Sareum Company Research (SAR)

Following Sareum’s H126 results, we update our investment case for the company to reflect progress to date and strategic priorities for CY26. After the slight setback with lead asset SDC-1801’s toxicology findings in late 2025 (now confirmed to be unrelated to the candidate), activities are back on track, with the study restarted in February 2026. We maintain that SDC-1801, a novel TYK2/JAK1 inhibitor targeting autoimmune disorders, remains Sareum’s core value driver and expect the CY26 priority to be completing the Phase II enabling toxicology study (by mid-CY26) and preparing the asset for Phase II partnering discussions. We also recognise optionality and potential licensing revenues from SDC-1802 and SRA737, which may ameliorate funding needs in CY26 (£2.5m cash balance at end-H126). Sareum’s recent interest in CNS-focused programmes also provides additional strategic breadth, in our view, albeit at an earlier clinical stage.