Investment story

Cereno Scientific is a pioneering clinical-stage biotech company focusing on developing innovative, effective, and safe treatments for patients affected by rare and common cardiovascular disease where great unmet medical needs persist. Cardiovascular disease is the number one cause of death globally, killing nearly twice as many people as cancer. The term cardiovascular disease includes all diseases which involve the heart and/or the blood vessels. A majority of the complications associated with cardiovascular disease are caused by a blocking blood clot in a vein or artery in the body. Many people affected by a blood clot have as a consequence, for example, a heart attack, secondary heart failure, cardiac arrhythmias, stroke or other direct manifestations of blood clots in lungs or peripheral vessels.

Cereno's pipeline comprises:

  • Drug candidate CS1, a HDAC inhibitor with epigenetic effects, in Phase II is being developed as a treatment of the rare disease pulmonary arterial hypertension (PAH).
  • Drug candidate CS014, a novel HDAC inhibitor with epigenetic effects, being developed as a treatment for thrombosis prevention, currently evaluated in a Phase I, first-in-human trial.
  • Drug candidate CS585, a novel IP Receptor Agonist, in preclinical phase. While CS585 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 thrombosis prevention without increased risk of bleeding.

 

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

YearEventRatio value (SEK)Difference in sharesChange (SEK) Total number of sharesTotal share capital (SEK)
2024Rights issue0,147 926 6084 792 661281 701 84228 170 184
2023Rights issue0,1096 260 3909 626 039233 775 23423 377 523
2022Share issue0,1032 253 0623 225 306137 514 84413 751 484
2021Share issue0,1033 442 4703 344 247,00105 261 78210 526 178,20
2020Rights issue0.131 600 0003 160 00071 819 3127 181 931.20
2019Conversion0.10533 33353 333.3015 181 3031 518 130.30
2019Conversion0.10666 66666 666.6015 847 9691 584 796.90
2019Conversion0.103 333 333333 333.3019 181 3021 918 130.20
2019Rights issue0.1019 181 3021 918 130.2038 362 6043 836 260.40
2019Overallotment issue0.101 724 137172 413.7040 086 7414 008 674.10
2019Remuneration issue0.10132 57113 257.1040 219 3124 021 931.20
2018Conversion0.10188 67918 867.9011 179 1791 117 917.90
2018Conversion0.10444 44444 444.4011 623 6231 162 362.30
2018Conversion0.10540 54054 05412 164 1631 216 416.30
2018Conversion0.10483 870483 870012 648 0331 264 803.30
2018Conversion0.10419 35441 935.4013 067 3871 306 738.70
2018Conversion0.10384 61438 461.4013 452 0011 345 200.10
2018Conversion0.10269 23026 92313 721 2311 372 123.10
2018Conversion0.10307 69230 769.2014 028 9231 402 892.30
2018Conversion0.10333 33333 333.3014 362 2561 436 225.60
2018Conversion0.10285 71428 571.4014 647 9701 464 797.00
2016Directed issue11 2001 20061 80561 805
2016Stock dividend issue10556 24561 805618 050
2016Share split 100:10.16 118 6956 180 500618 050
2016Subdivision A-/B- shares0.106 180 500
2016Directed issue0.10 1 420 000 1 420 0007 600 500760 050
2016Directed issue0.10450 00045 0008 050 500805 050
2016IPO0.102 940 000294 00010 990 5001 099 050
2012Formation150 00050 00050 00050 000
2012Rights issue110 60510 60560 60560 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.

Warrant TO3

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Rights issue April 2023

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Warrant TO1

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Warrant TO2

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Directed issue Sep 2020

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Rights issue May 2019

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IPO 2016

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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

Soo Romanoff
Phone: +44 20 3077 5702
E-mail: sromanoff@edisongroup.com

 

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.

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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.

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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.

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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.

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26 February 2024

Cereno Scientific – Executive interview with CSO and CMO

In this video, Soo Romanoff, healthcare managing director of Edison Group, interviews Bjorn Dahlof, CSO of Cereno Scientific, and CMO Rahul Agrawal, who discuss the company’s innovative product portfolio and targeting unmet needs in the cardiovascular diseases (CVD) space.

Cereno Scientific is a clinical-stage biotech focused on developing treatments for CVD using novel approaches. The company has an exciting pipeline of differentiated assets targeting unmet needs in CVD, with one clinical and two preclinical programmes. 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, a rare, debilitating and progressive condition with no curative therapies. With Phase II readouts expected in Q324, the company is approaching a significant period of inflection. The preclinical pipeline is led by CS014, a novel HDACi, initially targeting thrombosis (the leading cause of morbidity in CVD), but without increased risk of bleeding associated with currently available antithrombotics. With preclinical studies complete, the drug is set to enter the clinic in H124. The company’s other preclinical asset, CS585, is an IP agonist, currently under evaluation for different CVD indications, backed by encouraging preclinical evidence.

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22 February 2024

Cereno Scientific – executive interview

In this video, Soo Romanoff, healthcare managing director of Edison Group, interviews Sten Sörensen, CEO of Cereno Scientific, who discusses the company’s innovative product portfolio, targeting unmet needs in the cardiovascular diseases (CVD) space, and the key upcoming catalysts.

Cereno Scientific is a clinical-stage biotech focused on developing treatments for CVD using novel approaches. The company has an exciting pipeline of differentiated assets targeting unmet needs in CVD, with one clinical and two preclinical programmes. 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, a rare, debilitating and progressive condition with no curative therapies. With Phase II readouts expected in Q324, the company is approaching a significant period of inflection. The preclinical pipeline is led by CS014, a novel HDACi, initially targeting thrombosis (the leading cause of morbidity in CVD), but without increased risk of bleeding associated with currently available antithrombotics. With preclinical studies complete, the drug is set to enter the clinic in H124. The company’s other preclinical asset, CS585, is an IP agonist, currently under evaluation for different CVD indications, backed by encouraging preclinical evidence.

Read more >

22 February 2024

Cereno Scientific — Differentiated approach in CVD with potential

Initiation

Cereno Scientific is a clinical-stage biotech, developing treatments for cardiovascular diseases (CVDs) using novel approaches. Its focus on disease-modifying therapies and a collaboration with Abbott set it apart from peers. Lead asset CS1, a delayed immediate release formulation of VPA, is an HDAC inhibitor, aiming to deliver disease-modifying results in pulmonary arterial hypertension (PAH). Preclinical candidates include CS014, for thrombosis prevention without increased risk of bleeding (seen with current antithrombotics), and CS585 for CVD (specific indication not yet determined). 2024 will be a period of inflection, with top-line readouts from the Phase II CS1 study and expected clinical entry of CS014. We initiate coverage with a valuation of SEK2.32bn (SEK9.9/share).

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Financial reports

Financial calendar

29 August 2024

Interim report Q2 2024

21 November 2024

Interim report Q3 2024

25 February 2025

Year-end report 2024

17 June 2025

Annual General Meeting 2025

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