Business highlights in Q3 2023

• In July, Saniona announced a new collaboration agreement with AstronauTx in Alzheimer’s disease. Saniona may receive up to SEK 1.9 billion ($177 million) in milestone payments as well as royalties on worldwide net sales of resulting products under the collaboration.
• In August, Saniona announced a change to the terms of the loan agreement with Formue Nord. The parties agreed to reduce the loan value, through a repayment of SEK 3 million by Saniona and a conversion of SEK 10 million into shares at 8.50 SEK per share. Formue Nord has also received a commitment fee of SEK 4.8 million, which also was converted into shares at 8.50 SEK per share. The maturity date of the loan agreement changed to January 31, 2025.

Significant events after the reporting period

• In October, Saniona’s new partner, AstronauTx, closed a $61 million Series A financing led by the Novartis Venture Fund and backed by several other leading global venture investors, including Brandon Capital, Bristol Myers Squibb, EQT Life Sciences investing from the LSP Dementia Fund, MPM Capital and the Dementia Discovery Fund.
• Professor Vincenzo Crunelli, Cardiff University, U.K., presented preclinical data on Saniona’s lead ion-channel drug candidate and phase 2 ready asset, SAN711, at the annual meeting of the Society for Neuroscience (SfN) 11th-15th November 2023, Washington DC. The data shows strong suppression of absence seizures, which demonstrates that SAN711 represents a novel precision approach for treatment of non-convulsive generalized seizures.
• In November, Saniona announced that it has initiated the candidate selection phase with a proprietary subtype selective frontrunner molecule from Kv7 lead optimization program for epilepsy.

Comments from the CEO
““We have a broad pipeline, which we develop in collaboration with partners. We have a long and successful history of finding and negotiating partnerships, such as the new collaboration with AstronauTx in Alzheimer’s disease. Based on our business discussions, I am confident that we will reach additional partnerships. In parallel we are leveraging our expertise in ion-channel drug discovery to identify and advance additional clinical candidates in a range of epilepsy indications. Saniona has a lot to offer in epilepsy and may create significant value for the shareholders in this field.”