Member Info for PCS1954

Utah, sorry who is “we”- if Toxicity Studies fail does JR get the sack and “we” the bb take over the “science” - interesting scenario, given some of the contributions on here!!

If Toxicity Studies successfully completed, always two sides to the coin, the BoD potentially enter buyer v seller values territory ( if they haven’t done so already), compromise by both to get a deal, put to shareholders to vote - what we all hope for and signed up for when we invested - love to know who you’re proposing for “we” in place of BoD for that ?

As yesterday showed, the bb has some very good contributions, we all know there is high risk to gain reward - unfortunately, as you have just shown the fairground is never far away!!

GLA

Https://www.fiercepharma.com/pharma/jj-protagonists-game-changer-once-daily-psoriasis-pill-icotyde-nabs-fda-approval

GLA

Yes, good morning C79 and thanks for sharing.

GLA

Hi BH

Thanks and appreciate your reply, however, I was actually hoping someone out there who is knowledgeable on warrants and could give a factual position of where we stand with them - I’ve trawled the RNS’s so have my take and hence the 4 queries.

Likewise, I don’t think HNWI’s will exercise their warrants - but, happy to learn from others where they might along with the 3 other considerations.

GLA

Morning Stevej

As I said not my area really - so be pleased for any comment from anyone on the following:-

1. HNWI’s warrants were pre-consolidation, what effect does that have as I assume they are not worth exercising in relation to given current sp and will expire.

2. Have RF exercised all of their warrants following equity settlement.

3. How many subsequent subscription’s warrants are in play and expiry dates.

4. My understanding of BoD’s options with vested date October 2027 is 50% at around 30p and 50% at same subject to performance related conditions - are those conditions public knowledge.

May be jumping the gun talking about the above but clarity would be good for the bb.

A tad later than you Stevej , Dec 2009 for me, done ok, but last few year’s a slog - however, that’s done and do feel after the marathon we could be entering the stadium for the last lap with fresh air in the lungs!! 🤞

Enjoy your Sunday.

GLA

Stevej /Nav_Mike

Wind back to Wednesday and I certainly didn’t expect to be discussing “warrants”, must have been a “good presentation”

Quick recce and I believe there are 5 warrants to be exercised from June to December by HNWI’s, all very unlikely given the exercise price.

So good in one way, as less dilution of current 138m share capital, but, as Laz states the elephant the room future funding needed, hopefully, non dilutive 🤞.

Also, need to remember other warrants are out there at 12.5p and the BoD have options vested October 2027, so I still work with Potnak’s 156m “share capital” for now!

As a footnote, nice to see the bb having open discussion about Sareum without all the “ridicule” that seems to be the mantra of some - still high risk, but, certainly all to play for!

Great weekend to all - the sun is shining and Friday the 13th has passed !!

GLA

Agree 👍

Hi Stevej and @ Nav

This certainly is not my area, but, a thought - the various subscription raises via the HNWI’s in 2021 came with 5 year warrants that appear to expire during the course of this year - I think I’m correct that TM said the “problem” would correct itself during this year, albeit, a little curve ball I think he said from 4 not 5 years ago!

I may be well off the mark, but, TM appeared very hesitant in putting across, so I’m intrigued.

GLA

Hi Nav

More than happy to be corrected, may have got my terminology wrong by saying cash injection - my understanding is that yes the warrants are a liability and therefore in brackets and are a deduction of our current stated cash balance, as they unwind and expire they become nil value which improves our cash balance statement - yes appreciate for additional cash, the warrants need to be exercised.

As I said happy to be corrected, otherwise, not sure how they can fund the Toxicity Studies.

Have a good weekend.

GLA

Hi Bobbler

Think fair to say any potential buyer will be valuing on the “current” proven science data and where that stands in the “at the time” competitive market, not Sareum’s “history”.

JR could well be tagged with any deal, that said my gut feeling is that at the right offer ( risk v reward considered ) TM & SP will push for sooner timeframe rather than later subject to usual caveats of progressing where we are and want to be over next 6/9 months.

@ potnak, yes picked up on warrant scenario, thought TM was a little evasive, but, my understanding ultimately a “cash injection” to the books!!

GLA

Potnak, can’t argue with that as my sentiments too - the AGM statement of “maintaining the IND phase1 application” and yesterday’s patent extension puts to bed the argument muttered by many “what are they doing with 737.” (Obviously, still needs to come to fruition).

