Cerenome (CNSY) risk factors, FY2025 10-K

Cerenome's FY2025 10-K, filed Mar 12, 2026, lists 79 risk factors in 4 groups. Against the prior year's 71: 14 new, 6 dropped, 14 substantially reworded.

Risk factors listed
794 groups
New this year
14vs 71 last year
Dropped
6since the prior 10-K
Substantially reworded
14of those kept
Section length
25k wordsItem 1A

What the changes say

  • Nasdaq listing and delisting risks now dominate, with separate equity and bid-price compliance deadlines extending into 2026.
  • CNSide Test commercialization has advanced through Texas launch, UnitedHealthcare and Humana agreements, and licensure in 49 states.
  • Funding remains critical despite $13.3 million raised and an expected cash runway until approximately 2027.
  • LDT regulation, healthcare reimbursement, FDA pathways, and healthcare fraud-and-abuse compliance receive greater emphasis.

What changed since the prior 10-K

New

  • NewRisks Related to our Financial Position and Capital Requirements

    arrangements with collaborative partners or otherwise that may require us to relinquish rights to some of our intellectual property or product candidates or otherwise agree to terms unfavorable to us

    Insufficient additional capital could force research, development, administrative, clinical-trial, or business activities to be reduced, delayed, or stopped.

  • NewRisks Related to our Financial Position and Capital Requirements

    Minimum Stockholders’ Equity Requirement

    Failure to maintain Nasdaq’s $2.5 million stockholders’ equity requirement could threaten the company’s continued listing.

  • NewRisks Related to our Financial Position and Capital Requirements

    On November 13, 2025, we received a second letter from the Nasdaq Staff advising that we had been granted an additional 180 calendar days, or until May 11, 2026, to regain compliance with the Minimum Bid Requirement, in accordance with Nasdaq Listing Rule 5810(c)(3)(A)

    The company has until May 11, 2026 to regain Nasdaq’s Minimum Bid Requirement and may need a reverse stock split.

  • NewRisks Related to our Financial Position and Capital Requirements

    Potential Consequences of Delisting

    Nasdaq delisting could reduce stock liquidity, market price, trading activity, analyst coverage, and access to financing.

  • NewRisks Related to our Financial Position and Capital Requirements

    the incurring of additional costs under state blue sky laws in connection with any sales of our securities

    Delisting could make fundraising harder or impossible, forcing delays or reductions in CNSide and other product development.

  • NewRisks Related to Our Business and Industry

    Clinical Laboratory Association and the other by the Association for Molecular Pathology— were filed in federal district courts in Texas in 2024 and were subsequently consolidated

    Although a court vacated the FDA’s LDT rule, future legislation or regulation could impose new requirements on CNSide Diagnostics.

  • NewRisks Related to Our Business and Industry

    the ease of use of our ordering process for healthcare providers

    Difficulty making the CNSide Test easy for healthcare providers to order could limit sales and commercialization.

  • NewRisks Related to Our Business and Industry

    Healthcare reform measures could hinder or prevent the commercial success of our LDTs or any product candidate for which we obtain regulatory approval

    Healthcare reforms could reduce coverage or reimbursement for the CNSide Test and future approved products.

  • NewRisks Related to Our Business and Industry

    opposed to regulation, for the initial years. Manufacturers that fail to comply with the IRA may be subject to various penalties, some significant, including civil monetary penalties

    The Inflation Reduction Act and state drug-pricing laws could impose penalties, price controls, discounts, disclosures, or reimbursement pressure.

  • NewRisks Related to Our Business and Industry

    Fast Track Designation by the FDA may not lead to a faster development or regulatory review or approval process

    FDA Fast Track Designation for rhenium (186Re) obisbemeda may not accelerate development, review, approval, or remain in effect.

  • NewRisks Related to Our Business and Industry

    If we decide to pursue accelerated approval for any of our product candidates, it may not lead to a faster development or regulatory review or approval process and does not increase the likelihood that our product candidates will receive marketing approval

    Accelerated approval based on surrogate or intermediate endpoints may not speed approval or lead to marketing authorization.

  • NewRisks Related to Our Business and Industry

    coverage, or do not provide sufficient reimbursement for the CNSide Test we may be unable to realize the expected benefits of the test and may not be able to offer it within the expected timeline, or at all

    Violations of healthcare fraud, abuse, false-claims, Sunshine Act, or related laws could bring penalties and disrupt CNSide reimbursement or ordering.

