Good morning, shareholders and fellow directors. I am Lil Bianchi, Chair of 4DMedical Limited, and on behalf of the board of directors, I would like to welcome you to the 2026 Annual General Meeting of the company, including those joining us online, as it is a hybrid meeting. Today, we are gathered on the traditional lands of the Wurundjeri peoples of the Kulin Nation, and I pay my respects to their elders, past, present, and emerging. As we have a quorum, I formally declare the meeting open. The presentation from today's meeting is available on our website. Voting in today's meeting will be conducted by a poll. All polls will remain open until the conclusion of today's meeting. As we move through the items of business, I will respond to questions from shareholders and proxies. As this is a hybrid meeting, we will provide opportunities for questions from the room and those participating online.
For online participants, instructions on how to vote and ask questions are set out in the online guide and available for download on your screen. We encourage you to submit any written questions from now. Further details about how to vote will be shared during the meeting. I would now like to introduce the members of the 4DMedical board who are joining us today. I think we need to change the slide. Thank you. Firstly, Dr. Andreas Fouras, Founder, U.S.-based Managing Director, and CEO, and you will hear from Andreas shortly. Executive Director and CFO, Julian Sutton, Non-Executive Director, John Livingston, are here in person, and Non-Executive Directors, Dr. Robert Figlin, Christine Jenkins, and Geraldine McGinty are joining us online. Also in attendance are our Company Secretary, Hamish George, our Financial Controller, Chris Cox, and Ms. Kaitlynn Brady of PKF, the company's external auditor.
In addition, MUFG Corporate Markets, our share register, is represented by Ms. Mamata Telang today. Thank you for your time, and I will move on to the chair's address. Welcome to 4DMedical's 2026 AGM. I am pleased to present our annual report for financial year 2026 and reflect on a year that has been significant and transformational for our company. Over the past 12 months, we have continued to strengthen our position as a growing leader in respiratory imaging and diagnostics. On behalf of the 4DMedical board, I extend my thanks to our shareholders. We are very grateful for your support, including participation in capital raises, and we are delighted to welcome new shareholders at this point in our commercial growth. I will start by sharing three highlights. Firstly, absolutely, is the continued success of CT:VQ.
Achieving FDA clearance and CMS reimbursement for our breakthrough product, CT:VQ, in early financial year 2026 was a pivotal milestone. These approvals set the pace for adoption of CT:VQ by leading U.S. academic research centers. That was our plan for this calendar year. And I am very pleased to say that we have achieved, and in some cases exceeded, our inroads into academic research centers and some other imaging facilities. These are the drivers for our increased commercial momentum. Secondly, financial year 2026 marked an important excursion into our international footprint. Through the acquisition of contextflow, we established a meaningful presence in Europe, opening access to new markets and strengthening our product offering. Wider regulatory clearance is achieved across Europe, U.K., Canada, and Australia opens significant opportunities for 4DMedical across global healthcare systems. Thirdly, our continued focus on strategic partnership to accelerate uptake and awareness of our product suite.
We expanded our five-year distribution agreement to include CT:VQ with Philips, who act as the exclusive partner to U.S. government customers, including the Department of Veterans Affairs, Department of Defense. Together, we're enhancing access to our technologies through established and highly trusted commercial channels. Underlying these achievements is strong operational excellence. Operating revenue in FY 2025 was AUD 7.1 million, FY 2026 was AUD 7.1 million, up 21% on FY 2025, with gross margins exceeding 90%. Operating expenditure, excluding non-cash share-based payments for 2026, was AUD 45.7 million, broadly in line with FY 2025 at AUD 45.5 million, reflecting disciplined cost management while continuing to invest in growth. 4DMedical's operational performance during 2026 evidences our ability to translate promise into clinical outcomes. We delivered 344,000 pulmonary and cardiovascular scans, an increase of 77% over 2025.
These scans were delivered across 540 sites globally, an increase of 39% on the last financial year. This level of utilization reflects increasing confidence clinicians are placing in our products and the expanding role our technology is playing in patient care around the world. The company is well-positioned for our next phase of growth, and I've decided this AGM is the right time for me to step down and hand over, and I informed Andreas of my decision on this a few months ago. I thank my fellow directors for their stewardship and support. It's been my privilege to serve on the 4DMedical board and chair the company through many transformational achievements. Seeing 4DMedical go from IPO, bring to market outstanding products, achieve regulatory approvals, and build the foundations and key customer base for commercial success.
I wish to acknowledge the refreshed leadership appointments in place at the close of this AGM. Firstly, Julian Sutton, currently CFO and Executive Director, as incoming chair, and I certainly wish him well. Pleased to introduce Professor Christine Jenkins as an independent non-executive director, and she will be a great asset to the board. And also very pleased to announce promotions for two of 4D's staff. Chris Cox, who's currently the Financial Controller, and he is being promoted to CFO. And Beth Plunkett, who's currently Head of Legal, promoted to General Counsel. I'm very proud of the extraordinary global team and their commitment to 4DMedical's mission to improve global health outcomes. I have every confidence that the team has the capability to advance its mission and commercial growth. I'll continue to closely watch 4DMedical's progress, now, like you, as a shareholder and supporter.
On behalf of the board of 4DMedical, thank you for your attendance today, and I kindly seek your approval of the resolutions placed before you. I'll now hand over to Andreas for the CEO presentation. Thank you.
Just, I know it is not in the schedule, but I guess I just wanted to take an extra moment, semi-formally, just to thank Lil for all of the long effort and contributions she has made to the company over these last years. We are all really deeply appreciative of it, and here is a small gift that will not be too—
Thank you very much.
Hard to travel back on the plane with you.
Thank you.
I will just start. Give me a second here. I think for me, I am really excited about the place that 4DMedical finds itself in right now. We have, I think, done a really good job in identifying and seeing not just the significant gaps that sit in healthcare in terms of, in particular, in medical imaging, but we have been able to find the right way and the right place to inject our technology into that so that we did not have just technology, but great products that manage to do, I think, things that are usually not possible in that we are able to be something that adds value to healthcare, can be paid for, and also adds value to the business or the practices that those healthcare providers who are delivering that.
