Sareum Share Chat (SAR)

Yeah. For me. It's the funding. IMO. If we had a cash runway into Q4 27. I think the brakes would come off the share price. They need cash and the time to go 3 deals or 1 big one.

Re funds, there's £1.4m available if all outstanding warrants are exercised. As the warrant holders have been exercising their rights since April last year I don't see why they won't continue to do so especially if good news is round the corner.

Also don't underestimate the lack of funds at this moment, we're in a completely different situation now, and everyone is aking for some positive feedback from the BoD.

Might get a Chairman's Corner this week. Even if SP doesn't directly say anything. Just the fact they punish the CC would mean, all on track.

Noticed the website certificate expired this weekend just as I said it would last week. This stuff isn't hard to do. Time to find new web\marketing team.

I agree, Nutses. I think week 15 begins in a couple of days so not long until dosing is complete. Assuming everything is on schedule I'd expect an RNS in the first week of June to at least say it all went without a hitch.

To the next couple of weeks which hopefully will bring some relief to us LTH's

Was out on a run earlier. Thought of another scenario. If Parker could convince a couple of HNWI to stump up a total of say 1 million before the Tox study completes. The investors would probably double their money within a couple months. The more I think about it, the more it makes sense. I'm on leave for the spring bank holiday week. We usually get a RNS when I'm on leave. Ha ha. Food for thought.

I have a feeling that JR and TM know that they have at least met the same level of positive biomarkers at the same Phase 1 stage as some other multi-billion dollar valued compounds. If the peer reviews confirm that and the Tox study indicates the compounds are safe for long-term dosing, then that's about as good as it gets for a phase 2 ready compound.

If we look at the psoriasis market forecast of $74 billion, that HBD shared a few weeks back. A 5% to 10% share of that market could value 1801 at $200 to $500 million at this stage. This isn't even best case scenario. Best case scenario is that the biomarker data can be read across to other indications. IMO, even the low estimates double if not triple the share price here, just on a licence.

The cash runway is a concern because as PC states. They always seem to leave these things until it almost to late. The ideal scenario is dosing completes, we get a lift then the peer reviewed data drops and we get a second lift. If that happens. The SP could be 40p, raise at 30p. £1 on a deal announcement.

HBD, don’t worry, you do enough research - I’m comfortable with your statement and that things are ongoing, just a wee baffled at the timelines of anything “financial” over the last 6 months!

GLA

Hi PCS - I'm sure SP has said something along the lines of him expecting current talks on 737 turning into a deal in the near to mid-term. I think that was at the end of last year but can't find the particular quote. If I come across it I'll obviously post a link.

HBD, think Google may well have 😉

All touch and go in my opinion, unless with have been guided with a financial “incentive” at the outset as you and I have mentioned, it seems “finances” are being left late again - I was a strong believer that SRA737 would be our “driver” - I still feel it’s on as we gained the patent extension, but, it seems to be taking an eternity.

With all the potential talk of pharma funding, M & A ‘s etc. (I’ill ping another separately) - really hope we’re not letting the “finances” drift and knock ourselves out of “competitive” negotiations!!

GLA

21.00...0.00 (0.00%) ...Bid: 20.00...Ask: 22.00...Spread: 2.00 (10.00%)

Market Cap: £29.10m

-78.44% down on this one .

Never sure what to do with these big loser's .

In hindsight a top up at the 11 December low of 12p even though the spread was 16.667% would of been a good gamble .

https://www.google.com/finance/beta/quote/SAR:LON

No change here since last look 16/4/26.

Close ..21.00...2.50 (13.51%) ...Bid: 20.00...Ask: 22.00....Spread: 2.00 (10.00%)

Recent rise in another in sector I have SCLP made me look .

Close ..21.00...2.50 (13.51%) ...Bid: 20.00...Ask: 22.00....Spread: 2.00 (10.00%)

Market Cap: £28.99m

Fell back a little .

Finally my last top up 9/10/25 Buy 20p is in front .

Bottomed at 14p 10th March 2026.

11am..22.00....3.50 (18.92%) ...Bid: 21.00....Ask: 23.00...Spread: 2.00 (9.524%)

Market Cap: £30.37m.

In the risers this site , can not see any news .

Share Price: 13.00...Bid: 12.00...Ask: 14.00....Change: 1.00 (8.33%) ...Spread: 2.00 (16.667%.)

