Syno Arecor has provided a brief trading update which is in line with our forecast: Revenue of £5.1m (SCMe £5.3m) and cash of £3.3m (SCMe £3.4m). Management re-iterated that positive progress was being made towards a co-development partnership to support a clinical pump study of AT278. We await non-clinical data pharmaco-kinetic (PK) data on the oral GLP-1 which is on track to be delivered by 1H, 25. Our investment case is based on the value creation opportunities within the pipeline and we re-iterate our positive stance on the stock: BUY, PT 243p.
