Saniona strengthened its cash position and advanced through partnership
Saniona’s key milestone in 2024 was securing an exclusive worldwide licensing agreement with Acadia Pharmaceuticals worth up to USD 610 million. This deal not only drives the continued development of SAN711 as a promising treatment for neurological disorders, but also accelerates the progression of multiple drug candidates in Saniona’s pipeline.
– As we close 2024 and look ahead to 2025, I am pleased to share the significant progress Saniona has made in advancing our pipeline, strengthening our financial position, and setting the stage for multiple strategic opportunities, says Thomas Feldthus, CEO of Saniona.
Saniona’s Q4 report highlights significant progress in advancing its drug development pipeline. In 2024, SAN2355 entered into preclinical development and is expected to be ready for phase I by the end of 2025. Meanwhile, SAN2219 is progressing as a potential treatment for acute repetitive seizures, and SAN2465 has demonstrated promising preclinical results in major depressive disorder.
Additionally, in November 2024, Saniona entered into a global licensing agreement with Acadia Pharmaceuticals for SAN711, a first-in-class, highly selective GABAA α3 positive allosteric modulator. SAN711 is currently being prepared for phase II for essential tremor in collaboration with Acadia Pharmaceuticals. Read more here.
– With a solid financial foundation, a strong pipeline, several successful collaborations and multiple strategic pathways ahead, we are well-positioned to create value for our shareholders while advancing breakthrough treatments for patients in need. 2025 will be a pivotal year as we progress our internal programs, evaluate new strategic opportunities, and further strengthen our position – Thomas Feldthus, from the company’s Q4 report.
Strengthened cash position
Under the agreement, Saniona received an upfront payment of USD 28 million and is eligible to potential milestone payments of up to USD 582 million and tiered royalties on future net sales. The first milestone payment of USD 10 million is expected upon the start of phase II clinical trials in 2026.
The deal significantly bolstered Saniona’s cash position, providing the necessary resources to advance its three internal programs – SAN2355, SAN2219, and SAN2465 – toward phase II development. Reaching this stage will open multiple strategic opportunities for Saniona, including securing funding through a partnership similar to the Acadia deal, exploring potential exit strategies, or raising capital from institutional investors to maximize the value of all three programs.
By year-end, the company’s cash and cash equivalents totalled SEK 303.3 million. The operating expenses for the full year amounted to SEK 92.8 million.
Awaiting approval for tesofensine in Mexico
While advancing its development programs, Saniona is also awaiting regulatory approval for tesofensine as a novel obesity treatment in Mexico. Its partner Medix has resubmitted the updated tesofensine application dossier to the Mexican regulatory agency COFEPRIS after incorporating feedback from the authority.
– Our Partner Medix remains optimistic about the approval process after having updated and resubmitted the complete tesofensine dossier addressing all regulatory questions and requests. An approval in Mexico would not only provide royalty income for Saniona but could also pave the way for expansion into additional markets, with South America being the first logical step, says Thomas Feldthus, CEO.
Addressing investor’s questions
Thomas Feldthus recently joined BioStocks studio, together with incoming Chairman of the Board, John Haurum, to answer investors’ questions live. The discussion covered topics such as the prospects for a potential approval of tesofensine in Mexico, the company’s view on expansion in Brazil and South Korea, and the strategically important deal with Acadia. Additionally, they provided insights into upcoming milestones in Saniona’s broader pipeline. Watch the interview below:
Feldthus also answered additional questions and those that were not covered during the live session in a written interview. Read it here.
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