Not looked for a wile , see they have drifted down to 12p .

MM got them noticed today with the 8% gain within the 17% spread .

Share Price: 17.50...Bid: 17.00....Ask: 18.00...Change: 3.50 (25.00%) ...Spread: 1.00 (5.882%)

Rns Preliminary Results for Year Ended 30 June 2025.

25% up today at 9am.

The unfortunate double up on 9th day before the bad news not looking as bad after two weeks .

Https://endpoints.news/biopharma-ma-maintains-strength-even-as-large-deals-wane/

GLA

Hi potnak, yep have all that in the thought process - I see both ways with it all.

Regarding warrants, my belief is the HNWI’s allocations of 2021 will expire this year before being able to exercise.

Have a good weekend.

GLA

Morning PC. The halting of the Tox study last Oct threw a big spanner in the works. They wouldn't have needed to raise if it wasn't for that. The way is see it. Is no deal for 1801 and 02 until the data package is ready. That just leaves 737 which is lower priority. Something might come from 737 but it would need to be soon, if not by late summer they will raise. I work on the assumption that there 156 million shares, if all warrants are taken\eligible. Think it was TM who said they were reviewing the existing warrants to confirm if all are still active. So that figure could be lower with scope to add 5 or 6 million. Might be a question for the board.

…. It will be very disappointing after reading the general availability of funding in the Pharmaceutical world, the stated aim of the BoD’s business model if we go down yet another dilutive route, given the link below.

I fully understand that the “deal” needs to be right, however, if what we are being told by the “Lab” and the “Marketing” departments of Sareum is as stated, common business sense says we should be in “discussions” with a least someone who wants some if not all of “us” !!

The Edison report in itself states looking at “avenues” before the requirement of dilutive funding, that said it may be the only option the BoD have which is a little bewildering given they intended not to go along with Phase2 themselves.

https://endpoints.news/ma-isnt-just-for-big-pharma-mid-size-companies-are-stepping-up-deal-hunts/

Just my view, appreciate others possibly read a different scenario - that said, here’s to completion of a successful Toxicity Studies, otherwise, the above is of an irrelevance to any current opinions.

Have a good weekend to all.

GLA

While we wait, keep an eye on cdl. I know the spread is ridiculous but I think its going to mobe very quick over next few weeks

Fair comment Potnak

At this moment in time, I read the Edison report as quoting SRA737 being a potential avenue of funding - doesn’t mean it will be, but, reads as an option whilst Toxicity Studies still in progress and covered to end of.

Nothing to stop HNWI contributing to keep the lights on and I seem to recall SP stating a preferred non-dilutive route - that said business is business.

Have a good weekend all.

GLA

Depending on where we're at re any talks, for all we know funding via warrants is all we'd need to cover legal fees etc. if offers get made. Anyone have any idea how much could be raised if all remaining warrants were taken up?

I still think we could have a situation where one firm just wants 737 and another wants the whole company but only if 1801 has clean tox. If so, how should the BoD play that scenario?

If today is the start of week 14 of the tox trial perhaps we'll see more warrants taken up in June if we reach final dosing without issues.

That's my point, Aber. All of us would prefer non-dilutive funding. We'd all prefer a complete buyout. However the board have stated they will need funds in H2 26, "prior to a partnering decision". That's all I have to go on so I'm expecting it. 737 is the only thing that could come before that but the language used when talking about it suggests the compound is still being touted around rather than in final negotiations.

Personally I would prefer the non-dilutive route .. via a 737 deal - that would solve all of our problems and dramatically increase the SP

Defo not the BOD. They use a Web design company. There is a certificate due to renue on Sunday. My guess is they tried to do it yesterday and had to roll back for some reason. Rolling back probably broke some dmarc and dns config. Now Google, safari and Firefox are thinking the site is compromised. The Web design company will probably attempt to renew the cert again tonight.

Hi Nav - in fairness to the BoD, some here (Bailiff/SteveJ) could access the site ok so it's maybe something the website provider has to look into further rather than a quick fix. Earlier Virgin media had issues across the UK but not everyone was affected. Tech, who needs it, eh?

Sorry didnt want to moan, but I think its pretty pi ss poor that a publicly listed company cannot get this sorted promptly

Have cleared caches and rebooted twice....still the same result. Not a good look for anyone looking to check out the company

Grrrrr

@HBD . sorry, just seen your question about browser. AVG Secure

What browser are you using, Bailiff?

