Overview

• US biopharma reported Q1 revenue fell sharply year-over-year

• Net loss widened to $8.1 mln from $0.8 mln a year earlier

• Company completed $7 mln direct offering and extended debt maturity to August 2027

Outlook

• Clene expects to submit NDA for CNM-Au8 in Q3 2026 under accelerated approval pathway

• Company plans to start confirmatory Phase 3 trial for CNM-Au8 in Q1 2027

• Clene expects cash runway into Q4 2026, potentially extending into 2027 with warrant exercises

Result Drivers

• R&D EXPENSES DOWN - Lower research and development costs mainly due to decreased ALS program and RESTORE-ALS trial planning expenses, partially offset by higher regulatory and MS program costs

• G&A EXPENSES DOWN - General and administrative expenses fell due to lower personnel, stock-based compensation, legal fees, depreciation, and increased grant revenue

• OTHER EXPENSES UP - Higher other expenses driven by warrant liability issuance costs, one-time loss on equity issuance, and increased interest expense from larger debt balances

Company press release: ID:nGNXBcLRZ

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$8.09 mln
Q1 Basic EPS		-$0.69
Q1 Income From Operations		-$2.06 mln
Q1 Operating Expenses		$2.08 mln
Q1 Pretax Profit		-$8.09 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "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 Clene Inc is $30.00, about 361.5% above its May 13 closing price of $6.50

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