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Must be something in the water. I've been toying with the idea of a buy today too. I didn't but I can't shake the feeling that we will get news on the next week or so.

Sareum trade on the SETSqx system a hybrid system for illiquid stock (most of AIM). It is primarily an electronic book. An order is placed, eg bailiffs dummy sell of 300k shares. That is added to the systems and the system will look for matching buy orders. In this case there could be a few buy orders in waiting for a low price so the order is offered, waiting on bailiff to sell. When the stock is liquid, an analyst can see the order book and can manipulate the orders to 'maje a market'. There is no way of knowing how many orders are sat waiting to be filled. But they don't affect the share price until they are filled.

Yep, mm's can hold shares and we wouldn't see them. We would see the sell but not a buy. The reason they don't, is risk. A single mm might be covering hundreds of tickers. They also need to prove they have the capital to hold these shares. If the market goes away from them, they need to prove they can cover the margin call if needed. That's why generally, mm's wil try and balance the books at the end of each day. They don't need to be greedy. They make cash either way. Up or down.

Sods law would come into effect and an RNS would drop the instant I sold.

An iceberg trade is lots of smaller trades that add upto one big one. You ask your broker to buy 500k shares but you don't want to pay more than 17p. Then the broker keeps buying, say 10k at a time so not to spook the market. The buyer eventually gets half million shares for 17p but We would see them in the daily volume.

Happy to be schooled on this but there are rules designed to stop this scenario. Anyone can accumulate over days of even weeks but we would see the historical volume. We saw this a lot when RF were offloading their shares. 3 or 400k everyday until All were sold. All with with matching volume of buys. I suppose someone could try selling 400k shares. See if it is reported.

As far as I understand it. You can't have a single order that spans several days and If it was lot of small orders, we'd see it in the volume. We aren't seeing that, so the only other option is MM's buying and holding. But we don't know they are buying, you might be the only one doing dummy trades?

I think, where we are with news anticipated on various fronts. It might be worth the mm's taking the risk and holding a few, just on case. 1 bit of good or progress could double bag from here, IMO. However, this isn't how market makers should be working.

Utar, we know how this works. We literally went through the same process 12 months ago. Why would it be any different now? We know as of Dec 9th that 2 batches if the compound were manufactured. We know that a separate, 5 day pk study to evaluate four different formulations was undertaken. That started on the day of the IM call. Then is was Christmas. We're only 6 weeks into this quarter and we did get a "chairman's corner" update. These might not seem much and are not a regulatory requirement but they are a way to show, that everything is on track.

You asked when I would get concerned. Depends, but if we got another chairman's corner this month. Then I guess mid march might become a bit tense. In terms of 737 and the bio industry. AACR is in April and ASCO is May\June. It would be a shame if 737 doesn't get a mention at both these events but that would depend on the path the board are taking with this compound.

No cash for trials, that is correct. But in fairness, they have said multiple times that they do have cash for the study but will need cash to progress further. Thank you for reminding us.

Big orders must be notified within set rules. Usually a couple of hours. The only way you could do this legally and stay under the radar is to instruct your broker to keep buying small amounts in separate small orders. A TR1 must be notified within 2 days in both cases. You'd need, well over 3 million shares for a TR1. Even if you could buy 300k shares everyday, you'd need 10 solid days to get there. The rules are complicated and I've never really understood them but MM's can hold shares overnight but the risk is high. They could gap down and they'd be holding shares that are worth less than they purchased them for.

Long post to basically say. It's just the MM's trying to make a market.

Utar. DP's, yours and other views all have one thing in common. You are all assuming that 1801 is good. However, there will be no assumptions made when/if a deal is negotiated. The boards commercial ability hasn't been tested yet, or at least, we haven't seen the results yet. I will ask again, what do you think a replacement board would do differently?

With 1801, we have the equivalent of a house that has just had a really bad survey come back or a car that has just failed it's mot. We've just found out the the testing centre was at fault which is encouraging but the buyer is obviously nervous and wants the test to be run again before negotiating the cost to buy.

I dont know if 1801 is good but I can think critically and I know the boards hands are tied until they have good data from the tox study. I suspect they will need to wait until it completes fully. So if it start on the next week or do. End of Q3 or beginning of Q4. But I said that last October when we got the RNS.

You have your opinion, that's great but maybe work through some other scenarios in your head too. I have been critical of the board before but in this case. They don't yet have any thing they can do a deal with. No one would.

