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Also, I hadn't realised that it's two conferences with the 'roadshow' in the overlap. Bio Europe and LSX world conference. Seems this week is very busy!

Bit of AI research.

Here is the summary list of potential pharma partners for SRA737, categorised by size, detailing exactly why Sareum’s Phase 1-ready Chk1 inhibitor is a strategic fit for their current pipelines.

​Big Pharma Targets

​Gilead Sciences

​The Fit: They recently suffered a massive clinical failure with their primary blood cancer asset (Magrolimab). They have a multi-billion-pound gap in their haematology franchise and urgently need an active, clinical-stage AML asset to replace it.

​AbbVie

​The Fit: They currently dominate the AML market with Venetoclax but are facing growing patient drug resistance. Chk1 inhibitors like SRA737 are highly synergistic and can force these resistant leukaemia cells into apoptosis (cell death), protecting AbbVie's market share.

​AstraZeneca

​The Fit: They are the undisputed industry leaders in DNA Damage Response (DDR) for solid tumours, but their blood cancer pipeline is relatively thin. Acquiring SRA737 gives them a plug-and-play Chk1 asset to test alongside their proprietary ATR and PARP inhibitors in haematological trials.

​Mid-Cap & Smaller Biotech Targets

​Debiopharm

​The Fit: This mid-sized company is currently developing a next-generation Antibody-Drug Conjugate (ADC) specifically for AML (Debio 1562M). They need a potent DDR partner like SRA737 to maximise their cancer-killing payload and overcome cell replication stress.

​Veraxa Biotech

​The Fit: A German biotech specialising in ADCs. Given the rapidly emerging industry trend of combining ADCs with DDR inhibitors, licensing SRA737 gives them a ready-made Phase 1 combination partner for their proprietary payloads.

​Molecular Partners

​The Fit: A well-funded Swiss clinical-stage biotech currently heavily invested in the AML space (running trials for their MP0533 programme). They possess the exact clinical infrastructure needed to slot SRA737’s active IND straight into their operations.

​SELLAS Life Sciences

​The Fit: They are aggressively expanding their AML footprint into Europe this year. They are actively hunting for novel assets that overcome leukaemia resistance, making a targeted Chk1 inhibitor a highly complementary fit.

​TuHURA Biosciences

​The Fit: They have made a massive strategic pivot toward blood cancers in early 2026, including hiring the former Global Head of Oncology from Johnson & Johnson. They are building a haematology pipeline from the ground up and need clinical-stage assets to justify their new operational focus.

As always, with Sareum. I expect the worst case scenario then anything else is a bonus. But yes, if the dosing is successful then, I don't think there is another binary outcome lurking until phase 2 starts? It should be a good place to be. From delivery of the data package, the focus switches back to the board and their deal making abilities.

Yes, successful Toxicology data is key here. This is where we could use SOGs knowledge. I believe that a tox success with 1801 will also give an amount of certainty that 1802 would also be successful. An extended Tox study will still need to be run for 1802 but they might be able to fast track to that point. This alone could increase the value. Not sure about the CNS and they need to cross the BBB and that could bring a whole new set of challenges.

And yes, 737 with an extended patent and valid IND status is ready to go. I genuinely hope the board sells 737. Find the trials and pay a modest dividend with anything remaining.

The nimbus deal for an upfront of 4 billion dollars was as the end of a successful phase 2. If you add all other compounds into the mix then £400 million at the beginning of phase 2 doesn't sound too far fetched.

Yes, the market wash full of dumb money. People who were furloughed and bored and tried to make a bit of extra cash. However, the two big spikes were a result if HNW investors putting in some significant amounts. They wouldn't have known anymore than we did at the time either. Also, I as said the board or NOMAD didn't issue a speeding ticket which are usually used when the rise isn't justifiable. That probably means that the market cap peak of around £210 million was in the right ball park. It would have been at the high end of theoretical valuations but not enough for the NOMAD to intervene. The market conditions are entirely different now, interest rates higher, cost of living higher, geopolitical instability. It all adds up to more caution in the market.

I will go back to my original point. The all time high is a 10 bagger from here and it's crazy when you think 1801 could be phase 2 ready by the end of the year.

I said the same thing as you did. Utar.

Still find it crazy that you can buy 130k shares for £20k! What I mean is, the all time highs, if reached round be over a 10 bagger and that high was reached when the HNWI were brought on board. We were in the midst of the COVID casino but still, with all the progress since then, crazy low prices right now. It's worth point out that no speeding tickets were issued back then either. The board must have felt, at the time. The value was justified.

Another thing. Sareum posted about the conference on linkedin. An exec from Parexel Biotech (CRO) replied saying come to Thier booth to see him. Are Parexel our new CRO, I wonder.

Also JR said the dosing had started and started not long after the RNS. That RNS was released on Feb 17th.

Steve, you can see the presentation on YouTube. https://youtu.be/cs4x8oWUUR4?si=BoM3uS0vOnR_yTmG

​To put Sareum’s current pipeline into perspective, here is a look at what Big Pharma has actually paid for TYK2 compounds over the last few years, the size of the deals, and exactly what clinical stage the assets were at when the ink dried:

​Company: Nimbus Therapeutics (Asset: TAK-279)

​Acquirer: Takeda (Late 2022)

​Deal Size: $4 billion upfront, plus up to $2 billion in milestones.

