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Cyclopharm Limited First Half 2026 Results
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2 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 markets for the company's products. Such statements, estimates and projections reflect various assumptions made by the directors concerning anticipated results, which assumptions may or may not prove to be correct. Cyclopharm Limited has not sought independent verification of information in this presentation. While the directors believe they have reasonable grounds for each of the statements, estimates and projections and all care has been taken in the preparation, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of statements, estimates and projections contained in this presentation. Such statements, estimates and projections are by their nature subject to significant uncertainties, contingencies and assumptions. T o the maximum extent permitted by law, none of the Cyclopharm Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this presentation. All references to dollars unless otherwise specified are to Australian dollars. This presentation was approved and authorised for release by James McBrayer, Managing Director, CEO and Company Secretary. SAFE HARBOUR STATEMENT
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A fifth consecutive record half — the US is now unmistakably the growth engine (1) Financial figures for the six months ended 30 June 2026 (A$), per the Cyclopharm 1H2026 Half Year Report. Net loss after tax $8.8m (1H2025: $7.7m). (2) US site and pipeline figures as at 12 August 2026 per Company pipeline data. Guidelines published 29 July 2026 (SNMMI, EANM, ACNM, ANZSNM). FINANCIAL PERFORMANCE Six months ended 30 June 2026 US COMMERCIAL MOMENTUM As at 12 August 2026 $17.5m Total revenue Up 14% on 1H2025 — 5th consecutive record half +74% US revenue growth 1H2025 vs 1H2026 — $1.2m to $2.1m 56.3% Gross margin Up from 53.5% on a richer Technegas® mix $12.2m Cash at 30 June 2026 $13.5m net raised — past peak cash burn 83 Revenue-generating sites 70 at 30 June 2026; 35 a year ago US$180m Annual US PE opportunity From a ~2,000-site primary market 1,684 Engaged US pipeline sites ~One-third of the 5,139 US lung imaging market 29 Jul New US Guidelines published Technegas® “generally preferred when available”
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Australian innovation entering a new era of Nuclear Pulmonology driven by AI. Technegas systems are available now in 67 countries. Direct distribution in 17 countries. Over 5 million patient procedures to date. Leveraging global infrastructure with Business Partner Product distribution. US Market – early stage entry.
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5 Fifth consecutive record half — 1H2026 revenue up ~14% to $17.5m Operating revenue by half (A$m) A diversified, growing revenue base 0.0 5.0 10.0 15.0 20.0 1H24 2H24 1H25 2H25 1H26 Technegas® USA Technegas® Rest of World Third-Party Distribution • Fifth consecutive record half — $17.5m in 1H2026, up ~14% on 1H2025 • Three revenue streams: Technegas® USA, Technegas® Rest of World, and Business Partner Product Distribution • Stable global base — Rest-of-World Technegas® +13% to $7.3m, third-party distribution $8.1m (+4%) across 66 markets outside the US • Recurring, annuity-like model — each install drives compounding consumable revenue at ~95% gross margin • Revenue has grown every half since 1H2024, from $12.3m to $17.5m → The USA is our fastest-growing engine
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USA Technegas® revenue up 74% year-on-year — revenue-generating sites doubled to 70 at 30 June, and 83 today (1) Revenue-generating primary sites: 35 (30 Jun 2025) → 70 (30 Jun 2026) → 83 (12 Aug 2026). (2) Source: CYC 1H2026 Half-Year Report (MD Review) and ASX announcements, July 2026. 1H2026 figures per preliminary management accounts. +74% USA Technegas® revenue growth 1H2025 vs 1H2026 · $1.2m → $2.1m 83 Revenue-generating US sites 70 at 30 June 2026; 35 a year earlier #1 Globally for Technegas® revenue Absolute and per installation $1.2m $1.5m $2.1m 35 70 83 0 10 20 30 40 50 60 70 80 90 100 0.0 0.5 1.0 1.5 2.0 2.5 1H 2025 2H 2025 1H 2026 12 Aug 2026 Sites Revenue (A$m) USA Revenue (A$m) & Revenue-Generating Sites Revenue (A$m) Revenue-gen. sites THE ANNUITY ENGINE — every installation begins a long-duration recurring revenue stream — one-off install + annual access fee + per-patient consumables at >90% gross margin. 54% Growth from existing customers of revenue-generating US sites are expansion units 6
