Cereno Scientific: Pressing clinical assets forward to key inflection - Edison

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.

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