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Hi PCS - as one recent presentation noted, '1801 is potentially a pipeline in a pill'. Quite a bold statement from people who strike me as cautious, measured and not given to hyperbole.

Whilst part of me is given to thinking this could still all go pear-shaped, everything I've read suggests the science is on the right path so our time will come.

Hi all - just on a slight tangent, from what I've read about general tox study processes, the lab should be giving the BoD regular updates on progress. However I don't know if the lab will also dripfeed the results of each postmortem or only deliver a completed results package at the end of the study. If the BoD do get interim results and they chose to share them with preferred third parties, it might prompt a bidding war sooner rather than later e.g. if someone at Evil Pharma Corp was sent interim results, their first question should be, 'who else has seen this?'.

FOMO must apply to those working in pharma acquisitions just as it does to the rest of us now and again.

If SP is reading this, it wouldn't hurt to Tweet/X something to say we're halfway through the study and all is proceeding to plan (or similar).

Regards.

Hi Warthog - worth a read: https://www.precedenceresearch.com/psoriasis-treatment-market

"The global psoriasis treatment market size accounted for USD 31.61 billion in 2024 and is expected to reach around USD 68.24 billion by 2034, and is predicted to increase from USD 34.14 billion in 2025, expanding at a CAGR of 8% from 2025 to 2034. The North America psoriasis treatment market size reached USD 12.29 billion in 2024."

Hope Mrs W is doing well.

Just for fun I asked AI "What might a once-a-day phase2-ready drug for autoimmune diseases such as psoriasis be worth if it has shown no toxicity in extended toxicity trials?"

Hopefully this link to the answer works otherwise see below - https://www.phind.com/search/cmdc060dm00002a6k1028irra

"Based on available market data and pharmaceutical industry standards, a once-daily Phase 2-ready drug for autoimmune diseases like psoriasis with no toxicity issues could be valued in the range of $500 million to $2 billion, depending on several key factors. Here's the detailed analysis:

Market Context:

Psoriasis affects approximately 125 million people worldwide

Current treatments often require multiple daily doses or injections

High unmet medical need exists for oral therapies with favorable safety profiles

Valuation Factors:

Development Stage Value Multipliers

Phase 2-ready status typically commands 2-5x higher valuation than Phase 1 assets

Clean toxicity profile significantly enhances value

Once-daily dosing adds premium due to improved patient compliance

Competitive Landscape Impact:

Current market dominated by biologics and complex delivery systems

Limited oral treatment options available

Strong demand for simpler administration routes

Market Potential Drivers:

Chronic nature of psoriasis ensures steady revenue stream

High treatment adherence value

Potential expansion into related autoimmune indications

Value Range Breakdown:

Base Value ($500M):

Reflects proven safety profile

Accounts for successful Phase 2 readiness

Considers current market competition

Premium Value ($1B+):

Added for once-daily dosing advantage

Enhanced by clean toxicity profile

Reflects potential for expanded indications

Maximum Potential ($2B+):

Achievable with strong Phase 3 data

Dependent on demonstration of superior efficacy

Contingent on successful regulatory pathway

Key Considerations:

Development Risks:

Phase 3 trial success uncertainty

Regulatory approval challenges

Manufacturing scale-up requirements

Market Dynamics:

Competition from established biologics

Potential impact of future generic competition

Payer reimbursement negotiations

Strategic Partnership Value:

May command premium in licensing deals

Attractive to companies seeking oral treatment options

Valuable for portfolio diversification"

Incidentally, worth a read - Therapeutic Advances in Psoriasis: From Biologics to Emerging Oral Small Molecules https://pmc.ncbi.nlm.nih.gov/articles/PMC11417777/

Hi Krone - considering the UKRI-funded trial of 1801 against preclinical models of severe phase Covid-19 showed promise, I wonder if the apparent absence of other C19-related studies using 1801 is down to a lack of availability of the drug from suppliers. We've seen 737 used in many preclinical studies and it appears readily available from numerous websites but I can only find one (see below) with any entry for 1801.

https://www.abmole.com/products/sdc-1801.html

I don't know if AbMole actually have the compound as usually they'd also show price info. Imagine if there are researchers dotted around the globe with an interest in 1801 but they can't access it for preclinical trials.

(just for info, here's their entry for 737 - https://www.abmole.com/products/cct245737.html)

We can only hope that there are one or two big players ready to pounce once the tox trial is complete.

Regards.

Hi Hopkirk - I think if a partner chose the CEO it might give the wider market a stronger signal that the company is moving forward with great intent than if we sourced one ourselves. The BoD are often criticised here for lacking business accumen so would any person of their choosing get tarred with the same brush? If the partner is a global pharma then their choice would possibly be someone with a solid track record or maybe a younger high-flyer 'given' Sareum as a project e.g. prove your worth with this lot and you'll be on track to become head of our XYZ operations in a few years.

Almost too many scenarios to contemplate. Just as long as we don't get another anonymous deal!

