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MEMPHASYS LIMITED. Interim / Quarterly Report 2026
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Interim / Quarterly Report
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MEMPHASYS
REPRODUCTIVE BIOTECHNOLOGY
ASX Release
ASX Code: MEM
17 April 2026
Quarterly Report - Period Ended 31 March 2026
Highlights
- Record achieved, with March quarter exceeding A$100,000, representing a step-change in performance and the transition to a revenue-generating business
- Repeat cartridge orders received across multiple regions, validating clinical adoption and underpinning a recurring revenue model
- ~A$1.4M+ in multi-year contracted revenue secured across Europe and MENA, with additional agreements in place (including India) subject to regulatory activation
- Sales base established, with repeat orders in Europe, MENA and Japan; all supporting future revenue growth
- TGA approval secured, enabling commercial sales in Australia and progressing advanced commercial discussions
- CE Mark approval driving immediate access to European and UK markets, supporting expansion into the Company's largest addressable region
- Indian regulatory submission lodged (CDSCO), representing a near-term catalyst for activation of existing commercial agreements
- Operating cost base materially reduced by $57K/month (22%), with capital reallocated toward Felix™ commercialisation, manufacturing and revenue generation initiatives
- Funding strategies being advanced to support inventory demand, with a focus on non-dilutive or alternative funding structures where appropriate
COMMERCIAL INFLECTION POINT ACHIEVED
Key Takeaways
- Revenue now generated across multiple jurisdictions
- Step-change in March quarter (Italy + Qatar contribution)
- Repeat cartridge orders validating usage model
Revenue reflects early-stage rollout - with significant scale-up expected as additional markets come online
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
Memphasys Limited (ASX: MEM) ("Memphasys" or "the Company") is pleased to provide its March 2026 quarterly activities and Appendix 4C cashflow report.
Executive Summary - Accelerated Execution Following Strategic Realignment
The March 2026 quarter represents a period of substantial operational and commercial advancement for Memphasys Limited ("Memphasys" or "the Company"), reflecting the effective execution of the strategic realignment formally articulated to shareholders in October and November 2025.
At the 2025 Annual General Meeting, the Board outlined a deliberate repositioning of the Company, centred on:
- A singular focus on the commercialisation of the Felix™ System
- The transition from a research-led organisation to a commercially driven enterprise
- The implementation of a direct engagement model with IVF clinics and partners
- The prioritisation of contracted, recurring revenue streams
- Enhanced cost discipline and capital allocation frameworks
This strategic framework was subsequently operationalised through leadership and structural changes implemented during November and December 2025, including the establishment of a dedicated Commercialisation Committee and the alignment of resources toward near-term revenue generation initiatives.
Within approximately four to five months of this reset, the Company has delivered a series of outcomes that collectively represent a material progression in its commercial maturity, including:
- Transition to multi-market revenue generation, with first meaningful recurring revenues exceeding A$100,000 for the quarter
- Establishment of repeat cartridge ordering behavior, evidencing clinical adoption and utilisation
- Achievement of CE-Mark, UK CE MDR and TGA approvals all ahead of schedule, enabling entry into key large regulated markets
- Continued expansion of commercial activity across Europe and the Middle East and North Africa (MENA)
- Advancement of regulatory and commercial pathways in India
- Maintenance of cost discipline while redirecting capital toward high-impact commercial activities
The scope and pace of these outcomes, delivered within approximately four to five months of the strategic reset, materially exceed what would typically be expected for a company transitioning to commercialisation. The Company has now established the foundations of a scalable, recurring revenue model, with growth expected to be driven by increasing clinic adoption and utilisation.
The Company has now progressed beyond strategy articulation and is demonstrating execution in-market, with early indicators supporting the development of a scalable recurring revenue model.
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
Memphasys intends to introduce additional commercial KPIs in future quarterly reports, including metrics relating to contracted revenue, cartridge utilisation and active clinics, to provide greater transparency on the progression of its recurring revenue model.
Chairman Dr Lindley Edwards commented:
"The progress since the AGM demonstrates a clear shift in the business. Memphasys is no longer a development-stage organisation - it is now generating revenue from commercial sales of the Felix™ System.