I think that right now, the pointy end of that has been the delivery of CT:VQ, the world's first and only non-contrast lung imaging technology. The only platform that allows us to see airflow and blood flow in the human body without having to inject contrast agents, without having to inhale or inject anything into the body. That has put us, I guess, on these early steps of rapid growth over the last 12 months. Listed in 2020 on the ASX 200. We have hundreds of patents now, and we now also have nine FDA-approved devices in market. I think that this gives us these really enviable markers of that growth. We are now cleared in six markets. 540 global sites. 39% increase in SaaS sites. 77% increase in scans.
Up 21% in revenue, and a really very healthy cash balance to continue to fund that growth over the next years. I think it is worth a moment in the turbulent times that we find ourselves on the market just to. We do not do this very often, and I am not suggesting that we will start doing it often now. But just to take a moment to compare ourselves to a group of really good companies delivering healthcare in this sector. Great companies doing great things. But the performance, I think the share price performance of 4DMedical does stand out from the crowd. I am proud of that, and I am proud of the value that that has delivered to all of us collectively as shareholders.
While the story right now is really very principally about VQ and the significant growth opportunities about VQ, it is also worth from time to time talking about the fact that our customers, patients, doctors, hospitals, want to see a full service offering across everything related to the lung. It does not work for us or for them to have just that single product, CT:VQ, that just picks the cream off the top and does not deliver the rest of the healthcare that is needed on patients' and doctors' healthcare journey. We are proud of the fact that we have this entire full service offering. For those of you who do not know the sector perhaps as well as us, I can assure you that no other company, large or small, has as many products in the heart and lung space as we do.
We are the leader, both in terms of having the most exciting technologies, VQ, the only product that does not require contrast, but also in terms of the breadth of the offering that we have. Every part of that patient's journey in their lung health journey, 4DMedical has a solution there to be part of that. Obviously we had the FDA clearance for CT:VQ this year. The thing that we have done and as a result of the time that we have spent in the market working, selling our earlier generations of the technology, is we have understood that FDA approval is really only the beginning of the journey to convince doctors to adopt your technology. We have built incredibly compelling evidence case for the technology that has clearly been working.
With the top academic medical centers across the United States signing on and with a really exciting pipeline of more of them lining up behind the ones that we have already. Names like Stanford, Cleveland, Miami, Chicago, UCSD, and others. Also, we have started to see the green shoots of large scale adoption of that technology. SimonMed now is across all 125 sites that run CT in the SimonMed network are now fully installed and up and running for VQ. Adding another 125 sites on top of those AMCs that we have listed. Also, I think, for those of you who have been following us for some time, and I imagine there is quite a few of you in the room here today, you have no doubt heard us talking about the significance of the opportunity for us to deliver healthcare technology to the VA.
It is something that I am very passionate about. I think it is something that folks who have served collectively do deserve to have the best possible healthcare. But it is also a really significant economic opportunity for 4D as well. There is no need for compromise on that space. The PACT Act allocated $280 billion USD of funding to support screening and treatment for folks with burn pits. The screening that has happened to date has identified 4 million eligible veterans that. Sorry, the surveys that have happened to date have identified 4 million eligible veterans for screening. For key lung conditions like deployment-related constrictive bronchiolitis, the only reliable tool to date has been the use of a surgical biopsy. That is a $30,000 procedure with a one in 30 rate of severe adverse events or hospitalizations.
If you just do the quick maths on that, 4 million x $30,000 would be $120 billion of cost to the VA to deliver that. One in 30 across 4 million would be over 120,000 veterans who would require hospitalization just for the diagnosis of their condition. Two completely unacceptable numbers. Yet with 4DMedical's technology, we can do that without any risk of anyone being put in hospital and for the low cost of $4 billion. The Department of Veterans Affairs can save $116 billion. They can save 120,000 + hospitalizations, and we can give them the information they need. I guess because you are here today, there is a chance that not all of you have had the chance to read the 4C and read the announcement that has come out this morning.
I am pleased to let you know that we have had our first contractual win with the VA. We have with the first step of a contract, a five-year contract, at a VA network that as yet we still can't name. A major VA network is using one of our products on a five-year agreement. It's a really exciting first step, and that goes side by side with the AIR CARE for Vets Act, which has been put before Congress, and if funded, would be a $25 million pilot program for a more comprehensive rollout of the technology across the VA.
I know this is broadcast here today, but I don't think I'm talking too far out of school if I say I was at an event last week in Texas where Congressman Pappas and Congressman Takano were present, and I had a good amount of time with both of them, and I feel very confident about our prospects of moving that legislation through U.S. Congress and leading to a broader rollout of the technology.
Was that part of the $20 million pilot with the VA?
No, this is completely separate, so it's additional in addition to that. While we're absolutely focused on the center of the bullseye that we have here and now, which is delivering CT:VQ to replace nuclear VQ in the U.S. market. Right now, there's 1 million nuclear VQ scans a year done in the United States, and we have an incredibly rare value proposition where every person in the patient's story, the patient themselves, their interventionalist, their radiologist, the nuclear medicine physician, the CFO of the hospital, every one of those people are better off with having CT:VQ replacing nuclear VQ in that story. So an incredibly rare circumstance that gives us confidence that we'll replace all of those 1 million scans. In fact, with the supply side limitations that we know sit in that space, we think we can also grow that market.
But it would be crazy for me today not to mention to you that we do also have plenty of blue sky sitting out in front of that as well. I think the most obvious piece of that is the CLEAR study. With the CLEAR study, we expect that in 2027, we will be able to read out a study that shows definitively that CT:VQ can not only replace nuclear VQ, but also the CT pulmonary angiogram, the CTPA test. There are 5 million CTPAs a year delivered in the United States to detect pulmonary embolism. Pulmonary embolism results in about 7% of in-hospital deaths in the country. So it is an opportunity to really deliver healthcare at scale, save lots of lives, save lots of time in emergency departments, therefore saving lots of money for healthcare providers.
