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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 29 Oct 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat moved the margintailwindLean 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 5AndtailwindR&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 14What management saidThe 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 4Going concern and the auditFinancial statements prepared on a going concern basis. Group made a loss after tax of £4.4m (2024: £3.4m); Company loss after tax £5.9m (2024: £4.4m). Directors consider cash held at year end plus post year-end receipts and projected funding sufficient for at least 12 months from signing; cost savings would be implemented if a shortfall arose. Auditor Moore Kingston Smith LLP (Mark Richardson, Senior Statutory Auditor) issued an unmodified/unqualified opinion that the financial statements give a true and fair view; going concern conclusion unmodified. Key audit matters: going concern, R&D expenditure treatment (expense vs capitalise), valuation of share options and warrants (share option reserve £0.4m, warrants liability £1.6m), and impairment of investments in subsidiaries (£0.7m, 2024: £0.3m) — auditor found no concerns over material accuracy on any of these.
page 17The risks it names first- The drug discovery programmes undertaken may fail due to fundamental scientific uncertainty.p.8
- The Group may not complete sufficient commercial partnerships to create a sustainable business.p.8
- It may not be possible to raise sufficient funding to support the Group through to sustained profitability.p.8
- 16-week GLP preclinical toxicology study for SDC-1801 was discontinued in October 2025 following unexpected safety findings (in control-group animals), delaying the Phase 2-enabling package.p.5
Read from C001136-AR-2025-ch.
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