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Cyclopharm Limited
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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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Australian-invented lung imaging, the global standard, now taking share in the US HOW TECHNEGAS WORKS A ventilation scan in four steps Made on site Carbon nanoparticles labelled with technetium- 99m, made at the point of care Inhaled in 3–6 breaths Administered in under a minute; behaves like a gas Reaches the alveoli Where oxygen is exchanged: the true functional unit of the lung Imaged in 3D SPECT shows true ventilation; with perfusion, the V/Q scan Globally established • Australian invented, used in 67 countries • More than five million patient procedures • More than 85% share in established major markets outside the US Now in the US • USFDA approved in late 2023 as a drug–device combination • 84 systems installed at 30 September 2026 • US$180m core market today; more than US$1B Beyond PE Razor-razorblade model • System placed once; per-patient consumables used on every scan • Every component made by Cyclopharm • 80% of Q3 US revenue from patient consumables Hybrid imaging and AI, leveraging Technegas data, are contributing to a new era in pulmonology Company data. USFDA NDA 022335 (2023). Installed systems per Company records at 30 September 2026. Q3 2026 revenue mix per the general ledger, unaudited.
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Record Q3 revenue, with 76% of US sales from consumable orders US COMMERCIAL PERFORMANCE Quarter ended 30 September 2026 76% of Q3 US sales came from consumable orders at existing sites Up from 58% in Q2; Sept revenue US$428k with record month for consumable sales A$1.62m Q3 US revenue Up 124% on Q3 2025 and 45% on Q2 2026 A$3.8m US revenue, nine months Already 40% above the whole of 2025 (A$2.7m) 84 US systems installed Up from 46 at 31 March: +83% in six months THE 29 JULY GUIDELINES AT WORK 12 August to 30 September 2026 71% Committee review 109 → 186 primary sites 61% Contract review 44 → 71 primary sites 30 Locations on hold 220 → 190, as paused projects reopened 1,877 Engaged locations ~36.5% of the 5,139-site US market Q3 2026 US revenue per the general ledger, unaudited. Installed systems per Company records. Pipeline per Company data at 30 September 2026, excluding one trial system.
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Revenue up 13.7% year to date; cash burn continuing to decline GROUP FINANCIAL PERFORMANCE Nine months to 30 September 2026 (A$) A$25.9m Group revenue, year to date Up 13.7% from A$22.8m in the same period of 2025 A$9.6m Cash at 30 September 2026 Funding the US rollout from a solid global base A$0.9m Average monthly cash burn, Q3 From A$1.8m a month in 2H2025 Cash burn continues to decline Average monthly net cash burn (A$m). Receipts can be lumpy month to month, but the trend is clear. A$1.8m 2H 2025 A$1.3m 1H 2026 A$0.9m Q3 2026 Why the burn is declining • US installations are paying back: US revenue of A$3.8m in nine months; 80% of Q3 came from patient consumables at ~95% margin • A solid global base of Technegas in 66 other markets and Third-Party Distribution funds the rollout • Every new installation adds recurring revenue through the same US commercial team • US inventory is built, paid for and landed: 110 systems at 30 September, ready for deployment Unaudited management figures. Average monthly net cash burn is the average monthly reduction in cash before financing for each period.
