Cereno Scientific (CRNO) investor relations material

Executive summary

• Advanced preparations for a global Phase IIb trial of CS1 in pulmonary arterial hypertension (PAH), with initiation set for June 2026, following positive long-term safety and tolerability data from an Expanded Access Program.

• CS014 development focus sharpened to pulmonary hypertension associated with interstitial lung disease (PH-ILD); Phase I pharmacokinetic bridging study initiated, with topline results expected mid-2026 and Phase IIb planned for Q1 2027.

• Preclinical candidate CS585 progressed toward studies in antiphospholipid syndrome (APS), targeting rare thrombotic diseases with high unmet need.

• Strengthened scientific validation through peer-reviewed publications and increased engagement with clinicians, partners, and patient organizations.

Financial highlights

• Net sales for Q1 2026 were SEK 0; operating loss was SEK -21.9 million, and loss after financial items was SEK -28.6 million, compared to SEK -25.0 million in Q1 2025.

• Cash and bank balances at period end were SEK 70.9 million, down from SEK 77.0 million at Q1 2025.

• Equity/assets ratio improved to 52.3% from 44.2% year-over-year.

• Earnings per share before dilution was SEK -0.09, unchanged from the prior year.

Outlook and guidance

• Multiple value-driving milestones expected in 2026, including CS1 Phase IIb trial initiation, CS014 PK study results, and APS-focused preclinical studies for CS585.

• Further analyses from the CS1 Expanded Access Program, including imaging data, are expected in Q2 2026.

• Continued focus on operational readiness, execution, and value creation across the pipeline.