Armed and ready for Phase II

Cereno Scientific reported its Q325 results, a quarter focused on Phase II preparations for lead assets CS1 and CS014, following encouraging Phase I data for CS014, fast track designation for CS1 and the appointment of a CRO for the Phase IIb trial. Momentum strengthened post-period, with the FDA submission of the CS1 Phase IIb clinical trial protocol (decision by mid-December) and the announcement of up to SEK665m in financing across equity, debt and warrants. The raise was executed on premium terms, limiting dilution and signalling strong investor interest despite a cautious biotech backdrop. If fully utilised, we estimate the proceeds supporting a runway into Q427. We update our model for the new financing, while maintaining core assu...