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Catalysts in a US$180m core market, with more than US$1B beyond it SHORT TERM • Installed base up 83% in six months, from 46 to 84 systems to 30 September, with the guidelines in hand for only three weeks after Labor Day • 186 primary sites at committee review, up 71% since 12 August • 105 primary sites signed or in contract review; 110 systems already in US inventory • Record repeat orders: 76% of Q3 US sales came from existing sites MEDIUM TERM • Taking the ~US$90m xenon half of the market as ageing xenon systems are replaced • Land and expand: 5+ network sites behind each primary win; 54% of US sites are already expansions • Shift to SPECT/CT: up to US$906 more per study for the hospital, and Technegas is the agent suited to it • Operating leverage: ~95%-margin consumables lift group margin; cash burn trending down LONG TERM • The full US$180m market from ~2,000 primary sites, xenon and DTPA alike • More than US$1B Beyond PE under the existing broad USFDA label: no new approval, no large registration trials • AI lung quantification on true functional data, recognised in the 2026 guidelines • China: “the preferred radiopharmaceutical”; 787 departments with SPECT
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About half the US market — around US$90m a year — still uses Xenon-133 US$180m US PE market, every year From ~2,000 primary target sites ~US$90m Xenon-133's half About half the US market: where we are taking share >US$1B Beyond PE COPD, asthma, CTEPH, surgery, transplant: within the broad label Why Xenon departments switch • Xenon-133 needs a negative-pressure room and a gas delivery and trapping system • It ties up the camera for ~15 minutes and is effectively limited to planar imaging • The 2026 guidelines name Technegas “generally preferred when available” and direct the move to 3D SPECT, to which xenon is not suited • Ageing Xenon systems are coming up for replacement: hospitals now choose: renew a legacy set-up, or move to the agent “generally preferred when available” Technegas against the alternatives • Under one minute to administer: three to six breaths, against 3–5 minutes on a DTPA nebuliser or ~15 minutes for Xenon • Gas-like, reaching the alveoli: DTPA droplets clump in the central airways, creating hotspots that leave more scans indeterminate, worst in obstructive disease • No infrastructure beyond the generator; no negative-pressure room • DTPA, most of the other half, is the alternative used where Technegas is not available Market sizes are Company estimates; ~US$90m is the estimated annual US customer spend on xenon ventilation imaging, supplied through radiopharmacies. Agent characteristics per the SNMMI/EANM/ACNM/ANZSNM Procedure Standard/Procedure Guideline for Ventilation–Perfusion Pulmonary Scintigraphy (29 July 2026).
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Installed base up 83% in six months; Q3 the largest US revenue quarter yet US INSTALLED BASE (REVENUE-GENERATING SYSTEMS) 31 Dec 2025 31 Mar 2026 30 Jun 2026 30 Sep 2026 Installed base at period end 40 46 70 84 Systems installed in period +23 (CY2025) +6 (Q1) +24 (Q2) +14 (Q3) US TECHNEGAS REVENUE (A$M) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Installation revenue 0.11 0.26 0.29 0.11 0.32 Patient consumables 0.61 0.48 0.74 1.00 1.30 Total 0.72 0.74 1.03 1.12 1.62 What drove it • Q3 revenue of A$1.62m, up 124% on Q3 2025 and 45% on Q2; 80% from consumables • 44 systems installed in nine months, more than 2024 (17) and 2025 (23) combined • New deals created rose 3.5 times to 328 in Q3, from 487 customer meetings Growth is seasonal • Weighted to the second and fourth quarters, as US hospital capital decisions cluster ahead of budget year-ends (30 June and 31 December) • Q1 opens new budgets; the northern summer slows Q3: Q2 delivered 24 installations against 6 in Q1, and 13 of Q3’s 14 landed in September Revenue-generating US Technegas systems per Company records. US revenue in A$ per the general ledger, unaudited; installation includes install and access fees; totals may not add due to rounding.