In a short period of time, we have moved from strategy to execution, with revenue, repeat orders and active clinical use now established across multiple markets.
The focus is now on scaling this momentum in a disciplined manner, with capital and operational resources aligned to support continued commercial growth."
Execution Against Strategic Priorities Outlined at the AGM
The strategic priorities presented to shareholders at the November 2025 AGM were defined with a clear emphasis on commercial execution, operational focus and capital discipline.
Central to this framework was the decision to concentrate exclusively on the Felix™ System as the Company's primary commercial asset, with non-core programs deprioritised to ensure that capital and management resources were aligned with near-term revenue opportunities.
In parallel, the Company committed to:
- Transitioning from a traditional distribution model to a direct and partner-integrated commercial approach
- Strengthening governance and execution capability through a dedicated Commercialisation Committee
- Implementing a disciplined cost structure
- Accelerating regulatory pathways, including prioritisation of the CE Mark process
The March 2026 quarter demonstrates that these initiatives have progressed beyond planning and are now being delivered in practice.
The Company has successfully aligned its organisational structure with its commercial objectives, implemented a targeted go-to-market strategy, and commenced revenue generation consistent with the recurring, cartridge-based model outlined in its November 2025 investor materials.
This alignment between stated strategy and delivered outcomes represents a significant milestone and reinforces the Company's capacity to execute against clearly defined objectives.
Revenue Performance - Establishing the Foundations of Recurring Income
The March quarter represents the first period in which Memphasys has generated meaningful revenue across multiple geographic markets, reflecting the early stages of commercial rollout.
Revenue for the quarter exceeded A$100,000, with contributions from Europe, MENA and Japan.
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
In addition to revenue generated during the quarter, the Company has established a base of contracted revenue through executed commercial agreements, including multi-year supply arrangements in Europe and MENA. These agreements provide visibility over future cartridge demand and support the transition toward a recurring revenue profile.
COMMERCIAL AGREEMENTS IN PLACE WITH CONTRACTED REVENUE AND REPEAT ORDERING BEHAVIOUR
Felix™ is now deployed globally with signed commercial agreements, initial revenues and repeat orders confirming adoption and a scalable recurring revenue model
| EUROPE: CE-Enabled Rollout | MENA: Distribution-Led Scale | JAPAN: Established Commercial Market | INDIA: Near-term Commercial Market | ANZ: Near-term Commercial Market |
|---|---|---|---|---|
| • CFA Italia (Italy): Multi-year commercial supply agreement (~A$925K minimum) | ||||
| • Immediate post-CE Mark (Dec 2025) market entry | ||||
| • Clinic onboarding underway with expansion potential | • ITL: Exclusive commercial supply agreement (~A$390K minimum, 5-year term) | |||
| • Qatar (HMC): clinical adoption + repeat orders (Feb 2026) | ||||
| • Initial cartridge order (Dec 2025) validating commercial execution | ||||
| • Expansion across Qatar, UAE and broader Gulf | • First commercial orders (Aug 2023) | |||
| • Ongoing repeat cartridge orders | ||||
| • High-quality reference market | • ACC: Non-exclusive 5-year supply agreement (Oct 2025) pending CDSCO approval ~ 6 months. | |||
| • Year 1 min: 1,800 cartridges (~A$98.8k revenue) | ||||
| • Delivery cadence: 450 cartridges per quarter | ||||
| • Year 2 min: ≥2,700 cartridges (≥50% growth) | • Advanced contractual discussions underway |
While the absolute level of revenue remains at an early stage, the quality and characteristics of this revenue are of greater significance.
The Company is now observing:
- Revenue generated through active clinical use of the Felix™ System
- Repeat cartridge orders from existing customers, indicating ongoing utilisation
- Early evidence of integration into clinical workflows, supporting sustained adoption
Each clinic, once onboarded, represents a recurring revenue stream driven by procedure volumes, with revenue increasing over time as utilisation expands.
