Sareum has confirmed that it has restarted the Phase-2 enabling toxicology study, keeping it on track to complete the study by mid-2026. Prior to restarting, Sareum successfully completed preliminary pharmacokinetic (PK) work to establish tolerability and exposure, which guided selection of the most appropriate vehicle for the toxicology studies, and thus reducing execution risk. We continue to view SDC-1801 as a potentially best-in-class TYK2/JAK1 inhibitor, with scope to be developed in multiple autoimmune conditions, each representing multi-billion-dollar market opportunities. Successful outcome of the toxicology study may just be the catalyst that unlocks a partnership or licensing deal. We reiterate our BUY and 41.6p TP.
