Sareum Holdings - SDC-1801 embarks on clinical journey in FY23
Sareum Holdings recently announced its FY23 results and the key highlight, which was initiation of the clinical development of SDC-1801, its lead asset, in Australia. While the Phase Ia study is continuing according to plan, we view its timely progression as a material catalyst for the company. The FY23 operating loss increased by 57.6% y-o-y to £4.1m, driven by higher R&D costs associated with the start of the Phase Ia trial. Sareum ended FY23 with a cash balance of £1m, which was further supported by the receipt of £2m in August as part of a £5m equity prepayment facility. Management estimates that, along with expected tax credits of £1.6m, the prepayment facility should fund operations into Q4 CY24, providing adequate coverage for the Phase Ia/b study of SDC-1801.
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