DKK 1,634,931.30 divided into 16,349,313 shares of nominal value DKK 0.10 each. There is only one class of shares, and each share represents one vote. Ownership Based on the available information as of June 30 , 2026, FluoGuide had 7, 195 registered shareholders compared to 7,474 by the end of 2025. The 20 largest shareholders owned 70.7% of the share capital. FluoGuide has no majority shareholders. Shareholders owning more than 20% in FluoGuide according to the latest shareholding notifications: • Life Science ApS, a company owned by Board Member, CSO Andreas Kjær and CEO Morten Albrechtsen (22.1%) Shareholders owning more than 5% in FluoGuide according to the shareholding notifications: • Linc AB • AL Sydbank A/S • 3F • Fødevareforbundet NNF • Dansk Metal Management and the Board of Directors own 24.9% of the total amount of outstanding shares. While the total number of shares is always known, there is no complete record at any given time of all shareholders and their ownership. Warrants FluoGuide has established six warrant programs for employees, management and the Board of Directors as part of its long -term incentive structure. The programs support the Company's ability to attract, motivate and retain key employees while aligning their interests with those of the Company’s shareholders. As of June 30, 2026, the total number of outstanding warrants was 722,800, corresponding to a potential dilution of 4.2% of the current share capital if exercised. Financial calendar 2026 & 2027 Q3 report 2026 26 November 2026 Q4 report 2026 24 February 2027 Annual report 2026 24 February 2027 AGM 16 March 2027 Q1 report 2027 26 May 2027 Q2 report 2027 25 August 2027 Q3 report 2027 23 November 2027 All financial reports are available on FluoGuide’s company page: www.fluoguide.com/investor/financial-reports. Share price The FluoGuide share price on June 30, 2026, was SEK 42.00, corresponding to a market capitalization of SEK 687 million, equivalent to DKK 463 million. The average daily turnover of FluoGuide was SEK 303 thousand in H1 202 6, equivalent to DKK 204 thousand. Analyst coverage On August 17, 2026, DNB Carnegie initiated analyst coverage of FluoGuide. The analysts are Jesper Ingildsen, Oliver Røst Benneballe, and Niels Granholm-Leth. The initiation report is available by clicking on the link: DNB Carnegie initiation report This means that FluoGuide is covered by the following analysts: • DNB Carnegie, Jesper Ingildsen, Oliver Røst Benneballe, and Niels Granholm-Leth • Redeye, Kevin Sule & Oscar Bergman • SEB, Christopher Uhde
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FluoGuide – Q2 2026 17 FINANCIAL REVIEW Financial statements for the period January 1 – June 30, 2026, are un-audited. Operating income & Other operating income Other operating income increased to DKK 92 thousand in Q2 2026 compared to DKK 57 thousand in Q2 2025, bringing Other operating income for H1 2026 to DKK 146 thousand compared to DKK 93 thousand in H1 2025. Other operating income reflects the part of incurred costs covered by Danish Innovation Fund (Innovationsfonden). Other external expenses Other external expenses increased to DKK 9,763 thousand in Q2 2026 from DKK 6,002 thousand in Q2 2025, bringing H1 2026 expenses to DKK 18,344 thousand compared to DKK 11,813 thousand in H1 2025. The increase was primarily driven by higher Research & Development expenses related to the ongoing US clinical trial with FG001 in high -grade glioma, including increased clinical consultancy costs. Sales & Marketing expenses also increased following investments in Medical Affairs, while General & Administrative expenses rose mainly due to higher investor relations activities and IT licenses. Staff expenses Staff expenses increased to DKK 5,109 thousand in Q2 2026 amounted from DKK 3,773 thousand in Q2 2025, bringing H1 2026 staff expenses to DKK 9,726 thousand compared to DKK 7,465 thousand in H1 2025. The increase was driven by Wages and salaries related to two new employees who started in Q2 and monthly provisions of the estimated annual bonuses. A minor increase in Employee share schemes was offset by less Other staff costs and social security costs. Financial items Financial income and expenses reflect interest income/expense and currency transaction gains/losses, bank charges and interest. Financial income increased to DKK 398 thousand in Q2 