Hi Hopkirk - if we got a big enough deal for 737 but then couldn't get an acceptable one for 1801 over the line, I think at that point the BoD might say, okay, we have the funds to enter P2 on our own and now is the time to get a new CEO to lead us into the next chapter. Obviously that scenario hinges on two key events however my current feeling is that once full tox results are fully reviewed & understood, we'll either be taken out completely or a partner will install the CEO of their choosing and we'll continue under their guidance until 1801 is proven in patients (and maybe not necessarily in psoriasis).

IF the tox trial started on, say, 26th May then 16wks takes us to 15th Sept. Add 6-8wks for the data review and things could get interesting around mid-November, if not before.

Just to add to SOG's post, to paraphrase SP at the recent presentation, no-one ever sued a pharma over a drug's inefficacy however they are sued over safety.

Presumably the lab carrying out the tox study will provide interim reports to the BoD throughout the trial. It would be interesting to know if the BoD are sharing early results with third parties. If so, are we approaching a 'who blinks first' scenario or would a pharma be more cautious and wait a few more months for the completed report?

I sent an e-mail to IR yesterday and SP replied this morning so it looks like things have greatly improved on the interaction with investors front.

Although there is no news to report to the market on the particular subject of my e-mail, opropos of nothing, he opened his reply by asking about a specific author. It's almost as if he reads this forum...

Regards all.

Hi PCS - just one more thing to add to the 'mysteries of the universe' file!

I'll drop IR@SAR another e-mail on a different topic with the hope they can release an update which might get the sp back on track. Stay tuned....

I had the same thought after I posted, PCS. The warrants remain at 12.5p unless something fundamental happens so why not wait it out?

Fair point, Hopkirk.

Hi NavM - the obvious question re the conversion is, why now? The sp had momentum and may have reached 25p+ by the end of this week so it seems odd to convert the warrants rather than wait another week or so when the sp was doing so well (relatively speaking).

Whoever it was would have looked at recent sp activity so must have had a pressing need to do it now, otherwise, why?

Hi Num4 - I'd guess if it's a sell then someone needed the money as there are too many 'positive news stories' in the pipeline:

Paper on 1801 to be published (keep in mind the Oz trial results were better than they'd hoped for)

Larger stake in 737 and control of its direction

Almost halfway through extended tox study of 1801

New CNS molecules to play with

1802 may end the endingly endless translational studies

Onwards!

On the flipside of dummy sells, thinking back to the last day of the tax year when I was trying to buy £20k and it was NT almost constantly, I wonder how much my repeated attempts to buy at various deal sizes contributed to the increase in sp. That day my buys averaged out at 18p with the sp peaking at (I think) 22p and a 50%+ increase on the opening price. Turns out I'd been competing for shares with a much larger buyer - them's the breaks.

Regards all.

Hi Bailiff - for the moment I'd just be happy with a steady 5% increase each day. I don't think 28/29p this time next week is out of the question but it'll probably take some tasty bit of news to properly accelerate us back to where we should be in terms of sp.

Did you manage to get your top-up?

Regards.

"Vyne Therapeutics has given up hopes of resuming a plaque psoriasis trial for its BET inhibitor placed on hold by the FDA, but the biotech will persevere with the candidate.

The agency slapped a clinical hold on the phase 1b study of the oral small molecule, called VYN202, in April after testicular toxicity was reported in dogs from a separate, nonclinical test. At the time, the company halted all screening, enrollment and dosing in the trial while it worked with the FDA to resolve the hold.

Since then, the FDA has lifted the hold in relation to female patients receiving 0.25 mg and 0.5 mg doses of VYN202 after concluding that it wouldn't result in adverse effects. However, Vyne did not ask the FDA to sign off on resuming a 1 mg dose “due to its lower toxicological safety margin as compared to the 0.25 mg and 0.5 mg doses,” Vyne explained in a July 2 release.

The FDA said a 12-week toxicology study in dogs would be needed for the agency to consider lifting the hold when it comes to male patients, Vyne said."

https://www.fiercebiotech.com/biotech/vyne-prunes-psoriasis-trial-fda-hold-keeps-faith-bet-inhibitor

https://www.globenewswire.com/news-release/2025/07/02/3109093/0/en/VYNE-Therapeutics-Provides-Program-Update-on-Oral-BET-inhibitor-VYN202.html

Shows you why the extended tox study is so important...especially if you're a bloke.

Anyone know where Vyne can get a jak1/tyk2 inhibitor for, oh, let's call it a round £1bn?

Hi Snoop - if you recall the BoD's previous slide presentation, it suggested 1801 was potentially 'a pipeline in a pill' - how much would a pharma pay for that alone? IF 1802 shows the same promise in cancer, then who knows? My own feeling is 1802 will finally complete its translational studies around the same time 1801 completes the tox trial....almost as if it was all planned to dovetail.

It would be interesting (and appreciated) to get a view on this from Billy-Bunter and Shepherddollar.

Hi Krone - Just looking at the metrics and maybe it should be renamed the Chinese Journal of Pharmacology.