Saniona Ab · OMXSTO:SANION

Saniona Ab — Investor Presentation (May 2026)

65 slides from Saniona Ab's investor presentation, May 2026

  1. Slide 1: Clinical-stage biopharmaceutical company focused on neurological and psychiatric diseases

    Clinical-stage biopharmaceutical company focused on neurological and psychiatric diseases, with a successful partnership- driven business model Saniona company deck, May 2026

  2. Slide 2: Table of Contents

    Table of Contents CHAPTER PAGE 1 Who is Saniona? 2-9 2 Partner programs (ACP711 & SAN2355) 10 - 13 SAN2668: GABAA α2/α3 PAM 3 - For Paediatric Epilepsy (ESES/ DEE) 14 - 33 SAN2219: GABAA α2/α3/α5 PAM 4 - For Refractory Focal Epilepsy 35 - 50 SAN2465: α5 NAM 5 - For MDD / TRD 51 - 66 iStock/ Dominik

  3. Slide 3: About Saniona

    About Saniona ➢ Saniona AB share April 30, 2026 Revenue & Profit before tax 2024-2025, MUSD* – Market Cap: 1.9 BSEK (212 MUSD) 20242024 2024 2025** 2025** 2025** – AVG Vol 2025: 10.7 MSEK (1.2 MUSD) Revenue Profit Revenue Profit – Share Price: SEK 13.98 ($1.53 USD) 50 MUSD – Ticker: SANION – Exchang

  4. Slide 4: Saniona is well-positioned to capitalise on market growth and unmet medical needs in CNS

    Saniona is well-positioned to capitalise on market growth1 and unmet medical needs in CNS, with strong financial position and a differentiated pipeline advancing towards clinical milestones Three core pillars of Saniona Clinical-stage CNS innovator and Strong financial position and a Differentiated

  5. Slide 5: Saniona focuses on two key CNS disease indications with significant unmet need

    Saniona focuses on targeting two key CNS disease indications with a significant unmet medical need and high-value commercial potential EPILEPSY Major Depressive Disorder Share of Total Cost Share of Total for Epilepsy Mental Health Care Cost ~80% of the total epilepsy Depression accounts for treatme

  6. Slide 6: Saniona has a robust pipeline of differentiated CNS entering clinical development

    Saniona has a robust pipeline of differentiated CNS entering clinical development Product Indication Preclinical Phase 1 Phase 2 Phase 3 Status and upcoming milestones Candidate SAN2668 Ped Epilepsy (DEE) Phase 1 initiation GABAA (1),2, 3 Internal programs SAN2465 Major Depressive Phase 1 initiat

  7. Slide 7: Three prioritized assets designed for subtype-selective, differentiated pharmacology

    Saniona’s three prioritized assets are designed for subtype-selective, differentiated pharmacology to address specific medical needs while minimizing the limitations of benzodiazepines GABAA positive allosteric modulators (PAMs) Symptoms can be differentially addressed by subtype selective GABAA PAM

  8. Slide 8: High Level Development Plan - Three Prioritized Assets

    High Level Development Plan - Three Prioritized Assets SAN2668 - Paediatric Epilepsy (DEE) 2026 2027 2028 2029 ➢ Phase 1 start expected year-end 2026 Phase 1 CTIS Phase 1B/2 ➢ Phase 1B/2 Ped DEE basket study 2028 qEEG + PET Pediatric DEE ➢ Photosensitive PoM in epilepsy patients PoM Photo- sensitive

  9. Slide 9: Saniona is on a trajectory similar to Longboard, Karuna, and Cerevel

    Saniona is on a trajectory similar to Longboard, Karuna, and Cerevel, all acquired in multi-billion-dollar Phase 2/3 CNS deals Lundbeck acquired Longboard BMS acquired Karuna AbbVie acquired Cerevel (Oct 2024) (Mar 2024) (Aug 2024) Deal value US $ 2.6 billion US $ 14 billion US $ 8.7 billion Lead as

  10. Slide 10: Table of Contents

    Table of Contents CHAPTER PAGE 1 Who is Saniona? 2-9 2 Partner programs (ACP711 & SAN2355) 10 - 13 SAN2668: GABAA α2/α3 PAM 3 - For Paediatric Epilepsy (ESES/ DEE) 14 - 35 SAN2219: GABAA α2/α3/α5 PAM 4 - For Refractory Focal Epilepsy 36 - 51 SAN2465: α5 NAM 5 - For MDD / TRD 52 - 67 iStock/ Dominik

