Saniona (SANION) Aktiedagarna 2026 summary

Financial position and partnerships

• Holds over SEK 500 million in cash, with potential to reach SEK 800 million through milestone payments and asset monetization.

• Secured major licensing deals with Acadia ($28M upfront) and Jazz Pharmaceuticals ($42.5M upfront), with total potential milestones of SEK 1.6 billion plus royalties.

• Expects SEK 17.5 million in milestone payments from Acadia and Jazz within 12 months.

• Cash position supports pipeline progression through 2028 without additional financing.

• Additional funding could come from further licensing, milestones, or institutional investors.

Pipeline and research strategy

• Built on assets and expertise acquired from NeuroSearch, leveraging a strong CNS-focused research team.

• Internal pipeline includes three preclinical programs: SAN2668 (pediatric epilepsy), SAN2219 (focal epilepsy), and SAN2465 (depression).

• All three internal programs are expected to enter phase I clinical trials by end of 2024 or early 2025, with results anticipated in the second half of 2025.

• Pipeline strategy includes continuous identification and optimization of new CNS drug candidates.

• Plans to advance one to two programs through phase II by 2030, with additional preclinical assets in development.

Scientific and market positioning

• Focuses on selective GABA modulators targeting specific brain regions to minimize side effects and maximize efficacy.

• Addresses large markets with high unmet needs: epilepsy (30% of patients not controlled, €20B market in Europe) and depression (>€100B cost in Europe, 60% of suicides related).

• SAN2668 shows strong anti-seizure effects in animal models without typical side effects of non-selective drugs.

• Early clinical studies will use biomarkers, PET imaging, and photosensitivity tests to assess efficacy.

• Aims to build a diversified pipeline, contrasting with single-asset companies recently acquired for multi-billion dollar sums.