  • NewRisks Related to Our Business and Industry

    The diagnostic testing industry is subject to rapid change, which could make our current or future products obsolete

  • NewRisks Relating to Our Intellectual Property

    If we do not obtain patent term extension for any product candidates we may develop, our business may be materially harmed

Dropped

  • DroppedRisks Related to our Financial Position and Capital Requirements

    Borrowings under our line of credit have the effect of limiting our use of cash and marketable securities

  • DroppedRisks Related to Our Business and Industry

    or if we do obtain such capital, that our development, manufacturing, and commercialization efforts would be successful; and

  • DroppedRisks Related to Our Business and Industry

    Increased regulatory oversight resulting in delays for product launch

  • DroppedRisks Related to Our Business and Industry

    highly complex process that requires significant experience and know-how. If we are unable to attract personnel with the necessary skills and experience to reestablish and expand our nanomedicine business, which is currently conducted out of our Houston, Texas facility, our business could suffer

  • DroppedRisks Relating to the Issuances of Capital Stock, the Securities Markets and an Investment in our Common Stock

    Stockholders will suffer substantial additional dilution if certain provisions in the outstanding March 2025 Warrants are utilized

  • DroppedRisks Relating to the Issuances of Capital Stock, the Securities Markets and an Investment in our Common Stock

    There are a large number of shares of common stock underlying our outstanding Warrants and Prefunded Warrants and the sale of these shares may depress the market price of our common stock and cause immediate and substantial dilution to our existing stockholders

    Pershing margin-loan borrowings restricted use of cash and marketable securities.

Reworded

  • 99% rewrittenRisks Related to Our Business and Industry

    We recently acquired the CNSide Portfolio, and we may not be successful in our efforts to develop, fully utilize and monetize it

    The risk now describes execution progress: a scalable Houston laboratory, Texas reintroduction, UnitedHealthcare and Humana agreements, and licensure in 49 states.

    Was: We recently acquired the CNSideTM Portfolio, and we may not be successful in our efforts to develop, fully utilize and monetize it

  • 94% rewrittenRisks Related to our Financial Position and Capital Requirements

    We could be delisted from Nasdaq for failure to comply with the Minimum Stockholders’ Equity Requirement, the Minimum Bid Requirement or other applicable continued listing requirements and standards of Nasdaq, which would seriously harm the liquidity of our stock and our ability to raise capital

    The updated text removes the specific $1 bid-price and alternative financial thresholds, leaving a broader Nasdaq compliance warning.

    Was: We could be delisted from Nasdaq for failure to comply with the minimum stockholders’ equity continued listing requirement or other applicable continued listing requirements and standards of Nasdaq, which would seriously harm the liquidity of our stock and our ability to raise capital

  • 93% rewrittenRisks Related to our Financial Position and Capital Requirements

    We maintain our cash at financial institutions, often in balances that exceed federally insured limits

    The company now specifically says cash accounts exceed FDIC limits, while removing the prior SVB and banking-system examples.

  • 90% rewrittenRisks Related to Our Business and Industry

    Clinical laboratories are highly regulated and if we are unable to maintain compliance with these regulations, or if the regulations change in ways that make it more difficult or costly to comply, our financial condition and our business may be harmed

    The risk now concerns the reintroduced CNSide Test and continues to emphasize CLIA, state licensure, payer coverage, and reimbursement.

  • 80% rewrittenRisks Related to Our Business and Industry

    The future regulatory processes that will be applicable to LDTs are uncertain and may prevent us from obtaining required authorizations for the commercialization of our products and/or introduce additional costs associated with those products

    The updated risk reflects CNSide’s August 2025 LDT reintroduction and specifically warns FDA could regulate it as a medical device.

    Was: The future regulatory processes that will be applicable to Laboratory Developed Tests (LDTs) are uncertain and may prevent us from obtaining required authorizations for the commercialization of our products and/or introduce additional costs associated with those products

  • 76% rewrittenRisks Related to our Financial Position and Capital Requirements

    Uncertainties relating to our ability to fund our operations raises substantial doubt about our ability to continue as a going concern

    Funding figures improved: $13.3 million of January 2026 net proceeds and approximately 2027 runway, but accumulated deficit rose to $515.9 million.

