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Investment case
Cereno Scientific develops innovative treatments for rare cardiovascular and pulmonary diseases. The company has a unique scientific approach, experienced leadership, and a clear clinical strategy. With strong partnerships and growing market opportunities, Cereno Scientific is well positioned to create value for both patients and shareholders.
Strong market opportunity
- Cereno Scientific is addressing rare and underserved areas within cardiovascular and pulmonary diseases, with an initial focus on pulmonary arterial hypertension (PAH) — a market expected to reach USD 13.5 billion by 2032.
- There is a significant unmet medical need for disease-modifying therapies in these indications, positioning Cereno Scientific’s portfolio for strong commercial potential and meaningful patient impact.
Differentiated and innovative mechanism of action (MoA)
- Cereno Scientific’s drug candidates are based on epigenetic modulation — a novel therapeutic approach with the potential to transform the treatment landscape in cardiovascular disease.
- The lead candidate, CS1, has demonstrated a favorable safety and tolerability profile and promising efficacy signals in clinical development, offering the potential for disease-modifying effects in PAH.
Robust clinical development and strategic collaborations
- Cereno Scientific has advanced its clinical programs with clear upcoming milestones that could serve as significant value inflection points.
- Strategic collaborations with leading institutions, such as the University of Michigan and global healthcare company Abbott, and medtech Fluidda, provide strong scientific validation and enhance development efficiency.
Commercialization potential and IP strength
- Cereno Scientific’s commercial strategy includes flexible pathways through potential partnerships and licensing agreements after demonstrating clinical proof-of-concept.
- A strong and expanding intellectual property portfolio across all three drug candidates supports long-term market exclusivity and strategic optionality.
Experienced leadership and strong execution capabilities
- Cereno Scientific is led by a seasoned management team with deep expertise in pharmaceutical development, regulatory strategy, and commercialization.
- A proven track record in securing funding, building strategic partnerships, and delivering on key development milestones supports continued operational success and shareholder value creation.
Cereno Scientific is listed on Nasdaq First North Growth Market under CRNO B.
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.
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
Please contact Tove Bergenholt, Head of IR & Communications, for more information or potential access to analyst coverage.
Edison Investment Research
Jyoti Prakash, CFA and Dr Arron Aatkar
Phone: +44 (0)20 3077 5700
E-mail: healthcare@edisongroup.com
27 May 2025
Cereno Scientific — Firing on all cylinders
Update
In Q125, Cereno made tangible progress across both its clinical programmes. The period opened with new data for lead asset CS1 indicating disease-modifying signals, and was capped by FDA endorsement of the Phase IIb plan (May 2025). The next step will be an IND application for Phase IIb and we anticipate data from the extended access programme (EAP, expected by mid-2025) to bolster the regulatory dossier. With Phase I now complete for second asset CS014 and a top-line readout in June, we expect a catalyst-rich period ahead for Cereno. The SEK77m gross cash and anticipated SEK50m from the November 2024 bridge loan should provide a runway into 2026. We expect Cereno to begin partnering talks in advance of trial initiation in H126. We raise our probability of success for CS1 to 45% (from 40%) based on recent developments. We upgrade our valuation to SEK4.5bn (SEK16.0/share) from SEK4.0bn (SEK14.2/share) previously.
23 April 2025
Cereno Scientific — CS1 takes another step towards Phase IIb
Flash
Cereno Scientific has successfully completed its planned Type C meeting with the FDA for lead asset CS1. The minutes from the meeting will be available after 30 days, but Cereno has indicated that the regulators looked to be in alignment with the Phase IIb study design and planned steps for clinical development. Note that unlike Type A and Type B meetings, Type C meetings are not strictly required, although they offer the opportunity to engage with the regulators to ensure alignment with study objectives, design and endpoints, which supports the likelihood of a successful outcome. Following receipt of the official minutes of the meeting and outcome of the subsequent IND, management plans to commence the Phase IIb trial in H126. As indicated in our previous note, we expect Cereno to self-sponsor Phase IIb, before seeking a licensing partner for the Phase III registrational study and subsequent commercialisation.
17 April 2025
Cereno Scientific — CS014 completes Phase I, path clears for Phase II
Flash
Cereno Scientific has announced that its second clinical stage asset, CS014, has completed the Phase I safety study, with the conclusion of the second, multiple ascending dose (MAD) part of the trial (which commenced in November 2024). This follows the successful completion of the single ascending dose (SAD) part of the study in February 2025. With the focus now on data management and analysis, management expects to announce top-line results in June 2025. CS014 is Cereno’s second histone deacetylase inhibitor (HDACi), a proprietary new chemical entity (NCE), which has demonstrated anti-thrombotic, anti-fibrotic and reverse remodelling properties in preclinical studies. It is currently being developed for idiopathic pulmonary fibrosis (IPF), a rare, progressive disease with no curative treatments and an average survival of three to five years. Phase II is expected to commence in H126.