So once again, we can have something that does not often happen in healthcare, that we can get to a better outcome that also saves the system money. Of course, along the way, that is a $3 billion opportunity per year at 99% margin for us and for our shareholders. So we are working really hard, we are delivering really well on the center of the bullseye, but we do have heaps of blue sky out in front of that as well. I think one of the things that has also been progressing that really just helps to accelerate the growth of uptake of CT:VQ is the validation that is happening now that the product is in market. We had very compelling FDA data.
But now that the product is in market, and I mentioned this just briefly before, scientists and research physicians that are out there that are using the technology are out there talking about the value that it adds to their clinical practices. So the AJRCCM, which is a mouthful, American Journal of Respiratory and Critical Care Medicine. For obvious reason, people just like a nickname. It is the Blue Journal. So the Blue Journal is, I think, really the defining journal for lung health globally, certainly in the United States and Australia. An article was published there in the Blue Journal saying that if you use CT:VQ to select appropriate patients for lung volume reduction surgery, that you can increase the success rate on that procedure from 46%- 76%. This is not the kind of improvements that single pieces of technology typically deliver. This is a massive improvement.
For me, I guess I like numbers. If you think about it backwards, and what I mean by that is, so 46% success rate is 54% that did not work, right? So CT:VQ can take you from 54% not working to 24% not working. So more than half not working to less than a quarter not working. Phenomenal improvement in a surgery that is a big deal for the patients that get it and a big deal for the folks, the insurance companies that are paying for it. Also, we had a major publication that demonstrates that our technology is able to detect conditions like deployment-related constrictive bronchiolitis that you typically need more invasive forms of approach, such as the surgical biopsy that we talked about before with veterans.
Then finally, we had a major leader in this field, Professor Joe Cicenia, who is one of the leading interventional pulmonologists in the United States, stand up at a major conference recently and talk about his clinical program and show that in that case, he has been able to reduce the workup time for patients that receive BLVR endoscopic lung volume reduction through valve placement from seven weeks down to three weeks. These are people who are really critically unwell, who need a life-saving procedure, and the wait that they can have can be reduced from seven weeks down to three weeks. Really great outcome for the patient. Also, once again, and sorry about the repetition on the theme, also saves money for the hospital. This is the thing that we have really learned about how to position our technology.
Position it in a place where we can really make a difference to the lives of the patients that get it, but also facilitates the hospitals to pay for it because it is worth their while commercially to be doing that at the same time. I can assure you, the CFO of the hospital wants to get paid for that surgery, and if you can bring it forward four weeks, he is a happy camper. Australia has really just exploded with delivering CT:VQ into it. The commercial team here have done an incredible job of making Australia into a fertile ground in which CT:VQ has really been able to prosper. You can see we now have the technology after just a few weeks of being TGA approved. We have the technology in every state, including supporting the National Lung Cancer Screening Program.
Also, really been taking off in Europe following the contextflow acquisition. Once again, in today's 4C, there is an update talking about our first commercial win in Europe post that acquisition, which is also exciting. The really very strong interest over there in Europe for the technology as well. I promise you I am getting close to the end here. We also have some key partnership and investments that we have made, and I know we do get a lot of questions trying to explain how these add value to what it is that we do. The answer is that we are trying to create an ecosystem whereby patients can travel through from one piece of information to the next, to a treatment, which perhaps then requires another piece of information to the next part of their treatment journey.
4DMedical is putting itself in a position where it is the core part of every part of that patient journey. Makes us key business partners to the healthcare providers that deliver that, and also really delivers significant value to the care of those patients. So now with contextflow DETECT, we can detect lung nodules. With Azra AI, we can make sure that if there is details of healthcare that is needed sitting inside the patient's record, which surprising frequency, there is information about all of our health that sits in our patient record that doctors do not really know or understand or are not aware at that moment that is sitting there in our health record. Azra AI can help find that. contextflow DETECT can help see it in your medical images. With the help of Azra AI, we can route the patients to the right place.
Now, of course, a lot of those nodules are not cancer and just need to be kept an eye on. Some of them are, and aggressive things need to happen. RevealDx is a unique technology that allows us to sort out those patients to know who needs to be seeing a doctor in the next hour versus who can come back in six months for a follow-up appointment. All of those roads lead into a funnel where CT:VQ catches them and gives the folks who are needing to make the next decision about how to treat that patient. You can see, we're building that infrastructure, that network, so that every patient who can benefit from that CT:VQ scan gets there. The surgeon then perhaps delivers the appropriate procedure. Then, with Azra AI and with our technology, we can monitor those patients for follow-up over time.
I hope that's helped to give some clarity about the nature of those investments we've made in RevealDx and Azra AI over the last few months. We have exciting priorities. With our partners in Philips, we've really seen very significant opportunities to grow, in particular, inside the VA. For example, at many sites at the Department of Veterans Affairs, they need to send patients out of the network to get a VQ scan, a nuclear VQ scan. That can cost as much as $5,000 Right. At that point, $500+ a CT scan is incredible value. That's in addition to the screening program that I talked about.
I guess I might get some comments from my colleagues later, but I guess the simple thing I try to say to get folks to understand the scale of this opportunity, if the pilot is $20 million. I just hope that helps shape your view of what a rollout agreement might look like across the whole network. Working hard to deliver CT:VQ across Europe, as well as expand the use of contextflow's screening. We're going to continue the rapid adoption of VQ across Australia. We're excited as well about being on the pathway for Medicare reimbursement, which would be our first reimbursement in the Australian market.
Then, as I said, this really big opportunity with CLEAR reading out in 2027, having that opportunity to get in and to really touch something that's, as I said, resulting in 7% of in-hospital deaths in the United States and an opportunity to be on 5 million scans a year. That multiplies our current TAM by a factor of six. Another exciting opportunity in 2027. Thank you very much for sitting with me through all of that. As Lil Bianchi said to all of you, I really do very much appreciate the support that all of you give to 4DMedical. Very much appreciate your support as shareholders and your support by being here today. Thank you very much.
