Sareum (SAR) H1 2025 earnings summary

Executive summary

• Completed Phase 1 trial for SDC-1801, demonstrating strong safety, pharmacokinetics, and biomarker efficacy for once-daily dosing in autoimmune diseases, especially psoriasis, with no serious adverse events.

• Regained control and increased economic interest in SRA737 to 63.5% after license return, enabling new development opportunities and expanding the pipeline.

• Strengthened patent portfolio for SDC-1801 in the US, China, and Japan, enhancing competitive position.

• Cash position at period end was £4.1m, with an additional £1.07m raised post-period to support ongoing development.

Financial highlights

• Cash at 31 December 2024 was £4.1m, up from £1.5m at 30 June 2024 and £0.4m at 31 December 2023.

• Loss after tax for the six months to 31 December 2024 was £1.2m, improved from £1.7m–£1.8m in the prior year.

• Operating expenses for the period were £1.3m, down from £2.5m in the prior year.

• Net assets at 31 December 2024 were £4.3m, up from £1.2m at 31 December 2023.

• Received £0.2m in UK R&D tax credits post-period.

Outlook and guidance

• Preparing SDC-1801 for Phase 2 trials in psoriasis and other autoimmune indications, with long-term toxicology studies expected to complete in Q4 2025.

• Accelerating preclinical and translational studies for SDC-1802, with target cancer selection planned.

• Reviewing licensing and development options for SRA737, with active discussions and potential US clinical trials enabled by IND approval.

• Continued rigorous capital allocation and readiness to respond to new opportunities in kinase inhibitor therapeutics.