Cereno Scientific (CRNO) Q2 2026 earnings summary

Executive summary

• Transitioned into clinical execution with multiple value-driving milestones, including the activation of the first site for the global Phase IIb EPIMODE trial of CS1 in pulmonary arterial hypertension (PAH).

• Completed all dosing and participant visits in the Phase I PK-bridging study for CS014, with topline results expected in Q3 2026.

• Advanced preclinical program CS585 in antiphospholipid syndrome (APS), with IND-enabling activities planned for 2026.

• Strengthened financial position through a SEK 60 million directed share issue at a premium to the latest closing price.

Financial highlights

• Net sales were SEK 0 for the quarter; capitalized work for own account was SEK 52.4 million, up from SEK 6.1 million year-over-year.

• Result after financial items was a loss of SEK 30.5 million for Q2 2026, compared to a loss of SEK 26.6 million in Q2 2025.

• Earnings per share before dilution was SEK -0.10 (Q2 2025: SEK -0.09); after dilution SEK -0.09 (Q2 2025: SEK -0.08).

• Cash and bank balances at quarter-end were SEK 38.98 million, down from SEK 74.98 million a year earlier.

• Equity/assets ratio was 43.2% at quarter-end (Q2 2025: 46.4%).

Outlook and guidance

• Key H2 2026 priorities: achieve first patient randomization and dosing in EPIMODE, report CS014 PK-bridging study topline results, advance CS585 preclinical studies, and maintain disciplined capital allocation.

• Phase IIb trial for CS014 in PH-ILD planned to start in Q3 2027, subject to supportive PK-bridging results and regulatory alignment.

• Topline results from EPIMODE anticipated in Q4 2028, dependent on recruitment timelines.