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Elite adoption + growth from within: “no stronger evidence than a customer expanding Technegas within their network” (1) Honor Roll = the twenty most acclaimed US hospitals (US News & World Report). 82% of revenue-generating US sites sit within multi-site customer groupings; 23 of 38 US customer organisations now run Technegas® across multiple facilities. (2) Largest-hospital penetration: 18 of the 100 largest and 27 of the 200 largest US hospitals (13.5%); ranked by staffed beds, Becker's Healthcare February 2026. (3) Federal sector under the October 2024 VA contract. Largest expansions: Penn Medicine (11), Northwestern Medicine (7), University Hospitals (11), Brigham and Women's. ELITE ADOPTION Trusted by the highest -calibre US hospitals GROWTH FROM WITHIN Expanding across existing customer networks 20 / 20 Honor Roll engagement Every top-20 US hospital engaged in our pipeline ~50% Honor Roll (Top 20) of the top-20 US hospitals are Technegas® users ~85% Academic & teaching of customer organisations are academic / teaching centres 18 100 largest US hospitals use Technegas® — 27 of the top 200 (13.5%) 54% Growth from existing of revenue-generating US sites are expansion units +20 Net new installations since AGM primary sites added in 8 weeks, to 30 June 2026 83 Revenue Generating Sites at 12 August 2026 9 Federal sites live Six VA hospitals, two military hospitals and the NIH 7
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13 New since 30 Jun Revenue-generating sites: 70 → 83 512 Revenue-generating sites (primary + affiliated) 83 Revenue-generating US sites; +13 since 30 June 2026 1,684 Actively engaged pipeline sites (excl. on hold) Pipeline stage Primary sites Affiliated sites Total sites What this means for investors Revenue generating 83 429 512 Generating revenue today. Each primary site linked to an avg. of 5+ contracted network sites. Contract signed / installation 34 161 195 Signed contracts in implementation — near- term revenue additions. Contract review (committed) 44 66 110 Active commercial negotiation — high conversion probability. Committee review 109 141 250 Internal hospital/group review underway — mid-term pipeline. Proposal / conversion meeting 567 50 617 Early-stage engagement — the broadest part of the funnel with significant upside. On hold 159 61 220 Paused: US Govt. funding volatility, facility delays, competing projects. To be revisited through 2026. Total engaged (excl. on hold) 837 847 1,684 54% are expansion units within existing customers | US ranked #1 globally * Affiliated sites are additional sites within the same contract (IDN, GPO & VA networks with 10+ sites per contract). Market penetration % based on 5,139 total US nuclear medicine lung imaging sites, including primary and affiliated sites. All figures as at 12 August 2026 per Company pipeline data. Revenue-generating US sites have grown from 70 at 30 June 2026 to 83 at 12 August 2026, including the 11- site University Hospitals (a sixth VA hospital and The Queen's Medical Center in Honolulu. Foundation Established – Pipeline Accelerating 9 Federal government sites: 6 VA, 2 military (BAMC, Walter Reed) & NIH; a 7th VA hospital contracted 8
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Reimbursement Data – Driving our Ground Game 5,139 Sites performing Lung Imaging CMS Data: Extracted from the Centers for Medicare and Medicaid Services (CMS) to include referring physician and primary nuclear medicine physician Indication for Use Visibility: Ability to discern between diagnoses for Pulmonary Embolism vs other conditions like Pulmonary Hypertension (Beyond PE) Imaging Methodology Visibility: Ability to discern between imaging techniques used (Beyond PE) 9
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A material shift in the US landscape US lung-scintigraphy guidance had not been updated since 2012 — 14 years. The new joint standard names Technegas® “generally preferred when available” — a durable adoption catalyst. All US growth to date — 83 revenue-generating sites, 1,684-site pipeline — was built without this tailwind. 10 Technegas® named the preferred ventilation imaging agent in established (and new) markets Endorses the US transition from Planar to SPECT and SPECT/CT imaging Highlights Beyond PE clinical applications Confirms Technegas® breast dose up to 70× lower than CTPA — naming five patient groups where VQ is preferred Underscores AI as a rapidly emerging complementary technology — Technegas® base data requires no correction Features emerging technologies using the alternative isotope GA68 leveraging off of Technegas technology “Galligas”* International Guidelines Key Deliverables: SNMMI/EANM/ACNM/ANZSNM Procedure Standard/Procedure Guideline for Ventilation-Perfusion Pulmonary Scintigraphy (29 July 2026) NEW *Galligas is a Ga68-based variant of Technegas. In the USA it is not approved for clinical use.
