Cereno Scientific (CRNO) Q2 2025 earnings summary

Executive summary

• Advanced two HDAC inhibitor programs (CS1 and CS014) toward Phase II trials, with CS1 receiving FDA Fast Track for PAH and CS014 showing positive Phase I results for IPF.

• Secured SEK 100 million in additional financing, extending runway to reach key milestones for CS1 and CS014.

• Expanded Access Program for CS1 in PAH confirmed alignment with earlier efficacy and safety data.

• CS585, a novel IP receptor agonist, continued preclinical development with promising anti-thrombotic profile.

Financial highlights

• Net sales for Q2 2025: SEK -26.6 million, down from SEK -21.2 million in Q2 2024.

• Net loss after financial items for Q2 2025: SEK -26.6 million (Q2 2024: SEK -21.2 million).

• Earnings per share before dilution: SEK -0.09 (Q2 2024: SEK -0.08).

• Equity/assets ratio: 46.4% (Q2 2024: 76.2%).

• Cash and bank balances at end of Q2 2025: SEK 74.9 million (Q2 2024: SEK 85.6 million).

Outlook and guidance

• Phase IIb trial for CS1 in PAH planned to initiate in H1 2026, following FDA endorsement and CRO selection.

• Regulatory clearance for CS014 Phase II in IPF expected in H2 2025, with trial initiation in H1 2026.

• Continued participation in major scientific and investor conferences to support partnering and visibility.