In This Article:
| Q1 2022 (Q1 2021) |
| Revenue was SEK 6.6 M (3.4 M) |
| Operating loss was SEK -133.2 M (-94.1 M) |
| Loss per share was SEK -2.14 (-1.34) |
| Diluted loss per share was SEK -2.14 (-1.34) |
Business highlights in Q1 2022
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Saniona initiated the Multiple Ascending Dose (MAD) stage and the Positron Emission Tomography (PET) stage of its Phase 1 trial of SAN711; The ongoing Phase 1 trial is placebo-controlled, and the data remain blinded. Saniona continues to expect data from the trial by mid-2022.
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Saniona received SEK 7.3 million (US$0.8 million) from Novartis related to Novartis’s January 2021 acquisition of Cadent Therapeutics, in which Saniona held a 3% ownership stake. This payment, in addition to the previously received SEK 24.2 million (US$2.9 million), together complete Saniona’s portion of the upfront payment connected to the acquisition. Saniona may also receive a portion of the remaining SEK 5.1 billion (US$560 million) in contingent payments associated with the achievement of undisclosed future milestones relative to its previous ownership stake, when and if these milestones are achieved.
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Saniona and Boehringer Ingelheim advanced the ongoing research collaboration into the “hit-to-lead” stage. The collaboration is focused on a novel, undisclosed CNS ion channel target for schizophrenia. Saniona receives ongoing research funding and may receive up to €76.5 million in milestone payments as well as royalties on worldwide net sales.
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On March 29, 2022, Saniona announced a program reprioritization and restructuring comprising a voluntary pause of the Phase 2b clinical trials of Tesomet™ for hypothalamic obesity (HO) and Prader-Willi syndrome (PWS) and a workforce reduction of approximately 30%. The decision to voluntarily pause the Phase 2b clinical trials of TesometTM is not related to the safety or efficacy of TesometTM and is entirely due to funding limitations.
Significant events after the reporting period
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On April 30, 2022, Saniona appointed Thomas Feldthus as Chief Executive Officer and Anita Milland as Chief Financial Officer. Thomas Feldthus will oversee Saniona’s refocused strategy on ion channel research and development and explore partnering opportunities to advance its lead assets. The Board of Directors elected Jørgen Drejer as interim Chairman until the Annual General Meeting (AGM) to be held on May 25, 2022. In connection with this refocused strategy, the company terminated its plans to list its shares in the U.S., closed its U.S. operations and terminated the positions of all U.S. personnel, including the U.S. executive management team. These restructuring actions are anticipated to reduce future annual operating expenses by approximately 70-75%.