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Investment story
Cereno Scientific is a pioneering clinical-stage biotech company focusing on developing innovative, effective, and safe treatments for patients affected by diseases with high unmet needs.
Cereno's pipeline comprises:
- Lead candidate CS1 is an HDAC inhibitor that works through epigenetic modulation, being developed as a treatment for the rare disease PAH. CS1 holds the potential to be an effective, safe and disease-modifying drug, targeting the root cause of the disease by reverse remodeling. Positive topline results from a Phase IIa trial were reported on September 27, 2024.
- CS014, a novel HDAC inhibitor with epigenetic effects, being developed as a disease-modifying therapy for rare disease IPF. A first-in-human Phase I trial was initiated in Q2 2024.
- CS585, a novel IP receptor agonist, has not yet been assigned a specific indication for clinical development; preclinical data indicates that it could potentially be used in indications like Pulmonary Hypertension and for thrombosis prevention without increased risk of bleeding. A target indication for CS585 is currently being evaluated; rare diseases with high unmet medical needs are being considered.
Cereno Scientific's B share (CRNO B) has been traded on Nasdaq First North Growth Market since June 2023, when a move from Spotlight Stock Market was completed where the company had been listed since June 2016.
Share capital development
Overview
Shares of series A warrant ten (10) votes per one (1) share and shares of series B warrant one (1) vote per one (1) share. The shares ratio value amounts to 0,1 SEK. All shares entitle the shareholder to equal rights to share the company’s assets and earnings.
Updated: June 2024
| Year | Event | Ratio value (SEK) | Difference in shares | Change (SEK) | Total number of shares | Total share capital (SEK) |
|---|---|---|---|---|---|---|
| 2024 | Rights issue | 0,1 | 47 926 608 | 4 792 661 | 281 701 842 | 28 170 184 |
| 2023 | Rights issue | 0,10 | 96 260 390 | 9 626 039 | 233 775 234 | 23 377 523 |
| 2022 | Share issue | 0,10 | 32 253 062 | 3 225 306 | 137 514 844 | 13 751 484 |
| 2021 | Share issue | 0,10 | 33 442 470 | 3 344 247,00 | 105 261 782 | 10 526 178,20 |
| 2020 | Rights issue | 0.1 | 31 600 000 | 3 160 000 | 71 819 312 | 7 181 931.20 |
| 2019 | Conversion | 0.10 | 533 333 | 53 333.30 | 15 181 303 | 1 518 130.30 |
| 2019 | Conversion | 0.10 | 666 666 | 66 666.60 | 15 847 969 | 1 584 796.90 |
| 2019 | Conversion | 0.10 | 3 333 333 | 333 333.30 | 19 181 302 | 1 918 130.20 |
| 2019 | Rights issue | 0.10 | 19 181 302 | 1 918 130.20 | 38 362 604 | 3 836 260.40 |
| 2019 | Overallotment issue | 0.10 | 1 724 137 | 172 413.70 | 40 086 741 | 4 008 674.10 |
| 2019 | Remuneration issue | 0.10 | 132 571 | 13 257.10 | 40 219 312 | 4 021 931.20 |
| 2018 | Conversion | 0.10 | 188 679 | 18 867.90 | 11 179 179 | 1 117 917.90 |
| 2018 | Conversion | 0.10 | 444 444 | 44 444.40 | 11 623 623 | 1 162 362.30 |
| 2018 | Conversion | 0.10 | 540 540 | 54 054 | 12 164 163 | 1 216 416.30 |
| 2018 | Conversion | 0.10 | 483 870 | 483 8700 | 12 648 033 | 1 264 803.30 |
| 2018 | Conversion | 0.10 | 419 354 | 41 935.40 | 13 067 387 | 1 306 738.70 |
| 2018 | Conversion | 0.10 | 384 614 | 38 461.40 | 13 452 001 | 1 345 200.10 |
| 2018 | Conversion | 0.10 | 269 230 | 26 923 | 13 721 231 | 1 372 123.10 |
| 2018 | Conversion | 0.10 | 307 692 | 30 769.20 | 14 028 923 | 1 402 892.30 |
| 2018 | Conversion | 0.10 | 333 333 | 33 333.30 | 14 362 256 | 1 436 225.60 |
| 2018 | Conversion | 0.10 | 285 714 | 28 571.40 | 14 647 970 | 1 464 797.00 |
| 2016 | Directed issue | 1 | 1 200 | 1 200 | 61 805 | 61 805 |
| 2016 | Stock dividend issue | 10 | – | 556 245 | 61 805 | 618 050 |
| 2016 | Share split 100:1 | 0.1 | 6 118 695 | – | 6 180 500 | 618 050 |
| 2016 | Subdivision A-/B- shares | 0.10 | – | – | 6 180 500 | – |
| 2016 | Directed issue | 0.10 | 1 420 000 | 1 420 000 | 7 600 500 | 760 050 |
| 2016 | Directed issue | 0.10 | 450 000 | 45 000 | 8 050 500 | 805 050 |
| 2016 | IPO | 0.10 | 2 940 000 | 294 000 | 10 990 500 | 1 099 050 |
| 2012 | Formation | 1 | 50 000 | 50 000 | 50 000 | 50 000 |
| 2012 | Rights issue | 1 | 10 605 | 10 605 | 60 605 | 60 605 |
Largest shareholders
Share issues
Our share issues
Access information related to the company’s current and/or previous share issues. Information is in Swedish only.
