Saniona (SANION) Status Update summary

Strategic priorities and financial position

• Focus on advancing three leading ion channel programs and Tesofensine towards clinical trials, leveraging a strengthened financial position from the Acadia partnership.

• Emphasis on internal activities, research collaborations, and business development to build value in the pipeline.

• Business development targets include lining up partners for internal programs, advancing Tesomet and SAN903 partnerships, and maintaining a steady flow of deals.

• Research platform is fully funded through collaborations, with partners expected to take over programs after candidate selection.

• No explicit exit strategy; focus remains on value creation and potential acquisition if conditions align.

Pipeline and market expansion

• Tesofensine approval in Mexico is anticipated, with milestone income likely this year and royalties post-launch; expansion plans target South America, Central America, and Southeast Asia.

• US obesity market is of high interest due to its rapid growth, but regulatory and IP challenges must be addressed before entry.

• Tesomet is positioned for rare indications, with US clinical trials contingent on Tesofensine approval and future partnerships.

• SAN2355, SAN2219, and SAN2465 are advancing towards Phase I, targeting epilepsy, major depressive disorder, and rare pediatric diseases.

• Collaborations with Boehringer Ingelheim and AstronauTx are progressing, with candidate selection and potential milestones expected within 12 months.

Operational outlook and financial discipline

• Well-funded for the next three years, enabling advancement of internal programs without additional capital raises.

• Anticipated research and clinical milestones, including a potential $10 million payment from Acadia upon Phase I/II study initiation.

• Commitment to financial discipline and lean operations while actively pursuing business development opportunities.