CONSUMABLES-DRIVEN MODEL WITH RECURRING REVENUE
ONE CARTRIDGE PER PROCEDURE MEANS REVENUE SCALES WITH IVF VOLUMES
EQUATES TO: $100K - $300K PER CLINIC PER YEAR
Installed base growth + procedure volume = compounding revenue
Two-part model
- Felix™ console placement
- Enables clinic onboarding
-
Supports long-term utilisation
-
Single-use Felix™ cartridges
- One cartridge per procedure drives recurring, annuity-style revenue (ARR)
- Revenue scales directly with IVF and ICSI procedure volumes
- Per-cycle consumable
- Predictable and recurring re-ordering
- Revenue scales with clinic throughput
Commercial characteristics
- High repeat usage once adopted
- Attractive unit economics at the clinic level
- Long-term visibility through contracted supply arrangements
Reseller takeaway
- Felix™ is a consumables-driven platform with strong repeat purchasing behaviour
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
While some variability in quarterly revenue is expected during this phase of market expansion, as additional clinics are onboarded and utilisation stabilises, revenue is expected to increasingly:
- Reflect underlying clinical activity and usage patterns
- Demonstrate repeatability across reporting periods
- Transition toward a more predictable, recurring profile
Revenue remains at an early stage; however, it is now being generated across multiple active customers, with repeat orders already received. As additional clinics are onboarded and utilisation increases, revenue is expected to increasingly reflect underlying clinical activity rather than initial product placement.
Based on current commercial activity, repeat ordering patterns and contracted supply agreements, the Company expects continued growth in revenue over the coming quarters, with increasing contribution from recurring cartridge usage.
Commercial Execution - Progression from Engagement to Adoption
Commercial activity during the quarter reflects a clear progression from initial engagement to active adoption.
This has included:
- Onboarding and training of clinical users
- Integration of the Felix™ System into laboratory workflows
- Transition from evaluation programs to routine use
- Emergence of repeat cartridge ordering patterns
The Company's direct engagement model has enabled it to work closely with clinics to support implementation, improve workflow integration and demonstrate clinical and operational benefits.
This approach is designed to ensure that Felix™ becomes embedded within standard operating procedures, which is critical to driving ongoing utilisation and recurring revenue generation.
The progression observed during the quarter provides confidence that the Company is successfully moving through the key stages of commercial adoption.
Regional Performance and Expansion
Europe - Establishing the Primary Growth Platform
Europe represents the Company's primary near-term growth engine, with approximately one million IVF cycles conducted annually and strong early commercial traction following CE Mark approval.
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
During the quarter, the Company progressed:
- Initial customer onboarding in Italy
- Expansion of its commercial pipeline across multiple European markets
- Continued engagement with prospective customers
In the United Kingdom, the Company is able to commence commercial sales under its existing CE Mark approval, providing immediate access to that market. The UK therefore represents an extension of the Company's European commercial footprint, with activity expected to build alongside broader European expansion.
To support this growth, the Company is in the advanced stages of securing suitably qualified commercial personnel in Europe, strengthening its ability to:
- Engage directly with clinics
- Accelerate conversion of pipeline opportunities
- Support ongoing customer relationships
This investment is intended to support the transition from early traction to scaled commercial execution across the region.
MENA - Expanding a Diversified Revenue Base
The MENA region continues to demonstrate strong early commercial traction, with activity progressing from initial entry to broader expansion.
During the quarter:
- Clinical use continued in Qatar
- Repeat cartridge orders were received
- Additional orders were secured across the UAE and Iraq
- Regulatory and commercial pathways advanced in Egypt and Turkey, which will lead to sales in the near future.
The Company's approach has been to build a diversified regional presence, leveraging established networks to expand across multiple jurisdictions and support scalable growth.
Australia (ANZ) - Regulatory Milestone Supporting Market Entry
The receipt of TGA approval represents a significant milestone, enabling the Company to commence commercialisation in Australia.
This provides:
- Validation in a highly regulated market
- A platform for conversion of advanced commercial discussions
- An opportunity to establish a domestic revenue base
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
India - Advancing Market Access
The Company continues to progress regulatory and commercial pathways in India, which represent important components of its broader global strategy.
