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Sareum Holdings: Edison

13:47, 3rd April 2024
Edison Investment Research
Company Broker Research
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Pharma and biotech - AIM - Mcap: £7m - Price: 10.30p - Update
 

Sareum Holdings (SAR) Follow | SAR


A decisive period ahead for SDC-1801
Sareum Holdings’ H124 results highlighted the company’s swift progress for lead asset SDC-1801, since gaining regulatory approval in Australia to start human studies in mid-CY23. SDC-1801, a TYK2/JAK1 inhibitor targeting the autoimmune space, has reported a good safety profile to date and top-line data for the ongoing Phase Ia study are expected in Q2 CY24, a key catalyst for the company. The TYK2 class’s safety and efficacy has been validated by the likes of Sotyktu and TAK-279, and SDC-1801’s dual inhibition may provide differentiation, in our opinion. Funding, however, remains an overhang (period-end cash of £0.4m; operating loss of c £2.5m in H124) and will likely dictate the timing/pace of the Phase IIa study in psoriasis patients, currently planned for end-CY24. We expect the recent £2.3m capital raise and upcoming tax credits (£0.7m) to offer some headroom but anticipate the need for further funds in CY24.

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Analyst

Soo Romanoff
Healthcare analyst
healthcare@edisongroup.com

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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