Last close As at 17/08/2026
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GBP40m
Research: Healthcare
Sareum continues to make rapid progress with its clinical plans for SDC-1801 (lead TYK2/JAK1 kinase inhibitor) and has announced the dosing of first participants (Phase Ia study) just a month into receiving regulatory approval in Australia. The Phase Ia study is a randomised and placebo‐controlled trial evaluating the safety, tolerability, pharmacokinetics and pharmacodynamics of SDC-1801 in healthy adults, which is expected to be conducted in three parts. The data from part one, a single ascending dose across six cohorts of eight patients each, are anticipated in H2 CY23. Sareum intends to provide full safety data from the trial in H1 CY24 that, if favourable, will be followed by a Phase Ib study in patients with plaque psoriasis. We see the swift start of dosing as a sentiment booster for Sareum’s clinical development plan and expect Sareum might need to raise additional funds before end-CY23, given the anticipated rise in burn rates (c £0.5m/quarter historically) with the announced trial beginning.
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Sareum Holdings |
TYKing along steadily through the clinic
Pharma and biotech |
Spotlight – Flash
7 June 2023 |
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Sareum Holdings is a research client of Edison Investment Research Limited |
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Sareum continues to make rapid progress with its clinical plans for SDC-1801 (lead TYK2/JAK1 kinase inhibitor) and has announced the dosing of first participants (Phase Ia study) just a month into receiving regulatory approval in Australia. The Phase Ia study is a randomised and placebo‐controlled trial evaluating the safety, tolerability, pharmacokinetics and pharmacodynamics of SDC-1801 in healthy adults, which is expected to be conducted in three parts. The data from part one, a single ascending dose across six cohorts of eight patients each, are anticipated in H2 CY23. Sareum intends to provide full safety data from the trial in H1 CY24 that, if favourable, will be followed by a Phase Ib study in patients with plaque psoriasis. We see the swift start of dosing as a sentiment booster for Sareum’s clinical development plan and expect Sareum might need to raise additional funds before end-CY23, given the anticipated rise in burn rates (c £0.5m/quarter historically) with the announced trial beginning.
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Historical financials
Source: Company data. Note: *EPS figures have been adjusted retrospectively for the 50:1 share consolidation in March 2022. |
SDC-1801 is a novel TYK2/JAK1 inhibitor, which targets a range of autoimmune indications, with an initial focus on psoriasis (a market expected to reach US$50bn by 2030). Sareum asserts that a selective and dual inhibition of the TYK2 and JAK1 pathways could potentially accord SDC-1801 with improved efficacy over singular kinase targeting, such as the recently approved TYK2 inhibitor Sotyktu. We view the initiation of dosing as an important step in SDC-1801’s clinical journey and see the rapid, albeit early, trial progress as a potential sentiment booster for investors.
We note that the Phase Ia trial will be conducted in three parts: a single ascending dose study (part one) followed by a multiple ascending dose study (part two) and a food effects study (part three). Part one will evaluate 48 subjects, categorised into six ascending dose groups with eight subjects each. These groups will be administered SDC-1801 or placebo in a 3:1 ratio. After successful review of clinical data of at least the first three cohorts in part one by the Safety Review Committee, part two will be initiated, which will assess at least four sequential and ascending doses of SDC‐1801 or matched placebo across four groups of eight subjects each (n=32). The company plans to run part three of the study alongside part two, which will evaluate the food impact on the absorption of SDC‐1801. Sareum will provide an update on the initial safety and pharmacokinetic data from the single ascending dose study in H223, which we expect will inform the dosing and design for part two. Full safety data are expected in H1 CY24.
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Research: Financials
ProCredit Holding’s (PCB’s) strong Q123 net profit of €29.5m implies an annualised return on equity (ROE) of 13.3%. This is a result of a healthy annualised net interest margin (NIM) of 3.4% (vs 2.9% in Q122), a c 11% year on-year growth in net fee and commission income and limited cost of risk at 12bp. Importantly, ProCredit Ukraine returned to profitability with an annualised ROE of 21.7% in Q123. PCB’s ROE may be more moderate in the coming quarters as customer deposit rates are repriced, loss allowances pick up and further cost inflation is reflected in the company’s bottom line. That said, PCB’s shares now trade at an undemanding 5.2x our FY23e earnings per share, based on an ROE of 9.3% in FY23e (vs the company’s recently raised guidance of 8–10%).