Of course, as you state Toxicity Studies are paramount, but, after all the wandering in the wilderness I think there is now a clear focus and with a fair wind we will hopefully be rewarded.

Right off now, enjoy your day all.

GLA

* quote

GLA

Just a personal opinion, I think we would possibly go for a deal sooner (risk v reward), otherwise, TM wouldn’t have stepped aside and would be a full on COO (no criticism) and active in assisting getting all the “science” to necessary stages with same time commitment as JR - SP has witnessed our faux pas’s and would as stated keep to our “business model” - once we start on licensing, our assets are shared values - my dream is sell out the lot £900m, realistically two thirds of that I would be “over the moon”, reality half of that this year and I’d probably go at my age as more than enough with what I made in 2021.

Either way, whilst we are in a much better place than we knew close of play Wednesday (to quite otherwise I think is misleading) we are still only 15p when I last looked this morning, so still a way to go!!

Everyone to their own, and as yesterday proved the “Trio” provide the facts not the noise of the fairground.

GLA

@potnak sorry meant the partnering question - as for the speed dating did you pick up TM has a chaperone as the American brokers to attend as well.

I don’t think we could have asked for a better update, hopefully, the momentum continues and provides a steady progression to better commercial values.

Looking forward to beer O’clock!

GLA

Very good presentation and Q & A imo, questions answered with clarity (potnak, good to see your Bio question answered) and as a a critic of TM acknowledge that’s probably his best “performance” in many a year!

Hat’s off to the “Trio”

GLA

Hi Laz, if ever there was a time to provide a clear statement of intentions from the BoD it was today and I think they have - of course, still risk and dare say “words need to become action” but there is certainly a different approach to “presenting” and for once, I actually enjoyed reading!

On with the day….

GLA

smart_inv fyi

https://www.**********/lse/sar/rns/2026-03-12/half-year-report-for-six-months-ended-31-dec-2025/3116w

i’m happy with that, sra737 still has skin in the game and i think we have an honest assessment where we are and the “brokers” are earning their corn, hopefully, all comes to fruition during the set pathway.

will listen in this afternoon, but, no sure at this stage much more to say - my bet is still on the table.

gla

Hi Krone

Trust you’re well, below is an excerpt from the AGM Statement 3 months ago - interesting to note that Sareum state they’ve maintained the IND application by our previous “secret” bio which I believe has to be responded to by the FDA within 30 days ( this is where I miss HBD’s ferreting - hope he’s ok as not heard from him on the bb since Nov/Dec ) - would like to think some form of further progress over the past 3 months had been made given we have as declared sufficient stock of the compound for this trial, the new American brokers etc..

“The Company continues to explore partnering opportunities for SRA737, building on positive Phase 1/2 data that demonstrated good tolerability as monotherapy and promising activity in combination with low-dose gemcitabine in anogenital cancers, an area of significant unmet medical need.

Furthermore, Sareum has maintained an Investigational New Drug (IND) application with the United States Food and Drug Administration (FDA), opened by the previous licence holder, to conduct a Phase 1 trial in patients with acute myeloid leukaemia and myelodysplastic syndromes. The Company retains sufficient stock of SRA737 capsules to conduct such a trial.

The Company remains confident in the potential of SRA737 and is assessing the most effective routes to progress and create value from this asset.”

GLA

Morning Silverfoil, also had Arsenal season ticket’s with the missus when then went to the Emirates- only way I could get to see CL football- passed them on now though due to Cornwall trips.

Just a small note to the thread, hindsight is normally 20/20 ( as the quote goes) but who is to say we would have succeeded with Phase 1b, it’s a trial after all and the advice for Toxicity Studies, did it come from a third party with a commercial “intention” - who knows?

All conjecture both ways, that’s why I now keep to the RNS’s, dull and glacial as they appear to be at the moment - 4 compounds in the “mix” at whatever stage, hopefully, something has an “kick” in it tomorrow!

Enjoy your day all

GLA

Silverfoil, good to hear you’re “chilling” !! ( pardon the pun )

Back in TOWIE at the moment, but, probably 50/50 with time in Cornwall so far this year!

Enjoyed WHU’s performance in taking penalties last night.

Anyway, hope it warms up for you, keep well and apologies to others for “off topic”

GLA