Sareum has issued a positive AGM update, confirming that the toxicology study for lead asset SDC-1801 is set to restart in early Q1 26. The new global CRO appointed will also conduct pharmacokinetic (PK) studies beforehand to optimise the formulation, reducing the risk of any formulation related delays. Importantly, the study can be completed using existing cash resources. Note, post completion of the toxicology study, SDC-1801 will then be Phase 2 ready, a key value inflection point that should generate significant deal interest. Sareum has also engaged a specialist US based BD consultancy to help accelerate these partnering discussions. We reiterate our BUY, TP 41.6p.
