Cerenome Reports Second Quarter 2026 Financial Results and Business Update
Rhea-AI Summary
Cerenome (Nasdaq: CNSY) reported second quarter 2026 results and a business update, including its rebranding from Plus Therapeutics effective August 3, 2026 and continued Nasdaq listing under ticker CNSY. The company advanced REYOBIQ clinical programs in leptomeningeal metastases (ReSPECT-LM), recurrent glioblastoma (ReSPECT-GBM) and pediatric brain cancer (ReSPECT-PBC), with no dose-limiting toxicities observed in ReSPECT-LM and first ReSPECT-PBC dosing expected in Q3 2026.
Cerenome’s CNSide CSF assay platform performed 232 tests in the first half of 2026, achieved contracted commercial payer coverage of 150 million lives by mid-year, obtained Medicare and AMA billing identifiers, and earned CAP accreditation. Cash, cash equivalents and investments totaled $8.6 million at June 30, 2026, unchanged from December 31, 2025.
Q2 2026 grant revenue was $0.4 million, operating loss $9.1 million and net loss $9.0 million, versus Q2 2025 net income of $5.2 million that included a $6.5 million favorable derivative fair value change.
Positive
- Rebranding and ticker change to Cerenome with Nasdaq symbol CNSY effective August 3, 2026
- REYOBIQ clinical progress with approximately one-third of ReSPECT-LM patients enrolled and no dose-limiting toxicities to date
- ReSPECT-GBM Phase 2 on track for full 2026 enrollment with data expected in Q1 2027
- CNSide commercial traction with 232 CSF tests in H1 2026 and 150 million covered lives achieved mid-year
- Laboratory and billing infrastructure strengthened via CAP accreditation, Medicare Provider Transaction Access Number, AMA billing identifier and Xifin partnership
- Financing activity including $15.0 million underwritten public offering and $1.9 million from a Distribution Agreement in H1 2026
Negative
- Grant revenue decline to $0.4 million in Q2 2026 from $1.4 million in Q2 2025
- Operating loss expansion to $9.1 million in Q2 2026 from $1.5 million in Q2 2025
- Net result deterioration to a $9.0 million Q2 2026 net loss from $5.2 million net income in Q2 2025
- Higher cash burn with $13.4 million net cash used in operating activities in H1 2026
- Cash and equivalents decline to $2.4 million at June 30, 2026 from $8.8 million at the start of the year
News Explained
By June 30, 2026, common shares outstanding had risen to 7,310,008 from 5,547,034, creating dilution for existing holders.
Cerenome’s August 14 results release reports financing proceeds already received during the six months ended
That increase in shares is a dilution mechanism: absent offsetting changes, each existing common holder represents a smaller percentage of the company. The financing proceeds are reported, while the release does not identify the number of shares attributable to either financing.
The balance-sheet composition also changed: cash and cash equivalents were
The stated 2026 milestones still include securing Medicare coverage and reimbursement and expanding commercial payer coverage beyond 150 million covered lives; these are anticipated objectives rather than reported completions in this release.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 13 | Payer coverage agreement | Positive | -0.8% | Expanded CNSide in-network access beyond 150 million covered lives through HCSC agreement |
| Aug 06 | RCM partnership | Positive | -1.3% | Selected XiFin for billing and clearinghouse services as commercial payer coverage expanded |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive business announcements were followed by negative 24-hour price reactions, indicating divergence from the news sentiment.
Key Terms
leptomeningeal metastases medical
dose-limiting toxicities medical
end-of-phase 2 regulatory
next-generation sequencing technical
clia laboratory regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Cerenome, Inc. (Nasdaq: CNSY) ("Cerenome" or the "Company"), a CNS oncology company advancing an integrated platform that combines precision diagnostics, targeted therapeutics, and artificial intelligence, today announced financial results for the second quarter ended June 30, 2026, and provided an overview of recent and upcoming business highlights.
"Our team made substantial progress this quarter in advancing our integrated CNS oncology platform including a full repositioning and rebranding of the Company," said Marc H. Hedrick, M.D., M.B.A., Cerenome President and Chief Executive Officer. "For the remainder of the year, I expect the progress to accelerate across all verticals, highlighted by our buildout of the diagnostic commercial organization."
Q2 2026 AND RECENT HIGHLIGHTS
Corporate
- Rebranded from Plus Therapeutics, Inc. to Cerenome, Inc., effective August 3, 2026, with the Company’s common stock trading on the Nasdaq Capital Market under the ticker symbol “CNSY”
REYOBIQ™ Development
- Continued enrollment in the ReSPECT-LM multiple-dose clinical trial. As of June 30, 2026, approximately one-third of patients had been enrolled, with no dose-limiting toxicities observed to date, supporting the development of a recommended Phase 2 dose/dosing regimen by year-end
- Continued enrollment in the ReSPECT-GBM Phase 2 trial. Current enrollment rates indicate full enrollment in 2026 followed by a data readout and a subsequent End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA)
- Initial site activation of the ReSPECT-PBC pediatric brain cancer Phase 1 trial at Lurie Children’s Hospital. First dosing expected in the third quarter of 2026.
