Cyclopharm Limited · ASX:CYC
Cyclopharm — Bell Potter Healthcare Conference 2025
40 slides from Cyclopharm's conference presentation, Nov 19, 2025
Slide 1: Bell Potter Healthcare Conference 2025
Bell Potter Healthcare Conference 2025 James McBrayer CEO & Managing Director
Slide 2: Safe Harbour Statement
Certain views expressed here contain information derived from publicly available sources that have not been independently verified. The presentation includes certain statements, estimates and projections with respect to the anticipated future financial performance of Cyclopharm Limited and as to the
Slide 3: USA Commercialisation is Executing and Accelerating
1 USA Commercialisation is Executing and Accelerating November 2025: 40 generating revenue sites with an additional 41 sites 2 progressing from the contract review stage. Overall active pipeline of 690 additional locations directly engaged & linked to a further 240 affiliated locations 3 Technegas i
Slide 4: Technegas was introduced clinically in 1986
Technegas® was introduced clinically in 1986. New era of Technegas imaging developing driven by AI Technegas® is available and generating revenues now in 66 countries. Direct distribution in 17 countries Over 5.0 million patient procedures to date Leveraging global infrastructure with Business Partn
Slide 5: What We Deliver
What We Deliver
Slide 6: Unique Drug + Device + Service combination = regulatory barrier to entry
Unique Drug + Device + Service combination = regulatory barrier to entry Technegas comprises the following components SYSTEM PER PATIENT CONSUMABLES SUPPORT USFDA Drug-Device TECHNEGAS PLUS SYSTEM TECHNEGAS ® SYSTEM PACK Combination product Technegas (Crucible) Technegas® Training Contacts Razor - R
Slide 7: Leveraging our Sales, Service & Regulatory Footprint in our Direct Markets
Leveraging our Sales, Service & Regulatory Footprint in our Direct Markets Third-Party Products comprise the following components Direct sales and Service in 17 Consumables and Equipment Sales SUPPORT out of 66 approved markets Radiopharmaceuticals Hotcells for Radiopharmaceutical Patient Injectors
Slide 8: Understanding the US Opportunity
Understanding the US Opportunity
Slide 9: where accuracy isn't optional
“where accuracy isn’t optional” Proven Clinical Outcomes Proven diagnostic accuracy supported by peer-reviewed validation and recognised in clinical guidelines as the best-in-class standard for lung ventilation imaging. The clinical benefit has been established, and widespread adoption has been
Slide 10: US $180m TAM for PE with exponential growth potential
US $180m TAM for PE with exponential growth potential Beyond PE with AI 15%/600k 1 Estimated 4,000,000 pulmonary embolism procedures in the USA p/a (15% Nuclear Medicine / 85% CTPA) Technegas expected to displace Xe133 followed by 2 DTPA as the standard of care nuclear medicine diagnostic product in
Slide 11: Guidance Affirmed 250-300 Installations by Second Half 2026
Guidance Affirmed 250-300 Installations by Second Half 2026 Clinical Trial sites and NDA contributors – CMS October 2023 1 Engagement 2 FDA petition signatories & registered expression of Reimbursement interest Granted July 2024 3 Call Centre Initiatives 4 Regional Exposure along with IDN Engagement
Slide 12: Reimbursement Data – Driving our Ground Game
Reimbursement Data – Driving our Ground Game 5,139 Sites performing Lung Imaging CMS Data: Extracted from the Center for Medicare and Medicare (CMS) to include referring physician and primary Nuclear medicine physician Indication for Use Visibility: ability to discern between diagnoses for Pulmonary
Slide 13: ~6-9 Month Process Expected Following New Product Approval to Installation
