Sareum (SAR) H2 2024 earnings summary

Executive summary

• Transitioned to a clinical-stage company focused on next-generation kinase inhibitors, especially TYK2/JAK1, for autoimmune diseases and cancer, with a strategy to license or partner programs at late preclinical or early clinical stages.

• Lead program SDC-1801, a dual TYK2/JAK1 inhibitor, completed Phase 1 with strong safety, pharmacokinetics, and biomarker data, supporting once-daily dosing and a potential best-in-class profile.

• Raised £4.4 million through subscriptions, investment, and tax credits to fund further development and accelerate SDC-1802 preclinical studies.

• SRA737, a cancer therapy, secured a $290 million license deal with Sareum entitled to 27.5% of commercialization revenues; milestone updates are pending.

• SDC-1802, a cancer immunotherapy candidate, will advance with new funding and has extended patent protection.

Financial highlights

• Cash at June 2024: £1.5 million, up from £1.0 million year-over-year.

• Operating loss increased to £4.6 million, reflecting higher R&D and clinical trial costs.

• Total loss for the year: £3.4 million, up from £3.2 million.

• Net assets at period end: just over £2 million, up from £1.1 million.

• Revenue for the year was £22k, with administrative expenses of £4.6 million.

Outlook and guidance

• Preparing SDC-1801 for Phase 2 trials, with a clinical study report expected before year-end and publication in peer-reviewed journals planned.

• SRA737 program update expected in Q1 2025; milestone payments and further progress on SDC-1802 anticipated in 2025.

• Open to partnering SDC-1801 at the right terms but prepared to advance independently if needed.