  11. Slide 11: ACP-711 partnership with Acadia Pharmaceuticals

    ACP-711 is a highly selective GABAA α3 PAM that enabled a substantial development partnership with Acadia Pharmaceuticals ACP-711 for essential tremor Strategic partnership with Acadia Pharmaceuticals Nov 2024 for future clinical and commercial development in neurological diseases ➢ ACP-711 modulate

  12. Slide 12: SAN2355 partnership with Jazz Pharmaceuticals

    SAN2355 is a novel potassium channel activator that enabled a significant development and commercial partnership with Jazz Pharmaceuticals SAN2355 for epilepsy Strategic partnership with Jazz Pharmaceuticals Aug 2025 for future clinical and commercial development in epilepsy ➢ Unique mechanism of ac

  13. Slide 13: Saniona's Strategic Partnerships Set to Generate Significant Value

    Saniona’s Strategic Partnerships Set to Generate Significant Value Potential commercial milestones: Tiered ➢ ACP-711: $435m royalties Potential development and ➢ SAN2355: $800m regulatory milestones: ➢ ACP-711: $147m ➢ SAN2355: $192.5m >$1.6B Upfront payments received: ✓ ACP-711: $28m ✓ SAN2355: $42

  14. Slide 14: Table of Contents

    Table of Contents CHAPTER PAGE 1 Who is Saniona? 2-9 2 Partner programs (ACP711 & SAN2355) 10 - 13 SAN2668: GABAA α2/α3 PAM 3 - For Paediatric Epilepsy (ESES/ DEE) 14 - 35 SAN2219: GABAA α2/α3/α5 PAM 4 - For Refractory Focal Epilepsy 36 - 51 SAN2465: α5 NAM 5 - For MDD / TRD 52 - 67 iStock/ Dominik

  15. Slide 15: Executive summary - SAN2668

    Executive summary - SAN2668 SAN2668 is a next-generation, oral, subtype selective SAN2668 has demonstrated potent seizure control: GABAA PAM advancing toward phase 1 ➢ Potent effects in benchmark chronic epilepsy ➢ Targets rare, difficult-to-treat paediatric models: epilepsies with potential for bro

  16. Slide 16: Developmental Epileptic Encephalopathies (DEEs) represent a persistent unmet need

    Developmental Epileptic Encephalopathies (DEEs) represent a persistent unmet need ➢ Developmental epileptic encephalopathies (DEEs) remain largely treated with broad ASMs and benzodiazepines ➢ Benzodiazepines provide seizure control but are limited by sedation, cognitive impairment, and tolerance, r

  17. Slide 17: SAN2668 – Value proposition

    SAN2668 – Value proposition SAN2668 has the potential to become the Anti Seizure Medication of choice for difficult to treat paediatric epilepsy syndromes with robust efficacy and improved safety and tolerability profile Key value messages ➢ SAN2668 is designed to deliver benzodiazepine-class effica

  18. Slide 18: The GABAA receptor is the molecular target for SAN2668

    The GABAA receptor is the molecular target for SAN2668 CI- GABA Benzo site ➢ GABAA receptor is a ligand-gated ion-channel activated by GABA     ➢ The channel consists of 5 subunits, various  subtypes (typically 2α, 2 and 1g, e.g., α232) ➢ The functional properties of each receptor subtype ar

  19. Slide 19: Benzodiazepines act through positive allosteric modulation of the GABAA receptor

    Benzodiazepines exert their pharmacological effects through positive allosteric modulation of The GABAA receptor ➢ Orthosteric (“GABA”) site - α/β interface – Primary binding site where GABA binds CI- – GABA binding opens the chloride channel, allowing Cl⁻ influx GABA – Chloride influx hyperpolarize

  20. Slide 20: The majority of GABAA receptors contain a BDZ site

    The majority of all GABAA receptors contain a BDZ site, and most of them contains the α1 subtype α5β1,3ϓ2 α6β2,3ϓ2 α4βnϓ/δ ➢ ~90% of all GABAA receptors contains a Other benzodiazepine binding site α3βnϓ2 ➢ The vast majority of benzodiazepine binding sites in the human brain contains α2β3ϓ2 the GABA

  21. Slide 21: SAN2668 delivers selective modulation of key GABAA subtypes

    SAN2668 delivers selective modulation of key GABAA subtypes to target the seizure types most relevant in difficult-to-treat paediatric epilepsy SAN2668 differentially modulates GABAA receptors Targeting different GABAA receptors for different seizure types: 100 ➢ GABAA 3: prevention of non-convulsi