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“Generally preferred when available”; in China, “the preferred radiopharmaceutical” SNMMI / EANM / ACNM / ANZSNM · 29 July 2026 Joint Procedure Standard / Guideline for Ventilation–Perfusion Pulmonary Scintigraphy 1 First update to US lung scintigraphy guidance since 2012 Guidelines are rarely updated: Technegas is likely the global standard of care for the next decade 2 Technegas “generally preferred when available” The guidelines’ own words on the choice of ventilation agent 3 Directs the move from planar to SPECT and SPECT/CT 3D imaging that suits Technegas; xenon is not suited to it 4 Breast dose up to 70× lower than CTPA Five patient groups named for whom V/Q is preferred 5 Sets out Beyond PE applications CTEPH, grading COPD and asthma, surgery and transplant 6 Names AI quantification as an emerging complement Technegas base data requires no correction CHINA · OCTOBER 2026 The Chinese Thoracic Society and six partner bodies name Technegas “the preferred radiopharmaceutical” • Recommendation 1, agreed with 100% consensus • Led by the respiratory physicians who order the scan • A dedicated protocol for pregnant women, supported by other publications The four societies behind the guideline SNMMI: Society of Nuclear Medicine and Molecular Imaging (US) EANM: European Association of Nuclear Medicine ACNM: American College of Nuclear Medicine ANZSNM: Australian and New Zealand Society of Nuclear Medicine SNMMI/EANM/ACNM/ANZSNM Procedure Standard/Procedure Guideline for Ventilation-Perfusion Pulmonary Scintigraphy (29 July 2026). Chinese Thoracic Society expert consensus (October 2026). Pregnancy: Bajc et al., Eur J Nucl Med Mol Imaging 2015;42:1325–30 (127 women); Roseverne, Schembri and Roach, J Nucl Med 2011;52(S1):1409. Every US installation to date was won before these guidelines.
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Published mid US summer break — the pipeline moved within three weeks of Labor Day Why the guidelines matter • Guidelines shape referrals, hospital committee approvals, capital decisions and reimbursement: they are what a committee asks for • Published 29 July, in the middle of the US summer break, when few hospital committees sit • The first selling season with the guidelines in hand began after Labor Day (7 September) • The installed base was built before either guideline: this is the first read of their effect • Guidelines are not updated often (the last US update was 2012): Technegas is likely to be the global standard of care for the next decade 29 July Guidelines published August Mid US summer break 7 September Labor Day: committees resume Within three weeks of Labor Day, hospitals moved Technegas into committee and contract review and reopened paused projects (12 August to 30 September): 71% Committee review 109 → 186 primary sites (250 → 324 locations) 61% Contract review 44 → 71 primary sites (110 → 169 locations) 30 Locations on hold 220 → 190 (159 → 136 primary) 1,006 Engaged primary sites Passed 1,000 (from 837); 1,877 locations in all SNMMI/EANM/ACNM/ANZSNM Procedure Standard/Procedure Guideline for Ventilation-Perfusion Pulmonary Scintigraphy (29 July 2026). Pipeline per Company data, 12 August and 30 September 2026.
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Engaged primary sites passed 1,000; committee review up 71% since 12 August US pipeline stage Primary Affiliated Total Primary vs 12 Aug What this means for investors Revenue generating 84 430 514 +1 Generating revenue today; each primary site links to 5+ network sites Contract signed / installation 34 160 194 — Signed contracts in implementation, converting to revenue Contract review (committed) 71 98 169 +27 Count it: primary sites at this stage have historically converted Committee review 186 138 324 +77 Hospital / group review, where the guidelines matter most Proposal / conversion meeting 631 45 676 +64 Early-stage engagement, the broadest part of the funnel On hold 136 54 190 −23 Paused projects; reopening with guideline support Total engaged (excl. on hold) 1,006 871 1,877 +169 ~36.5% of the 5,139 US lung imaging sites Once a primary site reaches contract review, count it. Primary sites at that stage have historically gone on to convert to revenue, and 110 systems are already in US inventory. Committee review and contract review grew fastest after the 29 July guidelines, and 30 locations came off hold. Pipeline as at 30 September 2026 per Company pipeline data; excludes one trial system. Affiliated sites sit within the same contract (IDN, GPO and VA networks). Change column compares primary sites with the 12 August 2026 position.