Thank you, Andreas. A lot of very exciting things in that presentation, I would say. Next, I will hand over to our Company Secretary to outline how to vote. Hamish.
Thank you, Lil, and good morning, everyone. The virtual component of this meeting is being held via MUFG Corporate Markets online platform. This platform enables members and proxy holders to participate in the meeting as well as ask questions and submit votes. For those physically in attendance, when you registered this morning, you will have received an admittance card. Yellow cards were issued to shareholders and proxy holders entitled to vote, comment, and ask questions in this meeting. Blue cards were issued to those shareholders entitled to speak but not to vote. Visitors at today's meeting have been issued with red cards. If there is anyone present who believes they are entitled to vote and do not have a yellow voting card, please see the registrations desk.
For those attending virtually, to register to vote, click on the Get A Voting Card button and enter your shareholder number and postcode or proxy number. Once you have registered, your voting card will appear with all the resolutions to be voted on. Further information on how to vote can be found in the online meeting guide, which can be accessed within the platform. There will be an opportunity for questions at various intervals along the way, rather than after each resolution. We will show the votes for resolutions, then go to questions from the floor first, then online, and then from the phone. For those attending in person, please move to the microphone to ask a question. Please raise your yellow or blue card and introduce yourself. If you are acting as a proxy, please state who you are appointed to represent when introducing yourself.
Please confine your questions to the item or resolution being discussed and address all questions to the Chair. There will be an opportunity to answer questions of a more general nature at the end of the meeting. Please also note that online questions may be moderated, or if we receive multiple questions on the one topic, they may be amalgamated together. Additionally, due to time constraints, we may run out of time to answer all your questions. If this happens, we will answer them in due course. Further information on how to ask a question can be found in the online meeting guide. Where the company has received questions from shareholders prior to the meeting, these will be addressed in the meeting at the appropriate time. The resolutions of today's meetings will be decided by poll.
Ms. Mamata Telang of MUFG Corporate Markets will act as returning officer in relation to the poll. The notice of annual general meeting was sent on 24th of September, 2026, and the addendum to the notice of meeting was sent on 16th of October , 2026, to all registered members and are taken as read. MUFG Corporate Markets has provided its formal report disclosing the proxy votes received. The proxy votes for each resolution will be displayed on the screen. Proxies have been received representing 177,550,827 shares, or approximately 29.48% of the issued capital of the company. As advised in the notice of meeting, where proxies have been properly nominated to be at the chair's discretion, those proxies will be cast in favor of each resolution. I will now hand back to the chair to move to the formal items of business.
Thank you, Hamish. We have 12 items of business to address today. For each item, we will provide a summary and then answer shareholder questions relating specifically to each resolution or item. After all items of business are discussed, we will conduct the poll on all resolutions. The first item of business, item one, is to receive and consider the financial report of the company and the reports of the directors and auditors for the year ended 30th of June 2026. It is not a requirement that shareholder votes in relation to the accounts. However, we are pleased to answer any questions relating to them. No written questions to the auditor under Section 250PA of the Corporations Act were received prior to the meeting.
Questions may be directed to our auditor, Ms. Kaitlynn Brady of PKF, in relation to the conduct of the audit, the audit report, the company's accounting policies, or the independence of the auditor. Does anyone have any questions or comments on the financial statements or on the management of the company? Do we have any written questions?
No, Chair.
No. Thank you. Do we have any phone questions?
There are no questions on the phone line at this time.
Thank you. As there's no further questions, we'll move on to the second item. Item two, an ordinary item of business, seeking shareholder approval and adopt the 2026 Remuneration Report. The vote's advisory only and will not bind the company nor directors. The Remuneration Report is contained in the annual report, so I'll ask that they be taken as read. The proxies that have been received for item two are displayed in the presentation on the screen. Do any shareholders have any questions or comments in relation to the reports or the Remuneration Report? Do we have any written questions?
Yes. Hello. Can everyone hear me okay? Thank you, Stephen Mayne, for your question. His question is, "Thank you for disclosing the proxy votes early to the ASX in today's 40-slide AGM presentation pack. Five of the 13 resolutions are likely to be defeated, with four remuneration related, with against votes above 70%, including on this remuneration report item. Did any of the proxy advisors recommend a vote in favor of these resolutions, or did the proposals outrage all of them? Normally in this situation, resolutions are withdrawn before the AGM. Why did we not do that?
So, that question relates to a number of items of business. Was it Stephen? If you forgive us, I suggest that we answer them in aggregate before the poll on the overall way in which we are handling them and proxies. If either Andreas or John would like to do a quick response to that, then I will invite them up now. Thank you.
Thanks. I think that, as Lil says, this does cover across an aggregate of a number of issues. I think a reasonably simple summary is that overwhelmingly our shareholders, or people that I can meet, are voting in favor of the resolutions that are here today. Overwhelmingly, the against vote that you see has come from proxy advisors out there who do this for a living. One part of the question was, have any proxy advisors voted in favor of these resolutions? I am actually very proud to say that I think the proxy advisor of greatest note, the Australian Shareholders Association, has recommended a yes vote to every resolution that we have here before us today, which is something that I think does indicate where the gap is here in this space.
If you can allow me, Chair, just a short kind of personal expression here. I am very proud of the fact that on the ASX 200 over this year, which is what this meeting is about, we were the highest performing stock on the ASX 200 over this year. Over that period of time, we had a flawless, in fact always, but we have a flawless governance record at this company. So we have a flawless governance record, the highest performing stock on the ASX 200. So, if you are an investor and you are listening to this presentation and you had a proxy advisor that told you to vote no for this, I would like you to ask them, on what plausible reasonable grounds do you suggest voting no to a company with a flawless governance record and the highest performing stock on the ASX 200?