  22. Slide 22: Selective α3 modulation improves attention in five-choice serial reaction time test

    In the five-choice serial reaction time test, selective α3 modulation with ACP-711/SAN711 improves attention and vigilance, whereas non-selective GABA PAMs impair these functions, such as diazepam Targeting GABAA a3 containing receptors confers additional cognitive benefit Five-choice serial reactio

  23. Slide 23: Spike-and-wave discharges define the EEG signature of severe paediatric epilepsies

    Spike-and-wave discharges are the abnormal EEG rhythms the drive absence seizures and define the EEG signature of severe paediatric epilepsies such as ESES ➢ SPIKE AND WAVE DISCHARGES (SWDs)is due to abnormal interaction in the cortico-thalamic (Thalamic Reticular Nucleus - TRN) system ➢ GABA 3 sub

  24. Slide 24: SAN2668 fully suppresses spike-wave-discharges in GAERS rats

    SAN2668 fully suppresses pathological spike-wave-discharges in GAERS rats suggesting potent efficacy in DEEs with generalized SWDs ➢ The Genetic Absence Epilepsy Rats from Strasbourg is a selectively inbred strain of Wistar rats displaying spontaneous spike-and-wave discharges (SWD). These rats pres

  25. Slide 25: SAN2668 suppresses epileptiform activity in amygdala kindled rats

    SAN2668 potently suppresses epileptiform activity and reduces seizure severity in amygdala kindled rats indicating potent efficacy in focal and focal-to-generalized seizures ➢ The amygdala kindling model is widely recognized for its predictive validity in antiseizure drug development1 Dose Projected

  26. Slide 26: SAN2668 suppresses paroxysmal hippocampal discharges in MTLE model

    SAN2668 suppresses paroxysmal hippocampal discharges in rodent model for treatment resistant mesial temporal lobe epilepsy ➢ The Mesial Temporal Lobe epilepsy (MTLE) mouse model mirrors human pharmaco-resistant MTLE including histopathological findings (sclerosis) and EEG aberrations (Hippocampal Pa

  27. Slide 27: SAN2668 superior seizure control vs. Clobazam

    SAN2668 demonstrates superior seizure control vs. non-selective GABAA PAMs, such as Clobazam, likely due to achievement of higher receptor occupancy Generalized seizures: SAN2668, at a dose achieving 70 % receptor occupancy, demonstrates superior seizure control compared with Clobazam at clinically

  28. Slide 28: SAN2668 superior seizure control compared to Darigabat

    SAN2668 demonstrates superior seizure control compared to selective GABA PAMs such as Darigabat Generalized seizures: SAN2668 demonstrates superior Focal onset seizures: SAN2668 maintains seizure seizure control compared to Darigabat at equal protection at higher current intensities and lower calcul

  29. Slide 29: SAN2668 shows additive effects when combined with standard of care

    SAN2668 shows additive effects when combined with standard of care ➢ At sub-therapeutic dose levels, SAN2668 produces additive protection in the 6-Hz focal-seizure model when co-administered with sub-therapeutic dose of different anti-seizure medications: ▪ Lamotrigine (sodium-channel blocker) ▪ Lev

  30. Slide 30: SAN2668 does not affect motor performance or cause sedation in rodents

    SAN2668 does not adversely affect motor performance or cause sedation in rodents in clinically relevant dose levels Adverse effects, Rotarod: SAN2668 does not cause motor Adverse effects, locomotor activity: SAN2668 does not impairments in rodents at pharmacologically relevant dose cause sedation in

  31. Slide 31: EEG as a pharmacodynamic biomarker for GABAergic compounds

    EEG provides a non-invasive and interpretable pharmacodynamic biomarker for GABAergic compounds and enable translation of preclinical readouts into humans EEG signal over time Frequency Band Functional Meaning Effects of known MoA Interpretation Typically increased by benzodiazepines1 and reduced δ

  32. Slide 32: SAN2668 shows a distinct qEEG signature

    SAN2668 shows a distinct qEEG signature characterized by robust beta/gamma enhancement and no increases in delta activity, indicating preserved vigilance and no propensity for sedation ➢ SAN2668 exhibits a unique qEEG profile that is distinct from non-selective benzodiazepines ➢ Produces a robust, d

