The Agilyx full year results last week reflected a period of strong development for the company. The core Agilyx business continues to develop with the contract with Toyo being the main contributor in the year but with progress with several other partners developing and more recent the strategic collaboration with BioBTX adding to the momentum. Additionally, Cyclyx is developing ahead of our expectations with consortium members now standing at 37. We have made some changes to our forecasts notably assuming higher near term costs but we see these as de-risking the longer term outcome and the impact on valuation is minimal with our central case at NOK 113.
