Edison Investment Research - CERENO SCIENTIFIC AB (CRNO/B) Cereno Scientific - Pressing clinical assets forward to key inflection

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Edison Investment Research

Sean Conroy

Cereno Scientific - Pressing clinical assets forward to key inflection

Cereno Scientific has announced its Q224 results, reflecting tangible progress with its clinical candidates. Key developments include closing of patient recruitment for the Phase II CS1 trial (as of 1 July) and the rapid clinical entry for CS014. Initial safety data from the CS014 study are anticipated from mid-2025 and will serve as a key catalyst. In the near term, we expect investor interest to be focused on the top-line readouts (within Q324) from the Phase II trial for lead asset CS1 in pulmonary arterial hypertension (PAH), following the recent news on first patient dosing under the Expanded Access Programme. Based on current burn rates and gross cash at hand of c SEK86m, we estimate that the company is funded through Q125, slightly shorter than our previous estimate of Q225, but well beyond this upcoming inflection point. Our valuation adjusts slightly to SEK2.6bn or SEK9.1/share, from SEK2.5bn or SEK9.0/share previously.

02/09/2024 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 - Pressing clinical assets forward to key inflection

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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