  33. Slide 33: Phase 1 for SAN2668 will establish target engagement and biomarkers

    Phase 1 for SAN2668 will establish target engagement and pharmacodynamic biomarkers using qEEG and PET imaging to enable dose selection and support progression into Phase 1B/2 in paediatric DEE SAN2668 Phase 1 expected late 2026 with Phase 1B/2 Ped DEE basket study late 2027 2026 2027 2028 2029 CTIS

  34. Slide 34: Table of Contents

    Table of Contents CHAPTER PAGE 1 Who is Saniona? 2-9 2 Partner programs (ACP711 & SAN2355) 10 - 13 SAN2668: GABAA α2/α3 PAM 3 - For Paediatric Epilepsy (ESES/ DEE) 14 - 32 SAN2219: GABAA α2/α3/α5 PAM 4 - For Refractory Focal Epilepsy 33 - 47 SAN2465: α5 NAM 5 - For MDD / TRD 51 - 66 iStock/ Dominik

  35. Slide 35: Executive summary - SAN2219

    Executive summary - SAN2219 SAN2219 is a next-generation, oral, subtype selective SAN2219 has demonstrated potent seizure control: GABAA PAM advancing toward phase 1 ➢ Potent effects in benchmark chronic epilepsy ➢ Targets refractory focal onset and generalized models: seizures with anticipated high

  36. Slide 36: The Burden of Drug-Resistant Epilepsy

    The Burden of Drug-Resistant Epilepsy ➢ Despite the multitude of approved anti seizure medications there is a sustained unmet need in epilepsy ➢ 30% of patients are considered drug resistant1 - 1.5 million patients in G7 ➢ Mortality rate in epilepsy patients is 10 times higher2 ➢ Every year 2,000 ep

  37. Slide 37: SAN2219 – Value proposition

    SAN2219 – Value proposition SAN2219 has the potential to become a highly differentiated, broad-spectrum robust anti-seizure medication (ASM) for patients with focal and generalized seizures, designed to deliver high efficacy while minimizing the CNS tolerability limitations associated with currently

  38. Slide 38: The GABAA receptor is the molecular target for SAN2219

    The GABAA receptor is the molecular target for SAN2219 CI- GABA Benzo site ➢ GABAA receptor is a ligand-gated ion-channel activated by GABA     ➢ The channel consists of 5 subunits, various  subtypes (typically 2α, 2 and 1g, e.g., α232) ➢ The functional properties of each receptor subtype ar

  39. Slide 39: Benzodiazepines act through positive allosteric modulation of the GABAA receptor

    Benzodiazepines exert their pharmacological effects through positive allosteric modulation of The GABAA receptor ➢ Orthosteric (“GABA”) site - α/β interface – Primary binding site where GABA binds CI- – GABA binding opens the chloride channel, allowing Cl⁻ influx GABA – Chloride influx hyperpolarize

  40. Slide 40: The majority of GABAA receptors contain a BDZ site

    The majority of all GABAA receptors contain a BDZ site, and most of them contains the α1 subtype α5β1,3ϓ2 α6β2,3ϓ2 α4βnϓ/δ ➢ ~90% of all GABAA receptors contains a Other benzodiazepine binding site α3βnϓ2 ➢ The vast majority of benzodiazepine binding sites in the human brain contains α2β3ϓ2 the GABA

  41. Slide 41: SAN2219 selectively modulates GABAA subtypes

    SAN2219 selectively modulates GABAA subtypes to suppress focal and generalized seizures while minimizing 1-driven adverse effects SAN2219 differentially modulates GABAA receptors Selective targeting GABAA receptors for strong seizure control and high tolerability ➢ GABAA 3: prevention of non-convu

  42. Slide 42: SAN2219 shows stronger α2/α3 modulation than competitor compounds

    SAN2219 shows stronger positive modulation of GABAA α2/α3 subtypes than competitor compounds, while maintaining negligible activity at the α1 subtype associated with sedation ENX102 SAN2219 Darigabat (TPA023B) GABAA GABAA GABAA 2, 3, 5 2, 3, 5 2, 3, 5 GABAA α1 (%) 3.2 4.1 5.0 ➢ SAN2219 show

  43. Slide 43: Spike-and-wave discharges define the EEG signature of severe paediatric epilepsies

    Spike-and-wave discharges are the abnormal EEG rhythms the drive absence seizures and define the EEG signature of severe paediatric epilepsies such as ESES ➢ SPIKE AND WAVE DISCHARGES is due to abnormal interaction in the cortico-thalamic (TRN) system ➢ GABAA 3 subunit show a dense expression in TR