2026 from DKK 89 thousand in Q2 2025, bringing H1 2026 financial income to DKK 759 thousand compared to DKK 136 thousand in H1 2025. The increase was primarily due to interest from surplus liquidity and currency exchange adjustments. Financial expenses increased to DKK 1,084 thousand in Q2 2026 from DKK 873 thousand in Q2 2025, bringing H1 2026 financial expenses to DKK 2,328 thousand compared to DKK 1,975 thousand in H1 2025. The increase was primarily driven by the costs of the fully drawn credit facility. Tax Deferred tax related to tax credits from investments in research & development increased to DKK 2,782 thousand in Q2 2026 from DKK 1,690 thousand in Q2 2025, bringing H1 2026 deferred tax to DKK 5, 157 thousand compared to DKK 3,510 thousand in H1 2025. The increase is driven by more costs related to research and development. Once approved by the tax authorities, the tax credit is paid out in cash in the fourth quarter for the previous calendar year. The paid -out tax credit is capped at DKK 5,500 thousand annually. Net result for the year The net result showed a n increased loss of DKK 12,819 thousand in Q2 2026 compared to a loss of DKK 8, 947 thousand in Q2 2025, bringing the H1 2026 net result to a loss of DKK 24,606 thousand
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FluoGuide – Q2 2026 18 compared to a loss of DKK 17,803 thousand in H1 2025. The deviation reflects the mix of variances described above with the primary driver being the increase in Research & Development costs. Balance sheet As of June 30, 2026, the Company’s total assets were DKK 65,118 thousand compared to DKK 33,396 thousand as of June 30, 2025. The assets primarily consist of securities, cash and cash equivalents from the capital raise in November 2025 and a tax benefit related to tax credits derived from investments in research & development in 2025 and H1 2026. As of June 30, 2026, the liabilities primarily consist of equity of DKK 30,677 thousand compared to DKK 5,945 thousand as of June 30, 2025, and the drawn credit facility of DKK 26,952 thousand compared to DKK 22,050 thousand. Securities, c ash and cash equivalents As of June 30 , 2026, FluoGuide’s balance of securities, cash and cash equivalents totaled DKK 49,824 thousand compared to DKK 19,632 thousand as of June 30, 2025. The cash of DKK 19,809 thousand is partly deposited at one Danish bank and partly through money market deposits. The securities amounting to DKK 30,015 thousand is placed in Danish securities . Securities m atured on July 2, 2026, and the funds have been placed in money market deposits. As a development stage start -up life -science company, the Company expects negative cash flow in 2026 from operating activities. The company is dependent on being financed via capital injections or by way of selling rights to its products against cash until reaching the point where the size of the revenue surpasses the costs, resulting in a positive cash flow. The activities of the Company in the future will depend on proceeds obtained from capital increases, sales of rights, loans and so forth. Equity The total equity on June 30, 2026, amounted to DKK 30,677 thousand compared to DKK 5,945 thousand on June 30, 2025. The change in equity is primarily due to the realized net loss of DKK 46,263 thousand in the period July 1, 2025 – June 30, 2026, offset by the capital raise in November 2025 of DKK 70,366 thousand. As of June 30 , 2026, the solvency ratio was 47 percent compared to 18 percent as of June 30, 2025. Current and non-current liabilities As of June 30, 2026, the current liabilities amounted to DKK 34,019 thousand compared to DKK 26,903 thousands of June 30, 2025. The difference is primarily due to the credit facility that is fully drawn whereas in June 2025 it was not. The current liabilities primarily consist of the credit facility DKK 26,952 thousand compared to DKK 22,050 thousand and payables of DKK 6,661 thousand compared to DKK 4,068 thousand. The non -current liabilities as of June 30 , 2026, amounted to DKK 422 thousand compared to DKK 548 thousand of Jun e 30, 2025, and consisted of lease liabilities on our office lease. Subsequent events There have been no significant events between June 30, 2026, and the date of approval of these financial statements that would require a change to or additional disclosure in the financial statements.
