Sareum Holdings - 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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