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Looking at the price around that time, it's a buy.

Hi Bailiff - I guess some might just need the money (I recall Ahfam having to sell a chunk when his father passed away) or maybe their strategy is time-based.

Anyway, a slow and steady 20% daily increase for a few weeks would suit me!

Hi Desamax - I thought it sounded familiar - BoilB highlighted it back in mid-April.

I managed to dig this up at the time - https://www.mohesr.gov.iq/en/post/kufa-university-obtains-patent-2025-04-20-19

I think it relates to this - https://www.explorationpub.com/Journals/etat/Article/1002193

So currently 737 is between Iraq and a hard place. Boom tish.

I think about this every night I go to bed, Ben!

We have Michael Owen as a non-exec director who should be scrutinising what the exec directors are doing to ensure they're acting in the best interests of the company (and that means us!). He was the co-founder and first CSO of Kymab Ltd, a biopharmaceutical company based in Cambridge, UK, which was acquired by Sanofi for up to £1.45 billion in 2021. Prior to Kymab, he worked for GSK where he was SVP and head of research for biopharmaceuticals R&D. This suggests he should know what's what re valuations and processes.

I really have no idea what we might be worth if all things come to fruition. I have a minimum figure in mind that I would accept but only if it looked like it was our only option - I think we could actually be worth 3 or 4-times that figure when you consider 737, 1801, 1802, CNS/BBB, FLT+Aurora & SKIL. Tim suggested 1801 alone could be a pipeline in a pill for a big pharma.

I'm not saying we're the same, but the below is worth reading again...and again...!

https://www.fiercebiotech.com/biotech/pandion-s-secret-to-moving-a-65m-merck-offer-to-a-1-9b-done-deal-a-year-just-keep-saying-no

Hi Basser - I posted this last month, hope it helps.

https://www.phind.com/search/cmdc060dm00002a6k1028irra

Hi Ben - IF we did get a T/O offer, I think the rules state the BoD has 28 days to seek a better offer. Once the dust settles on any bidding war (imagine!) the BoD would have to issue a statement along the lines of "we recommend this offer to our shareholders" or " we recommend our shareholders reject the offer". They'll know better than any of us what the company is worth and I doubt they'd 'give it away' for a couple of quid per share.

Hi Ben - I think once all warrants are taken up there would be circa 150m shares. At 230p a pop, that'd be £345m. In my opinion, that's way less than what I consider our compounds to be worth. At the height of covid-mania we were worth about £300m and we're much further down the road to success from that point.

Hi Aber - I think the only time shareholders will be asked to vote on a deal is if a T/O offer is made. The BoD have exec powers so they can sell/license compounds as they see fit otherwise there'd be endless to-ing and fro-ing.

I think we're so close to having a complete picture of 1801's abilities that the BoD would be better off holding out for a deal at that stage unless an offer that they couldn't refuse was made ahead of full P2 readiness. There may be one or two 'preferred' parties getting sight of data before the wider market but if 1801 is as good as we believe, the BoD should be confident enough to wait until they can seek offers from the whole market - money talks etc.

I think the lab should be giving the BoD regular updates so even if full results aren't known for a while yet, they'll have a good idea if there are any issues or not.

Morning NavM - with the toxicology trial due to end in about 4wks I think we might begin seeing investors who have sold shares in the lull between news events buy back in. Although the BoD have said full results will take a couple of months after the trial ends in order to completely understand the data, I'd hope they can at least issue a statement to say if all endpoints were reached and/or a max tolerated dose has been identified. Having a known MTD will reassure regulatory authorities...though the MHRA will probably still find something to complain about!

Hi Meg - I hope the improved comms is down to the BoD now recognising that at this stage of of the game (either 1801 or the whole company being prepped for a sale) then they need to be more outward facing than before. They don't need to divulge every business meeting for obvious reasons but they have to be aware that many shareholders have stuck by them for years and want to see large returns for their patience - part of that is being more visible to both large pharma and investors alike.

I've just sent an e-mail with the link to SP in the hope he can reach a wider readership for that article. He's been very prompt in replying to my last two e-mails so fingers crossed that the trend continues.

Regards all.

Came across a 'must read' re our joint venture - https://joshthompson.co.uk/investing/sareum-receptor-ai-collaboration-neuroinflammatory-drug-discovery/

Possibly worthy of a tweet by SP if he's reading this.

Conclusion: "Sareum’s collaboration with Receptor.AI is a savvy piece of operational strategy. It smartly leverages external AI expertise to accelerate a high-value, technically challenging aspect of their drug discovery efforts – specifically targeting the brain in neuroinflammatory diseases. By building on their own promising findings and retaining full ownership of the output, Sareum is using AI not as a gimmick, but as a practical tool to derisk development and potentially unlock significant future value in a major new disease area. The four-month timeline means we won’t have to wait long to see the initial fruits of this intriguing partnership. Definitely one to watch."

Hi SOG - just for info, I found this https://www.investegate.co.uk/announcement/rns/physiomics--pyc/payment-for-in-silico-modelling-of-inhibitor/4890030

Wasn't 737 part developed through the use of AI modelling?

Sorry, meant to add -

"Detailed terms remain undisclosed; however, Sareum will retain ownership of all intellectual property and compounds resulting from the collaboration.

Dr Alan Nafiev, Chief Executive Officer of Receptor.AI, commented:

"Designing BBB-permeable, isoform-selective kinase inhibitors requires simultaneous optimisation across multiple parameters. By combining Oracle.AI’s multi-engine docking and meta-scoring with our high-performance ADMET models, we can systematically address binding, selectivity, brain penetration, and synthetic feasibility from the outset."

Dr Stephen Parker, Executive Chairman of Sareum, commented:

“This collaboration is a logical and timely next step following our recent findings on BBB-penetrant TYK2/JAK1 inhibitors. Receptor.AI’s expertise in integrating predictive modelling and generative chemistry into the discovery process will help us accelerate the identification of high-potential candidates for neuroinflammatory conditions. This technology allows us to harness the speed and accuracy of AI to de-risk and optimise our discovery and early development.”

Also https://www.receptor.ai/news-and-blogs/receptor-ai-announces-collaboration-with-sareum-to-accelerate-discovery-of-bbb-permeable-tyk2-jak1-inhibitors-for-neuroinflammatory-diseases

Hi C79 - page 9 of that Alumis Corporate presentation: "TYK2 Class has Extensive Validation with Substantial Market Potential Across

Immune-Mediated Diseases - estimated total 2030 market value >$150bn"

With Receptor.Ai now working on a new molecule for us, our potential value could be very large indeed IF all goes well. We just need the tox data for 1801 and results of the computer modelling of the new CNS/BBB compound and things could take-off significantly.

Hi PCS - a 737 deal would take a huge amount of pressure off the BoD (and do wonders for the sp) but I think they're walking a bit of a tightrope between actively seeking a 737 deal and keeping it in-house in order to sell the whole company. SP said at that ProActive event that they'd been engaging with key opinion leaders on 737's future and he hoped to "report a plan not too far hence". Maybe that was said in order to buy some time re shareholder expectations but with the hope that an offer comes in for the whole company - perhaps wishful thinking on my part.

Sounds like the BoD have their hands full at the moment with all that's going on.

Hi PCS - I think the BoD have suggested if they don't get a post-tox deal for 1801 then they'll maybe push ahead with Phase 2 if shareholders are up for it.

Success in P2 would add huge value but it'd have a cost.