In line set of interims, which highlights progress towards the key value inflection point of Phase 2 readiness for lead asset SDC-1801. The restarted Phase 2 enabling tox study is on track, with dosing for all subjects commenced. The dosing is expected to complete in mid-2026, with the full Phase 2 enabling regulatory package expected to follow by year-end. Importantly, the tox study has been significantly de-risked, with formulation studies conducted ahead of the restart. Additionally, Sareum continues to advance the broader pipeline, with partner ready oncology assets SDC-1802/SRA737, and the early but promising work with Receptor.AI in neuroinflammatory conditions. We reiterate our Buy, and 41.6p TP.