  44. Slide 44: SAN2219 fully suppresses spike-wave-discharges in GAERS rats

    SAN2219 fully suppresses pathological spike-wave-discharges in GAERS rats suggesting potent efficacy against absence seizures ➢ The Genetic Absence Epilepsy Rats from Strasbourg is a selectively inbred strain of Wistar rats displaying spontaneous spike-and-wave discharges (SWD). These rats present b

  45. Slide 45: SAN2219 suppresses paroxysmal hippocampal discharges in MTLE model

    SAN2219 suppresses paroxysmal hippocampal discharges in rodent model for treatment resistant mesial temporal lobe epilepsy ➢ The Mesial Temporal Lobe epilepsy (MTLE) mouse model mirrors human pharmaco-resistant MTLE including histopathological findings (sclerosis) and EEG aberrations (Hippocampal Pa

  46. Slide 46: SAN2219 equal seizure control vs. Clobazam at high receptor occupancy

    SAN2219 demonstrates equal seizure control vs. non-selective Benzodiazepines, such as Clobazam, at high receptor occupancy Generalized seizures: SAN2219, at a dose achieving >80% receptor occupancy, demonstrates comparable seizure control compared with Clobazam at clinically efficacious plasma expos

  47. Slide 47: SAN2219 shows additive effects when combined with standard of care

    SAN2219 shows additive effects when combined with standard of care ➢ At sub-therapeutic dose levels, SAN2219 produces additive protection in the 6-Hz focal-seizure model when co-administered with sub-therapeutic dose of different anti-seizure medications: ▪ Lamotrigine (sodium-channel blocker) ▪ Lev

  48. Slide 48: SAN2219 does not affect motor performance or cause sedation

    SAN2219: does not adversely affect motor performance or cause sedation in rodents in pharmacological relevant dose levels Adverse effects, Rotarod: SAN2219 does not cause motor Adverse effects, locomotor activity: SAN2219 does not impairments in rodents at pharmacologically relevant dose cause sedat

  49. Slide 49: Phase 1 for SAN2219 will establish target engagement and biomarkers

    Phase 1 for SAN2219 will establish target engagement and pharmacodynamic biomarkers using qEEG and PET imaging to enable dose selection and support progression into Phase 2 in 2028 SAN2219 Phase 1 expected 2027 with Phase 2 study 2028 2026 2027 2028 2029 SAN2219 CTIS Phase 1 Phase 2 GABAA 2, 3 Foc

  50. Slide 50: Table of Contents

    Table of Contents CHAPTER PAGE 1 Who is Saniona? 2-9 2 Partner programs (ACP711 & SAN2355) 10 - 13 SAN2668: GABAA α2/α3 PAM 3 - For Paediatric Epilepsy (ESES/ DEE) 14 - 33 SAN2219: GABAA α2/α3/α5 PAM 4 - For Refractory Focal Epilepsy 33 - 47 SAN2465: α5 NAM 5 - For MDD / TRD 48 - 62 iStock/ Dominik

  51. Slide 51: Executive summary - SAN2465

    Executive summary - SAN2465 SAN2465 is a novel, oral, subtype selective GABAA 5 NAM SAN2465 has demonstrated rapid onset efficacy in advancing toward phase 1 gold standard model, the chronic mild stress model: ➢ Fast onset of action antidepressant not requiring intensive in- ➢ Rapid, full- and sust

  52. Slide 52: Unmet need in MDD: fast onset of action and cognitive impairment

    Unmet need in MDD: Fast onset of action & cognitive impairment remain significant unmet needs Onset of action Cognitive impairment ➢ Traditional antidepressants take 4-8 weeks to onset of effect ➢ Cognitive symptoms in patients with MDD are common, persistent, ➢ Industry has pursued faster onset for

  53. Slide 53: SAN2465 – Value Proposition

    SAN2465 – Value Proposition ➢ SAN2465 has the potential to become a differentiated fast onset of action, orally administered Effective in Tx of cognitive antidepressant not requiring intensive in-clinic add-on dysfunction monitoring ORAL ➢ Add-on of choice for both MDD patients with FAST-ONSET inade