- Continued commercial-level manufacturing scale-up and supply chain enhancement for REYOBIQ drug supply
CNSide® CSF Assay Platform
- Performed 232 CNSide cerebrospinal fluid tests during the first half of 2026 and continued to grow the number of ordering providers and institutions
- Achieved the 2026 corporate objective for contracted commercial payer coverage of 150 million covered lives by mid-year
- Received Medicare Provider Transaction Access Number and dedicated American Medical Association billing identifier for CNSide
- Partnered with Genomic Testing Cooperative to integrate next-generation sequencing into the CNSide platform
- Achieved College of American Pathology or CAP accreditation, the gold standard in laboratory quality assurance, for Cerenome’s CLIA laboratory in Houston, TX
- Partnered with Xifin, Inc., the market leader in artificial intelligence enabled revenue cycle management for diagnostic providers, to serve as our billing and clearinghouse partner
Data & Artificial Intelligence
- Partnered with Ephemeral Technologies to develop native artificial intelligence, a corporate operating system and data infrastructure designed to integrate therapeutic, diagnostic and bioinformatic data sets and to facilitate advanced data analytics and machine learning across Cerenome’s CNS oncology platform
SECOND QUARTER 2026 FINANCIAL RESULTS
- Cash, cash equivalents and investments were
$8.6 million as of June 30, 2026 and December 31, 2025 - Recognized
$0.4 million in grant revenue from CPRIT for the advancement of REYOBIQ in LM in the second quarter of 2026, compared with$1.4 million in grant revenue from CPRIT for the same program in the second quarter of 2025 - Operating loss for the second quarter of 2026 was
$9.1 million , compared with an operating loss of$1.5 million for the second quarter of 2025. The change primarily reflects expansion of CNSide commercial operations and continued funding of the REYOBIQ Phase 2 trial - Net loss for the second quarter of 2026 was
$9.0 million , or$1.31 per basic share, compared with net income of$5.2 million , or$0.62 per basic share, for the second quarter of 2025, which included a$6.5 million change in fair value of derivative instruments
AFFIRMED ANTICIPATED MILESTONES AND OUTLOOK FOR 2026
The Company is affirming the milestone framework and outlook it provided when reporting full-year 2026 financial results, as follows:
REYOBIQ Clinical Program
- Define the optimal dose/dosing interval for REYOBIQ in Leptomeningeal Metastases
- Complete enrollment in the ReSPECT-GBM Phase 2 trial for glioblastoma; data is expected in Q1 2027, followed by an End-of-Phase 2 meeting with the FDA
- Begin enrollment in the ReSPECT-PBC pediatric brain cancer Phase 1 trial
- Complete commercial manufacturing scale-up for REYOBIQ
CNSide Commercial Rollout
- Expand U.S. commercial payer coverage beyond 150 million covered lives
- Secure Medicare coverage and reimbursement
- Achieve an annualized run-rate of test orders exceeding 1,250
- Expand the CNSide assay platform to include a comprehensive portfolio of clinically relevant tests for patients at risk for CNS cancers
About Leptomeningeal metastases (LM)
Leptomeningeal metastases (LM) are a rare but severe complication of advanced cancer, affecting the fluid-lined structures of the central nervous system. LM occurs in approximately
About REYOBIQ™ (rhenium Re186 obisbemeda)
REYOBIQ (rhenium Re186 obisbemeda) is a novel injectable radiotherapy specifically formulated to deliver direct targeted high-dose radiation in CNS tumors in a safe, effective, and convenient manner to optimize patient outcomes. REYOBIQ has the potential to reduce off-target risks and improve outcomes for CNS cancer patients versus currently approved therapies, with a more targeted and potent radiation dose. Rhenium-186 is an ideal radioisotope for CNS therapeutic applications due to its short half-life, beta energy for destroying cancerous tissue, and gamma energy for real-time imaging. REYOBIQ is being evaluated for the treatment of recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in the ReSPECT-GBM, ReSPECT-LM, and ReSPECT-PBC clinical trials, respectively. ReSPECT-GBM is supported by an award from the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH), and ReSPECT-LM is funded by a three-year
About CNSide Diagnostics, LLC
CNSide Diagnostics, LLC is a wholly owned subsidiary of Cerenome, Inc. that develops and commercializes proprietary laboratory-developed tests, such as CNSide®, designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. The CNSide® CSF Assay Platform enables quantitative analysis of the cerebrospinal fluid that informs and improves the management of patients with leptomeningeal metastases.
