Redeye comments on Fluoguide posting solid phase IIa NSCLC data, providing the first out of three phase II top-line readouts that the company expects to communicate in 2023e. We judge that NSCLC provides an attractive indication for continued FG001 clinical development. However, depending on coming phase II readouts, it might not represent the lowest-hanging fruit for FG001 in the near term. We nudge up our valuation.