Ann: Updated SNT-5505 study data to be presented at EHA2025, page-9

After this update it’ll be a big few months for SNT, as a choice will need to be made from the following:

- Raise close to $100M to complete the phase 3 themselves, which at this SP (or even double or triple the current SP), would be a ridiculous amount of dilution. I doubt someone like Hashan would want his 65M shares diluted to such an extent.

- License the drug for a particular jurisdiction (or globally) and allow big pharma to take the reins for phase 3. Ideally SNT would retain rights to the USA but that’s a long shot as whoever would be partnering with SNT would want that market as it’s the biggest $$$$

- Sell the company. This is my preferable choice, I’ve been in this company since well before BI pulled the plug on developing the PXS drug. Big pharma could offer an all cash deal of even 30c a share and I think all major shareholders say yes. Other option would be for big pharma to acquire the company but with a heavily backended deal, with milestones contingent on the clinical success and commercialisation of this drug. Additional value would also be assigned to other indications and drugs such as the skin scarring treatment.


My SMSF is going to be 100% SNT.