Efter att nyligen ha återvänt från den 44:e årliga J.P. Morgan Healthcare Conference i San Francisco, går Saniona in i 2026 med en bekräftad turnaround och en kassa på över 670 miljoner kronor. BioStock kontaktade vd Thomas Feldthus för att diskutera lärdomarna från branschens viktigaste mötesplats och bolagets ambitiösa färdplan för det kommande året.

Stämningen i San Francisco i januari präglades av försiktig optimism. Efter några utmanande år för biotekniksektorn markerade 2026 års J.P. Morgan Healthcare Conference ett skifte där branschen nu lämnat en defensiv fas bakom sig för att återigen fokusera på tillväxt. För Sanionas del kunde timingen inte vara bättre.

Ett transformativt år

Bolaget går in i 2026 efter ett avgörande finansiellt lyft. Drivet av den senaste upfront-betalningen från Jazz Pharmaceuticals redovisade Saniona en kraftig intäktsökning i sin senaste delårsrapport och avslutade året med sin starkaste likviditetsposition hittills.

Tillsammans med det tidigare avtalet med Acadia Pharmaceuticals har bolaget säkrat över 70 miljoner USD i icke-utspädande kapital. Denna finansiella stabilitet har gjort det möjligt för Saniona att flytta fokus från finansiering till att accelerera sin interna FoU, där tre jonkanalsprogram nu avancerar mot kliniska studier.

Marknaden har reagerat positivt på denna operationella turnaround. Aktiekursen har stigit med 23 procent bara i år, vilket innebär en total uppgång på 182 procent under de senaste tolv månaderna och 743 procent över en treårsperiod – en utveckling som speglar tidslinjen för bolagets strategiska omfokusering.

Växlar upp i pipelinen

Den finansiella stabiliteten gör att Saniona kan öka tempot i sin interna FoU utan behov av omedelbar extern finansiering. Fokus ligger nu på att avancera tre helägda jonkanalsprogram mot klinik: SAN2219 mot epilepsi, SAN2465 mot egentlig depression samt den nyligen utsedda kliniska kandidaten SAN2668, som riktar sig mot svåra pediatriska epilepsier.

Med pågående IND-grundande aktiviteter är målet att ta dessa kandidater in i fas I-studier, med sikte på start under 2026.

Q&A med vd

BioStock kontaktade vd Thomas Feldthus för att höra hans reflektioner kring konferensen och för att diskutera målen för 2026.

Thomas, you recently returned from the J.P. Morgan Healthcare Conference. What was your impression of the sentiment this year, and how was Saniona received?

– JPM was very encouraging for us this year. What stood out most clearly was the increased interest in Saniona. We had more than 40 pre-arranged meetings over just three days, and many of these were inbound requests from groups who were already aware of the progress we have made over the past year. The level of engagement around our strategy and pipeline was noticeably higher than in previous years. – The two recent deals with Acadia and Jazz have clearly elevated the level of attention around Saniona and confirmed the quality of our assets, even at an early stage, and this was reflected in the discussions we had throughout the week. – Across all meetings, the focus was on companies with strong scientific foundations, a clear plan, and the financial strength to execute. In that context, Saniona was well received, and the feedback confirmed that our sharpened CNS strategy and stronger financial position are resonating with a broader audience.

You enter 2026 with a significant cash position. How does your financial strength influence your operational strategy for the coming year?

– It gives us the flexibility we need at this stage. With more than SEK 670 million in cash at the end of Q3 and further milestones expected, we can advance our pipeline according to scientific and clinical priorities rather than short‑term financing needs. – In the coming two years we will advance three internal programs through preclinical and Phase 1 studies and prepare them for Phase 2. We plan to take one to two of them through Phase 2 and out-license the last. Our aim is to progress a balanced internal pipeline. This also means that we will allocate our research capacity to internal programs when they become available under our current three research collaborations.

With a packed schedule of partner milestones and multiple internal programs heading toward clinical entry, how are you scaling the organization to ensure you can deliver on all fronts?

– We have strengthened the organization step by step. Over the past year we have added key capabilities within CMC, toxicology, clinical operations, clinical development, translational medicine, pharmacology, and project management. The organization is still lean, but it is now structured for efficient execution. – We also work with experienced CROs and external experts, which gives us flexibility and ensures we can scale in a controlled and cost‑effective way. This combination allows us to progress several programs in parallel without compromising quality.

Finally, looking at the specific goals for 2026, what are the key milestones investors should look out for regarding your internal pipeline?

– We have a clear set of goals: two of our programs are expected to enter Phase 1 trials, and we plan to submit CTIS for the third. These steps form the foundation for the early clinical readouts that will guide our prioritization and support future partnerships. – In addition, we will continue to expand our translational data packages, including in vivo and electrophysiology work, which are important for differentiation. Collectively, these milestones position Saniona well for the next stage of development. – In addition to this, any of our six programs in collaboration with partners may potentially reach important milestones in the coming year.

Innehållet i BioStocks nyheter och analyser är oberoende men BioStocks verksamhet är i viss mån finansierad av bolag i branschen. Detta inlägg avser ett bolag som BioStock erhållit finansiering från.

Läs mer på BioStock