Cereno Scientific B CRNO B
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The news check keeps the assessment current.
General analysis — not personal advice.
The founder owns or has owned shares in this company within the past 6 months. See About.
A small speculative position may be justified after the Q2 report if clear operational progress is shown.
Absence of new clinical milestones and low cash after the Q3 report maintains uncertainty around operational execution.
Investors express frustration over delayed FPI and share price decline despite positive CS014 data that strengthens the portfolio ahead of potential partnership deals.
NEUTRAL is the call. Neutral is the market mood. High risk means a lot can go wrong.
Latest change
- 5 Nov 2026 — The report published 4 November shows continued loss with flat cash, sustaining uncertainty around operational progress.
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Show all changes (14) — follow the company freeAbout the company
Cereno Scientific develops epigenetic HDAC inhibitors for cardiovascular and pulmonary diseases. The lead candidate CS1 is in phase IIb for pulmonary arterial hypertension (PAH). The company is in clinical development stage with no revenues.
Bull case
Two independent clinical assets advancing into Phase IIb strengthen the company's negotiating position ahead of partnership deals.
Bear case
High dilution risk from convertible financing and short cash runway limits upside.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| CS1 phase IIb data | Negative or delayed data → pipeline value declines and funding needs increase. | Positive data → re-rating toward higher multiples and partnership opportunities open. |
| Utilization of convertible facility | Heavy utilization → significant dilution and continued price pressure. | Limited utilization → better ownership structure and higher confidence. |
Why this signal
Absence of new clinical milestones and low cash after the Q3 report maintains uncertainty around operational execution.
Recent news
The Q3 report was published on 4 November showing continued losses and cash of SEK 40.2 M. The company will present at the Global PH Summit 4–7 November and BIO-Europe 9–11 November and holds an investigator meeting for EPIMODE in Boston on 2 December. IND filing for CS014 is planned in Q4 2026.