The reason I am asking you to ask them is because they did not talk to me about it. They did not pick up the phone to speak to me about it. The ASA did. We had a long conversation. They are voting yes on everything. So I hope that gives some context to those of you in the room. Thank you.
Thanks, Andreas. Do we have any phone questions? As there's no further—
There are no questions—
Thank you.
On the phone line.
As there are no further questions, I move the shareholders consider, and if thought fit, pass the resolution to adopt the Remuneration Report for the year ended 2026. We will now move on to item three, an ordinary item of business, seeking approval for the re-election of Dr. Geraldine McGinty as a director. Dr. McGinty was appointed to the board on 25th of September 2023, and last elected on the 2nd of November 2023. She is an internationally recognized expert in healthcare strategy and imaging economics, a prominent advocate for patient-centered care. A professor of clinical radiology and population health sciences at Weill Cornell Medicine in New York City. She serves as a senior associate dean for clinical affairs. Between 2021 and 2023, she served on the board of NextGen Healthcare, a company providing a range of software services and analytic solutions to medical and dental practices.
She was a member of the compensation committee. In 2021, Dr. McGinty also joined the governing authority of her alma mater, the National University of Ireland Galway, and is a member of the audit and risk committee. From 2014 to 2021, Dr. McGinty provided her expertise to the Industrial Development Authority in Ireland as a non-exec director. In this capacity, she advised the Irish government on foreign direct investment policy and chaired the audit, risk, and finance committee. In May 2018, the American College of Radiology recognized her expertise by electing her as the first woman chair in the organization's 100-year history. Dr. McGinty is an independent director and a member of the medical advisory committee. The proxies that have been received for item three are displayed on the screen. Do we have any questions from the room? Thank you. Any written?
I am going to keep asking you, though you say there is none on the phone. Any on the phone?
There are no questions on the phone line.
Thank you. I move that shareholders consider, and if thought fit, pass the ordinary resolution as set out on the screen. We will now move to items 4A, B, and C, ordinary items of business seeking approval for the proposed issue of options to Mr. John Livingston and restricted stock units to Directors Robert Figlin and Geraldine McGinty under the incentive plan. The proxies that have been received for items A to C are displayed as a presentation on the screen. Are there any questions from the room? Any written? Any phone?
There are no questions on the phone line.
Thank you. As there are no questions, I move shareholders consider, and if thought fit, pass the ordinary resolutions as set out on the screen. We now move to item five, an ordinary item of business seeking approval in respect of the issue RSUs and options to Managing Director and CEO Dr. Andreas Fouras under the incentive plan. The proxies that have been received for item five are displayed on the screen. We will take questions in relation to item five at the next item of business, item six. I move that shareholders consider, and if thought fit, pass the ordinary resolutions as set out on the screen. We now move to item six, an ordinary item of business seeking approval for the proposed issue of options to Executive Director and CFO, Mr. Julian Sutton, under the incentive plan.
The proxies that have been received for item six are displayed on the screen. Are there any questions or comments on items five or six from the room? Any written questions? Yeah. Thank you, Chris.
Oh, sorry.
Chris? There are no questions. Sorry, I thought you said yes. Any phone questions?
There are no questions on the phone line.
Thank you. We will now move to item seven, an ordinary item of business to approve and provide standing approval for the issued securities under the incentive plan. The proxies that have been received for item seven are displayed in the presentation on the screen. Do we have any questions from the room? Any written questions? Phone?
There are no questions on the phone line.
Thank you. As there are no questions, I move that shareholders consider, and if thought fit, pass the ordinary resolution as set out on the screen. We now move to item eight, an ordinary item of business seeking approval for the issue of contextflow Options. The proxies that have been received for item eight are displayed in the presentation on the screen. Do we have any questions from the room? Written questions? Phone?
There are no questions on the phone line.
Thank you. As there's no questions, I move that shareholders consider, and if thought fit, pass the ordinary resolution as set out on the screen. We now move to item nine, an ordinary item of business seeking ratification of the prior issued shares. The proxies that have been received for item nine are displayed in presentation on the screen. Do we have any questions on the room? Thank you. Any written questions? Any phone questions?
There are no questions on the phone line.
Thank you. As there are no questions, I move that shareholders consider, and if thought fit, pass the ordinary resolution as set out on the screen. We now move to item 10, an ordinary item of business seeking approval for the increase to the non-executive directors' fee pool. The proxies that have been received for item 10 are displayed on the screen. Do we have any questions from the room? Any written questions? Phone questions?
There are no questions on the phone line.
Thank you. As there are no questions, I move the shareholders consider, and if thought fit, pass the ordinary resolution as set out on the screen. We now move to item 11, a special item of business seeking approval in respect to the amendments to the constitution of the company to increase the ESS issue cap under Section 1100V of the Corporations Act. The proxies that have been received for item 11 are displayed in the presentation on the screen. Do we have any questions from the floor? Written? Yes.
Thank you, Stephen Mayne, for your question. What was the proposed constitutional change which prompted a 43% against vote on the proxies, meaning it will be defeated given any chance requires a 75% super majority? Was it related to abandoning physical AGMs or capping board size, as these are two common moves by boards which proxy advisors tend to oppose?
Hamish, I understand that you are going to speak to that one. Thank you.
Thanks, Stephen, for your question. So just confirming that the constitution change is simply relating to inserting reference to an issue cap amount of 10%. Now, this is to align the incentive plan cap, which is currently 10%, with the constitution, which essentially allows the company to issue equity securities under the ESS provisions. There are no further changes that are proposed in relation to the constitution.
Yes, certainly.
Every scale-up business on this planet worth its salt pays a portion of employee salary in stock. Personally, I think the reason all of us do it is because it is a great idea. It does two things. One, it saves cash out of the bank account of the company. Number two, it really helps to fully align the employees to be in the same position as the shareholders. I will explain, we do it in a really simple, clear, and transparent way at 4DMedical. The way we do it is at the start of every financial year, those who have a portion of their salary allocated in stock, allocated a certain number of shares based on the share price on the day at the start of the financial year. Then at the end of the financial year, you get paid out that stock.