    Was: Uncertainties relating to our ability to fund our operations for at least the next 12 months raises substantial doubt about our ability to continue as a going concern

  • 75% rewrittenRisks Related to Our Business and Industry

    If we are unable to identify, hire and/or retain key personnel, we may not be able to sustain or grow our business

    The updated text retains the small-team and talent risks while emphasizing the complex expertise required to manufacture oncology drug assets.

  • 52% rewrittenRisks Related to Our Business and Industry

    If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired

    The company adds potential control weaknesses and acknowledges controls may not prevent or detect every error or fraud, replacing a prior revenue correction example.

  • 44% rewrittenRisks Related to Our Business and Industry

    The worldwide regulatory process for our nanomedicine drug candidates can be lengthy and expensive, with no guarantee of approval

  • 42% rewrittenRisks Related to Our Business and Industry

    Our future success is in large part dependent upon our ability to successfully develop our nanomedicine platform and commercialize rhenium (186Re) obisbemeda and 188RNL-BAM and any failure to do so could significantly harm our business and prospects

    Was: Our future success is in large part dependent upon our ability to successfully develop our nanomedicine platform and commercialize REYOBIQ™ and 188RNL-BAM and any failure to do so could significantly harm our business and prospects

  • 37% rewrittenRisks Related to Our Business and Industry

    We may not be successful in our efforts to develop, fully utilize and monetize the CNSide diagnostic portfolio

    Was: We recently acquired the CNSideTM diagnostic portfolio, and we may not be successful in our efforts to develop, fully utilize and monetize it

  • 33% rewrittenRisks Related to Our Business and Industry

    188RNL-BAM was developed and tested preclinically as a drug product. The FDA has informed us that 188RNL-BAM will, moving forward, be regulated instead as a medical device

  • 25% rewrittenRisks Related to Our Business and Industry

    Our success depends in substantial part on our ability to obtain regulatory clearance, authorization or approval for our RNL product candidates. However, we cannot be certain that we will receive regulatory clearance, authorization or approval for these product candidates or our other product candidates

    Was: Our success depends in substantial part on our ability to obtain regulatory approvals for our RNL product candidates. However, we cannot be certain that we will receive regulatory approval for these product candidates or our other product candidates

  • 22% rewrittenRisks Related to Our Business and Industry

    We must maintain quality controls and compliance with manufacturing standards

All 79 risk factors

Headings as the filing states them, in filing order.

Risks Related to our Financial Position and Capital Requirements

  1. 01We have incurred losses since inception, we expect to incur significant net losses in the foreseeable future and we may never become profitable and our operating results have been and will likely continue to be volatile
  2. 02our success at commercializing our CNSideTM Portfolio
  3. 03Uncertainties relating to our ability to fund our operations raises substantial doubt about our ability to continue as a going concern76% rewritten
  4. 04arrangements with collaborative partners or otherwise that may require us to relinquish rights to some of our intellectual property or product candidates or otherwise agree to terms unfavorable to usNew
  5. 05We could be delisted from Nasdaq for failure to comply with the Minimum Stockholders’ Equity Requirement, the Minimum Bid Requirement or other applicable continued listing requirements and standards of Nasdaq, which would seriously harm the liquidity of our stock and our ability to raise capital94% rewritten
  6. 06Minimum Stockholders’ Equity RequirementNew
  7. 07On November 13, 2025, we received a second letter from the Nasdaq Staff advising that we had been granted an additional 180 calendar days, or until May 11, 2026, to regain compliance with the Minimum Bid Requirement, in accordance with Nasdaq Listing Rule 5810(c)(3)(A)New
  8. 08Potential Consequences of DelistingNew
  9. 09the incurring of additional costs under state blue sky laws in connection with any sales of our securitiesNew
  10. 10The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts
  11. 11We maintain our cash at financial institutions, often in balances that exceed federally insured limits93% rewritten
  12. 12Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited

