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There needs to be something to trigger the FOMO. Publishing of phase 1 data could do it. Anything where an RNS is needed. In the absence of news, I think the final results RNS could be the next RNS. So possibly 6 weeks?

Both boards buzzing today. I'm happy for them both have a lot of LT investors underwater. Both a have released decent RNS but not ground breaking news. So it bodes well for Sareum if they can pull something off. To be fair we should really be at 50p before our rns start landing.

The lack of lead candidate for 1802 is one of the standout anomalies for me. The cost for moving from pre clinical to a chosen indication can't be that much, can it. Unless, we will not be choosing the lead indication. With 1801 and 02 similar in makeup. Would an 1801 Tox study validate 02? I know there would still need to be studies but could you say with done certainty that if one is successful, the other probably will be too?

737 if it is successfully enters a phase 2 combo. £800 million. Discounted for buyout 2 to 400 million? I dunno. 747 is an enigma. If so good, why has it not progressed for years.

Well, Sam. The deal is the deal. It doesn't matter where we start from. E.g. a phase 2 ready compound with Tox study complete should be worth anything between £50 and £300 million. Then we have the other compounds. Phase 1 ready compounds, upto £45 million. 737 is an enigma as we really don't know why it wasn't progressed but if good, the a phase 2\3 combo coupons could be worth £800 million. All things being equal and based on industry standard valuation techniques, the total value could be between. £450 and £750 million. Probably somewhere in between but there have been similar deals at double that for similar compounds and companies. £300 million equals the all time highs here.

Agreed, Elcap. I will be happy with funded progress. I won't be happy if a fundraise is directed to existing shareholders.

A unicorn deal for 737 would be a straight sale, all rights, IP, everything. Use the cash to give the option of progressing everything else in house with any left over paid to shareholders as a special dividend. It would make a total buyout less messy, the company would be self sufficient and the shareholders would get a return on their investment, without having to sell shares to get it.

Thanks PC. That's why I asked for thoughts. I think the difference is between hopes and reality. I 'hope' we get a buyout but the reality might mean the offers just aren't there yet. Notwithstanding the actual science, the complexity of any on licence deal in terms of, regulatory, patents and third party involvement must be a minefield. For example, are 1801 & 02 similar enough to be interchangeable for indications? Is patent law enough to say you can only use 1801 for immunotherapy and 02 for cancer. What if certain cancers could be treated with both? How would that work if they were separated? 737 adds more complexity because of shared ownership and the need for it to be trialled in combo with other compounds. As others have said. We don't have long to wait. I guess my biggest fear is everyone wants a buyout do they will be disappointed if we 'only' get a licence deal. IMO, a licence desk for 1801 with enough upfront to properly run the company for the next 2 years would be amazing and possibly send the SP towards a pound anyway.

But yes, I hope we get a buyout.

What are people's thoughts here? I'm still thinking that we will get a on licence or joint venture type deal. Mainly because, that's the message the board keeps putting out and personally, I don't think we are quite ready I'm terms of efficacy for a full buyout. However, I do find some recent decisions to be counter intuitive to that strategy. Taking 737 back with no funds to proceed with development. The CNS studies, again with no funds to progress past this initial AI investigation. And finally, 1802. We don't have an official indication yet. The publishing of the phase 1 manuscript. Possibly could all be because of funding, or lack of but it doesn't feel like a company trying to get investment. It feels like we are treading water waiting for something to happen. Id like a buyout (for a fair price) but I still think it will be an on licence. With enough upfront to to progress the other compounds.

I do think that 50p is achievable this year, possibly towards a pound if multiple rns arrive but we might need some P2 efficacy for the buyout.

Was probably NT to buy and they let it ride. Won't matter if there's is an 11am RNS.

Yes,that would be insider dealing. Even the HNWI investments would\should have been made with data that is already in the public domain. This is why I find the warrant sales curious. Essentially, the warrants are risk free as you only pay for them when your excise them. Yes the investor could be reducing risk by cashing them in now but why now when Sareum could be at 30, 40 or 50p within 3 months? Would it not be better to sell actual shares and keep you 12p ones, just in case? The other scenario, as pc said is selling your 12p warrants for 24p and buying back the same amount of shares. Not sure if this makes financial sense but the company does get a cash influx as a result. This is why I thought that maybe there was some conversations had. I don't think it would be improper to point this out. Worst case for the investor is you have the same size holding but a slightly higher monetary risk. Seeing one RNS for warrants isn't unusual but seeing 2 seemingly unrelated close together is curious. It's the sort of scenario I think about while wait.

Thanks again, Billy. It's good to know. I wasn't suggesting Parker was tipping investors off or anything like that. It just that it seems unusual that we had two RNS. If it was the same investor, wouldn't they just do it once? But if the process is quick, then maybe they first one triggered the second investor to do the same.

Thanks for clarifying, Billy. What is the process for excising the warrants? Is there a lag from triggering, a cost? Could these warrants all be the same holder or is it a coincidence that we have gad a few together.

As SOG pointed out. The AI piece can help with the initial Discovery but is not the magic bullet. Translational studies and phase 1 will still be done by real scientists. 1801 took about 6 years to get the translationtional studies bit.

If Receptor Ai can validate a phase 1 ready compound in the space of 4 months. They will rerate massively too. They could potentially knock years off the drug discovery cycle. This could also have a knock effect for Sareums SKIL platform. How many other indications could be hiding in plain sight?

Total shares with all warrants excised is approx 156 million. Each piece of good news will rerate the the SP whether all warrants are in play or not. IMO The Tox study data will be the catalyst, I genuinely believe everything else, 737, publishing of P1 data etc is being held back until then. It could still go either way right now.

I'm starting to think the latest warrants are the result of parker asking the investors to excise now to raise some some much needed cash. It doesn't really matter to the company what the investor then does with those new shares. We should get the Final results in Oct and with that a summary of finances and progress. I suspect the books will show a cash runway well into 2026 now but not enough for phase 2 trials. Not out of the woods yet but we can see the clearing.

Shepster. IMO, the board have taken this company as far as they can in terms of development. I think SOG eluded to this over the weekend. Without bringing fresh blood into company and a big cash investment then it's probably time to package up the pipeline and sell it to the highest bidder.

Jbond. I think £30 Might be a bit optimistic but £8 could be achievable if we go into phase 2 with 1801 and all other compounds progressing. It's difficult to make a call on the value because it depends on some immediate milestones being passed,if not aced! Tox study etc but also where the compound is in the development cycle. The board, as far as official strategy are pursuing licence deals but have indicated that they would 'sell' if the offer was right. Personally, I think £8 is achievable in 18 months to 2 years but also think the appetite to continue from the board and shareholders may mean a discounted offer, if it comes will be put to the vote. I think £500 to £800 million sounds fair. This would be in the region of £3 to £5 a share and I suspect most shareholders would vote for that without even thinking. Until we know the Tox results, it's all guess work.

Yes, id agree with that. I think 50p in the run up to news drop. An on licence, depending on upfront, could be a pound then as other compounds progress, £1.76 would be achievable. Taking into account shares in issue and all warrants then £4 is around 630 million. Peanuts for the potential pipeline. It would be 3 times that after a successful phase 2.