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Better diagnosis, faster throughput and lower total cost, with no capital purchase FOR THE HOSPITAL Left and centre: the hospital. Bottom right: Cyclopharm, per US placement US$0 Hardware purchase Cyclopharm owns, installs and services the generator US$14k Year-one cost US$7k install + US$7k access fee; US$7k a year after ~25 Patients a year to break even On planar imaging +US$906 More per SPECT/CT study SPECT/CT V/Q vs planar V/Q, Medicare 2026 Fewer indeterminate scans than other nuclear medicine agents: no central clumping, as with DTPA A better NPV than CT for PE1 per the 2026 guidelines: a normal V/Q scan rules out PE with confidence Faster administration three to six breaths in under a minute; the camera stays free for the next patient Expected economic benefits expected fewer repeat and follow-up scans, fewer CT angiograms and faster discharge How fast does a hospital get paid back? • Five V/Q patients a week: past annual breakeven in the fifth week of the year • A larger site (~280 patients a year): more than ten times breakeven • Moving to SPECT/CT roughly doubles what Medicare pays per study, and the guidelines now direct that move A$20k Build cost per system Made in-house <2.5 yrs Payback per system On the access fee alone ~US$70k Annual revenue Per larger US site ~95% Consumable margin Per patient, recurring Breakeven is a Company estimate on planar imaging at 2026 Medicare OPPS rates and covers the annual access fee and consumables; rates vary by payer. Technegas transitional pass-through payment applies to mid-2027. Indeterminate-scan and NPV comparisons per the SNMMI/EANM/ACNM/ANZSNM guideline (29 July 2026). Cyclopharm unit economics are Company estimates. 1. Pooled NPV: V/Q SPECT 96%, V/Q SPECT/CT 99%, CT angiography 85% (meta-analysis). Source: Hess S et al., Semin Thromb Hemost 2016;42(8):833–845.
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84 systems in 44 health systems and 22 states; 49 in the Top 200 US hospitals 20 / 20 Honor Roll engaged Every top-20 US hospital in the pipeline ~50% Honor Roll users Of the top 20 already use Technegas 49 of 84 In Top 200 hospitals US systems installed in the 200 largest US hospitals ~85% Academic & teaching Of customer organisations 9 Federal sites live 6 VA, 2 military and the NIH Hub and spoke: one yes opens the network Land and expand works through each hospital’s own network and across other hospitals in the region. At University Hospitals Cleveland, one agreement became eleven sites. • 362 sites already sit under agreements we hold, through national agreements and installed health-system networks • 55 enterprise network deals sit behind the hubs • 54% of revenue-generating US sites are expansion units; 82% sit within multi-site groups Operating leverage • Each primary win opens an average of 5+ contracted network sites, with no fresh evaluation or procurement • ~95%-margin consumables carry a growing share of US sales: 76% came from repeat orders in Q3 • Group gross margin rose to 56.3% (from 53.5%) on a richer Technegas mix; cash burn trending down • Largest roll-outs include: University Hospitals, Penn Medicine, Mass General Brigham, Emory, the US Government, Northwestern Medicine, Virtua Health, Columbia Presbyterian, and Stanford Honor Roll per US News & World Report; hospital size by staffed beds, Becker’s Healthcare February 2026. Gross margin per the 1H2026 Half Year Report.
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Addressing the myths and misconceptions about nuclear medicine MYTH “Other clinical modalities show lung function just as well” FACT · TRUE FUNCTION • Technegas measures ventilation directly • CT and other structural modalities image anatomy and infer how the lung works MYTH “Nuclear medicine means a high radiation dose” FACT · LOW DOSE • ~1–3 mSv against ~20 mSv for a CT angiogram • Breast dose up to 70× lower; suited to repeat imaging and children aged 6+ MYTH “Nuclear medicine is old technology” FACT · PRECISION MEDICINE • AI uses our pure functional data, which needs no correction, to deliver precision medicine • Regional function to the sub-segment guides which lung to treat MYTH “It is too cumbersome for busy departments” FACT · FAST AND SIMPLE • Administration in three to six breaths • New generation cameras can complete V/Q imaging in 5–8 minutes (published reports) • No negative-pressure room, so the camera stays free True function at low dose, administered in under a minute, is the foundation for precision lung medicine. Dose comparison per the published literature and the SNMMI/EANM/ACNM/ANZSNM guideline (29 July 2026). Administration timings per the Company’s instructions for use. CZT imaging: adult V/Q SPECT/CT in 8 minutes, children under 2, Veriton-CT at Royal Brompton Hospital, London (RAD Magazine, Feb 2025); 5-minute V/Q SPECT on GE StarGuide (Callaud and Bailly, J Nucl Med 2022;63(S2):2789).