Risks Related to Our Business and Industry

  1. 13If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired52% rewritten
  2. 14Our future success is in large part dependent upon our ability to successfully develop our nanomedicine platform and commercialize rhenium (186Re) obisbemeda and 188RNL-BAM and any failure to do so could significantly harm our business and prospects42% rewritten
  3. 15188RNL-BAM was developed and tested preclinically as a drug product. The FDA has informed us that 188RNL-BAM will, moving forward, be regulated instead as a medical device33% rewritten
  4. 16We recently acquired the CNSide Portfolio, and we may not be successful in our efforts to develop, fully utilize and monetize it99% rewritten
  5. 17Clinical Laboratory Association and the other by the Association for Molecular Pathology— were filed in federal district courts in Texas in 2024 and were subsequently consolidatedNew
  6. 18the ease of use of our ordering process for healthcare providersNew
  7. 19If we are unable to successfully partner with other companies to commercialize our product candidates, our business could materially suffer
  8. 20Our success depends in substantial part on our ability to obtain regulatory clearance, authorization or approval for our RNL product candidates. However, we cannot be certain that we will receive regulatory clearance, authorization or approval for these product candidates or our other product candidates25% rewritten
  9. 21If we or any party to a key collaboration, licensing, development, acquisition or similar arrangement fail to perform material obligations, or commit a breach, under such arrangement, or any arrangement is terminated for any reason, there could be an adverse effect on our business
  10. 22whether and the extent to which inventors are able to contest the assignment of their rights to our licensors
  11. 23Our current business strategy is high-risk and may not be successful
  12. 24Reliance on government funding for our programs may impose requirements that limit our ability to take certain actions, and subject it to potential financial penalties, which could materially and adversely affect our business, financial condition and results of operations
  13. 25The DoD Award is dependent on continued U.S. government funding and government appropriations, which may not be forthcoming on a timely basis or at all
  14. 26If our competitors market or develop products that are marketed more effectively, approved more quickly than our product candidates, or demonstrated to be safer or more effective than our product candidates, our commercial opportunities could be reduced or eliminated
  15. 27resources, experience and expertise in prosecution and enforcement of intellectual property rights
  16. 28Product development involves a lengthy and expensive process, with an uncertain outcome. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates
  17. 29a regulatory agency may put a clinical study on hold pending additional safety data (and there can be no assurance that we will be able to satisfy the regulator agencies’ requests in a timely manner, which can lead to significant uncertainty in the completion of a clinical study)
  18. 30Preclinical studies and preliminary and interim data from clinical trials of our product candidates are not necessarily predictive of the results or success of ongoing or future clinical trials of our product candidates
  19. 31Because we have limited resources, we may decide to pursue a particular product candidate and fail to advance product candidates that later demonstrate a greater chance of clinical and commercial success
  20. 32Clinical trial results may fail to support approval of our product candidates
  21. 33If third parties we engage are not able to successfully perform, we may not be able to successfully complete clinical development, obtain regulatory approval or commercialize our product candidates and our business could be substantially harmed
  22. 34a third-party manufacturer may gain knowledge from working with us that could be used to supply one of our competitors with a product that competes with ours
  23. 35We may have difficulty enrolling, or fail to enroll patients, in our clinical trials, which could delay or prevent clinical trials of our drug candidates
  24. 36If a particular product candidate causes significant adverse events, then we may be unable to receive regulatory approval or market acceptance for such product candidate
  25. 37If our product candidates and technologies receive regulatory approval but do not achieve broad market acceptance, especially by physicians, the revenue that we generate will be limited
  26. 38pricing and cost effectiveness
  27. 39All potential applications of our product candidates are investigational, which subjects us to development and marketing risks
  28. 40The worldwide regulatory process for our nanomedicine drug candidates can be lengthy and expensive, with no guarantee of approval44% rewritten
  29. 41We will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant expense, and if we or our collaborators fail to comply with such requirements, regulatory agencies may take action against us or them, which could significantly harm our business
  30. 42The future regulatory processes that will be applicable to LDTs are uncertain and may prevent us from obtaining required authorizations for the commercialization of our products and/or introduce additional costs associated with those products80% rewritten
  31. 43Changing, new and/or emerging government regulations, including healthcare legislative reform measures, may adversely affect us
  32. 44Healthcare reform measures could hinder or prevent the commercial success of our LDTs or any product candidate for which we obtain regulatory approvalNew
  33. 45opposed to regulation, for the initial years. Manufacturers that fail to comply with the IRA may be subject to various penalties, some significant, including civil monetary penaltiesNew
  34. 46Adequate coverage and reimbursement from third party payors may not be available for our product candidates, which could diminish our sales or adversely affect our ability to sell our products profitably
  35. 47Orphan drug designation may not ensure that we will enjoy market exclusivity in a particular market, and if we fail to obtain or maintain orphan drug designation or other regulatory exclusivity for some of our product candidates, our competitive position would be harmed
  36. 48Fast Track Designation by the FDA may not lead to a faster development or regulatory review or approval processNew
  37. 49If we decide to pursue accelerated approval for any of our product candidates, it may not lead to a faster development or regulatory review or approval process and does not increase the likelihood that our product candidates will receive marketing approvalNew
  38. 50If we experience an interruption in supply from a material sole source supplier, our business may be harmed
  39. 51We may engage in strategic transactions that could impact our liquidity, increase our expenses, and present significant distractions to our management
  40. 52inability to retain key employees of any acquired businesses
  41. 53We must maintain quality controls and compliance with manufacturing standards22% rewritten
  42. 54If we are unable to identify, hire and/or retain key personnel, we may not be able to sustain or grow our business75% rewritten
  43. 55We face potential product liability exposure, and if successful claims are brought against us, we may incur substantial liability if our insurance coverage for those claims is inadequate
  44. 56A failure to adequately protect health information could result in severe harm to our reputation and subject us to significant liabilities, each of which could have a material adverse effect on our business
  45. 57We and our collaborators must comply with environmental laws and regulations, including those pertaining to use of hazardous and biological materials in our business, and failure to comply with these laws and regulations could expose us to significant liabilities
  46. 58We may not be successful in our efforts to develop, fully utilize and monetize the CNSide diagnostic portfolio37% rewritten
  47. 59Clinical laboratories are highly regulated and if we are unable to maintain compliance with these regulations, or if the regulations change in ways that make it more difficult or costly to comply, our financial condition and our business may be harmed90% rewritten
  48. 60coverage, or do not provide sufficient reimbursement for the CNSide Test we may be unable to realize the expected benefits of the test and may not be able to offer it within the expected timeline, or at allNew
  49. 61The diagnostic testing industry is subject to rapid change, which could make our current or future products obsoleteNew

