Sareum Holdings — Broader pipeline, bigger milestones

Sareum Holdings’ H125 results (to 31 December 2024) summarised a period of operational progress and an improved capital position, with successful fund-raising. Since the completion of the Phase I trial for lead asset SDC-1801 in June 2024, the focus has been on formulation optimisation and drug product manufacturing for the toxicology study, which we believe will now commence in May 2025, with completion likely in Q4 CY25 (Q2 CY25 previously). We expect this to extend the timeline for a Phase II trial start into 2026 although, with period-end cash of £4.1m, inflows from the subsequent private placement (£1.07m) and R&D credits (£0.2m), Sareum appears sufficiently funded to reach this milestone. We see the recent licence acquisition for SRA737 as a positive development as it adds another clinical-stage asset to the portfolio, which should help manage downside risks related to a more concentrated clinical pipeline.