Trinity Delta view: Arecor’s diabetes franchise is central to its investment case, with AT278 making a significant contribution to our rNPV-based valuation. Management has taken some tough decisions, notably the cessation of Tetris operations, in order to remain focussed on demonstrating the value of its novel insulins and confirming their central role in the emerging field of AID pump systems. The news of progress on co-development partnering of AT278 for the next study programme is welcomed and highly reassuring. The oral peptide delivery is at a much earlier stage of development, nonetheless its clear appeal and timely need will likely attract investor and industry attention.