  54. Slide 54: The molecular target for SAN2465 is the GABAA receptor

    The molecular target for SAN2465 is the GABAA receptor CI- ➢ GABAA receptor is the molecular target for SAN2465 GABA SAN2465 ➢ The GABAA receptor is a hetero-pentameric chloride-conducting channel; when activated by GABAA induces hyperpolarization of    the postsynaptic membrane and reduces neuro

  55. Slide 55: GABAA α5 receptors are localized on hippocampal pyramidal neurons

    GABAA α5 containing receptors are localized on hippocampal pyramidal neurons and mediate tonic inhibition ➢ The GABAA α5 containing receptors are localized extrasynaptically on dendritic spines of pyramidal neurons in CA1/CA3 region, mediating tonic inhibition of excitatory output ➢ Negative alloste

  56. Slide 56: GABAA α5 receptors are preferentially expressed in hippocampal/limbic areas

    GABAA α5 containing receptors are preferentially expressed in hippocampal/limbic areas The expression pattern is conserved across species Rat Primate Human 3H-Ro15-1788 3H-L655,708 3H-Ro15-1788 3H-L655,708 11C-Ro15-4513 in humans Human Sur et al., Brain Res. (1999) 822: 26-270 3 3 H-Ro15-1788 (Fluma

  57. Slide 57: GABAA α5 NAM Mode of Action in Depression

    GABAA α5 NAM Mode of Action in Depression - the hypothesis1: ➢ Ketamine presumably works by inhibiting the NMDA receptors localized on GABAergic interneurons. This results in disinhibition of the principal neurons, increased glutamate neurotransmission, increased AMPA signalling and triggering of se

  58. Slide 58: SAN2465 selectively modulates GABAA α5 subtypes

    SAN2465 selectively modulates GABAA 5 subtypes for specific modulation of limbic circuitry and rapid onset antidepressant efficacy SAN2465 selectively modulates GABAA 5 receptors Selective targeting GABAA 5 receptors for rapid onset antidepressant efficacy combined with cognitive improvement % mo

  59. Slide 59: Innovative mode of action of SAN2465

    Innovative mode of action of SAN2465: opportunity for rapid resolution of depressive symptoms devoid of ketamine-induced adverse effects SAN2465 and Ketamine: Distinct mechanisms but SAN2465: Improved side-effect profile through shared downstream pathway to neuronal plasticity restricted expression

  60. Slide 60: SAN2465 normalizes anhedonic-like behavior in chronic mild stress model

    SAN2465 demonstrates rapid and sustained normalization of stress-induced anhedonic-like behavior in the chronic mild stress model ➢ ANHEDONIA: Core symptom in MDD, is the lack of ability to feel Vehicle non stress pleasure or to engage in pleasurable activities (“Anhedonia”) Vehicle stress non stres

  61. Slide 61: SAN2465 reverses stress-induced anxiogenic-like behaviors

    SAN2465 demonstrates full reversal of stress-induced anxiogenic-like behaviors when dosed 48 hours prior to test ➢ ANXIETY: Comorbid symptom in MDD, can present as generalized anxiety characterized by persistent excessive worry Controlled Controlled Stressed Stressed that is difficult to control 0 1

  62. Slide 62: SAN2465 reverses stress-induced cognitive impairment in Novel Object Recognition

    SAN2465 demonstrates full reversal of stress-induced cognitive impairment when dosed 72 hours prior to test in the Novel Object Recognition Test ➢ COGNITIVE IMPAIRMENT: Difficulty concentrating, poor attention, impaired learning and memory and executive functions. In about 20- 30% of MDD patients, c

  63. Slide 63: SAN2465 reverses cognitive deficits in the T-maze in mice

    SAN2465 acutely reverses pharmacologically induced cognitive deficits in the T-maze in mice ➢ WORKING MEMORY: Part of the cognitive domains known to be impaired in MDD1 ➢ Working memory-like behaviour in mice can be evaluated in the T-maze by measuring spontaneous alternation. MK801 MK801 Spontaneou

  64. Slide 64: SAN2465 Phase 1 will establish target engagement and biomarkers

    SAN2465 Phase 1 will establish target engagement and pharmacodynamic biomarkers through qEEG and PET to enable informed Phase 2 dose selection by 2027 SAN2465 Phase 1 expected late 2026 with Phase 2 study late 2027 2026 2027 2028 2029 IND Phase 1 Phase 2 qEEG + PET TRD Healthy volunteers Patients Qu

  65. Slide 65: Thank You

    wif. sanlo Thank You

Saniona — Investor Presentation (May 2026) on 6ix