Sareum (SAR) H2 2024 earnings summary

Executive summary

• Transitioned to a clinical-stage company focused on kinase inhibitors, especially TYK2/JAK1, for autoimmune diseases and cancer, advancing assets to late preclinical or early clinical stages before licensing or partnering.

• Lead asset SDC-1801, a dual TYK2/JAK1 inhibitor, completed Phase 1 with strong safety, pharmacokinetics, and biomarker data, supporting once-daily oral dosing and broad autoimmune coverage.

• SDC-1802, a cancer immunotherapy candidate, is advancing with accelerated preclinical studies and new funding.

• SRA737 is under a $290 million license deal with Sareum entitled to 27.5% of commercialization revenues, with milestone updates pending.

• Raised £4.4 million through subscriptions and tax credits to fund further development.

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.

• Administrative expenses rose to £4.6 million from £4.0 million year-over-year.

• Post-period, received £4.4 million in investment and tax credit.

Outlook and guidance

• Preparing SDC-1801 for Phase 2 trials, focusing on extended toxicology studies in two animal species.

• Clinical study report for SDC-1801 expected before year-end 2024, with publication in peer-reviewed journals planned.

• SRA737 update and SDC-1801 drug product progress anticipated in Q1 2025; SDC-1801 toxicology and SDC-1802 data in Q2 2025.

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

• Aiming for SDC-1801 to achieve Phase 2 readiness in the current period.