Regulatory submissions have been formally lodged with the Central Drugs Standard Control Organisation (CDSCO), with the approval process progressing in line with expectations. The Company has already established a contracted commercial partner in the market and is positioned to activate this agreement following regulatory approval.
Together, these markets represent near-term opportunities to expand geographic reach and contribute to revenue growth, supported by the Company's existing commercial model.
Funding Strategy - Supporting Growth with Capital Discipline
The increase in commercial activity has resulted in growing demand for cartridge inventory. The Company is progressing a range of funding mechanisms to support this growth, with a focus on aligning capital deployment with revenue generation.
Importantly, it is expected that funding will not be solely reliant on equity issuance, with alternative funding structures being considered to support growth while preserving shareholder value.
This growth is being supported by a materially reduced operating cost base, following the strategic reset implemented in late 2025. The Company has streamlined operations and reallocated capital toward commercialisation, manufacturing and revenue-generating activities.
Convertible Notes - Structured and Aligned Approach
The Company's Convertible Notes, held by long-term shareholder Peters Investments Pty Ltd, were extended to a maturity date of 30 June 2026, providing additional flexibility during the current execution phase.
The extension maintained existing principal and conversion terms, while introducing a structured approach to interest repayment.
The ongoing engagement with the note holder reflects continued support and alignment, with both parties focused on the successful execution of the Company's commercial strategy.
As the maturity date approaches, the Company is engaged in constructive discussions and is confident of reaching an outcome that is appropriate for both the note holder and the Company.
Related party payments
Payments to related parties and their associates during the quarter, as disclosed in Section 6.1 of the accompanying Appendix 4C, totalled $135,000. These payments relate to directors' fees, superannuation and consulting, paid to directors and related entities during the March 2026 quarter.
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
Outlook - Transitioning to Scaled Execution
Memphasys is now positioned to transition from initial commercial validation to scaled execution.
The Company’s focus is on:
- Expanding its base of active, revenue-generating clinics
- Increasing the frequency and volume of repeat orders
- Scaling commercial activity across Europe and MENA
- Advancing market entry in key regions, including Australia, New Zealand and India in readiness of the anticipated CDSCO regulatory approval in mid-2026
- Continuing to optimise cost structures, manufacturing COGS and margins
Conclusion
The March 2026 quarter represents a period in which Memphasys has successfully translated a clearly defined strategy into measurable commercial outcomes within a short timeframe.
The Company has repositioned its operations, implemented structural changes, and commenced revenue generation consistent with its stated commercial model.
Memphasys is now executing in-market, with early indicators supporting the scalability of its recurring revenue strategy.
The next phase of development will be defined by the Company’s ability to scale this execution and build a sustainable, high-margin revenue base across global markets.
This announcement has been authorised for release by the Board of Memphasys Limited.
ENDS
For further information, please contact:
David Tasker
Managing Director
Chapter One Advisors
Tel: +61 433 112 936
E: [email protected]
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
About Memphasys
Memphasys Limited (ASX: MEM) is an Australian-based reproductive biotechnology company commercialising the Felix™ System, a patented bio separation technology that isolates the most viable sperm cells for human assisted reproduction.
By combining electrophoresis and size-exclusion membranes, Felix™ delivers a fast, gentle and standardised sperm selection process that enhances sperm quality and reduces laboratory time. The system replaces traditional centrifugation, which can cause cellular stress and DNA damage, offering clinicians a superior, repeatable alternative.
Memphasys' commercial strategy focuses on building contracted sales through direct and distribution-led channels, scaling production to improve margins, and establishing Felix™ as a new global standard in sperm preparation for ART procedures.
Website: www.memphasys.com
The Felix™ System is a registered trademark of Memphasys Limited. All rights reserved.