About Cerenome
Cerenome (Nasdaq: CNSY) is a CNS oncology company advancing an integrated platform that combines precision diagnostics, targeted therapeutics, and artificial intelligence to improve outcomes for patients with central nervous system cancers. The Company’s CNSide Diagnostics platform supports the detection, molecular characterization, and longitudinal monitoring of CNS cancers through cerebrospinal fluid-based testing. Its lead therapeutic platform, REYOBIQ (rhenium Re186 obisbemeda), is being evaluated in clinical trials for leptomeningeal metastases, recurrent glioblastoma, and pediatric brain cancers. The data and artificial intelligence platform is designed to integrate diagnostic, molecular, imaging, and clinical data into actionable insights that support precision oncology and therapeutic innovation. By integrating commercial diagnostics, targeted therapeutics, proprietary longitudinal data, and artificial intelligence within a single organization, Cerenome is building a differentiated CNS oncology platform designed to improve patient care while creating long-term shareholder value.
Forward-Looking Statements
This press release contains statements that may be deemed "forward-looking statements" within the meaning of U.S. securities laws. All statements in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as "expect," "anticipate," "intend," "believe," "estimate," "will," and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the Company's ability to maintain the listing of its common stock on Nasdaq; the success of the new rebrand; expectations pertaining to 2026 milestones, its platform and its data strategy; the results of the Company's research and development activities, including uncertainties relating to the continued clinical trials of its product candidates and therapies, and the timing and outcome of the ReSPECT-LM, ReSPECT-GBM, and ReSPECT-PBC trials; the Company's liquidity position and capital resources and its ability to raise additional cash; the outcome of the Company's partnering/licensing efforts; risks associated with laws or regulatory requirements applicable to the Company; market conditions and product performance; challenges associated with radiotherapeutic manufacturing, production, and distribution capabilities necessary to support the Company's clinical trials and any commercial level product demand; and the continued success of CNSide CSF Assay, revenue and corporate profitability expectations including support reimbursements and payments for the CNSide CSF Assay, the development and utility of the CNSide CSF Assay, and expectations as to the Company's future performance, including the next steps in developing the Company's product candidates. This list of risks, uncertainties, and other factors is not complete. Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Cerenome discusses some of these matters more fully, as well as certain risk factors that could affect its business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Quarterly Report on Form 10-Q for the three months ended March 31, 2026, and Current Reports on Form 8-K. These filings are available for review through the SEC's website at www.sec.gov. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. There may be events in the future that the Company is unable to predict, or over which it has no control, and its business, financial condition, results of operations, and prospects may change in the future. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends, or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.
Investor Contact
CORE IR
investor@cerenome.com
(Financial Tables follow)
| CERENOME, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value data) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 2,366 | $ | 4,256 | |||
| Restricted cash and cash equivalents | — | 4,502 | |||||
| Investments | 6,221 | 4,356 | |||||
| Grant receivable | 1,761 | 322 | |||||
| Other current assets | 1,423 | 1,734 | |||||
| Total current assets | 11,771 | 15,170 | |||||
| Property and equipment, net | 1,409 | 257 | |||||
| Operating lease right-of-use assets | 43 | 70 | |||||
| Goodwill | 372 | 372 | |||||
| Intangible assets, net | 265 | 333 | |||||
| Other assets | 170 | 123 | |||||
| Total assets | $ | 14,030 | $ | 16,325 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 7,550 | $ | 5,920 | |||
| Investor liability pursuant to Letter Agreement | — | 4,502 | |||||
| Operating lease liability | 44 | 56 | |||||
| Deferred grant liability | 927 | 927 | |||||
| Line of credit | — | 750 | |||||
| Other liabilities | 46 | 159 | |||||
| Total current liabilities | 8,567 | 12,314 | |||||
| Noncurrent operating lease liability | — | 15 | |||||
| Total liabilities | 8,567 | 12,329 | |||||
| Commitments and contingencies (Note 8) | |||||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 7 | 6 | |||||