They own millions of shares. They'd take a salary over a deal? They must be bad at business.

Hey DP. I'm going to ask again. What would a HNWI do differently to salvage SAR? You keep saying it so you must think there is another path to the one we are currently on? I'm all for balance and opposing views. Let's hear it.

The comparison to VAL is a valid view and we all should have one eye on failure just it isn't a shock if it happened. It's the HNWI coming to save the day scenario, I dont get. What exactly would they do different? They would need to waut for the tox study to complete.

Here is another tenuous link. AZ deal with Jacobio. https://www.fiercebiotech.com/biotech/astrazeneca-fronts-100m-jacobios-clinical-stage-pan-kras-inhibitor and her e is a paper detailing the synergies with chk1.

https://pmc.ncbi.nlm.nih.gov/articles/PMC8665414/

I suspect if you looked, you could find these links everywhere. Probably best not to look.

For 737. I was interested in Astra's investment into china. AZD5153 was their compound, licenced to Sierra. Now pretty much orphaned, just like 737. That's what piqued my interest. AZ know that there are synogies with chk1 and bet. AZ also just did a deal with Jacobio who have a bet compound. Loads of tenuous links but most likely all coincidence. However, If 737 is going move on, it will most likely do so in this type of scenario. A JV with a pharma that has a BET or WEE compound. If AZ could get AZD5153 back from Sierra (GSK) then, that could be a likely partnership too. It's all just speculation to while away the time while we wait for tox study news.

Really, Utar. I think, i sit firmly on the fence. I'm currently leaning to the positive side but that is purely based on what the board has told us. The risk is still very high here. However, If I thought as you do. I'd sell for a modest profit and move on.

I did a bit more digging last night. And the patent list by the AI was a typical hallucination and doesn't exist with that number. This is why AI needs checking. The AI when questioned presumed that's what I wanted to hear. The strange thing is. I never once said patent in my prompts.

Maybe it is a dead duck, Utar. Maybe not, as long as it doesn't cost the shareholders anything to prove it. I'm ok with thst. I've been saying a while that IMO, the patent life is the blocker. Imagine if this patent that was logged was Sereum or Sierra even. I believe we got all associated patents, when it was handed back. Then a granted patent to use chk1 with a BET inhibitor could be quite valuable. To whoever owns it.

Final AI post. I ask it to be objective. Act as an analyst with no skin in the game. Look for coincidence etc. I did this to try and take my bias out of the equation. A fun exercise netherless. Anyway, here it is.

From a skeptical perspective, the "Christmas Conspiracy" is most likely a coincidence of standard year-end fiscal housekeeping rather than a strategic masterplan, and the mention of Jacobio in the patent is typical defensive legal drafting ("kitchen-sinking") rather than evidence of a handshake. Fundamentally, SRA737 has now been deprioritised by three separate entities (Sierra, GSK, and the US partner) despite full access to the data, which suggests that the asset carries hidden commercial or toxicity risks that outweigh its theoretical value. When combined with a drug class (BET inhibitors) that has historically failed in the clinic and a looming 2033 patent cliff that severely limits future profits, the objective conclusion is that the asset was returned simply because the financial case for developing it no longer stacks up for a major partner.

Going to stop looking now. Pretty sure my AI is just stringing me along now. Ha ha. Here are some suspicious timeline re 737 and patent filings

Investors often ask: "Why did the US partner return SRA737 in Dec 2024?" The answer might be in the IP filings.

​Here is the timeline that suggests a strategic alignment for a major deal.

​The Setup (Feb 2023): Shortly after SRA737 becomes available, a patent is filed in Europe protecting the combination of Jacobio's JAB-8263 (BET) + Chk1 Inhibitors. Someone was already ring-fencing the strategy.Someone

​The Trigger (Dec 25, 2024): This patent (EP4480494) is finally published. The specific claim to use Jacobio’s drug with a Chk1 inhibitor becomes public knowledge.

​The Reaction (Dec 26, 2024): 24 hours later, Sareum’s US partner terminates their deal. Likely realising the commercial path was now blocked or reserved for a specific player.

​The Payoff (Jan 2026): AstraZeneca announces a strategic partnership with Jacobio.

​Conclusion: Sareum has reacquired SRA737 with improved economics (63.5%) exactly when the intended partner (Jacobio) has secured the funding (AZ) to execute the plan filed in the patent.