Overview

• Biotech firm's Q1 net loss narrowed versus analyst expectations

• Company reported no grant revenue in Q1, down from $1.9 mln a year earlier

• Progress made on planned Phase 3 trial for neflamapimod in dementia with Lewy bodies

Outlook

• CervoMed plans to start Phase 3 trial in DLB in second half of 2026, pending financing

• Company expects to complete Phase 2a RESTORE trial in stroke and report topline data in H2 2026

• Company says cash on hand will fund operations into Q3 2026

Result Drivers

• GRANT REVENUE DECLINE - Co said Q1 grant revenue fell to zero from $1.9 mln a year earlier due to completion of RewinD-LB trial and end of related funding

• HIGHER R&D EXPENSES - Q1 R&D expenses rose mainly due to increased costs for developing a new formulation and manufacturing process for neflamapimod, as well as ongoing clinical trials and personnel costs

• HIGHER G&A EXPENSES - Q1 general and administrative expenses increased due to higher professional fees and personnel costs

Company press release: ID:nGNX7yrhBt

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income	Beat	-$8 mln	-$9.03 mln (6 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for CervoMed Inc is $21.00, about 510.5% above its May 15 closing price of $3.44

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