Hi HBD

Direct access, unfortunately, like IR doesn’t always register a reply - that said, I know the message in this case has been read !

GLA

Hi PCS - if you have direct access to SP, you could ask him about the other recent patent grant (methods of synthesis of chk1 inhibitors) that Sierra applied for but assigned to CRT Pioneer Fund. I only use the IR channel and didn't get a reply re this patent grant, maybe SP will mention it in the next Chairman's Corner?

Regards.

HBD

Sent message direct to SP, let you know if any response!

GLA

I've asked IR@SAR to poke their web monkey with a stick.

Probably just taken down agead of the takeover announcement.

Thank you, your order has been executed:

Bought 22917 SAR - SAREUM HLDGS ORD GBP0.0125 at a price of 21.5p

Several Links on the same topic....

https://www.thelancet.com/journals/lanrhe/article/PIIS2665-9913(26)00117-7/abstract

Brepocitinib shows promise for dermatomyositis:

https://www.nature.com/articles/s41584-026-01383-5

https://www.dermatologytimes.com/view/brepocitinib-results-may-end-decades-of-steroid-dependent-dermatomyositis-management

Sareum management openly have Brepocitinib in their sights.

Fingers crossed for all potential patients & of course, long suffering shareholders.

ATB

Hi HBD, fair comment re: peer review 👍, bb at it’s best!

GLA

Personally. I think the 16 week study was chosen for this reason in PC's post

"Study Design: While both look at hematology, pathology, and clinical chemistry, a 16-week study may include specialized recovery groups or be designed to specifically bridge the gap between sub-chronic and chronic toxicity for specific biopharmaceuticals."

As in they will have a recovery group to study as part of the data readout.

Hi PCS - just to clarify, the response to Q11 in the last IMC event re peer review was, "The full dataset from the Phase 1 clinical trial has been submitted to an academic journal and is currently undergoing peer review. We are not able to influence the journal's review timeline but will communicate when the paper is published."

https://www.investormeetcompany.com/meetings/half-year-results-151

Regards.

Hi HBD, trust you’re well and yes understand all the “potential” of the route we have taken as discussed at the AGM with some BoD members and other shareholders - yes 16 week “provides” better information regarding toxicity/efficacy etc.. , however, my point is we are a very small biotech, with apparently fingers in many pies, many others are in the kitchen too - we need to get something on the picnic table very soon!

Also, the peer review has only been submitted not accepted to review as far as I’m aware - that, then provides the justification of our Phase1a data.

Chairman’s Corner due in a week or two, hopefully, some positive “enlightenment” on matters Sareum!

GLA

Hi HBD, trust you’re well and yes understand all the “potential” of the route we have taken as discussed at the AGM with some BoD members and other shareholders - yes 16 week “provides” better information regarding toxicity/efficacy etc.. , however, my point is we are a very small biotech, with apparently fingers in many pies, many others are in the kitchen too - we need to get something on the picnic table very soon!

Also, the peer review has only been submitted not accepted to review as far as I’m aware - that, then provides the justification of our Phase1a data.

Chairman’s Corner due in a week or two, hopefully, some positive “enlightenment” on matters Sareum!

Sorry for double post 🤷🏻‍♂️

GLA

Well you certainly wouldnt let them lapse if they were 'in the money'

What you do with the resulting shares would depend on your Sareum outloook, and how many of the warrant shares you could pay for outright (should you want to)

If the recectly cashed-in warrants don't have a short expiry date, then there is only one reason to cash in warrants - to sell the new shares!

So maybe another 250k sell is coming when the price is right!

Always hard to judge thse things, Nav. Considering we might be just 3wks away from the next bit of good news, why would a punter (as opposed to a warrant holder) sell now unless they needed the cash for some other project?

I think there are other warrants due to expire at the end of May that relate to a payment in kind for introducing a HNW to us. If memory serves, the warrants are only executable if the sp has been above 30p for 5 consecutive days or something. Since they are effectively a payment and not a receipt for monies directly invested here, I don't think the terms get adjusted as they would for any other direct investor. So if the sp doesn't meet the criteria, that's life and you lost out.

Looks very much like a sell, given the imbalance yesterday of buys over sells. Good that the SP has maintained its level today. There's still buying interest around.

Would have thought that the most likely scenario HBD, but makes the upward move yesterday somewhat strange if those shares were hitting the market?

