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 acquired the license for SRA737, a CHK1 inhibitor, increasing economic interest to 63.5% and enabling new development and commercialization opportunities.

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

• Raised £1.07m post-period, ending with £4.1m in cash, supporting ongoing clinical and preclinical development.

• Sareum is a clinical-stage drug developer focused on kinase inhibitors for autoimmune diseases and cancer, with lead programs SDC-1801, SDC-1802, and SRA737.

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 period.

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

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

• Revenue for the six months ended 31 Dec 2024 was £22k; 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 and leveraging learnings from SDC-1801.

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

• Considering both licensing and self-funded Phase 2 for SDC-1801, depending on shareholder support and partner offers.

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