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So, nothing concrete, but they could say: 1801 progressing into the second half of dosing period. Patent filed for CNS indications and maybe an update on where 737 might be going based on who is presenting at ASCO.

I have a feeling that the half year results could be a chance for a significant update on all compounds. The 1801 Tox study will hopefully have passed that 4 week point where if was halted last time. Also someone can correct me here but I don't think anything has been mentioned re patents for the new CNS indications. I guess more work is needed on the chemical structure of this compound but I also suspect, they will want protection for the compound ASAP. HY Results is the perfect vehicle for this type of update. And finally 737. With two major oncology conferences in spring. HY Results could be perfect to point to where 737 might go.

The board gave already stated that they will need funding for phase 2. It's no suprise, no conspiracy. If Tox data and full date package excellent, there will be a swift on licence. If not, they will need other ways to fund. We know all this already. Plan your own strategy for all scenarios. Don't come and moan here when they do raise because you have been warned, several times.

Nothing has been delayed. The delay already happened, last October. The SP will fluctuate until tangible news, and so will those that hold but don't make up stuff that wasn't in the RNS. There were zero delays reported. The RNS reported progress. The end of year timeline is for everything to be completed. The full phase 2 enabling data package.

Your anxiety is making you look and act stupid.

I'm still not sure what a HNWI would or could do differently. They would have to wait for the Tox study to complete. There is no phase 2 trial and therefore deal without a successful "phase 2 enabling" Toxicology Study.

Yes, I do wonder if there was already an interested party and maybe the publishing of the P1 data is linked to that and the delays too. I personally don't believe there is anything groundbreaking in that data but because the board said they would publish it, it has now it has become another thing they haven't done.

"by year end" is 4th quarter. We'll know the results by the AGM.

"by year end" is 4th quarter. We'll know the results by the AGM.

The delay happened last Oct. Not yesterday. In fact, you could argue that the delay happened when the decision was made to pivot from a p1b to a phase 2 enabling Tox study. Water under the bridge but that's when you should've got out.

Hey, Steve. What was it about starting the Tox study in the required timeframe that you didn't like?

Desa, Depends how you interpret mid 2026 from complete. It could have started yesterday and still complete but mid 2026. However, if the rules allow, if I was Parker, I would keep them wooly until the 4 week milestone has been passed. I think we will get an update in the March results. Depending when they land we could be 6 to 8 weeks in by then.

I have to admit. I'm at a loss and confused at the negative sentiment here. Can someone, who is annoyed or frustrated with the RNS, explain why? What were you expecting against what we got?

It's a 16 week dosing phase. Strictly controlled, everything reported. There are no shortcuts. We have been told this several times. Then the data needs collecting, analysing and writing up along with the PK study and phase1 data. The study was never just 4 months!

I'm not a board apollogist but they literally delivered the start of of the study in Q126, just like they said they would. Was it as early as possible in Q1? I guess it was, difficult to prove otherwise. We need to wait now. Squeaky bum time in 4 or 5 weeks and we may as well wear a nappy for the next 16 weeks because this is it. They are either building value or identifying an also ran. You don't get to the payoff before this plays out.

Note: strategic buying or selling now could could well affect your emotions in the next 6 months.

I said last October that the failed Tox study had set is back 1 year. There wasn't any reason to think anything different. If you did, that's on you, not the company. The board made mistakes when setting expectations, as is their way. Not sure why they do it but they try to placate the shareholders when all we really want is a degree of certainty. When the tox study was first announced. JR said it would be a minimum of 6 months, for dosing, data collection and report writing. The Parker or Mitchell, presumably to get them out of an awkward conversation reportedly said. 16 weeks plus a month. This board then latched onto that.

If dosing starts immediately and the the mid 2026 expectation appears to say it has. Then we might get a progress update in the half year results in March and a dosing completed in update in the Oct final results. The full package will ready for publication before the AGM. With a licence quickly following. Possibly early 2027. Of course all of the above assumes. The trial goes well.