On the flip side, a buy of that size would certainly account for yesterdays move

(Am I being indecisive....Im not sure lol)

I would imagine the 'maximum' dose given is probably in that 90 day window. Then some 'patients' would come off dosing while others carry on to the full 16 week term. You then have 2 group a to compare when analysing the data. One that reached the regulatory timeframe and another that went past that by a few weeks.

My point in all this is. By the end if this week or possibly next. They will have reached the primary goal of the study. The rest of the study will help with the data analysis.

I do still think we will need to wait for the data readout but I bet the potential pharmas are watching closely.

Again, I appreciate it’s AI, but, below seems to “suggest” we were guided into 16 weeks - crucial 3 weeks ahead and hopefully successful completion 🤞

In the UK and Europe, a 13-week toxicity study is a standard sub-chronic, repeated-dose study (typically OECD 408/ICH S7A) designed to support medium-term human clinical trials, while a 16-week study is not a standardized, conventional regulatory requirement and is often a bespoke design for specific pharmaceutical or, more commonly, monoclonal antibody (mAb) studies to identify novel toxicities.

Key DifferencesStandardization vs. Bespoke Duration: The 13-week study is the conventional "90-day" sub-chronic study used to identify target organs and set safe doses. A 16-week study (or studies ranging 12–16 weeks) is often used for biopharmaceuticals, where longer duration allows better identification of novel toxicities in chronic studies.

Purpose: 13-week studies are standard for IND-enabling packages to support clinical trials, identifying potential preneoplastic lesions or toxicities. A 16-week study duration can serve to reduce the incidence of unexpected findings in later chronic studies (6 months or longer), as longer 12-16 week studies are better at predicting these risks.

Regulatory Focus: The 13-week studies often inform the need for long-term chronic studies. Research into mAb toxicology has shown that 12-16 week studies provide higher confidence for identifying toxicities that might otherwise be missed in shorter (1–4 week) studies.

Study Design: While both look at hematology, pathology, and clinical chemistry, a 16-week study may include specialized recovery groups or be designed to specifically bridge the gap between sub-chronic and chronic toxicity for specific biopharmaceuticals.

Both study durations are aimed at understanding toxicities beyond the 4-week acute phase, generally adhering to GLP (Good Laboratory Practice) and OECD guidelines for safety assessment.

GLA

I use Google all the time and the revamp must have happened this afternoon. I checked this morning at it was the old version!

I often look at Google Finance just to see the sp movement and it looks like they've revamped their site a bit. Clicking on the 'Give me an overview of SAR' gives the following, presumably AI, view -

"Sareum Holdings increased approximately 6% recently, recovering from a flat start to May. Upward movement is driven by progress in the SDC-1801 toxicology programme and warrant exercises. Analysts project a potential rise of over 30% next quarter as clinical de-risking milestones approach for the lead candidate.

Clinical De-risking of SDC-1801: The lead asset, SDC-1801, demonstrated a favourable safety profile in Phase 1 trials with no serious adverse events. The restart of a toxicology programme with a new global research partner is viewed as an encouraging sign of confidence, with completion of the dosing phase expected by mid-2026.

Significant Upside Potential from Analysts: Market consensus suggests a highly positive outlook for the share price, with a consensus target of approximately 41.60p, representing an upside of over 100% from current levels. Technical analysis also indicates a rising short-term trend that could see prices reach up to 29.59p within three months.

Capital Infusion via Warrant Exercise: Sareum recently raised approximately £62,500 through the exercise of 500,000 warrants at 12.5p each in early May 2026. This exercise reflects investor confidence in the current valuation and provides immediate, albeit modest, capital to support ongoing operations."

That's the upside. On the downside, it tells us what we already know - funding could be an issue and dilution is never a good thing. However it also makes the assumption that 1801 is pretty much all we have - no mention of 737/1802 or CNS so I would read everything it states with a raised eyebrow.

https://www.google.com/finance/beta/quote/SAR:LON

Regards.

Hi Steve, I think I am right in saying that there are warrants around 32p which, if exercised, will provide funds for Sareum but may act as a bit of a drag on the sp until cleared. That being said, should we declare a successful Tox study, then I would anticipate them being mopped up very quickly. Best of luck to you and your other half.

Num4

I’m hoping this is the start of the anticipation for a deserved upward trend. 12 weeks in and potentially only needed 13-14 weeks but going for 16 is a plus to me.

