Cereno Scientific

Overview
Price performance
Financials
Research
Thematics

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

Healthcare |
Flash note

02.07.24

Cereno Scientific — CS1 Phase II results inbound; first dose of CS014

Healthcare |
Update

21.06.24

Cereno Scientific — CS014 (second asset) crosses into the clinic

Healthcare |
Update

24.05.24

Cereno Scientific — All eyes on Q3 readout after Q1 update

Healthcare |
Flash note

16.04.24

Cereno Scientific — CS014 (thrombosis) progresses towards the clinic

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

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	6.2	(1.6)	691.3
Relative	9.2	(2.2)	568.1
52 week high/low	SEK5.3/SEK0.5

Financials

Cereno Scientific is a clinical-stage biotech, developing novel treatments for CVD. Its lead asset, CS1, is an HDAC inhibitor with disease-modifying potential for PAH. Top-line results for the Phase II study leveraging Abbott’s CardioMEMS technology are expected 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, contingent on successful clinical progress. Preclinical candidates include CS014 for thrombosis prevention without increased risk of bleeding, due to enter the clinic in Q224. CS585 is being developed for CVD (specific indication not yet determined); preclinical work is set to continue throughout FY24. We estimate that Cereno’s gross liquidity of c SEK168m should fund it through Q225. We value the company at SEK2.46bn (SEK8.8/share).

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

Research

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Latest Insights

Cereno Scientific — CS1 Phase II results inbound; first dose of CS014

Cereno Scientific — CS014 (second asset) crosses into the clinic

Cereno Scientific — All eyes on Q3 readout after Q1 update

Cereno Scientific — CS014 (thrombosis) progresses towards the clinic

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