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11 Technegas® Proven High Standard of Clinical Evidence to Drive Adoption in Traditional & Beyond PE Applications - +230 papers & +2,400 scholarly citations* *Khatib & Young, 2023 Hierarchy of Evidence
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SPECT SPECT/CTPLANAR 12 1986 2023 1. Bailey DL, Roach PJ. j.semnuclmed. 2020; Jan;50(1):75-86 2. King GG, et al. Semin Nucl Med 2010; 40(6): 467-473 3. Provost K, et al J Nucl Med Technol 2017; 45(3): 185-192 4. Gibson P, et al J Allergy Clin Immunol Pract ,. 2024 Apr;12(4):929-935.e4 SPECT/CT Quantification Lobar distribution of ventilation A.I. Applications AI reaching to segmental and subsegmental level analysis leading to chronic condition management and Treatable Trait identification Fusing Function with Anatomy Function + Anatomy with Analytical Analysis Function + Anatomy + Analytical Analysis with Deep Learning 3-D Function2-D Basic Function 12
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Anatomy from low-dose CT — and a software ecosystem growing fast around the combination low → high regional function Note: original schematics drawn to show the form each output takes — not screenshots of any vendor's software, and all values are illustrative. Platforms vary — vendor-supplied, standalone workstation, open- source or SaaS. Nearly all will demo on your own data, and most present regional results as a colour heat maps. The CT component of these studies is a low-dose, non-contrast acquisition — a fraction of the radiation of a standalone diagnostic CT. Hermes Hermia Lung Lobe Quantification 1.42 L predicted post-op FEV1, five lobes Siemens AutoLung3D syngo.via platform ~5 min AI lobe segmentation lowest reader variability MIM Maestro Functional avoidance 17.4% functional V20 against 23.1% anatomical TotalSegmentator Deep-learning label map 5 lobes, plus airways vessels and ribs Thirona LungQ Lobes, segments, subsegments 66% fissure completeness, subsegmental resolution Function from Nuclear Medicine. Anatomy from CT. The value is in the combination — and many ways to build it. 13
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How big is a nanometre? • 100,000 nm = Sheet of paper thickness • 75,000 nm = Human hair thickness • 7,000 nm = Red Blood Cell diameter • 2.5 nm = DNA strand diameter 50 nm Named in Updated international guidelines naming Technegas® as the preferred ventilation imaging agent – published 29 July Proven clinically validated outcomes in detecting Pulmonary Embolism (PE) as measured by sensitivity, specificity, accuracy, NPV & PPV Substantially lower radiation than a single CTPA scan (typically ~1–3 mSv vs ~20 mSv) Growing Beyond PE publications indicate a potential >$1 Billion opportunity in Beyond PE applications currently under investigation, alongside a broad USFDA indication for use 1. Source: Khatib & Young, Pharmaceutics 2023 (counts as at 2022) Extensive Published Evidence Base: +230 PubMed publications & +2,400 Google Scholar references1 14
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Unique Drug + Device + Service combination = regulatory barrier to entry T echnegas® comprises the following components SYSTEM TECHNEGAS ® PLUS SYSTEM Technegas® (Crucible) Technegas® Contacts PER PATIENT CONSUMABLES TECHNEGAS ® SYSTEM PACK Technegas® Patient Administration Set (PAS) IN ADDITION TO THE SYSTEM PACK Nose Clips SUPPORT Training Engineering Support & Service Image Analysis USFDA Drug-Device Combination product Razor & blade business model Per-patient consumables drive an annuity-like revenue stream All Technegas® components are manufactured / assembled by Cyclopharm 15
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CTEPH Chronic Thromboembolic Pulmonary Hypertension • Named in the new 2026 Guidelines • Screening for chronic PE-related PH • Residual clot at 3–6 months = 2–3× recurrence risk • PRONOSPECT (France): 665 patients COPD Chronic Obstructive Pulmonary Disease • Woolcock Institute trial in mild-moderate COPD • Guidelines grade small airways disease • Largest respiratory disease market • ESSA (Australia): 34 patients Asthma Mild Asthma Assessment • Guidelines extend to grading asthma severity • Regional ventilation heterogeneity • Growing clinical evidence base • PAXT (Canada): 40 participants, aged 17– 35 Surgery & Transplant Pre- and Post-operative Lung Function • Lung function before and after surgery or radiotherapy • Lung transplant assessment — both set out in the Guidelines • Complementary to existing imaging Technegas® is USFDA-approved (NDA 022335) for visualization of pulmonary ventilation and evaluation of pulmonary embolism when paired with perfusion imaging, in adults and paediatric patients aged 6+. Every Beyond PE application above falls within this existing broad approval — no further regulatory approval, delay or cost. Up to US$1.1B of additional addressable market with COPD and asthma combined with PE — now validated by the new 2026 Guidelines 16