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More than US$1B Beyond PE, within the broad USFDA label — no large trials needed FROM THE USFDA LABEL TECHNEGAS · NDA 022335 · approved 2023 · Section 1, Indications and Usage “TECHNEGAS, when used with sodium pertechnetate Tc 99m in the Technegas Plus System, provides technetium Tc 99m-labeled carbon inhalation aerosol (Technegas Aerosol), for use in adults and pediatric patients aged 6 years and older for: • visualization of pulmonary ventilation • evaluation of pulmonary embolism when paired with perfusion imaging” The first indication stands on its own: it is not tied to PE or to any single disease. • USFDA approved, not just cleared: there is a difference. Approval is the FDA’s own finding of safety and effectiveness, through a full New Drug Application • Every application here images pulmonary ventilation: no new approval and no large, costly registration trials CTEPH & recurrent PE • Named in the 2026 guidelines • Residual clot at 3–6 months carries 2–3× the recurrence risk PRONOSPECT (France): 665 patients COPD • The guidelines grade small- airways disease • The largest respiratory disease market Woolcock Institute trial; ESSA (Australia): 34 patients Asthma • The guidelines extend to grading asthma severity • Shows regional ventilation heterogeneity PAXT (Canada): 40 participants, aged 17–35 Surgery & transplant • Lung function before and after surgery or radiotherapy • Transplant assessment, set out in the guidelines Complements existing CT imaging Label: TECHNEGAS Prescribing Information, Section 1 (accessdata.fda.gov, NDA 022335). Clinical applications as set out in the 29 July 2026 guidelines and the studies cited; they are uses of ventilation imaging, not separate labelled indications.
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SPECT SPECT/CTPLANAR 16 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 5. Le Pennec R, et al. J Nucl Med 2024;65(suppl 2):241416 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 16 The US is still largely 2D. About a third of US departments use SPECT for PE.5 The 2026 guidelines direct the move to 3D, which Technegas makes possible.
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Anatomy from low-dose CT — a growing, crowded ecosystem that can leverage Technegas data 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. 17
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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-razorblade business model Per-patient consumables drive an annuity-like revenue stream All Technegas® components are manufactured / assembled by Cyclopharm 18 USFDA NDA 022335 (2023): a drug–device combination product, approved as drug, device and manufacturing process together. Components and business model per Company data.
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A proven product, real growth and building momentum 1 Globally recognised, guideline-backed • Guidelines on four continents: “generally preferred when available” and “the preferred radiopharmaceutical” • More than 85% share in major markets outside the US • The US is now our #1 Technegas country market 2 Real growth • Record Q3 US revenue of A$1.62m, with 76% from consumable orders • 44 systems installed in nine months, more than 2024 and 2025 combined 3 Momentum building • Committee review up 71% within three weeks of Labor Day • 110 systems built, paid for and ready to deploy 4 Growth on one broad label • More than US$1B Beyond PE within the broad label • Pure functional data ready for AI and precision medicine A proven product. Guidelines behind us. Real growth, and momentum building. This presentation does not provide earnings or installation guidance. Unit economics, market sizes and ex-US share are Company estimates.
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20 THANK YOU WE ARE ONLY GETTING STARTED