Analysts
Rx Securities
Dr Joseph Hedden
Phone: +44 20 7993 8244
E-mail: joseph@rxsecurities.com
Dr Samir Devani
E-mail: samir@rxsecurities.com
Edison Investment Research
Jyoti Prakash, CFA and Dr Arron Aatkar
Phone: +44 (0)20 3077 5700
E-mail: healthcare@edisongroup.com
12 November 2024
Cereno Scientific — New SEK250m financing secures runway into 2026
Flash note
Cereno Scientific has announced a new financing arrangement of at least SEK250m, with net proceeds expected to extend the runway into 2026, past several key clinical milestones. Secured from Fenja Capital and Arena Investors, the new financing includes a cash loan of SEK175m across two tranches and SEK75m in convertible debt. While the first cash tranche of SEK125m will be paid out on signing, the second SEK50m payout is conditional on lead asset CS1 receiving FDA approval for the next clinical phase. Tranche 1 will be partially used to repay the outstanding c SEK91m loan from Fenja Capital, raised in November 2023, and comes with a 3.87% set-up fee. Following the debt repayment and set-up fee, management expects net proceeds from Tranche 1 and the convertible debt of c SEK99m. The financing agreement will extend the cash runway into 2026, past key milestones such as FDA approval of the next CS1 study and completion of the Phase I trial and Phase II regulatory approval for CS014. We will present our updated estimates following the Q324 results.
25 October 2024
Cereno Scientific — CMD highlights a ‘rare’ portfolio refocus
Update
Cereno Scientific recently held a capital markets day (CMD), providing greater insight on its development pipeline and strategic objectives. The key takeaway was its decision to focus on the rare disease space across its three programmes, a move we believe was strategically driven to maximise potential clinical and commercial success, and to appeal to future partners. While lead asset CS1 is targeting pulmonary arterial hypertension (PAH), supported by Fluidda and CardioMEMS (pivotal studies expected in 2026), CS014, the second HDAC inhibitor in Cereno’s portfolio, will now be evaluated in idiopathic pulmonary fibrosis (IPF), another rare indication with a three- to five-year average survival and no curative treatments. Management also highlighted the potential for CS585, its preclinical-stage asset in rare indications such as antiphospholipid syndrome (APS), an autoimmune disorder. We update our estimates to reflect the new target indication for CS014 and increase our valuation to SEK14.3/share, from SEK13.9/share previously.
07 October 2024
Cereno Scientific – executive interview
Cereno Scientific (OMX: CRNO-B) is a clinical-stage biotech focused on developing treatments for cardiovascular diseases (CVD) using novel approaches. The company has an exciting pipeline of differentiated assets targeting unmet needs in CVD, with two clinical programmes and one preclinical programme. Lead candidate CS1 has an interesting mechanism of action (a histone deacetylase inhibitor (HDACi) showing epigenetic modulation properties) and promises disease-modifying properties in pulmonary arterial hypertension (PAH), a rare, debilitating and progressive condition with no curative therapies. The company recently presented positive Phase IIa data for CS1 and is gearing up for discussions with regulators on a potential Phase IIB/III pivotal study. The potential of Cereno’s HDACi programme to reverse disease progression in PAH was also highlighted in the preclinical data reported recently for CS014, the company’s other HDACi programme, which entered the clinic in June 2024 and is in a Phase I trial for thrombosis prevention (the leading cause of morbidity in CVD), but without the increased risk of bleeding associated with currently available antithrombotics. The preclinical asset CS585, a novel prostacyclin (IP) receptor agonist, is currently under evaluation for different CVD indications, backed by encouraging preclinical data.
In this video, we talk to Sten Sörensen, CEO of Cereno Scientific, about the exciting clinical data for CS1 and what the results mean for the company’s near-term development plans. We also discuss Cereno’s other pipeline assets as well as key upcoming catalysts.