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A resilient international business, a strengthened balance sheet & past peak cash burn (1) Net loss after income tax of $8.8m (1H2025: $7.7m), reflecting continued investment in US commercial operations, R&D up to $0.6m as Beyond PE programs advance, and the absence of the prior-period $1.1m share of joint venture profit following the Cyclotek divestment. (2) Direct 50-state licensing gives Cyclopharm independence from outsourced distribution agencies, greater control of margin and customer relationships, and opens further third-party distribution and collaboration opportunities. INTERNATIONAL & THIRD -PARTY Six months ended 30 June 2026 CAPITAL & CASH Past peak cash burn $7.3m Technegas® rest of world Up 13% across 66 established markets $8.1m Third-party distribution Up 4%; built from a standing start in 2020 67 Established markets Direct presence in 17 of them 50 US states licensed Final wholesale pharmaceutical licences secured $13.5m Net proceeds raised $14m placement at $0.95 plus Share Purchase Plan $12.2m Cash at 30 June 2026 Applied to accelerating the US rollout ~95% Consumable gross margin Incremental sales drop rapidly to the bottom line 56.3% Group gross margin Up from 53.5% on a richer Technegas® mix 17
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Clinically Proven, Globally Established Technology US ranked #1 globally for Technegas® revenue – absolute and per installation Broad USFDA-Approved Ventilation Imaging Indication (further applications under investigation) 127 Technegas® generators in- country at 30 June 2026 54% of US sites are expansion units; 82% within multi-site groups Full Medicare and Medicaid reimbursement secured 1 2 3 4 5 6 New US Guidelines naming Technegas® published 29 July 2026 – the catalyst has arrived7 US Installed Base across 22 States – We are only Getting Started 5,139 US sites (TAM) 2,000 Primary Target sites 83 Installed today 4% of SAM 239M people within the 22 states Leading site Grow in-system Regional Expansion 18
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19 Profitable and Growing MedTech Ex-USA business cash positive; past peak cash burn. Gross margin 53.5% to 56.3% in 1H2026. First in Class 67 countries, 5m+ patient procedures. Named in the 2026 US/EU/ANZ guidelines as preferred practice. Recurring Revenue ~US$70k p.a. per larger site. ~95% gross margin, consumables- driven annuity model. USA Growth Accelerating 83 revenue- generating sites, from 35 a year ago. US revenue +74% YoY. 1,684-location pipeline engaged. Technegas® Product Expansion Beyond PE into chronic respiratory disease. US+$1.1B addressable market. Referenced in 2026 Guidelines
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20 THANK YOU WE ARE ONLY GETTING STARTED
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21 Fifth consecutive record half — 1H2026 revenue up 14% to $17.5m Operating revenue growth over time (A$m)Cyclopharm revenue track record — FY2020 to FY2025 Technegas® •USA now the #1 top sales country •USA install & training and technology access fees a fast-growing segment highlighting strong validation of the commercial model •France resumed ordering in 2H25 Third Party Distribution •Equipment revenue projects was $1.68m - down (41%) on prior year •Consumables & service revenue of $13.95m was up +46% on prior year Regulatory Renewals All regulatory renewals in existing 67 country markets maintained Indication Expansion Continued progress in developing ‘Beyond PE’ clinical applications providing significant, long-term growth opportunities for Technegas 12.3 13.2 13.7 14.4 15.2 16.7 2.2 4.1 9.2 11.9 12.4 15.6 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2020 2021 2022 2023 2024 2025 Operating revenue $AUD millions Technegas Third party sales 14.5 17.3 22.9 26.3 27.6 32.3 1H2026 — RECORD HALF $17.5m +14% vs 1H2025
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22 Fifth consecutive record half — 1H2026 revenue up ~14% to $17.5m Half-on-half revenue progression (A$m)USA — our growth engine USA TECHNEGAS® REVENUE +74% $1.2m → $2.1m · 1H26 vs 1H25 • USA installed base doubled: 35 → 70 revenue sites in 12 months, and 83 sites as at 12 August. • 54% of revenue-generating USA sites are expansion units; 82% sit within multi-site customer groupings • Rest-of-world Technegas® up 13% to $7.3m; Business Partner Product Distribution $8.1m, up 4% We are only getting started. Revenue (A$m) 1H2026 2H2025 1H2025 1H26 vs 1H25 Technegas® USA $2.1m $1.5m $1.2m +74% Technegas® RoW $7.3m $7.6m $6.4m +13% Business Partner Product Distribution $8.1m $7.9m $7.8m +4% Total $17.5m $16.9m $15.4m +14% Pipeline and installed-base figures as at 12 August 2026 per Company pipeline data.