Cereno Scientific is a clinical-stage biotech, developing treatments for cardiovascular diseases (CVDs) using novel approaches. Its focus on disease-modifying therapies and a collaboration with Abbott set it apart from peers. Lead asset CS1, a delayed immediate release formulation of valproic acid, is an HDAC inhibitor, aiming to deliver disease-modifying results in pulmonary arterial hypertension (PAH). Preclinical candidates include CS014, for thrombosis prevention without increased risk of bleeding (seen with current antithrombotics), and CS585 for CVD (specific indication not yet determined). 2024 will be a period of inflection, with top-line readouts from the Phase II CS1 study and expected clinical entry of CS014. We initiate coverage with a valuation of SEK2.32bn (SEK9.9/share).
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