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FluoGuide – Q2 2026 19 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 DKK thousand 01-Apr-26 01-Apr-25 01-Jan-26 01-Jan-25 01-Jan-25 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 31-Dec-25 Revenue 0 0 0 0 0 Other operating income 92 57 146 93 220 Other external expenses -9,763 -6,002 -18,344 -11,813 -23,980 Staff expenses -5,109 -3,773 -9,726 -7,465 -15,504 Depreciation and amortization -135 -135 -269 -289 -558 Income before interest and tax (EBIT) -14,915 -9,853 -28,194 -19,474 -39,822 Financial income 398 89 759 136 50 Financial expenses -1,084 -873 -2,328 -1,975 -5,187 Income before tax -15,601 -10,637 -29,763 -21,313 -44,959 Tax on income for the period 2,782 1,690 5,157 3,510 5,500 Net result for the period -12,819 -8,947 -24,606 -17,803 -39,459 Other comprehensive income for the period, net of tax 0 0 0 0 0 Total comprehensive income -12,819 -8,947 -24,606 -17,803 -39,459
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FluoGuide – Q2 2026 20 BALANCE SHEET (UNAUDITED) ASSETS 2026 2025 2025 DKK thousand 30-Jun-26 30-Jun-25 31-Dec-25 Non-current assets Acquired patents 378 378 378 Right of use assets 511 767 639 Tangible fixed assets 219 503 361 Deposit 163 170 170 Total non-current assets 1,272 1,817 1,548 Current assets Other receivables 674 432 424 Receivable corporate tax 10,657 9,010 5,500 Prepayments 2,691 2,506 2,021 Securities 30,015 0 30,015 Cash 19,809 19,632 48,785 Total current assets 63,846 31,579 86,744 Total assets 65,118 33,396 88,292 EQUITY AND LIABILITIES 2026 2025 2025 DKK thousand 30-Jun-26 30-Jun-25 31-Dec-25 Equity Share capital 1,635 1,362 1,635 Retained earnings 29,042 4,583 52,893 Total equity 30,677 5,945 54,528 Liabilities Debt to credit institutions 0 0 27,616 Lease liabilities 422 548 422 Non-current liabilities 422 548 28,038 Debt to credit institutions 26,952 22,050 0 Lease liabilities 126 236 248 Trade payables 3,795 3,338 2,676 Other payables 2,866 730 2,379 Deferred income 280 549 424 Total current liabilities 34,019 26,903 5,727 Total liabilities 34,441 27,451 33,764 Total equity and liabilities 65,118 33,396 88,292
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FluoGuide – Q2 2026 21 STATEMENT OF CHANGES IN EQUITY (UNAUDITED) Change in Equity: Q2 2026 Share-capital Share premium Retained earnings Shareholder equity DKK thousand 01-Apr-26 1,635 41,496 43,131 Total comprehensive income for the period -12,819 -12,819 Capital increase 0 Expenses in connection with capital increase 0 Employee share schemes – value of employee services 365 365 Transfer 0 0 0 30-Jun-26 1,635 0 29,042 30,677 Change in Equity: Q2 2025 Share-capital Share premium Retained earnings Shareholder equity DKK thousand 01-Apr-25 1,362 13,222 14,584 Total comprehensive income for the period -8,947 -8,947 Capital increase 0 Expenses in connection with capital increase 0 0 Employee share schemes – value of employee services 307 307 Transfer 0 0 30-Jun-25 1,362 0 4,583 5,945
