The correct option is B Glycolate
Photorespiration leads to loss of fixed carbon dioxide in C3 plants by the enzyme RuBisCo. During photorespiration, this enzymes reacts with oxygen instead of carbon dioxide to ribulose 1,5 bisphosphate to produce phosphoglycolate as the first product. The phosphoglycolate is dephosphorylated to generate glycolate, which is the actual substrate of photorespiration. Thus, the correct answer is option B.