If the share price halves over that period of time, then the employees lose half of that pay that they were going to get. If the share price doubles, that part of the employee's salary doubles. So, it just completely aligns them with shareholders. It means that they are not just sitting there working, they are saying to themselves, "Oh, I am just going to get paid anyway. Whatever I do, it does not matter. I do not care if the company does well or not." That is why all of us do it. Out of all of the things, you would have seen two minutes ago, the resolution for mine to be voted down. This, to me, is a much bigger deal. This is really important. This impacts our capacity to operate the company in the way that every other startup does.
Personally, I would be very happy to have a conversation with anyone who voted no that is here today to talk about why I think it is a good idea to move it forward. Overwhelmingly, once again, this is the proxy advisors with just a kind of a half-baked template that they have taken from ANZ and trying to apply it to 4DMedical.
Thank you. Any other questions on this item? No. As no further questions, I will ask that shareholders consider, and if thought fit, pass the special resolution as set out on the screen. Item 12. An ordinary item of business seeking approval for the election of Professor Christine Jenkins as a director. Professor Jenkins was appointed to the board on the 23rd of September 2026. She is head of the respiratory group at the George Institute for Global Health, professor of respiratory medicine at UNSW Sydney, and clinical professor at the University of Sydney. She is a thoracic physician with a clinical research focus on the management of airways disease, patient outcomes in response to therapeutic interventions. Professor Jenkins has chaired the National Asthma Council, Thoracic Society of Australia and New Zealand, several federal advisory groups on asthma, and most recently, the Lung Foundation Australia.
She has been active in advocacy, health policy, and leadership for lung health in Australia for many years. She is a member of the Future of Asthma group and co-author of "A Bold Blueprint for Asthma Reform in Australia," released in March 2026. The proxies that have been received for item 12 are displayed on the screen. Are there any questions from the room? Any written? Phone?
There are no questions on the phone.
Thank you. As there are no questions, I move the shareholders consider, and if thought fit, pass the special resolution as set out on the screen. That now brings us to the end of business. We will now move into any further general questions you may have. We intend to provide a reasonable amount of time for general questions, as I know shareholders appreciate their ability to talk to Andreas and the team. If questions are highly specific or we are getting a bit repetitive, I will draw them to a close, because there will be further opportunity to talk to Andreas and the senior team after the formal close of the meeting. Questions from the room? Thank you.
This one is to Andreas. My wife and I have been shareholders since 2021, so five years. A few ups and downs along the way. What I wanted to do was project forward five years. We are all sitting in this room in five years' time. You used the term blue sky in your presentation, and I can just see so many opportunities there in terms of where we could go with CT:VQ and the other basket as well. We have U.S., you had $500 million initially, but last year we worked out it was not really $500 million because that market in itself could expand.
You would've done work on what's your total addressable market looking forward five years under this blue sky scenario, all the different opportunities in Europe and places we haven't even got to yet, in addition to VA, in addition to the other products. I think you mentioned somewhere there's version four or iteration four coming up as well. What's your TAM in five years' time, and how much do you reckon you can get to out of that TAM?
I suspect that's a question that Andreas could answer all day long. I will ask him just to give some highlights, and I'm sure he can expand more individually after the session.
Yeah. Hello, is this-- Yeah, great. Thanks for the question. Obviously, really kind of goes to the core strengths of what 4D is. As you say, we think that conservatively the 1 million scans in the United States displacing nuclear VQ is more like 1.5 million. We think that's an entirely achievable outcome. The driver of that is we have, for example, a number of sites where the doctors tell us that they'll put in a dozen orders into a nuclear department, and they'll get a phone call back saying, "Look, you can do five of these. We're not going to do 12 VQ scans this week. Pick which five patients you want to get that test." There's heaps of evidence to show that there's really more than 1 million scans of demand for CT:VQ just in that first space.
I think the numbers are pretty clear. There's about 5 million CTPAs a year done in the U.S. We can add that, so we've gone from 750,000, add 5 million, so we're now at 5.75 million scans. I think a pretty good model for Europe, just to keep things simple and to respect Lil's reasonable request there, add 50% for Europe. There's actually more scans happening in Europe than the U.S., but they happen at a lower price. The great thing about software margins is cost doesn't really-- It's always blue margin for us, whatever the costs sit at. So, 5.75 x 1.5, we can call that 8.5 million scans there. Or about AUD 4.25 billion in revenue.
If you add on top of that hundreds of millions of AUD of opportunity for the VA, I think our vision for the VA is it is a AUD 200 million-AUD 250 million a year business there. I think the other final piece of that that I would encourage you to jump onto is to look around at other companies that have really pure software margins, operating margins, or gross margins in what they do. I think that takes us to an exciting place. On top of that I know this is not really the time and the place, but our R&D has been really accelerating over the last year, and so there are some really exciting things that I expect either later this year or early next year that we are going to be able to talk about what the next big opportunities that stack on top of all of this.
The final thing I will say is with all of those really exciting opportunities there, we do have small parts of our team or parts of our team looking and working on unlocking these really big multi-billion dollar opportunities. I also want to assure you that the strong majority of our team is focused on here and now, which is CT:VQ in the United States, in Europe, and in Australia for this first, the center of the bullseye from those previous things. What we deliver there takes the company through to being wildly profitable and unlocks the door for us to get to all of these other things.
Thank you.
Hello, everyone. Craig Hutchinson, former stockbroker, and I did offer some unpaid advice to the 4DMedical team in the initial days of raising money and going to the market. Almost a year after the listing, I had Andreas present in a forum in our office, and I expressed my frustration that after or before I start there, mate, well done on the last, since I have seen you last. What incredible milestones the company has hit. But at that meeting, I expressed extreme frustration in the top 10 hospitals in the United States that had trialed our product and said it was the bee's knees. Said none of them have bloody signed a contract. Perhaps my interpretation of Andreas' answer was that these guys think their shit does not stink. They do not want anything.