Just need the Bod to maximise the opportunity and get some news out to give us a further rise, which in turn helps to maximise their bargaining with any parties looking to license or indeed a buy out of the business. They have made too many errors over the last few years and I’m hoping they have learnt from them and now do everything in their power to push all marketing opportunities as surely they have some news from the different element of our portfolio they could update on.

Really like to see us early 30’s before the 16 week toxicity program is upon us and no reason not to issue out an RNS to say they have finished successfully the 16 week study and now await the review into the data over the coming weeks.

A few director buys or HNW buys would also help with further confidence to the share holders.

Either way I’m relaxed and still have some ISA allowance left to add more to mines and wife’s ISA’s over the next few weeks.

GLA and thank you to all for the continued research as it really feels like this is our time now and this year

12 weeks of silence from Sareum who knew exactly what problem to look for second time around, with just 4 weeks left of dosing we should take some confidence from this.

Timely buy Steve.

Good Luck everyone 🤞

If what I posted last week is correct. Then this or maybe next week, mark a big point in the tox study. Where they will have reached the mandatory 3 month milestone needed for phase 2, the last few weeks are just padding and a chance to create some control groups for the data readout.

If what I posted last week is correct. Then this or maybe next week, mark a big pount in the tox study. Where they will have reached the mandatory 3 month milestone needed for phase 2 the last few weeks are passing and a chance to create some control groups.

Confidence returning - news on the horizon

MM's will take 175k shares off me so looks like we might be going on another run.

Elcap

My buy gone through for 95,992 shares, will it show shortly 🤣

Thanks HBD

Agree on your thoughts for 737 but hopefully not tomorrow as I have my order in @21p and would like to have before any news

An interesting read https://www.theglobalstatistics.com/hantavirus-outbreak-statistics/

Whilst 1801 MIGHT have some use in treating the symptoms (as per Covid), it'll take far more than a boatload of patients before anyone thinks to accelerate its development in that area. Plenty of other diseases can also cause cytokine storms - https://en.wikipedia.org/wiki/Cytokine_storm

Unless something massive happens, this news story will drift from the public eye and WW3/Starmer/Farage/Kardashian will continue to be the focus. Hanta isn't 'new' and the media don't report the numerous cases highlighted in the above report.

I'd rather see a whopping 737 deal announced to help catapult the rest of our pipeline.

An rns in the morning to say we are working on a vaccine to prevent the spread of the hantavirus would go down well!

The other thing to consider is cost - to recoup investment, how much do you think a pharma will charge for a single annual injection? It isn't just the price of the medication, it's the delivery method too; someone has to make an appointment and administer the injection etc.

It's always worth keeping an eye on what other drugs are out there and it looks like some potentially stiff competition from a biologic (an injection rather than a pill), and the proposed dose is 600mg just once a year.

https://www.fiercebiotech.com/biotech/orukas-psoriasis-data-hailed-outright-win-over-skyrizi-spurring-big-blockbuster-forecasts

https://ir.orukatx.com/news-releases/news-release-details/oruka-therapeutics-announces-positive-week-16-data-orka-001

https://orukatx.com/wp-content/uploads/2026/03/EADV-2025-Phase-1-Clinical-Data-of-ORKA-001-in-Healthy-Volunteers.pdf

However keep in mind psoriasis is just the start point for 1801. It may also be effective in RA, Lupus, IBD, Acute respiratory symptoms of viral infections / Covid-19.

Slide 10 from the BoD's recent presentation (link below), notes "SDC-1801 has potential to achieve superior efficacy to biologic therapies."

https://sareum.com/wp-content/uploads/2026/03/260312-Sareum-Interim-Results-Presentation-FINAL-tm.pdf

All still to play for (I hope!)

Regards.

A 5 to 10% market share of these numbers would translate to an rNPV valuation between £200 and £500 million for a phase 2 ready compound. Might be more if the jak bit comes into play. Am I saying we'll get that. No, but that's how these things are valued.

Sorry if already posted.

https://www.fortunebusinessinsights.com/industry-reports/psoriasis-treatment-market-100600

Psoriasis market size:

2025 Market Size: USD 29.15 billion

2026 Market Size: USD 31.42 billion

2034 Forecast Market Size: USD 72.99 billion

No idea how much weight big pharma gives to this type of report but in the absence of anything better, it'll do for us. Don't know what detail the report goes into re SAR/1801 but at least in the above link it notes, "In May 2023, Sareum Holdings PLC received approval from the Therapeutic Goods Administration, Australia, to commence phase I clinical trial of its drug SDC-1801 intended for treating patients suffering from psoriasis."

