Saniona — Broad pipeline to address neurological conditions

Saniona (OMX: SANION)

Last close As at 11/04/2025

SEK6.72

−0.04 (−0.59%)

Market capitalisation

SEK761m

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Research: Healthcare

Saniona — Broad pipeline to address neurological conditions

Saniona is a European pioneer in ion channel drug discovery. Internally, it is primarily focused on its preclinical epilepsy pipeline: SAN2355 (for focal/generalised epilepsy) and SAN2219 (for acute repetitive seizures), as well as SAN2465 (for major depressive disorder). Saniona also has two active clinical-stage partnered programmes. Tesofensine (for obesity) is out-licensed to Medix; an application dossier was resubmitted to Mexican regulators in February 2025. Notably, in November 2024, SAN711 (for neurological conditions) was out-licensed to Acadia in exchange for $28m upfront and up to $582m in milestones plus royalties, which management believes should fund the three internal programmes to at least Phase II.

Jyoti Prakash

Written by

Jyoti Prakash, CFA

Director, healthcare

Pharma and biotech

QuickView

10 April 2025

Price SEK6.30
Market cap SEK854m
Price Performance
Share details
Code SANION
Listing OMX

Shares in issue (including 23m in warrants exercised, April 2025)

135.5m

Pro forma net cash at 31 December 2024 (including SEK115m from warrants exercised, April 2025)

SEK412.9m

Business description

Saniona is a clinical-stage biopharmaceutical company focused on neurological and psychiatric diseases.

Bull points

  • Strong cash position provides operational flexibility to advance broad development pipeline.
  • External validation in the form of multiple strategic partnerships including Acadia, Medix, AstronauTx, Boehringer Ingelheim and Cephagenix.
  • Ion channel drug discovery engine provides expandable pipeline opportunities.

Bear points

  • Neurological conditions are becoming an increasingly competitive area in drug discovery.
  • Extended time to market for the majority of its programmes, which are in the early stages of clinical development.
  • Typical regulatory, development and funding risks associated with the biopharmaceutical sector.

Analysts

Jyoti Prakash, CFA
+44 (0)20 3077 5700
Arron Aatkar, PhD
+44 (0)20 3077 5700

EDISON QUICKVIEWS ARE NORMALLY ONE-OFF PUBLICATIONS WITH NO COMMITMENT TO WRITING ANY FOLLOW UP. QUICKVIEW NOTES USE CONSENSUS EARNINGS ESTIMATES.

Numerous potential catalysts ahead

The most advanced candidate in Saniona’s pipeline is tesofensine. While Medix did not initially receive approval from the Mexican regulators, the application was resubmitted in February 2025. An approval in Mexico (decision expected in H125) should provide royalty income and a foundation to expand into additional markets. Furthermore, the first milestone payment of $10m from Acadia for SAN711 (now ACP-711) will be payable on the launch of the next planned Phase II trial (expected in 2026). In addition, SAN2355 is on track to be Phase I-ready by the end of 2025.

Ion channel approach holds merit in CNS

Ion channels are a class of drug target primarily associated with the central nervous system (CNS) and the cardiovascular system. Saniona’s drug discovery engine is designed to create selective, subtype-specific, state-dependent ion channel modulators, and has generated Saniona’s pipeline. Although a challenging field, we believe Saniona is in a robust position to garner a share of the ion channel drug market, estimated to be worth c $16.3bn by 2033. Notable FDA-approved ion channel modulators for CNS indications include riluzole (for amyotrophic lateral sclerosis), retigabine (for partial onset seizures) and diazepam (an anxiolytic).

Robust cash position provides stability

Saniona ended FY24 with a strong net cash position of SEK297.9m, supported by its numerous partnerships and driven by the Acadia deal, which could fund operations for at least the next few years. Saniona may also be entitled to multiple milestone payments plus royalties from its pharma partners, which may extend the cash runway further. Beyond its active clinical programmes, Saniona is seeking collaborators for Tesomet (Phase IIb-ready for rare eating disorders) and SAN903 (Phase I-ready for inflammatory bowel disease).

Source: LSEG Data & Analytics

Consensus estimates

Year end Revenue (SEKm) PBT (SEKm) EPS (SEK) DPS (SEK) P/E (x) Yield (%)
12/23 16.8 (104.3) (1.52) 0.00 N/A N/A
12/24 334.7 207.0 1.77 0.00 3.6 N/A
12/25e 27.0 (108.0) (0.96) 0.00 N/A N/A
12/26e 393.0 267.0 2.11 0.00 3.0 N/A

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