Cyclopharm Limited · ASX:CYC
Cyclopharm — Investor Presentation (February 2026)
38 slides from Cyclopharm's investor presentation, Feb 4, 2026
Slide 1: Capital Raising Investor Presentation
Capital Raising Investor Presentation James McBrayer CEO & Managing Director
Slide 2: Important notice and disclaimer
This presentation has been prepared by Cyclopharm Limited ACN 116 931 250 (Cyclopharm). It financial product advice in respect of new shares. Cooling off rights do not apply to an investment contains general information about Cyclopharm as at the date of this presentation unless otherwise in New Sha
Slide 3: Important notice and disclaimer (continued)
Investors are strongly cautioned not to place undue reliance on forward-looking statements, No representation or warranty, express or implied, is made by any Limited Party as to the accuracy, including in respect of Cyclopharm’s future financial performance and outlook, particularly in light reliabi
Slide 4: Lead Managers disclosure
Each of the Lead Managers and their respective affiliates and related bodies corporate (Lead or acquire New Shares or securities of Cyclopharm in the Placement and/or the secondary market, Manager Group) are full service financial institutions engaged in various activities, which may including to he
Slide 5: Update on US expansion, 2025 financial results, capital raise
• The USA represents the single largest market for Technegas with half of the world’s nuclear medicine departments, representing a ~US$180m p.a. TAM (with exponential growth potential Beyond Pulmonary Embolism) • 44 revenue-generating US sites with an additional 64 sites currently progressing from t
Slide 6: Technegas 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 67 countries. Direct distribution in 17 countries Over 5.0 million patient procedures to date Leveraging global infrastructure with Business Partn
Slide 7: Outlook: 250-300 Technegas US installations during second half 2026
Outlook: 250 - 300 Technegas Total US Revenue Generating Installations during Second Half 2026 Profitable and First in Class USA Growth Accelerating Recurring Revenue Technegas Product Growing MedTech Established Nuclear Set to quadruple the size From single patient expansion Underlying business (ex
Slide 8: 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 9: 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 67 approved markets Radiopharmaceuticals Hotcells for Radiopharmaceutical Patient Injectors
Slide 10: 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 11: 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. USA Guidelines released for consultation January 2026 expected to provide ma
Slide 12: 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 13: Technegas - agent of choice in established (and new) markets
Technegas - the ventilation imaging agent of choice in established (and new) markets Introduction: International Guidelines Key Deliverables: “Lung scintigraphy is a fundamental diagnostic Endorses the US transition from Planar to procedure employed in evaluating a range of SPECT and SPECT/CT imagin
Slide 14: US$180m TAM for PE with exponential growth potential Beyond PE with AI
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 15: Guidance Affirmed 250-300 Installations by Second Half 2026
Guidance Affirmed 250-300 Installations by Second Half 2026 October 2023 1 Clinical Trial sites and NDA contributors – CMS Engagement 2 FDA petition signatories & registered expression of interest Reimbursement Granted 3 Call Centre Initiatives July 2024 4 Regional Exposure along with IDN Engagement
Slide 16: Network of Key Opinion Leaders, Strategic Accounts & IDNs Established
Network of Key Opinion Leaders, Strategic Accounts & IDNs Established Rollout Update for January 2026: 44 US revenue-generating sites with an additional 64 progressing from contract review stage US Inventory in place Strong & rapidly growing pipeline – expanding installation within existing customer
Slide 17: Foundation Established – Growth Accelerating
Foundation Established – Growth Accelerating Additional Site Engagement 1 Proposal 554P + 50A =604T • On Hold… 123P+60A =183T Conversion 2 Meeting 87P+46A =133T Definitions PrimaryP: Primary site is either a designated installation site or the first implementation site 3 Committee Review 87P+95A =18
Slide 18: What the numbers mean in a market of 5,139 Total Locations
What the numbers mean in a market of 5,139 Total Locations 957 Primary sites have been directly engaged, extending to 1,313 total potential locations or 28.5% of the total lung imaging market Contract Review leads to Installation Commitment for a primary site with additional affiliated site expansio
Slide 19: >US$1.1bn global market size
>US$1.1bn global market size* Diagnosis and Advanced approach Preoperative Preoperative Planning Use of alternate follow-up of to phenotyping chronic assessment of assessment of radiation therapy isotopes to make Pulmonary airways diseases such homogeneous lung resection to target tumors GalligasTM
Slide 20: Record Sales Revenue
Record Sales Revenue $32.33m up +17% from $27.57m in prior year Global revenue $16.69m up +10% from $15.21m in prior year Technegas® USA sales $2.70m up +226% from $0.83m in prior year Third-Party Global revenue $15.63m up +26% from $12.36m in prior year. Strong growth Distribution from the consumab
Slide 21: Operating revenue
An established global nuclear medicine company Cyclopharm 2025 Trading Highlights Cyclopharm operating revenue over time $AUD •USA now the #1 top sales country millions Technegas Third party sales •USA install & training and technology 35.0 access fees a fast-growing segment 32.3 Technegas highlight
Slide 22: Upcoming Milestones and Growth Catalysts
North American Society of Nuclear Medicine and Molecular Imaging (SNMMI) conference – May 2026 Installations and large Independent Delivery Networks (IDNs) Upcoming New Beyond PE clinical initiatives Milestones and Updates on publications and Cyclopharm Growth Catalysts supported Beyond PE c
Slide 23: Sources and uses of funds
Sources A$m Accelerate the commercial rollout of Technegas® in the USA Proceeds from Institutional Placement A$14.0m 1 - scale salesforce and commercial infrastructure - expand clinician education and training Proceeds from SPP A$2.0m* - support market access initiatives Total sources of funds A$16.
