Cereno Scientific — CMD reaffirms shifting focus to clinical delivery

Cereno Scientific (OMX: CRNO-B)

Last close As at 19/02/2026

SEK6.57

0.15 (2.34%)

Market capitalisation

SEK2,039m

More on this equity

Research: Healthcare

Cereno Scientific — CMD reaffirms shifting focus to clinical delivery

Cereno Scientific’s recent capital markets day (CMD) centered on CS1’s progression from early clinical validation into Phase IIb development, a key inflection for the investment thesis. Supported by key opinion leader (KOL) and patient perspectives, management highlighted the unmet need for disease modification in pulmonary arterial hypertension (PAH), positioning CS1 as a differentiated therapy targeting underlying vascular pathology rather than symptomatic relief. Attention now shifts to translating encouraging Phase IIa signals into a registration-supportive pathway, with study execution emerging as the primary value driver. A notable pipeline update was CS014’s expansion into pulmonary hypertension associated with interstitial lung disease (PH-ILD), broadening its opportunity set and reinforcing Cereno’s rare-disease strategy. With later-stage studies approaching initiation, we expect the next 12–18 months to be execution-driven, with clinical delivery and partnering discussions central to value creation. Updated estimates will follow the FY25 results on 27 February.

Jyoti Prakash

Written by

Jyoti Prakash, CFA

Director, healthcare

Healthcare

Capital markets day

20 February 2026

Price SEK6.57
Market cap SEK2,038m

SEK9.23/$

Estimated pro forma net cash/(debt) at 31 December 2025

SEK(126.1)m

Shares in issue

310.2m
Free float 93.0%
Code CRNO B
Primary exchange NGM
Secondary exchange N/A
Price Performance

Business description

Cereno Scientific is a clinical-stage biotech based in Sweden, focused on the development of innovative, effective and safe treatments for indications with high unmet needs. Lead asset CS1 is an HDAC inhibitor that acts as an epigenetic modulator. Cereno reported positive top-line results from the Phase IIa study in pulmonary arterial hypertension in September 2024 and FDA clearance for the Phase IIb trial in December 2025. Phase IIb is expected to commence in Q226. Second asset CS014, a proprietary NCE and HDACi, is being developed for PH-ILD (Phase II-ready), and preclinical asset CS585 is likely to target rare thrombosis-related indications.

Analysts

Jyoti Prakash, CFA
+44 (0)20 3077 5700
Arron Aatkar, PhD
+44 (0)20 3077 5700

Cereno Scientific is a research client of Edison Investment Research Limited

Note: PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Year end Revenue (SEKm) PBT (SEKm) EPS (SEK) DPS (SEK) P/E (x) Yield (%)
12/23 0.0 (46.4) (0.20) 0.00 N/A N/A
12/24 0.0 (98.1) (0.35) 0.00 N/A N/A
12/25e 0.0 (95.4) (0.33) 0.00 N/A N/A
12/26e 0.0 (73.5) (0.25) 0.00 N/A N/A

The CMD spotlighted CS1, the company’s orally administered histone deacetylase inhibitor (HDACi) targeting PAH. Management reiterated that CS1’s epigenetic mechanism targets PAH’s core disease biology and vascular remodelling, positioning the asset as a potential disease-modifying therapy. Discussion centred on how insights from the Phase IIa study , interactions with regulators, KOLs and the evolving treatment landscape informed the innovative design of the upcoming Phase IIb trial, which will include a 36-week core treatment period (vs 24-weeks as seen with previous similar stage trails) with a total trial duration will be 60 weeks, including re-randomisation at 36 weeks, where the placebo group will then receive CS1. The study will evaluate CS1 in a randomised, placebo-controlled setting in PAH patients on stable background therapy, including Winrevair.

KOL Professor Marc Humbert, principal investigator for the CS1 Phase IIb trial and previously sotatercept’s Phase III development, emphasised the persistent unmet need in PAH despite multiple approved therapies. He noted the overarching treatment goal to shift from slowing progression towards remission and potential cure, framing CS1’s HDAC-driven epigenetic modulation as a novel therapeutic approach with potential future treatment relevance.

Pipeline breadth was another CMD focus. CS014, Cereno’s next-generation HDACi and new chemical entity, will be advanced with a broader emphasis on PH-ILD, replacing the prior idiopathic pulmonary fibrosis focus. PH-ILD represents a more aggressive condition with poorer prognosis and heightened unmet need than IPF. Phase II initiation is anticipated in Q127.

With CS1 entering a pivotal development phase and CS014 expanding platform optionality, the investment case hinges on timely and successful clinical progress. Phase IIb execution represents the primary near-term catalyst for Cereno. We will present our updated estimates in our forthcoming FY25 results note.

General disclaimer and copyright

This report has been commissioned by Cereno Scientific and prepared and issued by Edison, in consideration of a fee payable by Cereno Scientific. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright 2026 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on Cereno Scientific

View All

Latest from the Healthcare sector

View All Healthcare content

Research: Healthcare

Herantis Pharma — Funding to support HER-096 in Phase II

Herantis Pharma has made tangible progress towards raising funds to support its Phase II proof-of-concept study for lead asset HER-096 as a potential disease-modifier for Parkinson’s disease (PD). In early February, the company successfully completed a directed issue amounting to €4.2m (gross proceeds). This funding will be used to support ongoing discussions with prospective pharma partners and make the required preparations, including regulatory clearance, to commence this subsequent clinical trial. More recently, it announced that it had been selected for an €8.0m grant (subject to final negotiations) from the Horizon Europe 2025 Research and Innovation programme, adding non-dilutive funding to support the Phase II study. In our view, these two sources of funding provide external validation of Herantis’s approach to addressing a significant unmet medical need in the field of PD.

Continue Reading