IF big pharma took on 1801 then they MIGHT get it to market by 2030/1. Maybe just in time to establish it as a market leader by 2034 ;-)

Regards.

Utah

Agree, as a minimum I see doubling this year on the back of good toxicity and maybe other news, hence have a good holding in my isa, as does the wife now and also moved some funds in my SIPP into SAR and will be buying more next week ( SIPP is purely for the gains I expect this year and then moved back to less risky shares )

Completely relaxed and still believe in a takeover within the the next 6-18 months.

Just my own personal feeling

GLA

I recently bought into cloudbreak cdl with the sole intention to make a quick and substantial buck and reinvest into sareum while we sit and wait. Not investment advice obviously but I do see an opportunity. Over next 6 months or so I'm going to go all in on sareum when I have cash. The worst can happen is toxicology is a failure but currently the price reflects very little upside

Week 12 complete ✅

No red dot. Enjoy the weekend!

The BoD held off slightly on submitting the academic paper because, as JR stated, they wanted to make sure all related patent applications had been filed beforehand. If the academic paper got published before all patents had been filed, the paper would constitute 'prior art' i.e. public knowledge in the eyes of the patent office which would mean SAR couldn't subsequently claim novel uses etc.

Happens to me a lot too potnak!!

I have no idea why LSE stripped every upper case letter out of my last post!

the phase 1 paper is one of those things we just don't know. from memory jr confirmed the paper had been submitted. i think on the interim results im. but as far as i can remember he didn't say when he was just answering a question. if we take that as a start then we are 6 months into timescales that usually take between 4 and 9 months. they (parker) first mentioned publishing the data way back in the second half of 2024. so that could mean we are way past the usual timescales. this is the thing that makes me think there is some heel dragging. jr only confirmed the paper was submitted around the same time the first tox study was halted. what were they doing before that?

if it lands in q3\q4, it will be 2 years since parker indicated the would publish. if it lands just after tox dosing complete and i'm time for a conference. it's a beautiful coincidence or there is ****ery a foot . ha ha

i'll ake it but also predict a raise when\if the peer reviews confirm that the bio markers observed are hitting the same pathways as tak279 was in the same position.

Many thanks HDB for the reply and clarification in simple terms.

I don't want confuse things. HBD is correct. Mid June for end of dosing period. All I was saying is, there is a mandatory 3 months dosing needed to move onto phase 2. So if we take Feb 17th as the start date. May 17th is the 3 months. The dosing will still continue until 16 weeks is up.

This is more for my benefit. I'm looking to buy a few more before the study ends. I will wait until the 3 months timeline is completed. And buy a few. Then if no major adverse effects in the final weeks. This hurdle will be done and we should see some buying.

Because they will be dosing at many multiples of the clinical dose. We will need to wait for the data to see how the animals do after dosing. I know JR thinks we are clean and highly tolerable so 🤞

Hi Pav - JR said they announced the restart after it was up and running for a few days so if it started, say, 11th Feb then 16wks takes us to the middle of the first week in June. That will be the end of the dosing phase and I'd expect an RNS to that effect. Not sure what data they will have by then but they might be able to say if things look better than expected or whatever. It'll still take 5 or 6 months to fully review the data to see if there are any lasting toxic effects and prepare the P2-ready package.

Once the package is ready we should get significant interest from other pharmas. IF we get a 737 deal ahead of that it'll put us in a very good negotiating position.

So 13 weeks tomorrow then? Sorry got a bit confused. Would they say anything before end of 16 weeks or we will have to wait another 2-3 months to hear anything good or bad?

So 13 weeks. Id say 2 weeks tomorrow will be the end of week 13. It doesn't really matter but personally, I believe the SP is stagnant because of what happened last Oct. Getting past a mandatory milestone will give me a level of confidence that 1801 will indeed be phase 2 ready by the end of this year and that means, ready for a deal too.

@mike....it's like an episode of Traitors with what the MMs do to make the price look either negative or positive........

....despite having dropped the headline bid price a smidgeon this week, the actual price you can get is up a tiny amount

More MM fun and games, but another week closer to the tox study completion