Cerenome Inc. (CNSY) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, CNSY scores 27 out of 100 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are: Fundamental Cash Engine at 6/20 (ROIC -35%; FCF yield 0%), Whale 13F Flow at 5/20 (institutional accumulation and options positioning), Insider Conviction at 3/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 8/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet at 5/20 (Altman Z 2.5; Piotroski F 2/9; Debt/Equity 0.5). Every pillar sits in the bottom half of its range, and the two lowest-scoring pillars, Insider Conviction and the cash engine, point to weak internal conviction and negative economic returns. For a prospective investor, the rating's implication is that the near-term upside case rests on events outside the reported cash-generation profile, and the valuation tradeoff is unfavorable given a 0% FCF yield and -35% ROIC. The Forensic Balance Sheet pillar's low Piotroski score of 2/9 reinforces that the financial-health signals do not offset the operating weakness.

Per the SEC financials, revenue declined from $5.8M in FY 2024 to $5.2M in FY 2025 while net loss widened from $-13.0M to $-22.4M. The reported operating margin is -60% and net margin is -60%, with gross margin at 0%. Per the Roarable RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 2/9, with Debt/Equity at 0.5. Cash rose to $4.3M in FY 2025 from $0.1M in FY 2024, while free cash flow remained deeply negative at $-20.8M.

Per the recent news and catalysts feed, the most material item is a report that Cerenome completed enrollment in the Phase 2 ReSPECT-GBM trial of REYOBIQ™ in recurrent glioblastoma. A separate headline states the company will present data from 10 patients for a fatal cancer condition with no approved treatment. Other items are aggregator and sector-coverage pieces, including a Houston cancer therapy startup feature and general estimates and quote pages. All six items are marked YELLOW with the impact label MARKET WIRE. Risk watch items: the source data does not provide trial outcomes, and the feed items are coverage rather than primary results. The Butterfly Supply-Chain Graph reports no supply chain links and no proprietary signals.

• What are the primary endpoints, timelines, and interim readouts for the ReSPECT-GBM trial, and does the source data include any efficacy or safety results?
• What is the composition of the $5.2M FY 2025 revenue, and how much derives from product sales versus other sources?
• What is the debt balance and maturity schedule, given the source data lists debt as N/A despite a reported Debt/Equity of 0.5?
• What is the cash runway at the FY 2025 free cash flow burn of $-20.8M, relative to the reported $4.3M cash balance?
• What drove the 52-week range of $1.49 to $19, and is there a corporate event explaining that price decline?