Still a bit of obsfucation but a good RNS with better expectations set. Even a bit of wiggle room in there to deliver early. Personally, I'd to see an update at week 8 of dosing. Just to say everything going to plan. Other than that, it's a wait and see. For those that are interested, quite possibly no one. But it's half term, school holidays. The SAR RNS have a tendancy to drop in school holidays. Let have a 737 rns for Easter please.

Maybe, Cobalt, but the deal I highlighted proves that pharma will do deals worth hundreds of millions. And this is for a compound that hasn't been anywhere near a human yet. If Sareum can demonstrate similar or better, then they are primed for a pre-clinical deal for CNS.

My little AI agent has been beavering away. Here is the weekly update for CNS. Even ore clinical, the scarcity for this indication could mean a valuation of 10 to 20% of the Formation deal.

The Deal Structure:

On 10 December 2025, Formation Bio (formerly TrialSpark) secured exclusive global rights (excluding Greater China) to LNK01006, a CNS-penetrant TYK2 inhibitor developed by Lynk Pharmaceuticals. The deal is valued at up to $605 million (£480m) in upfront and milestone payments, plus double-digit royalties on future sales. To house this specific asset, Formation Bio created a dedicated subsidiary, Bleecker Bio, allowing them to fast-track its development for multiple sclerosis (MS) and other neuro-inflammatory diseases without it getting lost in a larger pipeline.

​The Strategic Read-Across for Sareum:

This transaction serves as a direct valuation benchmark for SDC-1802, Sareum’s own CNS-penetrant TYK2/JAK1 inhibitor. It confirms that Big Biotech is willing to pay half a billion dollars for early-stage assets that can successfully cross the blood-brain barrier to treat neuro-inflammation. The deal essentially sets a "market price" for this specific mechanism: if Sareum can demonstrate similar brain penetration and safety data for SDC-1802, the asset has a tangible commercial value in the hundreds of millions, validating the pivot from "just cancer" to "neurology" as a highly lucrative move.

Andy MKD. I am a great believer in the concept that the simple explanation is probably the correct explanation. Having said that. It doesn't really, she sense. AI data, phase 1 data publishing, tox start date and 737. The simple explanation is there is nothing to tell us. The more complex answer is they are all linked in some price sensitive way. Im leaning to the simple explanation but it does make you think.

I'm sitting on the fence here. I don't have detailed access to the trades to drill into this. My opinion is they can't both be buys or sells. The volume wasn't there to support it. My guess is one was a sell, one was a buy. Possibly by the same broker acting for the mutual benefit of two clients.

I said the other week that if confident, they could start the study without a fanfare and progress past the point where it had to be paused last time. Then release an RNS saying the study was underway and going well. This would, obviously genreate done interest here. I know there is a argument that start is price sensitive so needs an RNS. But, is it, really. The start was RNS'd in May last year. The RNS stating they were pausing the study dropped in Oct and it stopped after 4 weeks! Something doesn't add up. Either it didn't start on May or it did and they waited to tell us the bad news.

If I was Parker, and the option to be vague re study timelines was available. I'd do exactly what I just wrote above.

We are also coming up to a busy part of the year for oncology. AACR and ASCO are early and late spring. If a pharma wanted a "late breaking" headline at one of these events.. The negotiations would be happening now.

Maybe a chairman's corner letter to the shareholders is all that is needed.

I asked AI. 28% of all Sareum RNS in the last 5 years have been on a Thursday.

Announcement Category Notable Thursday Examples

Operational Updates Initiation of Toxicology Studies for SDC-1801 (29 May 2025)

Financial Results Preliminary Annual Results (23 Oct 2025)

Clinical Milestones Phase 1 Positive Data for SDC-1801 (30 May 2024)

Major Fundraises Equity Fundraise (£2m+) (28 March 2024)

Strategic Deals Acquisition of SRA737 Licence (13 March 2025)