Sareum is developing treatments that have scope to be best- or first-in-class in a wide array of conditions, notably within autoimmune and oncology. By seeking to overcome the challenges associated with a class of drugs known as JAK inhibitors, Sareum has developed selective dual TYK2/JAK1 inhibitors, which potentially offer improved safety and increased potency. The lead asset SDC-1801 is approaching Phase 2 readiness, a critical value inflection point that should generate significant partnering interest. There are no near-term cash concerns, with c. £3.5m in the bank as at year-end, providing runway into 2H CY26. We initiate with a BUY, TP 41.6p.
