Cereno Scientific - Phase II calling for CS014 after Phase I success

Cereno Scientific reported positive Phase I readouts for CS014, its novel HDAC inhibitor, paving the way for Phase II studies in idiopathic pulmonary fibrosis (IPF). The candidate demonstrated favourable safety and tolerability in healthy volunteers and no serious treatment-related adverse events (all were mild and transient). Notably, CS014 achieved plasma levels exceeding the projected threshold required for reverse remodelling of pulmonary vascular and fibrosis, supporting its disease-modifying potential. Given the top-line readouts, we expect the Phase II initiation plans to stay on track for H126, with potential partnering discussions in the interim. We raise our probability of success (PoS) for CS014 to 20% (10% previously), resulting in our valuation upgrading to SEK5.0bn or SEK17.7 per share (from SEK4.5bn or SEK16.0 per share previously).

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