• 2 for 5 non-renounceable offer to raise up to ~$2.2 million
• Issue price of $0.005 per share represents ~20% discount
• For every 2 new shares, investors receive 1 free attaching option

Percheron Therapeutics Limited (ASX:PER) has announced a pro-rata non-renounceable entitlement offer of new fully paid ordinary shares (New Shares) to raise up to approximately $2.2 million before costs. Under the Entitlement Offer, eligible shareholders will be offered 2 New Shares for every 5 existing shares held at an issue price of $0.005 per New Share, representing a ~20% discount to the 5-day volume weighted average price prior to the announcement. Participants in the Entitlement Offer will also receive 1 free-attaching new option (New Options) for every 2 New Shares subscribed for. The New Options will have an exercise price of $0.01 each and a term of 2 years. Funds raised will be used to progress the development of the company's lead asset, HMBD-002, as well as for general working capital. The Entitlement Offer and Shortfall Offer will close on 8 April 2026, unless extended. The offers are lead managed by Blue Ocean Equities and Cygnet Capital and are not underwritten.