Saniona’s CEO: “The TO4 proceeds give us flexibility to secure the best deals”
Saniona has secured guarantee commitments for its ongoing TO4 warrant exercise, running from March 18 to April 1, which could raise up to SEK 115 million. The board and CEO Thomas Feldthus have also pledged full participation, signaling strong confidence in the company’s future direction. We reached out to Feldthus for insight into why he and the board are committing fully to the initiative.
In only six months Saniona has managed to sign a global licensing agreement worth up to USD 610 million with Acadia Pharmaceuticals, received a USD 500,000 milestone payment from Boehringer Ingelheim, and secured seed funding of up to EUR 9 million for the joint venture Cephagenix. In 2025, Saniona aims to advance its epilepsy candidates, SAN2355 and SAN2219, and its candidate for depression, SAN2465, while anticipating regulatory approval for tesofensine for obesity in Mexico. It could also potentially secure additional milestone payments and enter new licensing and collaboration agreements.
Watch an BioStock interview with Saniona’s CEO Thomas Feldthus here, recorded at Swiss Nordic Bio 2025 in Zürich on March 13, where he discusses the latest developments.
TO4 warrant exercise gains guarantees
Saniona has now locked in “top-down guarantees” totaling SEK 11.5 million for its TO4 warrant exercise, running from March 18 to April 1, 2025. These guarantees, equating to about 10 per cent of the potential proceeds, come from Wilhelm Risberg and Fredrik Lundgren, each committing SEK 5.75 million. The “top-down” structure ensures flexibility: if TO4 subscriptions fall below 90 per cent, the full SEK 11.5 million kicks in; above 90 per cent, the guarantee scales down, covering only the shortfall up to full subscription. For instance, at 95 per cent exercise, guarantors would cover the remaining 5 per cent.
If activated, these commitments will translate into a directed share issue post-exercise issuing up to 2.35 million shares at SEK 4.88 each. The exercise period ends April 1, with results due by April 3.
Leadership also steps up with full TO4 commitment
Meanwhile in a display of confidence, Saniona’s board and CEO have committed to exercising all 964,334 of their TO4 warrants, valued at SEK 4.7 million – 4.1 per cent of the total proceeds. This follows their acquisition of an additional 79,635 warrants in March 2025, further increasing their stake.
If all TO4 warrants are exercised, Saniona stands to raise approximately SEK 115 million before issue costs. The SEK 11.5 million in guarantees provides a financial safety net, while leadership’s participation enhances credibility.
Beyond supporting SAN711’s development, the capital will drive three internal assets—SAN2355, SAN2219, and SAN2465—toward phase II proof-of-concept studies over the next two to three years.
Additionally, with potential approval of tesofensine for obesity in Mexico in 2025, alongside prospects for new collaborations and milestone payments, the TO4 warrants mark a key step in securing additional funding, bolstering Saniona’s existing cash and cash equivalents of SEK 303 million in reserves as of year-end 2024.
Comments from the CEO
We reached out to Thomas Feldthus, CEO of Saniona for a comment.
What does the TO4 guarantee commitment mean for Saniona’s plans?
– My objective is to ensure Saniona is well financed and maximizes proceeds when we raise capital—especially given the significant fixed and sunk costs of any financing round. Receiving a top guarantee free of charge from third-party investors is rare and highlights both the strength of Saniona’s business case and their confidence in our company.
Why did you and the board fully commit to TO4?
– We believe strongly in Saniona’s future—our strategy, our science, and our team. By fully exercising our warrants, we demonstrate that commitment and stand shoulder-to-shoulder with our shareholders.
How will the TO4 proceeds shape Saniona’s goals for the next couple of years?
– TO4 proceeds give us flexibility to secure the best deals. We are advancing three of our assets toward Phase 2 clinical studies over the next two to three years, which will significantly expand our strategic options. One path is to out-license a program, securing non-dilutive funding to propel the others through Phase 2. The TO4 proceeds strengthen our flexibility to pursue such opportunities, increasing the likelihood of securing the right deal at the right time.
What is your take on the timing of this warrant exercise?
– Saniona is in a strong financial position, with a promising pipeline and potential near-term income streams. Under normal circumstances – and certainly in this market – we would not initiate this type of financing, as it is costly and time-consuming. However, since the TO4 was already granted, it’s our responsibility to maximize its value for Saniona and our shareholders.
Any message for investors curious about your next steps?
– Stay tuned – this is just one step on our path toward becoming a self-sustaining company that no longer relies on shareholders for future funding. We are deeply grateful to everyone who has supported us over the years and to those participating in the TO4 warrant program.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
