Member Info for HotblackDesiato

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.

Hi PCS - I think those two recent large subscriptions included the clause offering an adjustment to the warrant price if there was a subsequent sub at a lower price precisely because they saw the situation the 2021 HNWs find themselves in. If the original HNWs had been able to renegotiated their subs then there would have to have been an RNS as it would materially impact the business re shares in issue verses potential shares in issue.

Do you think Google just read my post and cobbled together its answer?!

Yes, I agree on the 737 scenario, give away a fair percentage for a chunk of cash. Not sure the BoD could buy shares as they'll have insider info on 1801's progress. IF they can state 1801 dosing completed with no issues then I think that'll finally take the brakes off the sp and we'll head towards £1.

I'm keeping my fingers crossed that someone wants the lot once 1801 tox is established.

Hi Stevej - yes, it was a bit of a pain but worth doing and yes, just shy of 150m shares if all are exercised (excluding anything due to directors).

If those 11,186,922 warrants are taken up at 12.5p it would give us £1.4m which might be enough to cover whatever expenses are required at the end of the year to get through any 1801 Phase II legalities and any associated negotiations etc.

Regards.

I've gone back to the days of the initial HNW subscriptions in 2021 and tallied up all the various placings, directors deals, shares in lieu of advisor fees and so on and worked out what warrants remain outstanding and what conditions must be met to exercise them.

I've ignored the RF shares as it was too painful to revisit and as far as I'm aware, we'll never hear from them again. I've also ignored any potential shares due to the BoD for meeting targets in the future etc.

Adjusting for the 50:1 consolidation in Feb 22, as far as I can see there were 12,684,238 shares outstanding via warrants prior to the 7 'exercise of warrant' RNSs between April 2025 & May 2026.

The initial HNW/Institutional investors are probably on a sticky wicket as their warrants expire soon and the sp has to be at a particular level for 5-days in a row (I hope the formatting works):

Warrants Price Expiry Terms

128,571 £1.40 01/06/2026 sp £2.50 5-days

200,000 £2.45 14/06/2026 sp £3.50 5-days

285,714 £3.50 19/07/2026 sp £4.50 5-days

303,030 £4.13 09/08/2026 sp £5.12 5-days

Additionally, someone has 580,000 warrants exercisable at £2.50 each for 'introductory services' expiring on 31/5/26 but only if the sp hits £3.50 for 5 days. Good luck.

The only other subscriptions with associated warrants are two from Oct 2024 (11,820,000 & 4,444,444 shares). Whilst they subscribed at 20p & 22.5p, there was a clause allowing their 1-for-1 warrants at the same subscription price to be adjusted lower if there was a subsequent raise at a price lower than their original subscription - a sub on March 2025 at 12.5p means those earlier warrants dropped to 12.5p.

These warrants don't expire until Oct. 2029 and since the end of April, warrants to the tune of 5,077,522 shares have been exercised at 12.5p. Assuming those are all related to the Oct 24 subs (as they're the only warrants outstanding at 12.5p), it's probably safe to say only 11,186,922 warrants remain that are likely to be taken up as the earliest ones from 2021 won't see their trigger price before the end of this month.

If anyone is wondering, no, I don't have a life but if this all pays off, I'll be a millionaire....without a life.

Time for some telly.

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.

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?

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.

What browser are you using, Bailiff?

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

Thanks all. It'd be just the thing if we had some massive announcement attracting new attention but the website was up the creek.

Yesterday I got an odd alert when I tried to access the SAR website, something called "muimiuse.shop" got flagged up and now when I try to access the SAR website my browser says "The site ahead may contain harmful programs: Firefox blocked this page because it might try to trick you into installing programs that harm your browsing experience (for example, by changing your homepage or showing extra ads on sites you visit)."

Anyone here able to poke it with an appropriate stick to see if anything has been compromised? Maybe just my browser being overly twitchy.

Thanks.

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 PCS - we were advised to bypass P1b as Tyk2/JAK1 has already been established to be effective so it'd just be retreading old ground. I think going for a 16wk rather than 13wk tox study ensures we meet any standard thrown at us by regulating authorities such as the good old MHRA.

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.

Hi Bailiff - possibly the warrant holder selling half their recent acquisition?

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.

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.

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.