Sareum (SAR) H2 2026 earnings summary

Executive summary

• SDC-1801 advanced through Phase 2-enabling toxicology dosing, with topline results expected in Q4 2026; SDC-1802, SRA737 and TYK2 neuroscience discovery also progressed.

• FY 2026 loss after tax narrowed to £3.3m from £4.4m; cash at year-end was £1.2m, followed by a post-period fundraise intended to support SDC-1801 toward Phase 2 readiness.

Financial highlights

• Operating loss was £3.718m for FY 2026 versus £3.380m in FY 2025; loss before tax was £3.489m versus £4.903m.

• Loss after tax was £3.263m versus £4.438m; total comprehensive expense was £3.206m versus £4.508m.

• Finance income was £48k versus £77k; warrant financing credit was £181k, compared with a £1.600m charge in FY 2025.

• R&D tax credits received were £0.4m versus £1.2m; £0.5m was raised from warrant exercises during the year.

Outlook and guidance

• SDC-1801 topline toxicology results are expected in Q4 2026; the Phase 2-enabling regulatory package is targeted for mid-2027, with psoriasis the planned initial indication.

• A short human PK study using the new SDC-1801 capsule formulation is planned, funded by the post-period subscription, to inform dosing for future Phase 2 studies.

• TYK2 neuroscience work will continue to optimise compounds toward a development candidate; the 2026 aim is candidate nomination.

• SDC-1802 partnering is the preferred route to clinical development; SRA737 partnering discussions continue, alongside options for re-licensing or internal development.