CRNO-BNasdaq StockholmDrug Manufacturers - Specialty & GenericIFRS · SEK

Cereno Scientific

Cereno Scientific is a Swedish clinical-stage biotech company developing epigenetic therapies for rare cardiovascular and pulmonary diseases. Its pipeline centers on HDAC-modulating programs, including CS1, CS014 and CS585, which are being advanced through preclinical and clinical development.

Operating profit (EBIT)-75.8m SEK
−69.8 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-80-60-40-200m SEK2023: EBIT -27 m SEK20232024: EBIT -45 m SEK20242025: EBIT -76 m SEK2025-76
RevenueOperating profit (EBIT)

Business

Share of revenue
CS1 clinical program40 %

Development of CS1 for pulmonary arterial hypertension and related cardiopulmonary indications.

CS014 clinical program30 %

Development of CS014 through early clinical testing and Phase II preparation.

CS585 preclinical program20 %

Preclinical development of CS585, a selective prostacyclin receptor agonist.

Research, regulatory and partnering activities10 %

Translational research, regulatory work, and external partnering support across the pipeline.

Customers

Cereno Scientific does not sell commercial medicines today; its direct counterparties are regulators, clinical trial participants, research partners, and potential licensing partners. The eventual end customers for its therapies are patients with rare cardiovascular and pulmonary diseases, especially pulmonary arterial hypertension and related conditions.

Patients with rare cardiopulmonary disease

Ultimately buy the therapeutic benefit through prescribed medicines for PAH and related indications.

Pharmaceutical licensing partners

May partner on later-stage assets that show differentiated clinical and regulatory progress.

Clinical research ecosystem

CROs, investigators, and academic collaborators support trial execution and data generation.

Regulators

FDA and other agencies review trial design, safety, and development pathways.

Strategy

Cereno Scientific’s strategy is to advance its HDAC-based pipeline through clinical milestones that reduce development uncertainty and increase partnering value. The company also uses regulatory designations, external collaborations, and a lean operating model to progress multiple programs while preserving flexibility.

Advance clinical milestones for CS1 and CS014Short term

Clinical data and trial progress are the main value drivers for a biotech without commercial revenue.

Strengthen regulatory positioningShort term

Fast Track and similar designations can improve development efficiency and partnering appeal.

Build partnering optionalityMedium term

Later-stage clinical assets may attract larger pharma partners or licensing discussions.

Develop the broader HDAC platformLong term

Platform breadth can create multiple shots on goal across cardiopulmonary diseases.

Geography

Cereno Scientific is headquartered in Sweden and operates as a Nordic biotech with a global clinical and partnering footprint. Its development work is international, with collaborations in the United States and participation in conferences and partnering events across Europe, North America and Asia.

Risks

The company’s value depends on successful clinical development, regulatory acceptance, and access to financing before any product revenue exists. As a clinical-stage biotech, it also faces binary trial risk, dilution risk, and the possibility that scientific results do not translate into approved therapies or partnering deals.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Financing and dilution risk2Regulatory risk3Partnering and commercialization risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    Pipeline value depends on positive safety, efficacy, and tolerability data in small patient populations.

    ExposureCS1CS014CS585
  2. Financing and dilution riskImpact: HighLikelihood: High

    The company is pre-revenue and must fund multi-year trials and regulatory work.

    Exposure: Corporate funding runway

  3. Regulatory riskImpact: HighLikelihood: Low

    Trial design, endpoints, and agency feedback can alter timelines and development costs.

    Exposure: FDA interactions and Phase II planning

  4. Partnering and commercialization riskImpact: MediumLikelihood: Medium

    Future value may depend on securing collaborations or licensing on favorable terms.

    Exposure: Business development

Accounting

Judgemental items
Research and development expense recognition

Clinical and preclinical costs are expensed as incurred, so trial timing drives reported losses.

Impact: Quarterly and annual results can swing with study activity and external service spend

Convertible loans and warrants

Equity-linked financing can create finance costs, fair value effects, and dilution.

Impact: Reported earnings and share count may be affected by conversion terms

Going-concern assessment

The company must demonstrate access to future capital to fund ongoing development.

Impact: Disclosure and valuation depend on financing assumptions

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026