Memphasys Limited
Level 1, 34-36 Richmond Road
Homebush West, NSW 2140
Contact Details
P +612 8415 7300
E [email protected]
W memphasys.com
ABN 33 120 047 556
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
Memphasys Limited
ABN
33 120 047 556
Quarter ended ("current quarter")
31 March 2026
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
|---|---|---|
| 1. Cash flows from operating activities | ||
| 1.1 Receipts from customers | 106 | 118 |
| 1.2 Payments for | ||
| (a) research and development | (23) | (242) |
| (b) product manufacturing and operating costs | (157) | (295) |
| (c) advertising and marketing | (16) | (61) |
| (d) leased assets | (14) | (38) |
| (e) staff costs | (207) | (910) |
| (f) administration and corporate costs | (414) | (1,178) |
| 1.3 Dividends received (see note 3) | - | - |
| 1.4 Interest received | 1 | 2 |
| 1.5 Interest and other costs of finance paid | - | (366) |
| 1.6 Income taxes paid | - | - |
| 1.7 Government grants and tax incentives | - | 901 |
| 1.8 Other (provide details if material) | - | - |
| 1.9 Net cash from / (used in) operating activities | (724) | (2,069) |
- Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) businesses
(c) property, plant and equipment
(d) investments
(e) intellectual property
(f) other non-current assets
ASX Listing Rules Appendix 4C (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 2.2 | Proceeds from disposal of: | ||
| (a) entities | - | - | |
| (b) businesses | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) intellectual property | - | - | |
| (f) other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | - | (3) |
| 3. | Cash flows from financing activities | ||
| --- | --- | --- | --- |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | 824 | 2,764 |
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (91) | (91) |
| 3.5 | Proceeds from borrowings | - | 193 |
| 3.6 | Repayment of borrowings | - | (672) |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | 733 | 2,194 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| --- | --- | --- | --- |
| 4.1 | Cash and cash equivalents at beginning of period | 411 | 298 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (724) | (2,069) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | - | (3) |
ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 733 | 2,194 |
| 4.5 | Effect of movement in exchange rates on cash held | - | - |
| 4.6 | Cash and cash equivalents at end of period | 420 | 420 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| --- | --- | --- | --- |
| 5.1 | Bank balances | 420 | 411 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 420 | 411 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 | |
| --- | --- | --- | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 135 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
| 7. | Financing facilities Note: the term “facility” includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
|---|---|---|---|
| 7.1 | Loan facilities | 4,151 | 4,151 |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | 4,151 | 4,151 |
| 7.5 | Unused financing facilities available at quarter end | - | |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | ||
| Convertible Note: Peters Investments: $3m plus facilitation fees and interest (maturing 30 June 2026, coupon rate of 8%). | |||
| 8. | Estimated cash available for future operating activities | $A'000 | |
| --- | --- | --- | |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (724) | |
| 8.2 | Cash and cash equivalents at quarter end (item 4.6) | 420 | |
| 8.3 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.4 | Total available funding (item 8.2 + item 8.3) | 420 | |
| 8.5 | Estimated quarters of funding available (item 8.4 divided by item 8.1) | 0.58 | |
| Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. | |||
| 8.6 | If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | ||
| Answer: Yes, The Company expects net operating cash outflows to reduce in coming quarters. This expectation reflects increasing revenues and improving margins resulting from reduced cost of goods sold, as well as the completion of repayments of prior-quarter obligations made following the February 2026 capital raise, which are not expected to recur. As revenues scale, the Company expects improvements in its operating cash flow profile. | |||
| 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | |||
| Answer: On 6 February 2026, Memphasys announced that it had successfully raised $800,000 through the placement of 160 million shares to sophisticated and professional investors. The placement was strongly supported by new and existing investors and provides funding to support the commercialisation of the Felix™ System, regulatory progression, and working capital. The Company may seek to raise additional funds in the future if required under its existing placement capacity, however it is important to note future funding requirements will not be solely reliant on equity issuance, with alternative funding structures being considered to support growth while preserving shareholder value. |
ASX Listing Rules Appendix 4C (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: Yes. The Company expects to be able to continue its operations and meet its business objectives based on the successful completion of the $800,000 capital raising in February 2026 and ongoing commercialisation of the Felix™ System, supported by recent regulatory approvals, expanding multi-market sales, repeat customer orders, and contracted commercial agreements, as outlined in section 8.6.2.
Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.
Compliance statement
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: ...17 April 2026.
Authorised by: ...The Board.
(Name of body or officer authorising release – see note 4)
Notes
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
- If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.
- Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
- If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
- If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.