17 March 2025
Cereno Scientific — Poised for active year in CVD and rare diseases
Update
FY24 was a period of operational progress for the company, and newsflow entering 2025 has been supportive of its plans. We view the latest observations from the CS1 Phase IIa study, showing disease-modifying signals, as positive and expect these to bolster conversations at the upcoming Type C meeting with the FDA. We note the company’s decision to pursue an additional Phase IIb trial and assume this will be self-sponsored. This should allow Cereno to validate early observations for the Phase IIa study and optimise deal terms with a licensing partner for the subsequent Phase III development. We are also encouraged by CS014’s steady progress through the Phase I trial and view H225 to be a crucial period for the programme. We adjust our estimates for the recent developments, with our valuation shifting slightly to SEK14.2/share, from SEK14.3/share previously.
13 February 2025
Cereno Scientific — CS014 achieves another Phase I milestone
Flash
Cereno Scientific’s second pipeline asset, CS014, continues to make steady progress through the clinic, with the company successfully completing the single ascending dose (SAD) part of the Phase I study which commenced in June 2024. The SAD part focused on evaluating the safety, tolerability and pharmacokinetics (PK) of CS014 in 30 healthy volunteers; results showcased a favourable safety profile. The second, multiple ascending dose (MAD) part of the study, which commenced in November 2024, is ongoing and management expects results in mid-2025, in line with previous guidance. CS014 is the company’s second histone deacetylase inhibitor (HDACi) and has demonstrated anti-fibrotic, reverse remodelling and anti-thrombotic properties in preclinical studies. The target indication for CS014 is idiopathic pulmonary fibrosis (IPF), a rare, progressive disease, with no curative treatments and an average survival of three to five years. Management intends to commence Phase II in H126.
28 November 2024
Cereno Scientific – executive interview
Cereno Scientific (OMX: CRNO-B) is a clinical-stage biotech focused on developing innovative, effective and safe treatments for cardiovascular diseases (CVD) and pulmonary diseases. The company has an exciting pipeline targeting unmet needs in CVD, with two clinical programmes and one preclinical programme. Lead candidate CS1 is a histone deacetylase inhibitor (HDACi) with epigenetic modulation properties, showing promise as a potentially disease-modifying treatment for pulmonary arterial hypertension (PAH), a rare, debilitating and progressive condition with no curative therapies. The Phase IIa data for CS1 in PAH were positive, and management is gearing up for discussions with regulators on a potential Phase IIb or pivotal Phase IIb/III study. The potential of Cereno’s HDACi programme to reverse disease progression in PAH was also highlighted in preclinical data reported for CS014, the company’s other HDACi programme. Second asset CS014 is currently in Phase I and Cereno recently announced that idiopathic pulmonary fibrosis will be the target indication for the candidate as part of a strategic pivot to strengthen the company’s focus on rare diseases. The third, preclinical, asset CS585 is a novel prostacyclin receptor agonist and is currently under evaluation for CVD, backed by encouraging preclinical data. Management hopes to start Phase I studies for CS585 in 2026, likely targeting a rare disease.
In this video, we talk to Sten Sörensen, CEO of Cereno Scientific, about the company’s strategic pivot to focus on rare diseases, how the recent SEK250m fundraise will be used to advance Cereno’s pipeline activities, as well as key milestones and catalysts that investors should watch out for as we move into 2025.
28 November 2024
Cereno Scientific — A productive period with plenty more to come
Update
Cereno Scientific has released its Q324 results, marking a productive and strategically significant period. Following the positive top-line data from the Phase IIa safety study of CS1 in pulmonary arterial hypertension (PAH), Cereno decided to concentrate its development programmes on rare diseases. Key developments included the selection of idiopathic pulmonary fibrosis (IPF) as the target indication for second asset, CS014, and the positioning of its preclinical asset, CS585, towards rare disease indications. In November 2024, Cereno announced a SEK250m capital raise, extending its cash runway into 2026. This funding secures financial resources to advance several key milestones, including FDA acceptance of the CS1 Phase IIb/III study and completion of the Phase I trial for CS014. We believe these developments de-risk Cereno’s clinical pathway and strengthen its position for potential partnering opportunities. We adjust our estimates for the Q3 results, with the increased debt servicing costs and higher net debt offsetting roll-forward benefits, resulting in our valuation remaining unchanged at SEK4.0bn or SEK14.3/share.
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.
Financial reports
2025
22 May 2025
2024
15 May 2025
Annual Report 2024
25 February 2025
Year-end Report 2024
21 November 2024
Interim report Q3 2024
29 August 2024
23 May 2024
2023
26 March 2024
22 February 2024
17 November 2023
25 August 2023
22 May 2023
2022
06 April 2023
22 February 2023
16 November 2022
25 August 2022
19 May 2022
2021
06 April 2022
09 February 2022
16 November 2021
25 August 2021
19 May 2021
2020
05 May 2021
25 February 2021
Year-end report (Q4) 2020
19 November 2020
28 August 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
09 May 2018
2016
22 May 2017
Financial calendar
25 February 2025
Year-end report 2024
12-16 May 2025
Annual report 2024
22 May 2025
Interim report Q1 2025
10 June 2025
Annual General Meeting 2025
27 August 2025
Interim report Q2 2025
27 November 2025
Interim report Q3 2025
27 February 2026