Sareum (SAR) H1 2026 earnings summary

Executive summary

• Advanced SDC-1801 (TYK2/JAK1 inhibitor) into Phase 2-enabling toxicology after strong Phase 1 safety and PK data, with dosing underway and regulatory package expected by year-end 2026.

• SDC-1802 translational studies completed, showing strongest efficacy in haematological cancers; asset to be advanced via partnership.

• SRA737 oncology asset retained with improved economic terms (63.5% future revenues), active IND, and ongoing partnering efforts.

• Neuroinflammatory/CNS pipeline progressing through collaboration with Receptor.AI, with new compounds in synthesis and early-stage testing.

Financial highlights

• Cash and cash equivalents at 31 December 2025: £2.5 million (down from £4.15 million a year earlier).

• Loss after tax for the period: £1.7 million; operating loss: £1.82 million; basic and diluted loss per share: 1.2p.

• Net assets at 31 December 2025: £1.2 million (vs. £4.3 million at 31 December 2024).

• Administrative expenses (including R&D): £1.8 million; R&D spend: £1.4 million.

• Cash outflow from operations: £1.5 million for the period; £0.5 million raised via warrant exercises.

Outlook and guidance

• SDC-1801 Phase 2-enabling toxicology dosing to complete mid-2026, with full regulatory package by year-end and Phase 2 clinical trials in psoriasis planned.

• SDC-1802 to be advanced through partnership, focusing on haematological cancers.

• SRA737 partnering and development options actively pursued, with sufficient drug product for Phase 1 trial and strengthened IP.

• CNS program with Receptor.AI is on track, with new compounds in synthesis and early-stage testing.

• Board confident in operational roadmap and financial resources for near-term progress.