~ 6-9 Month Process Expected Following New Product Approval to Installation 1 2 3 4 5 6 7 Engagement & External New Product Administration IT Integration Facilities Installation and Clinical Provider Approval Approval Training Approval Engagement • RFQ • Pharmacy & • Financial Approval IT Systems Ad
Slide 14: Foundation Established – Growth Accelerating
Foundation Established – Growth Accelerating Additional Site Engagement 1 Proposal 517P + 22A =539T • On Hold… 92P+60A =152T Conversion 2 Meeting 55P+58A =113T Definitions PrimaryP: Primary site is either a designated installation site or the first implementation site 3 Committee Review 77P+71A =148
Slide 15: What the numbers mean in a market of 5,139 Total Locations
What the numbers mean in a market of 5,139 Total Locations 822 Primary sites have been directly engaged, extending to 1,090 total potential locations or 21% of the total lung imaging market Contract Review leads to Installation Commitment for a primary site with additional affiliated site expansion
Slide 16: Network of Key Opinion Leaders, Strategic Accounts & IDNs Established
Network of Key Opinion Leaders, Strategic Accounts & IDNs Established Rollout Update for November 2025: 40 US revenue-generating sites with an additional 16 either in implementation or near-term stage US Inventory in place Strong & growing pipeline – expanding installation within existing customer b
Slide 17: Leveraging Analytical Software Growth Accelerating
Leveraging Analytical Sof Foundation Established – Growth Accelerating 1 Accelerated U.S. growth trajectory as institutional procurement cycles resume post US- summer holidays and national sales team established. Recurring revenue model scaling – annuity stream from consumables and annual 2 access f
Slide 18: Cyclopharm Investment Case
Cyclopharm Investment Case
Slide 19: Outlook: 250-300 Technegas USA Installations during Second Half 2026
Outlook: 250 - 300 Technegas USA Installations achieved during Second Half 2026 Profitable and First in Class US Growth Accelerating Recurring Revenue Technegas Product Growing MedTech Established Nuclear Set to quadruple the size From single patient expansion Underlying business (ex- Medicine Gold
Slide 20: Questions
Questions
Slide 21: Attachment Section
Attachment Section
Slide 22: 2025 Half-Year Financial Results
2025 Half-Year Financial Results
Slide 23: Record Sales Revenue $15.42m up +26% from prior year
Record Sales Revenue $15.42m up +26% from $12.27m in prior year Global revenue $7.66m up +4% from $7.36m in prior year Technegas® USA sales $1.24m – doubled from previous 6 months - $2.06m since approval Third-Party Global revenue $7.76m up +58% from $4.92m in prior year Distribution Strong growth f
Slide 24: Technegas Overview
S cyclophar m Technegas Overview ~
Slide 25: Functional Imaging showing where Oxygen is distributed within the lung
Functional Imaging showing where Oxygen is distributed within the lung Technegas is composed of 99mTc cores encapsulated within layers of graphite to form individual hexagonal plate-like particles.1-2 Technegas is manufactured by heating Technetium-99m in a carbon crucible within an argon environmen
Slide 26: Hierarchy of Evidence
Hierarchy of Evidence Technegas has A High Standard of Clinical Evidence to Drive Adoption in Traditional & Beyond PE Applications 26
Slide 27: Technegas is the nuclear medicine agent of choice in established markets
Technegas is the nuclear medicine agent of choice in established markets Endorsed by the guidelines from the European1-2 and the Canadian3 Associations of Nuclear Medicine (EANM & CANM) “ Using 99m-Tc-Technegas® is according to clinical experience better than the best aerosols ” “ Technegas® facilit
Slide 28: Technegas vs Xenon-133 vs DTPA Tc99m
Technegas® Easy 3 to 4 breaths 3D images No contraindications Covid-19 Xenon - 133 DTPA Tc99m Wet Aerosol True radioactive No 3D images impacts efficacy, bronchospasm, gas inhaled with limited to planar COVID-19 concerns full face mask imaging resulting in lower sensitivity & specificity Creates hot