They do not want to really pay for anything, and a contract can take years, and a commercial contract can take years to draw up. The landscape has changed a bit, Andreas. Can you perhaps elaborate on how things are going now with commercial contracts and major players?
Thank you. Andreas?
We have been paying attention, Craig. I think I shared the core of what we have been able to do in the middle of my presentation there, but I will state it again, which is our technology creates a really exciting landscape that we can build win-wins that usually do not exist in healthcare, where we can create better outcomes for patients and also better economics for the people who are paying for it at the same time. I think that is the exciting sweet spot at which we are at. In the case of VQ, the surgeon gets to bring that surgery forward four weeks, and they get clearer data that has better outcomes. From the surgeon's perspective, frankly, you can make more money as a surgeon if you are a surgeon that has 76% rate than if you are a surgeon with 46% rate.
Your hospital can make more money if you have less reviews and follow-up meetings and so on, and that surgery can be brought forward four weeks. From seven weeks away to just three weeks away. We also get to be there participating in that patient outcome, of increasing that patient outcome from 46%- 76%. I think being able to find those sweet spots, being able to place the product in such a way that we can be part of giving better healthcare and also saving money for the insurers and the hospitals along the way, that changes the story. You are no longer asking the doctor to do something really hard and difficult and go out of their way because it is better for the patient but does not really help them, and irritates the CFO at the hospital.
Being in this new position, which we've carefully crafted and engineered both between our engineering team and our commercial team, so it's not just a technology now, it's a product that's really cleverly placed into that healthcare ecosystem. That's what's making the difference.
Thank you.
Hi, team. Peter Bowen here. I feel like over the last six months and certainly the last three months, there's been a shift in the way announcements have been made to the ASX, and over and above the shift in becoming ASX 200 listed. Am I right with my feeling that there has been a change to what you do disclose at point in time to the ASX versus putting a bit more into the 4Cs every quarter? Is that correct or is that incorrect? Are we likely to see what sort of announcements and what types of news are we going to see noted at the point it's signed off versus held off to a 4C?
No, I think that the general sort of response, and I'll pass over, is that increasingly, we live in a different world of immediacy. People very much welcome news coming through directly rather than holding it bundling it up. Happy to pass that either to Andreas or Jules.
Yeah. You're not imagining it. I think there has been a change in our approach, and there's a number of factors that drive that. I think one of those is that and not the biggest or the most important, but one of them that'd be crazy not to mention is basically we got into the ASX 200. I know this is kind of like the short version, but pretty much the ASX picks up the phone to us and says, "Right, you're in the ASX 200 now. You're going to have to start playing by some different rules here in the ASX 200 than you did before." That's part of it. Also, we have a bunch more news than we had before. If we kept announcing updates in the same way that we did two years ago, there'd probably be a price sensitive announcement once or twice a week.
I think that there's a cost and a burden to everybody in having just constantly putting those things forward. We're really trying to do our best to navigate between our desire to be talking to you continuously, and the fact that there's just a lot more things to talk about now. We're progressing much faster than we were two years ago. At the same time respecting the ASX and their views and positions on what we can and can't do now that we're up in the big leagues.
Thank you. Chris, before I take another question from the floor, just giving you a bit of notice that I will, after the next question, move to you on any written questions. What I would ask is if there are a number of questions on the same topic that you're able to group. Obviously individual questions that are specific, then happy to take those. Another question from the floor. Thank you. I did note you as well.
Hi, Andreas. I was at the AGM last year, and we had a good chat. Congratulations to you and the board and the whole staff for what you've done over the last 12 months. I have a two-part question. You mentioned last year, because I asked the question about breakeven analysis, and when you thought that would be achievable, and you tended to answer at that meeting, it would be sometime in 2027. The first part of my question is, are you still confident as a management team and where you see the market going that that will occur? The second part of my question is the CLEAR study. You've put up on the presentation today that you expect to have an interim report sometime in 2027.
I know that gives you wriggle room, but as shareholders, and a lot of the people in the room have been here since the IPO, and we are not going anywhere, I can assure you. Do you still see that CLEAR study coming towards mid-year, end of year, or where do you think it will land?
Well, thank you for your long-term support. It is very much appreciated. CLEAR is very exciting, and it is the first time we have done a study of this type. There are two things that CLEAR does for us. One is it is a really big hammer. It is a very large study. What we are looking to achieve with CLEAR is to be in a position in 2027, and I agree with you, there is wriggle room in not saying February or November, but saying 2027. But to be able to go to our customers, and by then we will have many more VQ customers than we have right now, and to be able to go to them and say, "There is this product that you have been using that you have loved, that in fact you have gone to a conference and you have shown off about how much it has improved workup times or surgical results.
Now, we have for you this other use that in fact you have all been asking for." Because that is the truth of it. We go and we present CT:VQ to hospitals as a replacement for nuclear VQ, and they say, "That is great. That is a no-brainer." They start working on the contract, and they say, "By the way, can you help us with this other thing?" It is five times bigger. We want to be able to just go to them with such a pile of evidence that it also becomes a no-brainer for them to make that decision to switch over to this five times bigger market. I will also say we are basically FDA approved. Well, we are definitively FDA approved right now to use the technology in that space.
But as I said, we have kind of really seen and learned a lot over these last years, and we are really confident that this is the right way to place it first. To always just put no-brainers in front of our customers. Stop putting difficult decisions in front of them unless we really have to. Let us make it really easy for them. Make it easy to go in and start displacing nuclear, and then make it easy for them to go and start displacing CT pulmonary angiography. In the 4C today, we said that the rate at which we are recruiting patients reinforces our confidence that we can stick a readout in 2027. So, we are feeling good about that.
We're going to be adding another three sites over the course of this year, so taking it to really a truly multinational, multicenter study, albeit with Harvard as the anchor in the middle, which is obviously a nice position to be in. I hope I've answered half of your question at least. Yeah.
