Cereno Scientific (OMX: CRNO-B)

Last close As at 22/06/2024

SEK4.38

0.09 (2.10%)

Market capitalisation

SEK1,230m

Based in Sweden, Cereno Scientific is focused on the development of innovative, effective and safe treatments for cardiovascular diseases (CVD) with unmet medical needs. Lead asset CS1, an HDAC inhibitor that acts as an epigenetic modulator, is currently being investigated in a Phase II clinical trial for the treatment of pulmonary arterial hypertension (PAH).

CVD encompasses various conditions implicated in the heart and blood vessels. Despite a growing repertoire of treatments, CVD is the most common cause of death worldwide. While rare, PAH is well-recognised and disease-modifying therapies remain the holy grail in this indication. In a market dominated by vasodilators mainly offering symptomatic relief, CS1 claims disease-modifying potential underpinned by its epigenetic modulation properties.

Latest Insights

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

Key Management

  • Eva Jagenheim

    CFO

  • Joakim Söderström

    Chairman

  • Sten Sörensen

    CEO

Balance Sheet

Forecast net cash (SEKm)

11.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 16.1 (1.4) 739.9
Relative 19.0 (4.2) 617.0
52 week high/low SEK5.3/SEK0.5

Financials

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.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2022A 57.5 (27.5) (27.6) (20.11) N/A N/A
2023A 49.3 (44.6) (46.4) (19.86) N/A N/A
2024E 79.6 (42.6) (49.4) (17.54) N/A N/A
2025E 87.0 (44.8) (47.0) (16.68) N/A N/A

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