Sareum (SAR) H2 2024 earnings summary

Executive summary

• Transitioned to a clinical-stage company focused on next-generation kinase inhibitors, especially TYK2/JAK1, with SDC-1801 completing Phase 1 showing strong safety, pharmacokinetics, and biomarker efficacy supporting once-daily dosing.

• Raised £4.4 million through investment and tax credits to fund Phase 2 readiness and accelerate SDC-1802 cancer immunotherapy development.

• SRA737 program secured a $290 million license deal, with Sareum entitled to 27.5% of commercialization revenues and awaiting milestone updates from a U.S. biopharma partner.

• Strategy centers on licensing or partnering programs at late preclinical or early clinical stages.

Financial highlights

• Cash at June 2024 was £1.5 million, up from £1.0 million the previous year.

• Operating loss increased to £4.6 million, with a total loss for the year at £3.4 million, reflecting higher clinical trial expenses.

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

• Net assets increased to just over £2 million, up from £1.1 million year-over-year.

• Received £1 million in Australian tax credits, with additional UK credits expected.

Outlook and guidance

• Preparing SDC-1801 for Phase 2 trials, focusing on extended toxicology studies in two animal species to support up to 16 weeks of human dosing.

• Anticipates publication of detailed Phase 1 data in peer-reviewed journals and expects updates on SRA737 milestones and 1802 preclinical progress in 2025.

• Open to partnering SDC-1801 at the right terms but prepared to advance to Phase 2 independently if necessary.

• Recent funding will accelerate SDC-1802 preclinical and translational studies.