$CNSY earnings report

Cerenome reported third-quarter 2026 total revenue of $722 thousand, all of it net diagnostic revenue from CNSide. The filing prints no grant revenue for the quarter, against $1,397 thousand in Q3 2025, so reported revenue fell year over year even as the diagnostic line began. The company states that the $722 thousand is after estimated payer adjustments and price concessions, and that it submitted billing claims for approximately $1.55 million in gross billings at list prices. The nine-month figures show total revenue of $2,161 thousand against $3,846 thousand, with grant revenue of $1,439 thousand against $3,846 thousand. The filing does not print a prior-quarter revenue figure, so a sequential comparison is not available from this document.

Costs rose faster than revenue. Cost of revenue was $912 thousand, a line that was not reported in the prior-year quarter. Research and development fell to $2,107 thousand from $2,436 thousand, while SG&A rose to $5,158 thousand from $3,443 thousand. Total operating expenses were $8,177 thousand against $5,879 thousand, and the operating loss widened to $(7,455) thousand from $(4,482) thousand. Below the operating line, financing expenses of $(1,618) thousand and a $490 thousand gain from the change in fair value of financial instruments produced total other expense of $(1,202) thousand, compared with other income of $59 thousand a year earlier. The net loss was $(8,657) thousand, or $(1.14) per share, against $(4,423) thousand, or $(1.03) per share. The filing does not explain the SG&A increase, the R&D decline or the financing expense, so the reader should weigh these as reported figures without a stated cause.

The balance sheet and cash flow show a tighter position. Cash, cash equivalents and investments were $4.9 million at September 30, 2026, down from $8.6 million at June 30, 2026, according to the release text. Net cash used in operating activities was $(21,044) thousand in the nine months, against $(14,518) thousand a year earlier. Financing inflows of $14,330 thousand in the nine months included the $15,000 thousand underwritten public offering and a $3,000 thousand convertible note and royalty obligation. Total stockholders' equity moved to $(923) thousand from $3,996 thousand at year end, and the release states that a senior secured facility of up to $20 million with royalty-based repayments closed in September. The company also states that it raised $3.8M under its Equity Distribution Agreement after quarter end.

Operationally, the release emphasises payer and product progress: coverage agreements with Medical Mutual, Health Care Service Corporation, Blue Cross Blue Shield of Michigan, Florida Blue and Aetna, a footprint the company puts at approximately 190 million covered lives, and the launch of CNSide CSF Molecular Profile tests for orders beginning October 12. On the therapeutics side, enrollment was completed in the Phase 2 ReSPECT-GBM study in October, with topline data expected in mid-2027, and interim Phase 1 ReSPECT-LM multi-dose findings reported no dose-limiting toxicities in the first 10 patients. The filing provides no quantitative 2027 guidance, so there is no printed revenue, margin or expense target to test against. The 2027 outlook is limited to milestones: continued CNSide commercial rollout, dose escalation in the LM multi-dose study and the mid-2027 readouts.

For a reader, the key facts are the step-down in reported revenue against the prior-year quarter, the widening operating and net losses, the low cash balance relative to a $(21,044) thousand nine-month operating cash outflow, and the negative equity. The release gives the CNSide reimbursement timing as the first half of 2027 and states that the company is on track for it, but it does not quantify expected CNSide revenue.