Cereno Scientific’s recent capital markets day (CMD) centered on CS1’s progression from early clinical validation into Phase IIb development, a key inflection for the investment thesis. Supported by key opinion leader (KOL) and patient perspectives, management highlighted the unmet need for disease modification in pulmonary arterial hypertension (PAH), positioning CS1 as a differentiated therapy targeting underlying vascular pathology rather than symptomatic relief. Attention now shifts to translating encouraging Phase IIa signals into a registration-supportive pathway, with study execution emerging as the primary value driver. A notable pipeline update was CS014’s expansion into pulmonary hypertension associated with interstitial lung disease (PH-ILD), broadening its opportunity set and reinforcing Cereno’s rare-disease strategy. With later-stage studies approaching initiation, we expect the next 12–18 months to be execution-driven, with clinical delivery and partnering discussions central to value creation. Updated estimates will follow the FY25 results on 27 February.