Slide 29: Peer Reviewed clinical studies have shown that V/Q SPECT/CT is superior
Accuracy NPV Radiation Dose mSv Nuclear Medicine vs CTPA PPV 20 Specificity Sensitivity 3.1 1 0% 25% 50% 75% 100% V/Q SPECT/CT V/Q SPECT CTPA V/Q Planar VQ SPECT or Planar VQ SPECT/ CT CTPA Diagnostic ability of V/Q SPECT/CT1, V/Q SPECT1, CTPA1 and V/Q Planar2 to detect PE (adapted from Hess and al,
Slide 30: The Canadian Case Study - a strong indicator of USA acceptance
The Canadian Case Study - a strong indicator of USA acceptance Canada is Cyclopharm’s largest single country 1 market to date Technegas® is market leader for diagnosing PE 2 and is nearing 100% nuclear medicine market share 3 Xe-133 rapidly displaced by early adopters 4 Close correlation with the nu
Slide 31: Technegas - the ventilation imaging agent of choice in established markets
Technegas - the ventilation imaging agent of choice in established markets Survey conducted before Technegas USA launch highlights that: 85% of nuclear medicine ventilation studies ex-USA are performed using Technegas Xenon-133 has been displaced in all markets where Technegas is available SPECT ima
Slide 32: Technegas USA Expansion
Technegas USA Expansion
Slide 33: Potential applications across the entire field of respiratory medicine
Potential applications across the entire field of respiratory medicine Technegas (kit for the preparation of technetium Tc99m labeled carbon inhalation aerosol) for oral inhalation use – NDA 022335 ------------------USFDA APPROVED INDICATIONS AND USAGE------------------- TECHNEGAS, when used with so
Slide 34: Disciplined, field-first model
Disciplined, field-first model Accelerate installs by moving active deals forward while creating new demand Immediate Conversions Signed contracts ready for installs – builds momentum & team confidence Late-Mid-Early Funnel Acceleration Committee Review & Contract Review stage deals – build velocity
Slide 35: Placement Model to Expedite Consumable Demand
Placement Model to Expedite Consumable Demand US$7k one-off installation and Targeting 2,000 of the 8,000 US nuclear medicine departments. 250-300 total installations achieved training fee during the second half 2026. System Placement model supports rapid uptake US$7k p.a. technology fee, includes b
Slide 36: SNMMI Technegas Press Release – USA Catching up with the R.O.W.
SNMMI Technegas Press Release – USA Catching up with the R.O.W. FDA Approves Widely Used Imaging Agent for Respiratory Disease “Recognised standard for September 29, 2023 ventilation studies” Reston, VA—The U.S. Food and Drug Administration (FDA) has approved the imaging agent Technegas for use in v
Slide 37: Beyond PE: Blue Sky
Beyond PE: Blue Sky
Slide 38: The importance, urgency and opportunity 'Beyond PE' underway
The importance, urgency and opportunity ‘Beyond PE” underway Lung Disease in 2019 accounted for 6 million deaths 1 worldwide (12% of all deaths) COPD and Lower Respiratory Infections and Lung Cancer 2 will be the 3rd, 4th and 6th largest causes of death by 2030. “Over and underdiagnosis of Lung Dise
Slide 39: Clinical trials already underway
Clinical trials already underway *Including PE applications. On a long-term basis. See Slide 26 ‘Horizon 3 for further details. 1. Roach PJ, et al. J Nucl Med 2013; 54: 1588-1596 10. Bajc M, et al.. Int J Chron Obstruct Pulm Dis 2017; 12: 1579- 17. Tee, et al; Intrevent Pulmonology; 2021, DOI 2. Ohi
Slide 40: Cyclopharm sponsored Beyond PE clinical trials
8 Cyclopharm sponsored Beyond PE clinical trials – US approval expected to drive clinician led studies 1 Hunter Medical Research Institute (Newcastle, AU): Diagnosis and response to therapy in severe asthma and COPD1 - 100 Patient Study * 100% Recruited * Study Published6, Woolcock Institute (Sydney