Risks Relating to Our Intellectual Property

  1. 62Our success depends in part on our ability to protect our intellectual property
  2. 63the patents of others may have an adverse effect on our business
  3. 64If we do not obtain patent term extension for any product candidates we may develop, our business may be materially harmedNew
  4. 65We may not be able to protect our trade secrets
  5. 66We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of their former employers
  6. 67We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights, and we may be unable to protect our rights to our product candidates and technology
  7. 68If we are sued for infringing intellectual property rights of third parties, it will be costly and time consuming, and an unfavorable outcome in that litigation would have a material adverse effect on our business

Risks Relating to the Issuance of Capital Stock, the Securities Markets and an Investment in Our Common Stock

  1. 69Our stockholders may experience substantial dilution in the value of their investment if we issue additional shares of our capital stock
  2. 70Our certificate of incorporation allows us to issue up to 2,000,000,000 shares of our common stock and to issue and designate the rights of, without stockholder approval, up to 5,000,000 shares of preferred stock
  3. 71The market price of our common stock may be volatile and fluctuate significantly, which could result in substantial losses for stockholders
  4. 72the trading volume of our common stock
  5. 73We may be or become the target of securities litigation, which is costly and time-consuming to defend
  6. 74We may issue debt and equity securities or securities convertible into equity securities, any of which may be senior to our common stock as to distributions and in liquidation, which could negatively affect the value of our common stock
  7. 75Our charter documents contain anti-takeover provisions
  8. 76limit who may call stockholder meetings
  9. 77We presently do not intend to pay cash dividends on our common stock
  10. 78If securities and/or industry analysts fail to continue publishing research about our business, if they change their recommendations adversely, or if our results of operations do not meet their expectations, our stock price and trading volume could decline
  11. 79Increased information technology security threats and more sophisticated and targeted computer crime could pose a risk to our systems, networks, and products

Other Cerenome 10-Ks

  • FY2024 10-K risk factors
    71 risks

    Operating losses of $13.0 million in 2024 and accumulated deficit of $493.5 million threaten going concern status. Reliance on CPRIT and DoD grant funding introduces strict government oversight and repayment terms. Shifting FDA regulation of 188RNL-BAM to a medical device creates new compliance hurdles.

    Filed Mar 31, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.