Cereno Scientific (CRNO) Q3 2025 earnings summary

Executive summary

• Advanced clinical pipeline with three drug candidates targeting rare cardiovascular and pulmonary diseases, focusing on disease-modifying therapies with high unmet needs.

• Lead candidate CS1 is progressing toward a global Phase IIb trial for pulmonary arterial hypertension (PAH) after successful Phase IIa results and regulatory alignment with the FDA.

• CS014, a novel HDAC inhibitor, completed a positive Phase I trial, demonstrating safety and supporting advancement to Phase II for idiopathic pulmonary fibrosis (IPF).

• CS585, a selective IP receptor agonist, continues preclinical development, showing potential for thrombosis prevention without increased bleeding risk.

Financial highlights

• Net sales for Q3 2025 were SEK 12.4 million, down from SEK 23.8 million in Q3 2024.

• Operating loss for Q3 2025 was SEK -13.5 million, compared to SEK -15.3 million in Q3 2024.

• Loss after financial items for Q3 2025 was SEK -21.3 million, slightly improved from SEK -22.7 million in Q3 2024.

• Cash and bank balances at quarter-end were SEK 74.2 million.

• Equity/assets ratio decreased to 49.5% from 66.8% year-over-year.

Outlook and guidance

• Anticipates FDA clearance to proceed with the Phase IIb CS1 trial in H1 2026.

• Plans to initiate Phase II development for CS014 in IPF, leveraging strong Phase I and preclinical data.

• Continued focus on advancing the pipeline and expanding scientific visibility through upcoming conferences and publications.