Cereno Scientific (CRNO) Q4 2025 earnings summary

Executive summary

• Advanced CS1 to global Phase IIb for pulmonary arterial hypertension (PAH) after FDA clearance, with first patient in targeted for Q2 2026 and top-line data expected around Q4 2028.

• CS014 development focus sharpened to pulmonary hypertension associated with interstitial lung disease (PH-ILD), with Phase II trial planned for Q1 2027.

• CS585 continues preclinical development, showing potential for rare thrombotic diseases without increased bleeding risk.

• Secured significant financing, extending runway to Q4 2027, and strengthened scientific and strategic positioning through partnerships and publications.

Financial highlights

• Net sales for 2025: SEK 44.3 million, down from SEK 80.9 million in 2024.

• Loss after financial items for 2025: SEK -117.8 million, compared to SEK -99.5 million in 2024.

• Cash and bank balances at year-end: SEK 74.6 million, down from SEK 127.6 million at end of 2024.

• Equity/assets ratio improved to 62.7% from 46.4% year-over-year.

Outlook and guidance

• Phase IIb trial for CS1 in PAH to initiate in Q2 2026, with top-line results expected Q4 2028.

• Initial learnings from CS1 Expanded Access Program expected in Q1 2026, further analyses in Q2 2026.

• Phase II trial for CS014 in PH-ILD on track for Q1 2027.

• Continued business development and partnering activities prioritized.