Slide 24: Offer structure and size, offer price
• Cyclopharm is undertaking an equity raising to raise up to approximately A$16 million comprising: ‒ the issue of New Shares (as defined below) at the Offer Price (as defined below) under a non-underwritten institutional placement raising up to approximately A$14 million through the issuance of app
Slide 25: Indicative timetable
Trading halt Monday, 2 February 2026 Placement bookbuild opens Monday, 2 February 2026 Tuesday, 3 February 2026 SPP record date 7PM Sydney Time Announcement of outcome of the Placement Wednesday, 4 February 2026 Trading halt lifted – trading resumes on the ASX Wednesday, 4 February 2026 Settlement o
Slide 26: Questions
Questions
Slide 27: Appendix: Key Risks
Appendix: Key Risks
Slide 28: Regulatory
Regulatory Future expansion of Cyclopharm’s range of products and services may be governed by regulatory controls in each target market and it is not possible for Cyclopharm to guarantee that approvals in all target markets will be obtained and maintained in the future. The Technegas System is requi
Slide 29: Product liability
Product liability The performance of Cyclopharm's products is critical to its reputation and to its ability to achieve market acceptance of these products. There is an inherent risk of defective workmanship or materials in the manufacture of Cyclopharm's products and for exposure to product liabilit
Slide 30: Competition
Competition The medical device and product industry is highly competitive and characterised by large international companies supplying much of the global market requirements. Cyclopharm's Technegas System is a nuclear medicine ventilation imaging technology primarily used to diagnose a blood clot (p
Slide 31: Reliance on distributors/loss of key customers
Reliance on distributors/loss of key customers The Cyclopharm Group operates through a series of contractual relationships with customers, suppliers, distributors and independent contractors. To date, the Cyclopharm Group has generally provided products and services on the basis of tenders and contr
Slide 32: Intellectual Property Rights
Intellectual Property Rights The Cyclopharm Group’s success may be affected by its ability to maintain patent protection for products and processes, to preserve its trade secrets and to operate without infringing the proprietary rights of third parties. There is a risk that Cyclopharm may be unable
Slide 33: Reverse engineering risk and trade secret risk
Reverse engineering risk and trade secret risk There is a risk of Cyclopharm's products being reverse engineered or copied. Cyclopharm relies on trade secrets to protect its proprietary technologies, especially where it does not believe patent protection is appropriate or obtainable. However, trade
Slide 34: Global business risk
Global business risk As the Cyclopharm Group is and will continue operating in numerous countries, the Cyclopharm Group will be exposed to risks such as unexpected changes in regulatory requirements (including taxation), longer payment cycles, problems in collecting debts, fluctuation in currency ex
Slide 35: Share market and liquidity risk
Share market and liquidity risk No assurances can be given of the price at which the shares offered under the capital raising will trade or that they will trade at all. The Company's shares may trade on the ASX at higher or lower prices than the price at which shares are issued. Investors who decide
Slide 36: Ukraine and Gaza Conflicts
Ukraine and Gaza Conflicts The war between Ukraine and Russia (Ukraine Conflict) and Israel and Palestine (Gaza Conflict) is impacting global economic markets. The nature and extent of the effect of the Ukraine Conflict and Gaza Conflict on the performance of the Company remains unknown. The Company
Slide 37: International offer restrictions
This document does not constitute an offer of new ordinary shares (New Shares) in Cyclopharm in any jurisdiction in which it would be unlawful. In particular, this presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia excep
Slide 38: Singapore
Singapore This presentation and any other materials relating to the New Shares have not been , and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this presentation and any other document or materials in connection with the offer