London, UK, 22 Februar 2024

Edison issues initiation on Cereno Scientific (CRNO B): Differentiated approach in CVD with potential

Cereno Scientific is a clinical-stage biotech, developing treatments for cardiovascular diseases (CVDs) using novel approaches. Its focus on disease-modifying therapies and a collaboration with Abbott set it apart from peers. Lead asset CS1, a delayed immediate release formulation of valproic acid, is an HDAC inhibitor, aiming to deliver disease-modifying results in pulmonary arterial hypertension (PAH). Preclinical candidates include CS014, for thrombosis prevention without increased risk of bleeding (seen with current antithrombotics), and CS585 for CVD (specific indication not yet determined). 2024 will be a period of inflection, with top-line readouts from the Phase II CS1 study and expected clinical entry of CS014. We initiate coverage with a valuation of SEK2.32bn (SEK9.9/share).1

Our valuation (using a risk-adjusted net present value model) is almost entirely driven by CS1 in PAH, to which we attribute a 25% probability of success, a 2029 launch and peak sales of c $2.1bn. While we include CS014 in our model, the very early stage of development leads to limited valuation uptick, although this may change with clinical progression. CS585 has been excluded from our valuation for now. Gross cash of SEK87.1m at end-FY23, an expected SEK77m from warrant conversion and a SEK45m committed loan should be sufficient to fund operations into Q225. We model a partnership agreement for CS1 in 2026.

to view the full report.

1. Before this report was published, a technical issue led to this introductory paragraph temporarily appearing on the Edison website between 15.40 and 16.20 GMT on 21 February 2024. It was removed as soon as Edison was made aware. As with all Edison publications, Edison controls the editorial and timings of publications and we wish to make it clear that Cereno Scientific had no involvement in the aforementioned issue.

All reports published by Edison are available to download free of charge from its website

About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison’s integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally.

Edison has a proven history of increasing liquidity and valuations for its clients. Edison’s content can be viewed by all investors, anywhere in the world.

Edison is authorised and regulated by the .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Soo Romanoff +44 (0)20 3077 5700

Jyoti Prakash +44 (0)20 3077 5700

Dr Arron Aatkar +44 (0)20 3077 5700

Jitisha Malhotra +44 (0)20 3077 5700

Learn more at and connect with Edison on: 

LinkedIn 

Twitter  

YouTube