The bulk of Sareum’s value rests on the late preclinical autoimmune therapy SDC-1801, with planned filing to start clinical development in H121 followed by possible exploratory clinical studies, if funding allows, from H221. This could open the way to a substantive partnering deal from Q222. Partnering could be helped if the related BMS therapeutic deucravacitinib gains FDA approval and blockbuster sales in psoriasis. Sareum could offer a partner a promising route to an autoimmune therapy with potentially broad indications.
