Member Info for potnak

Samr as in the Chinese regulations? A Chinese TO of SAR has been on my mind for a while now. Lots of tenuous reasons but they do seem to be adding up.

Personally, I don't think we will get an explanation. I know there a quite a few here that would like to apportion blame but the reason these Tox studies are done is to weed out potential issues. In this case, there looks to be an issues with a previously known good vehicle. Could be negligence, could be bad practice but the fact Parker has said they will have more oversight over the next trial suggests it could have been avoided if they were monitoring more closely. If that is the case, then some of the blame lies with the Sareum board and they will keep that quiet.

The 'science' also includes synthesizing the vehicle. The share price is low because, it looks like the first attempt to do this failed. Damion made some really good factual points about this when he was here. The vehicle has to be designed to deliver the compound in sufficiently high doses for prolonged periods (16 weeks) without being toxic. As I said, the last attempt failed. You could say, we can't trust the science in this case. Hopefully, it can be resynthesized by a new CRO. Until then, we wait.

Whilst I agree with that, Hopkirk. The is a big question mark hanging over all the TYK2 compounds. Unless the reason for the Tox study fail is clear cut ie, not the compound or the delivery vehicle. The new Tox study will need to play out and be successful. No matter what Receptor AI report back with.

We really don't have many options. Sell or hold. Am I happy the Tox study was halted, no. Can I do anything about it, other than wait? no. My expectations for a deal are now Q4 26. Possibly summer 26 but I'd rather overestimate the timescales than under estimate and be disappointed.

In all seriousness. My view is different to most views we've seen over the weekend. I don't for one minute believe Sareum is a lifestyle company. I genuinely believe all board members want and believe they could be successful. However, to paraphase Parker. They do trip over rather too many rocks. I don't know if that is purely bad luck or incompetence. If I'm honest, it is probably a sliding scale from bad decisions to bad luck. We are we we are though. IMO, they gave given us clearish timescales for the new Tox study. Early 2026. The board and NOMAD would need to approve the IM Q&A answers so, when those were released, the timescales have been reiterated to the market just a couple of weeks ago.

The AGM isn't far away now. If we get a reiteration of those timescales again. We should be able to switch off for Christmas without fear of a bad news RNS, at least until spring 2026. Id be ok with that.

JR was quoted as saying, "soon the world would know".

I have asked the following question on the IM portal. Hopefully they can answer during the AGM.

The Board has repeatedly stated data is being shared with third parties.

​Can the Board confirm if these third parties have been formally 'wall-crossed' in accordance with MAR Article 11?

​Is there a formal 'Insider List' currently active regarding these specific data-sharing interactions?

​Has the Nomad (Strand Hanson) reviewed the status of these discussions to ensure they do not yet trigger an RNS requirement.

The "Secret" Rule (AIM Rule 11 & MAR Article 17)

​AIM Rule 11 says companies must announce everything immediately. However, MAR Article 17 allows them to delay this announcement if:

​It is to protect a legitimate interest (e.g., negotiating a deal).

​They can guarantee strict confidentiality.

​They are logging everyone who knows.

​2. The "Log": Is there an audit trail?

​Yes. It is called the Insider List (MAR Article 18).

This is not a casual notebook; it is a legally binding digital register that the company must maintain. If the FCA (Financial Conduct Authority) investigates a leak, they will demand this list.

​What exactly is logged?

The level of detail is invasive to ensure accountability. For every person (Director, Buyer, Banker, Lawyer) who knows about the deal, the log must contain:

​Date & Time: The exact minute (e.g., 14:02 GMT) they gained access to the info.

​Reason: Why they need to know.

​Personal Data: Their home address, personal mobile number, and National Insurance number.

​Why this matters: If a "prospective buyer" tells their brother to buy shares, the FCA uses this log to link the personal phone numbers and trading accounts.

​3. How do I know they are working on my behalf?

​Since you cannot see the Insider List (it is confidential to prevent leaks), you rely on two "Gatekeepers":

​A. The Nomad (AIM Rule 31)

​The Rule: AIM Rule 31 states that the company must have sufficient systems to comply with the rules and must consult their Nomad (Nominated Adviser).

​The Protection: The Nomad is the regulator's eyes and ears. If the company is talking to buyers, the Nomad is usually in the loop. If the Nomad suspects the Directors are doing a "dirty deal" or leaking info, they can threaten to resign. If a Nomad resigns, the company's shares are suspended immediately. This gives the Nomad immense power to keep Directors honest.

I agree, it's super frustrating but we know what the plan is, new Tox study to start 'early 2026'. If that plan changes, good or bad, they are required to update the market. If all ok, The AGM statement should reiterate what they already told us. I think that's as much as we can hope for.

I know, it's a big ask and that if I wanted answers, I should attend the AGM in person. But I ask all those who do attend not only to go prepared with questions but to challenge what answer they give. If they say "we share the data with others" ask them how that works. What is the process, do they see the full dataset, are we protected with NDA? Are they logged, do they have a system for follow ups? When trading on the main market and AIM there is no such thing as an informal chat. Do if the data has been shared. The other stakeholders has to be designated an 'insider'. Ask them how this process is maintained and kept legal. IMO, they must answer this question.

Aber, IMO. Everything on your list would need an RNS. Im pretty sure there will be some large holders there, do they can expect a grilling.

The AGM is a regulatory requirement. They won't divulge any new news. Base case is someone corners SP or JR and glenes something from their responses. We could get something before but IMO, we won't. The can will be kicked into next year. Hopefully, 'early' means January. All we really need is confirmation that the new Tox study is going ahead with the current budget.

But could be a good buy and wait opportunity. As for Sareum TM got caught out once or twice saying they were in talks that never resulted in anything so now they don't say anything.

I think it likely we haven't heard anything because we already know everything there is to report on. I can see where the early AGM thinking is coming from but by doing it earlier, they can give an update that everything is progressing and set expectations for 'early 2026'. We can then all go to sleep until next year. All I really want is for the board to confirm that all is progressing. That a new CRO has been engaged.

Shepster. It's likely we will never find out what went wrong. I do think the truth lies somewhere in what Damion was saying though.

Yes 16 weeks starting early 2026. With the 1 month to write up the report, we are defo looking at Q326 for anything meaningful from 1801.

QandA is now available!

https://www.investormeetcompany.com/meetings/final-results-170

Just on rewatching. I find JR to be the best to watch it listen too. Parker is a seasoned pro. He's a salesman. But with JR, this has been a big part of his working life. You can hear the frustration and when says, we've used this compound before or words to that effect. I really thought that was true and sensed the frustration he felt.

I was hoping the AGM might coincide with one of our team meetups but our next one has been confirmed as 5th Dec. It won't be that early.

The meeting has been there for weeks anyway. I've watched 3 times now.