Cereno Scientific: Momentum building ahead of Phase II - Edison

Cereno Scientific’s Q225 results demonstrated steady progress across its clinical assets, with encouraging developments post-period. CS1 continues to edge closer to a Phase IIb trial in pulmonary arterial hypertension (PAH), with the recent Fast Track designation by the FDA further supporting its potential to meet the unmet need in PAH. Second candidate, CS014, also marked a milestone, completing Phase I with favourable safety outcomes and laying a robust foundation for Phase II in idiopathic pulmonary fibrosis (IPF). Both programmes will enter the next stages of clinical development in H126. A gross cash position of SEK75m at end Q225 provides a runway into 2026, with reduced indebtedness (following a SEK50m debt-equity conversion) further easing balance sheet pressure. Our revised valuation for Cereno is SEK17.8/share (SEK17.7/share previously), with a higher share count largely offsetting roll-forward benefits.

Länk till analysen i sin helhet: https://www.edisongroup.com/research/momentum-building-ahead-of-phase-ii/BM-2104/