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FluoGuide – Q2 2026 22 Change in Equity: YTD 2026 Share-capital Share premium Retained earnings Shareholder equity DKK thousand 01-Jan-26 1,635 0 52,893 54,528 Total comprehensive income for the period 0 -24,606 -24,606 Capital increase 0 Expenses in connection with capital increase 0 Employee share schemes – value of employee services 755 755 Transfer 0 0 0 30-Jun-26 1,635 0 29,042 30,677 Change in Equity: YTD 2025 Share-capital Share premium Retained earnings Shareholder equity DKK thousand 01-Jan-25 1,362 0 21,705 23,067 Total comprehensive income for the period -17,803 -17,803 Capital increase 0 Expenses in connection with capital increase 0 Employee share schemes – value of employee services 681 681 Fair value of warrants issued subsequently to right of issue 0 0 Transfer 0 0 30-Jun-25 1,362 0 4,583 5,945
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FluoGuide – Q2 2026 23 Change in Equity: 2025 Share-capital Share premium Retained earnings Shareholder equity DKK thousand 01-Jan-25 1,362 0 21,705 23,067 Total comprehensive income for the period 0 -39,459 -39,459 Capital increase 273 70,093 0 70,366 Expenses in connection with capital increase -650 -650 Employee share schemes – value of employee services 1,205 1,205 Transfer -70,093 70,093 0 31-Dec-25 1,635 0 52,893 54,528
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FluoGuide – Q2 2026 24 CASH FLOW STATEMENTS (UNAUDITED) Cash flow Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 DKK thousand 01-Apr-26 01-Apr-25 01-Jan-26 01-Jan-25 01-Jan-25 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 31-Dec-25 Income before tax -15,601 -10,637 -29,763 -21,313 -44,959 Net financial items, reversed 686 784 1,569 1,838 5,137 Change in working capital 2,104 -1,136 542 -615 739 Depreciation and amortization 135 135 269 289 558 Adjustment for non-cash employee benefits expense - share-based payments 365 307 755 681 1,205 Cash flow from operating activities before net financials -12,310 -10,547 -26,628 -19,120 -37,320 Net financial items paid -686 -784 -1,569 -1,838 -5,137 Tax credit paid out 0 0 0 0 5,500 Cash flow from operating activities -12,996 -11,331 -28,197 -20,958 -36,957 Purchase of securities 0 0 0 0 -30,015 Purchase of tangible assets 0 0 0 78 0 Paid deposit 7 34 7 34 111 Cash flow from investing activities 7 34 7 112 -29,904 Proceeds from capital increase 0 0 0 0 70,366 Repayment/Proceeds from credit facility 0 10,003 -664 22,050 27,616 Principal elements of lease payments -61 -56 -122 -180 -294 Long term debt -364 0 0 0 0 Costs related to capital increase 0 0 0 0 -650 Cash flow from financing activities -425 9,947 -786 21,870 97,038 Total cash flow for the period -13,415 -1,350 -28,975 1,024 30,176 Cash and cash equivalents beginning of the period 33,224 20,982 48,785 18,608 18,608 Cash and cash equivalents end of the period 19,809 19,632 19,809 19,632 48,785
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FluoGuide – Q2 2026 25 COMPANY INFORMATION The Company FluoGuide A/S Titanhus, Titangade 13B 2200 Copenhagen N Denmark CVR no.: 39 29 64 38 Board of Directors Peter Mørch Eriksen (Chair) Mats Thorén (Vice-Chair) Michael Engsig Camilla Harder Hartvig Andreas Kjær Kim D. Kjøller Executive Management Morten Albrechtsen, CEO Ole Larsen, CFO Auditors PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR-no. DK 33 77 12 31 Nasdaq FluoGuide is listed on Nasdaq First North Growth Market, Sweden (Ticker: FLUO).
