Allergy Therapeutics continues to execute on its clearly defined three pillar strategy for growth in both the near- and mid-to-longer term. In Europe, interim results demonstrate continued robust performance. Key pipeline programmes Grass MATA MPL and VLP Peanut have also made significant progress, with both set to start major clinical trials this year. These high value and well differentiated assets underpin future entry into the commercially important US market. Cash of £41m, plus the £10m credit facility, should be sufficient to fund the planned Grass MATA MPL Phase III trial and VLP Peanut Phase I study, and so reach material value inflection points in 2023. Our £341.6m (53.1p per share) valuation suggests the pipeline value is under appreciated.