Cereno Scientific has reported a SEK60m capital raise through a directed share issue of c 11.8m new B-shares at SEK5.10/share. Notably, the financing was concluded at a 4.1% premium to the previous closing price (SEK4.9) and without any attached warrants, reflecting strong investor support. The relatively modest size of the raise (c 3–4 months of operating cash per our estimates) suggests that the financing is strategic rather than purely runway driven. We believe management’s objective was to strengthen its balance sheet ahead of a strategically important period, including the planned initiation of the Phase IIb PAH study, while enhancing its negotiating leverage as partnering discussions gather momentum, following the strong interest reported at the BIO International Convention. Combining the end-Q126 gross cash balance of SEK70.9m with these latest proceeds, we estimate that the company now has operating headroom into Q127. We will update our forecasts and valuation to reflect the financing in due course.