Slide 1: Company Update
For personal use only Company Update James McBrayer CEO & Managing Director Jason Smith Chief Financial Officer
Slide 2: Agenda
For personal use only Agenda • 1H 2025 Overview • Technegas® Technology • Third Party Distribution • Half-year Financial Results • USA Update • Q&A
Slide 3: 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 4: 2025 First Half Overview
For personal use only 2025 First Half Overview
Slide 5: Technegas introduced clinically in 1986, available in 66 countries
Technegas® was introduced clinically in For personal use only 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 infrastruct
Slide 6: 1H 2025 highlights
Record revenues, up 26% versus the prior corresponding period, driven by growth in Technegas® sales in the USA and 1 the global Third-Party distribution business. 2 Growing USA sales of Technegas® to Federal, Institutional and large private healthcare networks in line with the USA For personal use o
Slide 7: Product Offering
For personal use only Product Offering
Slide 8: Unique Drug + Device + Service combination = regulatory barrier to entry
Unique Drug + Device + Service combination = regulatory barrier to entry For personal 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® Train
Slide 9: Leveraging our Sales, Service & Regulatory Footprint in our Direct Markets
Leveraging our Sales, Service & Regulatory Footprint in our Direct Markets For personal use only 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 Radiopharmaceuti
Slide 10: 2025 Half-Year Financial Results
For personal use only 2025 Half-Year Financial Results
Slide 11: Record Sales Revenue $15.42m up 26%
Record Sales Revenue $15.42m up +26% from $12.27m in prior year For personal use only 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 Global revenue $7.76m up +58% from $4.92m in prior year Third-Party Dist
Slide 12: Total Revenue Trend by Category
Total Revenue Trend by Category • Underpinned by PAS(1) sales - For personal use only $18m +26% remaining consistent at a ~70% $16m mix. Technegas® $14m • Generator sales ROW(ex-USA) consistent - 32 sales compared $12m to 30 in prior year. $10m • USA install & training and $8m technology fees a grow
Slide 13: Understanding the US Opportunity
For personal use only Understanding the US Opportunity
Slide 14: 600K Nuclear Medicine Ventilation Procedures p.a. in the USA for PE
600K Nuclear Medicine Ventilation Procedures p.a. in the USA* for PE For personal use only 15%/600k Estimated 4,000,000 pulmonary embolism procedures in the USA p/a 1 (15% Nuclear Medicine / 85% CTPA) 2 ~600,000 (15%) Nuclear Medicine procedures represents an initial US$90m addressable market 3 Init
Slide 15: Nuclear Medicine vs CTPA accuracy and radiation dose
Accuracy For personal use only 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 (ada
Slide 16: Technegas - the ventilation imaging agent of choice in established markets
Technegas - the ventilation imaging agent of choice in established markets For personal use only 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
Slide 17: Execution Evolution
Execution Evolution: For personal use only Clinical Trial sites and NDA contributors – CMS October 2023 1 Engagement 2 FDA petition signatories & registered expression of Reimbursement Granted interest July 2024 3 Call Centre Initiatives 4 Regional Exposure along with IDN Engagement February 2025 5
Slide 18: Building the Network
Building the Network For personal use only Rollout Update as of 2 September 2025: 35 US installations to date $ 2.06m generated in sales since approval - US Revenue 2025 is $1.24m US Inventory in place Strong pipeline – expanding installation within existing customer buying groups and leveraging off
Slide 19: Leveraging Analytical Software: Foundation Established
Leveraging Analytical Sof Foundation Established For personal use only 1 Accelerated U.S. growth trajectory as institutional procurement cycles resume post US- summer hiatus. Recurring revenue model scaling – annuity stream from consumables and annual 2 access fees under full CMS reimbursement alrea
Slide 20: Cyclopharm Investment Case
For personal use only Cyclopharm Investment Case
Slide 21: Outlook: Technegas USA Installations Second Half 2026
Outlook: 250 - 300 Technegas USA Installations achieved during Second Half 2026 For personal use only Profitable and First in Class USFDA Approval Granted Recurring Revenue Technegas Product Growing MedTech Established Gold Standard Set to quadruple the size From single patient expansion Underlying
Slide 22: Questions
For personal use only Questions
Slide 23: Attachment Section
For personal use only Attachment Section
Slide 24: Overview Technegas
For personal use only Overview Technegas
Slide 25: Functional Imaging showing where Oxygen is distributed within the lung
Functional Imaging showing where Oxygen is distributed within the lung For personal use only 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 with
Slide 26: Hierarchy of Evidence
Hierarchy of Evidence For personal use only 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 For personal use only 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
Slide 28: Technegas vs Xenon-133 and DTPA
Technegas® For personal use only 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 & s
Slide 29: The Canadian Case Study
The Canadian Case Study - a strong indicator of USA acceptance For personal use only 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 c
Slide 30: Technegas USA Expansion
For personal use only Technegas USA Expansion
Slide 31: Potential applications across the entire field of respiratory medicine
Potential applications across the entire field of respiratory medicine For personal use only Technegas (kit for the preparation of technetium Tc99m labeled carbon inhalation aerosol) for oral inhalation use – NDA 022335 ------------------USFDA APPROVED INDICATIONS AND USAGE------------------- TECHNE
Slide 32: Placement Model to Expedite Consumable Demand
Placement Model to Expedite Consumable Demand For personal use only 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. tech
Slide 33: SNMMI Technegas Press Release - USA Catching up with the R.O.W.
SNMMI Technegas Press Release – USA Catching up with the R.O.W. For personal use only 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
Slide 34: Recent Research and Articles Driven by Clinicians and End Users
Recent Research and Articles Driven by Clinicians and End Users: For personal use only Technegas -Technegas at Last! Implementing Technegas into Clinical Practice in the United States: Considerations, Challenges, and Recommendations Delynn Silvestros and Tina M. Buehner; Journal of Nuclear Medicine
Slide 35: 6-8 Month Process from New Product Approval to Installation
~ 6-8 Month Process from New Product Approval to Installation For personal use only 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 Sy
Slide 36: Exponential Growth Opportunity Over The Next Decade
Exponential Growth Opportunity Over The Next Decade For personal use only USA PE Pulmonary Embolism: Timeline Market Share Market size Horizon 1 – Full displacement of existing 1 nuclear medicine tests for PE 0 - 5 years 15% US$90m Horizon 2 – Commence converting CTPA exams 2 to Technegas 0 - 8 year
Slide 37: Blue Sky Beyond PE
For personal use only Blue Sky Beyond PE:
Slide 38: The importance, urgency and opportunity Beyond PE underway
The importance, urgency and opportunity ‘Beyond PE” underway For personal use only 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 under
Slide 39: Clinical trials already underway
Clinical trials already underway For personal use only *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 Pulmono
Slide 40: Cyclopharm sponsored Beyond PE clinical trials
7 Cyclopharm sponsored Beyond PE clinical trials – US approval expected to drive clinician led studies For personal use only 1 Hunter Medical Research Institute (Newcastle, AU): Diagnosis and response to therapy in severe asthma and COPD1 - 100 Patient Study * 100% Recruited * Study Published6, Wool