02 October 2024
Cereno Scientific — CS1 shines in Phase IIa PAH trial
Update
Cereno Scientific has reported positive top-line results for the Phase IIa CS1-003 trial, which evaluated the HDAC inhibitor CS1 in pulmonary arterial hypertension (PAH). The primary endpoint of safety and tolerability was met and, importantly, CS1 delivered encouraging results on exploratory efficacy measures, creating a strong foundation for the next steps of clinical development, in our view. The recently signed agreement with medical technology company Fluidda to visualise the impact of CS1 on the reverse remodelling of pulmonary vessels is another positive step and could bolster the data package for the candidate. With the recent preclinical data on CS014, Cereno now has two HDAC inhibitors in its portfolio with disease-modifying potential and we expect this to influence discussions with regulators, as well as potential partners. As management is planning a potentially pivotal Phase IIb/III trial, we raise our probability of success for CS1 to 40% (from 25%), resulting in our valuation for Cereno upgrading to SEK13.9/share from SEK9.1/share.
04 September 2024
Cereno Scientific — CS1 granted OMPD, complementing FDA ODD
Flash note
Cereno Scientific’s lead asset CS1 has been granted the Orphan Medicinal Product Designation (OMPD) from the European Commission as a potential treatment for pulmonary arterial hypertension (PAH). The OMPD provides 10 years of market exclusivity, assuming CS1 receives EU regulatory approval, in addition to fee waivers during the development process. Further, this regulatory designation complements the FDA Orphan Drug Designation (ODD) granted in 2020, bolstering the value proposition of the candidate. We expect this news will be viewed positively as investors await the Phase II CS1 trial’s topline results in PAH, expected in September 2024.
02 September 2024
Cereno Scientific — Pressing clinical assets forward to key inflection
Update
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 July 2024
Cereno Scientific — CS1 Phase II results inbound; first dose of CS014
Flash note
Cereno Scientific has released updates on its two most advanced clinical programmes. For CS1, which is being investigated as a potential treatment for pulmonary arterial hypertension, recruitment has been closed for the Phase II trial, meaning that data analysis may commence. Top-line results are on track to be shared in Q324, consistent with prior guidance, and potentially representing the company’s most significant upcoming catalyst. For CS014, Cereno has now confirmed that the first participant has been dosed, quick on the heels of the recent clearance from the European Medicines Agency for the trial launch. CS014 has shown promise in preclinical studies as a novel treatment for thrombosis prevention without increased risk of bleeding, a key limitation of current antithrombotic medication. We anticipate initial data in mid-2025.
21 June 2024
Cereno Scientific — CS014 (second asset) crosses into the clinic
Update
The European Medicines Agency (EMA) has approved Cereno Scientific’s Clinical Trial Application (CTA) for CS014, a novel HDAC inhibitor with epigenetic effects. CS014 targets thrombosis prevention and is expected to do so without increased risk of bleeding, a key limitation of currently approved antithrombotics. Management has communicated that the drug product has been shipped to the trial sites and work on patient recruitment has begun. The Phase I trial will assess the safety and tolerability of the drug in healthy volunteers. This will be the company’s second asset to enter the clinic after its lead asset, CS1. Following this regulatory milestone, we have updated our probability of approval from 5% to 7.5%, resulting in a lift to our valuation for Cereno to SEK2.54bn or SEK9.0/share, from SEK2.46bn or SEK8.8/share, previously.
24 May 2024
Cereno Scientific — All eyes on Q3 readout after Q1 update
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.
16 April 2024
Cereno Scientific — CS014 (thrombosis) progresses towards the clinic
Flash note
Cereno Scientific has taken a step closer to advancing its second asset, CS014, a novel HDAC inhibitor with epigenetic effects, to the clinic with the submission of the clinical trial application (CTA) to the European Medicines Agency (EMA). The CTA is for the first-in-human Phase I trial for CS014, which Cereno is developing for thrombosis prevention, without increased risk of bleeding. We believe this has the potential to address the main limitation of current standard-of-care antithrombotic medicines and offers a sizeable opportunity for Cereno (backed by supportive preclinical data). Subject to clearance from the EMA, management plans to commence the Phase I study in Q224, consistent with prior guided timelines. Cereno’s lead asset is CS1, which is in a Phase II trial for pulmonary arterial hypertension (PAH). The results are expected in Q324, potentially representing the company’s next catalyst, in our view.
Financial reports
2024
29 August 2024
23 May 2024
2023
26 March 2024
22 February 2024
17 November 2023
25 August 2023
22 May 2023
2022
6 April 2023
22 Feb 2023
16 Nov 2022
25 Aug 2022
19 May 2022
2021
6 Apr 2022
9 Feb 2022
16 Nov 2021
25 Aug 2021
19 May 2021
2020
5 May 2021
25 February 2021
Year-end report (Q4) 2020
19 November 2020
28 Aug 2020
14 May 2020
2019
14 May 2020
27 February 2020
14 November 2019
30 August 2019
30 April 2019
2018
30 April 2019
22 February 2019
15 November 2018
30 August 2018
24 May 2018
2017
9 May 2018
2016
22 May 2017
Financial calendar
21 November 2024
Interim report Q3 2024
25 February 2025
Year-end report 2024
17 June 2025
Annual General Meeting 2025
27 August 2025
Interim report Q2 2025
27 November 2025
Interim report Q3 2025
27 February 2026