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FluoGuide – Q2 2026 26 TERMS AND EXPLANATIONS (The list represents terms used in the materials about FluoGuide.) Term Explanation Blood-brain barrier (BBB) Protective barrier protecting the nerve system, including the brain from toxic drugs circulating in the blood. Brain tumor Abnormal growth of cells in the brain. Breakthrough Therapy designation An FDA designation that may expedite development and review when preliminary evidence indicates substantial improvement over available therapies on a clinically significant endpoint. Cancer Malignant tumor. The definition is blurred as a low-grade glioma is not considered a cancer but may become malignant and will then become a cancer Clinical Trial Application (CTA) Request European regulators to begin human trials. Contrast-enhancing tumor tissue Tissue that becomes more visible on MRI after contrast administration, often reflects disruption of the blood-brain barrier. Extent of resection (EOR) Percent of the tumor removed; higher is better. Fast Track designation An FDA program intended to facilitate development and expedite review of treatments for serious conditions with unmet medical needs. FDA U.S. Food and Drug Administration, the regulatory authority responsible for approving medicines and certain medical products in the United States. FG001 Our lead product. A targeted imaging agent that makes tumor light up during surgery. FG001-CT-005 Formal name of the Phase 2 clinical trial in oral head and neck cancer. (Informal name: CT-005) FG001-CT-006 Formal name of the Phase 2 clinical trial in high-grade glioma. (Informal name: CT-006) Fluorescent guided surgery (FGS) Surgery that uses image agent lighting up and cameras to help see cancer tissue. Glioblastoma multiforme (GBM) The most aggressive and common adult brain cancer (WHO grade IV glioma). Gross Total Resection (GTR) Removal of all visible tumor tissue. High-grade glioma (HGG) Aggressive, fast‑growing brain tumors (WHO grade III and IV glioma). IIT / IIT-001 Investigator-initiated trial; a clinical study designed and led by an independent investigator or institution. IIT-001 evaluates FG001 in meningioma and low-grade glioma. Imaging agent A substance administered to improve visualization of tissue or disease during a medical imaging procedure. Indocyanine Green (ICG) A dye that glows under near‑infrared light but is not tumor‑specific. Approved for vascular visualization Investigational New Drug application (IND) Request to FDA to begin human trials in the U.S. Low-grade glioma (LGG) Relatively slow growing, less aggressive brain tumors (typically WHO grade II gliomas) Meningioma Often (80-90%) benign tumor that forms in the meninges, the protective layers of tissue that cover the brain and spinal cord. MRI Magnetic resonance imaging; an imaging technique used to visualize tissues, including brain tumors, before and after surgery. Near-infrared (NIR) Light that penetrates tissue well and visible by digital camaras. Neurosurgery Surgery involving the brain or nervous system. New Drug Application (NDA) Request to FDA to approve a drug for sale. Non-contrast-enhancing tumor tissue Tumor tissue is not highlighted by MRI contrast and may extend beyond the visible contrast-enhancing tumor area. Orphan Drug Designation Regulatory benefits for drugs targeting rare diseases. OSCC Oral squamous cell carcinoma; the most common type of cancer in the mouth and part of head and neck cancer. Phase 1, 2a, 2b, 3 trials Progressive stages testing clinical safety, effectiveness, and comparison to standard care. Photodynamic therapy (PDT) Using light‑activated drugs to kill cancer cells chemically. Photothermal therapy (PTT) Using light to heat and kill cancer cells. Pivotal trial A clinical trial intended to provide the key evidence supporting a regulatory approval application. pLGG Presumed low-grade glioma; a brain tumor considered likely to be low- grade based on clinical and imaging findings. Positive / Negative predictive value Accuracy parameters of a test, indicating how likely positive or negative results truly indicate disease status, respectively. Primary endpoint / co-primary endpoints The main outcome measure(s) is used to assess whether a clinical trial meets its objective. Co-primary endpoints must each be met. Proof-of-concept Early evidence showing treatment works. Recurrent high-grad glioma High-grad glioma that returns after treatment. Resectable Suitable for surgical removal. Residual tumor Tumor left behind after surgery. Sensitivity / Specificity Accuracy parameters of a test, indicating how well a test detects disease or excludes disease, respectively. Surgical resection Removal of tumor tissue during surgery. Survival benefit Improved lifespan gained from a treatment. Tumor Benign tumor. The definition is blurred as a low-grade glioma is considered a tumor but may still at a later stage become malignant and will then become a cancer Tumor margin The border of supposed normal tissue surrounding tumor tissue after surgical removal. Tumor-to-background ratio How brightly the tumor lights up compared to normal tissue. urokinase-type plasminogen activator receptor (uPAR) A protein found on all cancer tissue and used to target tumor specific imaging.
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FluoGuide – Q2 2026 27 The list the materials about FluoGuide. Morten Albrechtsen CEO Mobile: +45 24 25 62 66 E-mail: ma@fluoguide.com Ole Larsen CFO Mobile: +45 40 84 28 37 E-mail: ole@fluoguide.com Learn more about us here Follow us on LinkedIn Subscribe to our newsletter Get in touch with FluoGuide