Multiple catalysts set the stage for a re-rating

2026 is shaping up to be a pivotal year for Cereno Scientific, with Q126 milestones further de-risking the pipeline. Key year-to-date developments included positive safety data from the CS1 Expanded Access Program (EAP), first-subject dosing in the CS014 PK bridging study and selection of antiphospholipid syndrome (APS) as lead indication for CS585, expanding the platform’s commercial potential. We expect investor attention to now shift to CS1’s Phase IIb initiation in PAH and long-term EAP efficacy data (both expected in June 2026), followed by CS014 PK data in mid-2026. We view these as key value-inflection events with meaningful re-rating potential, creating an attractive entry point ahead of multiple catalysts. Heightened partnering...