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Cereno Scientific (OMX: CRNO-B)

Last close As at 16/05/2024

SEK3.57

▲ −0.15 (−4.03%)

Market capitalisation

SEK1,005m

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.

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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)

10.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (18.1) (19.3) 430.3
Relative (22.7) (26.2) 346.2
52 week high/low SEK5.3/SEK0.5

Financials

Cereno Scientific is a clinical-stage biotech, developing novel treatments for CVD. Lead asset, CS1, is an HDAC inhibitor aiming to deliver disease-modifying results in PAH. A Phase II study, leveraging Abbott’s CardioMEMS technology, is due to present top-line results in Q324. Interim updates, including the FDA-approved compassionate use programme, have been encouraging, in our view. Given the unmet need, we estimate blockbuster potential for CS1, contingent on successful clinical progress. Preclinical candidates include CS014 for thrombosis prevention without increased risk of bleeding, on track to enter the clinic within Q224. CS585 is being developed for CVD (specific indication not yet determined), with preclinical work set to continue throughout FY24. We value Cereno at SEK2.32bn (SEK9.9/share).

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2022A 0.0 (27.5) (27.6) (20.11) N/A N/A
2023A 0.0 (44.7) (48.2) (22.98) N/A N/A
2024E 0.0 (42.7) (51.2) (18.99) N/A N/A
2025E 0.0 (44.9) (48.6) (17.25) N/A N/A

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