Sareum (SAR) H2 2025 earnings summary

Executive summary

• Advanced clinical-stage pipeline focused on oral kinase inhibitors for autoimmune diseases and cancer, with lead asset STC/SDC-1801 showing positive Phase 1 safety and PK data and ongoing Phase 2-enabling work.

• Increased control of oncology asset SRA737 to 63.5%, with comprehensive clinical data and options under review for further development or partnering.

• Strategic expansion into neuroinflammatory diseases, including a new AI-driven partnership to optimize brain-penetrant TYK2/JAK1 inhibitors.

• Progress made across the pipeline, with confidence entering the new financial year despite the discontinuation of the STC/SDC-1801 toxicology study, which was unrelated to the drug itself.

• Focus on completing Phase II enabling work for STC/SDC-1801 and seeking licensing partners for further development.

Financial highlights

• Operating loss for the year just under £3 million, a reduction from the previous year due to lower R&D and administration expenses.

• Revenue for the year ended 30 June 2025 was £2,000, compared to £0 in 2024.

• Cash and cash equivalents increased to £3.55 million at year-end.

• Net assets rose to £3.75 million from £2.11 million year-over-year.

• UK tax credits of £240,000 recognized as other operating income.

Outlook and guidance

• Plans to restart the STC/SDC-1801 toxicology study with existing cash resources, aiming for a start early in the new year.

• No intention to self-fund Phase II trials; focus remains on securing licensing partners for late-stage development.

• SDC-1802 development likely to proceed via partnership, focusing on haematological cancers.

• SRA737 options review underway, including potential re-licensing, partnering, or internal development.

• Initial stage of Receptor.AI collaboration expected to complete in Q4 2025, informing CNS candidate selection.