The sharp expense ramp and deteriorating cash position without new financing or guidance raise near-term funding risk. Watch for future capital raises, progress milestones in ReSPECT-GBM enrollment, and any update on cash runway in subsequent filings.
Price Chart
Executive Summary
Cerenome reported a Q2 2026 net loss of $9.0M ($1.31/share), significantly worse than Q2 2025 net income of $5.2M ($0.62/share), as operating expenses surged 223% to $9.5M driven by CNSide commercialization and REYOBIQ trial costs. Revenue fell to $0.4M from $1.4M of CPRIT grant revenue a year earlier. The company has $8.6M in cash, an accumulated deficit of $531.8M, and is affirming its 2026 milestones but provided no guidance change.
Key Financial Metrics
Key Facts
- Net loss of $9.0M ($1.31 per basic share) vs net income of $5.2M ($0.62) in Q2 2025.
- Grant revenue fell to $0.4M from $1.4M; operating loss widened to $9.1M from $1.5M.
- Cash and investments were $8.6M at June 30, 2026; operating cash outflow of $13.4M in H1 2026.
- Enrollment continues in ReSPECT-LM (LM), ReSPECT-GBM (GBM), and ReSPECT-PBC (pediatric) trials; full GBM enrollment expected in 2026 with data in Q1 2027.
- CNSide CSF Assay performed 232 tests in H1 2026; achieved CAP accreditation and 150M covered lives milestone.
- Company reaffirmed 2026 milestones but did not provide financial guidance or address cash runway beyond current period.
- Rebranded from Plus Therapeutics to Cerenome effective August 3, 2026; ticker changed to CNSY.
- Bottom-line swing was primarily due to R&D expense tripling to $4.3M and G&A tripling to $5.2M; prior Q2 included a $6.5M fair value gain on derivatives.
- Weighted average shares outstanding increased to ~6.9M from ~1.9M a year ago, significantly diluting per-share comparisons.
Financial Impact
Net loss $9.0M vs net income $5.2M; operating cash burn $13.4M in H1; cash $8.6M implies ~6 months runway at current burn rate
Risk Factors
- Cash burn exceeds $13M per half; $8.6M balance may require dilutive financing within 6 months.
- No revenue from REYOBIQ; dependence on grant funding and uncertain clinical trial outcomes.
- Share count more than tripled YoY, ongoing dilution risk from at-the-market programs and warrants.
- Nasdaq listing condition requires minimum $2.5M stockholders' equity; equity was $5.5M — minimal buffer.
- No financial guidance provided; opacity around future spending and capital needs.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3345619 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 25d ago | 8-K | $1.60 | awaiting T+20 | — | $1.67 (+4.69%) |
Sep 30, 2026 27d ago | Press Release | $1.87 | awaiting T+20 | — | $1.67 (−10.43%) |
Sep 22, 2026 5w ago | Press Release | $2.03 $1.68 | ▼ −17.24% | ▼ −16.68% | $1.67 (−17.49%) |
Sep 16, 2026 5w ago | Press Release | $2.04 $1.74 | ▼ −14.71% | ▼ −17.88% | $1.67 (−17.89%) |
Sep 10, 2026 6w ago | 8-K | $2.39 $1.79 | ▲ +25.10% | ▲ +27.23% | $1.67 (+29.92%) |
Aug 14, 2026 10w ago | Press Release | $3.20 $2.12 | ▲ +33.75% | ▲ +31.77% | $1.67 (+47.66%) |
US Market Status
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