| Treasury stock (at cost), 10,337 shares as of June 30, 2026 and December 31, 2025, respectively | (500 | ) | (500 | ) | |||
| Additional paid-in capital | 537,773 | 520,355 | |||||
| Accumulated deficit | (531,817 | ) | (515,865 | ) | |||
| Total stockholders’ equity | 5,463 | 3,996 | |||||
| Total liabilities and stockholders’ equity | $ | 14,030 | $ | 16,325 | |||
| CERENOME, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Grant revenue | $ | 411 | $ | 1,390 | $ | 1,439 | $ | 2,449 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 4,265 | 1,246 | 7,130 | 3,002 | |||||||||||
| General and administrative | 5,203 | 1,682 | 10,485 | 4,521 | |||||||||||
| Total operating expenses | 9,468 | 2,928 | 17,615 | 7,523 | |||||||||||
| Operating loss | (9,057 | ) | (1,538 | ) | (16,176 | ) | (5,074 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 56 | 27 | 246 | 28 | |||||||||||
| Interest expense | (5 | ) | — | (22 | ) | (548 | ) | ||||||||
| Financing expenses | — | 150 | — | (3,061 | ) | ||||||||||
| Warrant issuance costs | — | — | — | (964 | ) | ||||||||||
| Change in fair value of derivative instruments | — | 6,512 | — | (2,631 | ) | ||||||||||
| Total other income (expense) | 51 | 6,689 | 224 | (7,176 | ) | ||||||||||
| Net income (loss) | $ | (9,006 | ) | $ | 5,151 | $ | (15,952 | ) | $ | (12,250 | ) | ||||
| Per share information | |||||||||||||||
| Net income (loss) per share of common stock – basic | $ | (1.31 | ) | $ | 0.62 | $ | (2.36 | ) | $ | (12.54 | ) | ||||
| Weighted average number of shares of common stock outstanding – basic | 6,898,804 | 1,935,554 | 6,773,125 | 976,885 | |||||||||||
| Net income (loss) per share of common stock – diluted | $ | (1.31 | ) | $ | (0.16 | ) | $ | (2.36 | ) | $ | (12.54 | ) | |||
| Weighted average number of shares of common stock outstanding – diluted | 6,898,804 | 8,366,199 | 6,773,125 | 976,885 | |||||||||||
| CERENOME, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (15,952 | ) | $ | (12,250 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 233 | 223 | |||||
| Stock-based compensation expense | 1,852 | 300 | |||||
| Noncash financing expenses | — | 3,061 | |||||
| Noncash interest expense | 22 | — | |||||
| Change in fair value of derivative instruments | — | 2,631 | |||||
| Accretion of discount on short-term investments | (15 | ) | (22 | ) | |||
| Operating lease right-of-use asset amortization | 27 | 44 | |||||
| Gain on sale of assets | — | (16 | ) | ||||
| Increases (decreases) in cash caused by changes in operating assets and liabilities: | |||||||
| Grant receivable | (1,439 | ) | (450 | ) | |||
| Other assets | 264 | (265 | ) | ||||
| Accounts payable and accrued expenses | 1,778 | (5,181 | ) | ||||
| Change in operating lease liabilities | (27 | ) | (45 | ) | |||
| Other liabilities | (113 | ) | — | ||||
| Net cash used in operating activities | (13,370 | ) | (11,970 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (1,317 | ) | (10 | ) | |||
| Proceeds from sale of property and equipment | — | 30 | |||||
| Purchase of short-term investments | (14,049 | ) | (7,756 | ) | |||
| Sales of short-term investments | 7,765 | — | |||||
| Redemption of short-term investments | 4,434 | 6,662 | |||||
| Net cash used in investing activities | (3,167 | ) | (1,074 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from credit facility | 1,000 | — | |||||
| Repayment of credit facility | (1,772 | ) | (3,292 | ) | |||
| Proceeds from issuance of notes payable and warrants | — | 3,738 | |||||
| Repayment of notes payable | — | (3,703 | ) | ||||
| Proceeds from sale of common stock, pre-funded warrants and warrants | — | 15,001 | |||||
| Proceeds from exercise of warrants | — | 882 | |||||
| Proceeds from sale of common stock under Lincoln Park Purchase Agreement | — | 2,795 | |||||
| Proceeds from underwritten public offering | 15,000 | — | |||||
| Proceeds from Distribution Agreement | 1,853 | — | |||||
| Payments for commissions and offering costs from Distribution Agreement | (71 | ) | — | ||||
| Payment to investors pursuant to Letter Agreement | (4,502 | ) | — | ||||
| Offering costs for sale of common stock | (1,363 | ) | (220 | ) | |||
| Net cash provided by financing activities | 10,145 | 15,201 | |||||
| Net change in cash and cash equivalents | (6,392 | ) | 2,157 | ||||
| Cash, restricted cash and cash equivalents at beginning of period | 8,758 | 76 | |||||
| Cash, restricted cash and cash equivalents at end of period | $ | 2,366 | $ | 2,233 | |||
| Supplemental disclosure of cash flows information: | |||||||
| Cash paid during period for: | |||||||
| Interest | $ | — | $ | 539 | |||
| Supplemental schedule of non-cash investing and financing activities: | |||||||
| Exchange of warrants for notes payable | $ | — | $ | 3,694 | |||
| Redemption of notes by issuance of common stock, pre-funded warrants and warrants | $ | — | $ | 3,512 | |||
| Unpaid offering cost | $ | 104 | $ | 252 | |||
