Sareum Holdings plc
Sareum Holdings plc is a UK (Cambridge-based) clinical-stage drug discovery and development company working across oncology and autoimmune disease, combining in-house biology, computational chemistry and medicinal chemistry with outsourced research providers. Its strategy is to advance programmes to late preclinical/early clinical stage before licensing or partnering with pharmaceutical companies, rather than funding costly late-stage trials itself. The Group is pre-revenue; it is currently advancing SDC-1801 (TYK2/JAK1 inhibitor in psoriasis), SDC-1802 (TYK2/JAK1 in oncology), SRA737 (a Chk1 inhibitor licensed back from a former partner) and a post-period-end TYK2 neuroscience collaboration with Receptor.AI.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 17 Nov 2025 · 40 pages · Companies House
Sareum Holdings plc is a Cambridge-based company developing new medicines for cancer and autoimmune diseases, aiming to license them to larger drug companies. It had no revenue in the year to 30 June 2025, as in the year before, and its loss after tax widened to £4.4m from £3.4m.
Research costs fell to £2.1m from £3.6m. The wider loss came mainly from a one-off, non-cash £1.6m charge for revaluing warrants, which are rights given to investors to buy shares later at a set price.
The company raised £4.7m from shareholders and ended the year with £3.5m in cash, up from £1.5m, with no borrowings and no dividend. Management aims to finish the testing needed before a larger trial of its psoriasis drug SDC-1801. A key animal safety study was stopped in October 2025 and must be restarted, though the company expects existing cash to cover it. The auditor gave a clean opinion, but the report warns that drug programmes may fail and future funding may not be raised.
Lean cost base with a small, highly specialised team and reliance on trusted third-party providers to maximise return on R&D investment
"We maintain a lean cost base with a small, highly specialised team and use trusted third-party providers to maximise return on investment."
page 5The Company enters the new financial year with a clear set of milestones: complete the Phase 2-enabling package for SDC-1801 and prepare for the next stage of clinical development, progress partnering for SDC-1802, define the optimal path for SRA737, and advance the CNS discovery programme.
page 4R&D spend reduction
R&D costs written off during the year amounted to £2.1m (2024: £3.6m); administrative expenses fell to £3.382m from £4.596m
page 1411 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
4 figures restated in a later report
Every figure is read again from the following year’s report: 227 confirmed, 11 differ, 4 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
4 more figures were restated in FY2015 to FY2022, which a free account opens.