Record $32.3M Sales Propel Cyclopharm’s US Expansion with $16M Capital Raise

• A$16 million equity raise via institutional placement and Share Purchase Plan
• Record global sales revenue of $32.3 million in 2025, up 17%
• Targeting 250-300 US Technegas installations by second half of 2026
• Strong US sales growth with 44 active revenue-generating sites
• Funds to support US rollout, clinical trials, product development, and warehouse expansion

Cyclopharm’s Strategic Capital Raise

Cyclopharm Limited has announced a significant equity capital raising of approximately A$16 million, comprising a non-underwritten institutional placement of up to A$14 million and a Share Purchase Plan (SPP) targeting A$2 million. This move is designed to accelerate the commercial rollout of its flagship product, Technegas, in the United States, the largest global market for nuclear medicine ventilation imaging.

The raising price of A$0.95 per share represents a discount to recent trading prices, reflecting the company’s intent to attract institutional and retail investors to support its ambitious US expansion plans. Proceeds will primarily fund the scaling of the US sales force, clinician education, market access initiatives, and ongoing product development.

Record Sales and US Market Momentum

In 2025, Cyclopharm delivered record global sales revenue of $32.3 million, a 17% increase over the prior year. Technegas sales grew 10% globally to $16.7 million, with the US market emerging as the fastest-growing segment, surging 226% to $2.7 million. The company now counts 44 revenue-generating US sites, with an additional 64 sites progressing through contract review, supported by a robust pipeline of nearly 800 engaged locations.

This momentum is underpinned by recent US Food and Drug Administration (FDA) approvals, full reimbursement status granted in July 2024 by the Centers for Medicare & Medicaid Services (CMS), and updated clinical guidelines expected to further accelerate adoption. Cyclopharm’s US sales force was deployed nationally in October 2025, focusing on converting the expanding pipeline into active installations.

Beyond Pulmonary Embolism – Growth Horizons

While Technegas is established as the gold standard for diagnosing pulmonary embolism (PE), Cyclopharm is actively advancing clinical trials and initiatives targeting broader respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer. Leveraging artificial intelligence to enhance imaging capabilities, these 'Beyond PE' applications represent a potentially exponential growth opportunity.

The capital raise will also support these growth initiatives, alongside the development of next-generation Technegas systems and expansion of manufacturing and warehousing capacity in Sydney to meet increasing global demand.

Risks and Market Challenges

Cyclopharm’s expansion is not without risks. Regulatory approvals remain critical across multiple jurisdictions, and the company faces competition from alternative diagnostic technologies. Intellectual property litigation is ongoing, with Cyclopharm defending its proprietary technology against unauthorized use. Additionally, successful market penetration in the US depends on sustained reimbursement policies and effective sales execution.

Despite an underlying net loss before tax of $17.0-$18.0 million in 2025, largely due to investments in US expansion and clinical development, Cyclopharm maintains a cash reserve of $6.6 million as of December 31, 2025, positioning it to execute its strategic plans.

Bottom Line?

Cyclopharm’s capital raise sets the stage for a pivotal growth phase in the US, but execution risks and regulatory hurdles remain key watchpoints.

Questions in the middle?

• Will Cyclopharm meet its target of 250-300 US Technegas installations by late 2026?
• How will updated US clinical guidelines impact Technegas adoption rates?
• What progress will be made in clinical trials for Beyond PE applications and their commercialisation?