Edison Investment Research - CERENO SCIENTIFIC AB (CRNO/B) Cereno Scientific - All eyes on Q3 readout after Q1 update

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Edison Investment Research

Sean Conroy

Cereno Scientific - All eyes on Q3 readout after Q1 update

Cereno Scientific’s Q124 results provided a financial update and recapped the company’s clinical plans and progress. The Phase II trial for lead asset CS1 (pulmonary arterial hypertension, PAH) remains on track for a Q324 readout and we expect the Expanded Access Program approved by the FDA in January 2024 will help Cereno build a more robust data package for the subsequent Phase IIb/III trial. Additionally, the clinical trial application (CTA) submission for CS014 to the EMA in April 2024 brings a second asset to the clinic, bolstering the company’s clinical pipeline. We believe Cereno’s liquidity, post the SEK73.6m cash injection from the warrants exercise announced in March and assuming drawdown of the remaining SEK45m debt facility, provides operational headroom through Q225, ex-debt repayments. Our valuation slightly adjusts to SEK2.46bn from SEK2.32bn, previously, but declines to SEK8.8, from SEK9.9, on a per share basis with the higher share count post warrant conversion.

24/05/2024 1 EN

Underlying

CERENO SCIENTIFIC AB

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SE0008241558 Sweden

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Cereno Scientific - All eyes on Q3 readout after Q1 update

Cereno Scientific - A productive period with plenty more to come

Cereno Scientific - CMD highlights a ‘rare’ portfolio refocus

Cereno Scientific - CS1 shines in Phase IIa PAH trial

Foxtons Group - Deals' benefits matched by tax rise

Partners Group Private Equity - Seeing good demand for several of its assets

Cereno Scientific - A productive period with plenty more to come

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