Cyclopharm Limited · ASX:CYC
Cyclopharm — Q3 2026 Earnings Presentation
20 slides from Cyclopharm's earnings presentation, Oct 29, 2026
Slide 1: Cyclopharm Limited
rsonal use only Cyclopharm Limited
Slide 2: Safe Harbour Statement
Certain views expressed here contain information derived from publicly available sources that have not been independently verified. rsonal use only The presentation includes certain statements, estimates and projections with respect to the anticipated future financial performance of Cyclopharm Limit
Slide 3: Australian-invented lung imaging, the global standard, now taking share in the US
Australian-invented lung imaging, the global standard, now taking share in the US rsonal use only HOW TECHNEGAS WORKS A ventilation scan in four steps Made on site Reaches the alveoli Imaged in 3D Carbon nanoparticles Inhaled in 3–6 breaths Where oxygen is SPECT shows true labelled with technetium-
Slide 4: Record Q3 revenue, with 76% of US sales from consumable orders
Record Q3 revenue, with 76% of US sales from consumable orders rsonal use only US COMMERCIAL PERFORMANCE Quarter ended 30 September 2026 76% A$1.62m Q3 US revenue A$3.8m US revenue, nine 84 US systems installed of Q3 US sales came from consumable months Up 124% on Q3 2025 and Up from 46 at 31 March:
Slide 5: Revenue up 13.7% year to date; cash burn continuing to decline
Revenue up 13.7% year to date; cash burn continuing to decline rsonal use only GROUP FINANCIAL PERFORMANCE Nine months to 30 September 2026 (A$) A$25.9m A$9.6m A$0.9m Group revenue, year to date Cash at 30 September 2026 Average monthly cash burn, Q3 Up 13.7% from A$22.8m in the same period of Fundi
Slide 6: Catalysts in a US$180m core market, with more than US$1B beyond it
Catalysts in a US$180m core market, with more than US$1B beyond it rsonal use only SHORT TERM MEDIUM TERM LONG TERM • Installed base up 83% in six • Taking the ~US$90m xenon half of • The full US$180m market from months, from 46 to 84 systems to 30 the market as ageing xenon ~2,000 primary sites, xe
Slide 7: About half the US market, around US$90m a year, still uses Xenon-133
About half the US market — around US$90m a year — still uses Xenon-133 rsonal use only US$180m ~US$90m >US$1B US PE market, every year Xenon-133's half Beyond PE About half the US market: where we are taking COPD, asthma, CTEPH, surgery, transplant: From ~2,000 primary target sites share within the
Slide 8: Installed base up 83% in six months; Q3 the largest US revenue quarter yet
Installed base up 83% in six months; Q3 the largest US revenue quarter yet rsonal use only US INSTALLED BASE (REVENUE-GENERATING SYSTEMS) 31 Dec 2025 31 Mar 2026 30 Jun 2026 30 Sep 2026 Installed base at period end 40 46 70 84 Systems installed in period +23 (CY2025) +6 (Q1) +24 (Q2) +14 (Q3) US TEC
Slide 9: "Generally preferred when available"; in China, "the preferred radiopharmaceutical"
“Generally preferred when available”; in China, “the preferred radiopharmaceutical” rsonal use only SNMMI / EANM / ACNM / ANZSNM · 29 July 2026 CHINA · OCTOBER 2026 Joint Procedure Standard / Guideline for Ventilation–Perfusion Pulmonary Scintigraphy The Chinese Thoracic Society and six partner Firs
Slide 10: Published mid US summer break: pipeline moved within three weeks of Labor Day
Published mid US summer break — the pipeline moved within three weeks of Labor Day rsonal use only 7 September 29 July August Why the guidelines matter Guidelines Mid US summer Labor Day: committees published break • Guidelines shape referrals, hospital resume committee approvals, capital decisions
Slide 11: Engaged primary sites passed 1,000; committee review up 71% since 12 August
Engaged primary sites passed 1,000; committee review up 71% since 12 August rsonal use only US pipeline stage Primary Affiliated Total Primary vs 12 Aug What this means for investors Generating revenue today; each primary site Revenue generating 84 430 514 +1 links to 5+ network sites Signed contrac
Slide 12: Better diagnosis, faster throughput and lower total cost, with no capital purchase
Better diagnosis, faster throughput and lower total cost, with no capital purchase rsonal use only FOR THE HOSPITAL Left and centre: the hospital. Bottom right: Cyclopharm, per US placement US$0 US$14k ~25 +US$906 Hardware purchase Year-one cost Patients a year to break More per SPECT/CT study Cyclo
Slide 13: Systems in health systems and states; in the Top 200 US hospitals
84 systems in 44 health systems and 22 states; 49 in the Top 200 US hospitals rsonal use only 20 / 20 ~50% 49 of 84 ~85% 9 Honor Roll engaged Honor Roll users In Top 200 hospitals Academic & teaching Federal sites live Every top-20 US hospital in Of the top 20 already use US systems installed in the
Slide 14: Addressing the myths and misconceptions about nuclear medicine
Addressing the myths and misconceptions about nuclear medicine rsonal use only MYTH MYTH MYTH MYTH “Other clinical modalities “Nuclear medicine means a “Nuclear medicine is old “It is too cumbersome for busy show lung function just as high radiation dose” technology” departments” well” FACT · TRUE F
Slide 15: More than US$1B Beyond PE, within the broad USFDA label
More than US$1B Beyond PE, within the broad USFDA label — no large trials needed rsonal use only FROM THE USFDA LABEL CTEPH & recurrent PE COPD TECHNEGAS · NDA 022335 · approved 2023 · Section 1, Indications and Usage • Named in the 2026 guidelines • The guidelines grade small- • Residual clot at 3–
Slide 16: From planar to SPECT/CT and AI quantification
PLANAR SPECT SPECT/CT SPECT/CT A.I. 2023 Quantification Applications rsonal use only 1986 16 Lobar distribution of ventilation AI reaching to segmental and subsegmental level analysis leading to chronic condition management and Treatable Trait identification Function + Anatomy + 2-D Basic Function 3
Slide 17: Anatomy from low-dose CT: a growing, crowded ecosystem that can leverage Technegas data
low → high regional function Anatomy from low-dose CT — a growing, crowded ecosystem that can leverage Technegas data Hermes Hermia Siemens AutoLung3D Thirona LungQ Lung Lobe Quantification syngo.via platform Lobes, segments, subsegments rsonal use only 1.42 L ~5 min 66% predicted post-op AI lobe se
Slide 18: Unique Drug + Device + Service combination = regulatory barrier to entry
Unique Drug + Device + Service combination = regulatory barrier to entry rsonal use only Technegas® comprises the following components SYSTEM PER PATIENT CONSUMABLES SUPPORT USFDA Drug-Device TECHNEGAS ® PLUS SYSTEM TECHNEGAS ® SYSTEM PACK Combination product Technegas® (Crucible) Technegas® Trainin
Slide 19: A proven product, real growth and building momentum
A proven product, real growth and building momentum rsonal use only Globally recognised, guideline-backed Real growth 1 2 • Guidelines on four continents: “generally preferred • Record Q3 US revenue of A$1.62m, with 76% from when available” and “the preferred consumable orders radiopharmaceutical” •
Slide 20: Thank you
rsonal use only THANK YOU WE ARE ONLY GETTING STARTED 20