​Clinical Stage: Phase 2b completed.

​Company: Lynk Pharmaceuticals (Asset: LNK01006)

​Acquirer: Formation Bio (Late 2025)

​Deal Size: Up to $605 million in upfront and milestones (ex-China rights).

​Clinical Stage: Phase 1 ready (IND cleared).

​Company: Alumis (Asset: ESK-001)

​Acquirer: Kaken Pharmaceutical (Early 2025)

​Deal Size: $40 million upfront, plus up to $140 million in milestones (Japan rights only).

​Clinical Stage: Phase 2 ongoing.

​Company: Nimbus Therapeutics (Asset: NDI-034858)

​Acquirer: Celgene (2019)

​Deal Size: Undisclosed upfront, up to $400 million in milestones.

​Clinical Stage: Preclinical.

You don't have to wait that long. The compounds have a value based on where they are in the development cycle. Phase 2 ready will have a value. You take it or leave it.

I would like £5 a share but would take £2 if it was offered within the next 12 months.

And yes, agreed on the £6 million. Not sure the market would stand for that if it was a raise but a 737 and 1802 upfront could generate that and more.

If this chat is a village, DP, we all know you status in that village.

Parker - 500k shares with warrants

TM - 1.4 million shares with warrants

JR -1.3 million shares.

Tell me how taking a a salary is better financially, than raising the share price.

I don't know what metric you want the board to be measured by, Utar. The board haven't said they'd get a deal this year. All they have said is the data package will be complete by year end. I suspect, that if a deal isn't currently being negotiated, they could do a suprise raise on the back of the Tox study dosing completion. It has been said many times here that it would be nigh on impossible to negotiate a deal when you only have a few months of running costs in the bank.

I'm hoping a 737 licence deal before then takes that worry away. IMO, they don't raise on the next spike. It's. Because something is afoot.

So. They've told us year end for the data package. They have told us that they need funds to do a P2 trial. You have all the info you need to make a decision and no sticks to beat them with if they don't "get a deal".

My personal thoughts are there are already potential partners waiting on the study, just as we are but the real deal making work don't start until the 16 weeks dosing part of the study is complete.

Not much to ramp I suppose. Emotions were high in the run up to the presentation last week and I think now that most investors now realise the tox study has to be completed before we get movement on the TYK2 compounds. Immuno, cancer and BBB. In the meantime, we could get 737 news anytime but JR's answers to questions seemed to point to the fact that they are still looking for a partner tether than negotiation with a partner. . Hopefully next weeks bio conference will drum up some interest. Only a week and a half of March left. We'll hopefully get another chairmans corner in April. It's doesn't need to say much, just the trail is ongoing.

We've waited a long time but these next 2 to 3 months are going to feel like wading through treacle.

Agreed, Laz. I think, crucially. The Tox study is the only real hurdle that could have a binary outcome. Funding aside. There won't be much to worry about until phase 1 and 2 trials are well underway and that could be this time next year. 2028 before and data readouts. If the tox study is successful and that triggers licence deals. The SP may rise enough to trigger some LTH to sell and move on, possibly by the end of this year.

As for CNS. That area is going to be hot. I said the other week. If Sareum can show they have something that crosses the BBB and the others TYK2 compounds are showing an immune response and safe. Then, it could trigger a buyout just for the CNS indications.

Just need a 737 deal before then to derisk the finance worries.

I thought all warrants were recalculated in the consolidation? 4.7p was pre consolidation. 4.7p equals £2.35 in consolidation terms. But like I said. I think there was sone sort of re calculated figure. Probably needs an email to TM to explain.

Using these benchmarks and the lowest figure

CNS £5 million

1802 £5 million

1801 £20 million

737 £20 million

That's a £30 million undervaluation at today's price. If we use the higher figures, Sareum are undervalued by around £130 million. And that still is a way off the all time highs.

The market will catch up as the study progresses.

I try not to think in terms of Sareum but go with industry standard benchmarks. This is an AI interpretation of the benchmarks. But you can find them on the internet too. If all goes well. You can make assumptions based on these benchmarks.

​The Biotech Valuation Ladder (2026 Benchmarks)

​Preclinical / Lead Discovery

​Asset Value: £5m – £15m

​Probability of Success: ~5% – 10%

​The Goal: Prove the biology works in a lab. At this stage, you are valued on the "platform" potential, not a specific pill.

​Phase 1 (First-in-Human / Safety)

​Asset Value: £20m – £60m

​Probability of Success: ~10% – 15%

​The Goal: Prove the drug doesn't harm humans. Once safety is cleared, the asset becomes "investable" for institutional funds.

​Phase 2 (Proof of Concept / Efficacy)

​Asset Value: £150m – £350m

​Probability of Success: ~25% – 30%

​The Goal: This is the "Value Inflection Point." Proving the drug actually treats the disease (e.g., clears psoriasis or shrinks a tumour) causes the valuation to skyrocket because the biggest risk is now gone.

​Phase 3 (Pivotal / Large Scale)

​Asset Value: £500m – £1bn+

​Probability of Success: ~55% – 70%

​The Goal: Prove the drug is better than what's already on the market. At this stage, Big Pharma usually tries to buy the company outright to avoid paying high royalties.