Are you going to go for 100% of that market?
That's a really complicated question. I'd be very happy. We'll be talking about that more over the rest of this time. I think that the short answer is no, I don't think we'll be replacing every CTPA with one of our tests. But if I give you the flip side, which is I think really the key driver of your question, there's 5 million CTPAs a year happening. I think we can be doing way more than 5 million scans while we're also not replacing 100% of them. We can sit in a different part of the funnel. We can sit upstream where patients are at risk and help answer that risk really early, and then the high-risk patients can go forward and do the CTPA. So I think really, I think if the core of your question is economic, then yes. But if you're talking about healthcare, then no.
I think that we'll get more than 5 million out of it.
Thank you.
The break-even. The other part of the question.
Yeah, look, we are in a very different position than we were when you asked that question of me a year ago. We have way over AUD 200 million in the bank, right? Take all the shoes off the Run out of toes, still not have to ask Jules how much money is in the bank. So I think naturally it makes sense that we have to change how we act as a result. I do not think it makes sense for us to pretend we have only got AUD 6 million in the bank when there is AUD 200 million, AUD 250 million odd in there. So that means we are going to make investments. We are going to find ways to accelerate this business. We are going to find new opportunities. We are going to attack them. We are going to unleash the true power of our R&D team on the space that we are at. That does two things.
It is going to help rapidly grow our revenue. Our revenue is going to grow faster. My answer to you, the short answer is our revenue is going to grow much faster than it was, than I believed last year because of the extra money that we have got to back it up. But obviously we are spending money, and I guess depending on how you look at the way that that money is spending and what you think about as break even. But we are progressing towards being a big and powerful and profitable business at a faster rate. Maybe the point at which we cross being break even shifts. How it shifts is more difficult to predict, because obviously we are spending more.
Thank you, Chris.
Thank you, Matthew Wilson, for your question. Is the Mayo Clinic deal proceeding? If so, why has there been no announcement about it or indeed, any other news about this in the last four months?
Andreas?
Yeah, cheers. Thanks. I love that this question's asked because lots of people want to know about it, and it gives us the chance just to put it out there really clearly, right? We have passed through the clinical review at Mayo, right? We have passed through that. So they've looked at the product. They like the product. I think that's the key hurdle that most folks were nervous about. Firstly, we don't talk about it too much because, as I said, the ASX has got different views about these things nowadays. Also, Mayo, they have an incredible brand that's really well deserved and well earnt that they've earnt, and they don't like their brand in my mouth, I guess, if you're okay with my expressing it like that.
All of those really great big hospitals with incredible reputations are also pretty famous for not being super fast on the contracting. Jump onto the interwebs, look at our peers and see contracts that our peers have had with those top-tier hospitals, and you will see that it takes longer to do business with those organizations than it does with other smaller organizations. So we've passed through the most difficult hurdle. We're working towards the next steps. When we get something that the ASX lets me announce, I'm going to announce.
Thank you, Chris.
One more. Thank you for your question, Peter Richardson. How does the board justify a AUD 21 million payment to the CFO of the company with revenue of AUD 7 million?
Andreas, I am going to pass that one to you.
The short answer is when you write the question like that, and with all due respect to our shareholder for your question, you have written the question in a way that I do not think is the fair and reasonable way to write the question down. So, in my opinion, the way that that question is most sensibly expressed is that we have a core member of the team who made an agreement to be paid in stock. And then after we made that agreement to pay that team member in stock, the stock went up 17 times in value. The stock could have halved in value, and then it would be 35 times less a number right now, and I do not believe that there would have been an issue. So, I think it is really that simple.
We have a really clear and transparent process where if we pay folks in stock, there's a locked-in price. There's no backroom deals being done where just mountains of money are being taken out of your bank accounts and mine, I'm also a shareholder, and deposited into a director's account. That's really not what's going on. In some ways, it would've been obviously much better if share price hadn't gone up 17 times over the course of last financial year. We'd had this vote, and the shares would've been issued, and then share price went up. It would've just been kind of easier on all of us. But none of these processes happen at that kind of pace. I think when you express it in dollar numbers, I get it. It's an eye-watering amount of money that is kind of hard to feel.
I'm completely with you on that. But the truth is, a totally fair and reasonable number of shares and over that period of time, they've gone up in value quite a lot.
Thank you. Could I take a question from
Pretty much been covered by some follow-up questions before, so I won't bore you with it.
Thank you very much.
Alex Manzoni. I have been here since the IPO. Congratulations to the board. I think you have done a fantastic journey, and it is not completed yet. One of the things I have been looking at is, obviously, the trajectory of the company, and one of the things that I think you would have considered at some point, it has to become cash flow positive. I know someone previously mentioned you have got a blue sky of five years, and we have also talked about break-even analysis, and you responded by saying that we have got plenty of money, and we are going to be investing that money. But at some point, we have to look at cash flow positive. Have you considered that?
Yeah. Every day. Obviously, successful companies are profitable. Right? I think that is the clear story. I guess I also think of this collectively as our baby here too, right? I think that my kind of crazy analogy, and I maybe apologize if this does not land out there, I am actually feeling nervous already. But my crazy analogy on this is that, I have got five kids, and some of those kids, not all of them, some of those kids are really kind of keen to be investing in an education for themselves. I think that as a result of them investing in that education, there is a really good chance that they are going to retire really very well and comfortably because of the education they are getting.
But if I sort of thought of my kids as a business and I wanted to get them into break even sooner, then I would not be letting any of them go to uni. Right? Because I would be like: "You know what? You have got to get a job. You have got to go, and you have got to deliver here and now." But really, we are investing in creating really sound building blocks, a really, really strong foundation for this to be a very, very profitable company. Some of the examples of that do really cost money, is really very lean, mean, efficient systems that are, for example, fully automated. Another company that is out there in our kind of universe is a company called HeartFlow, that has had a lot of difficulty with a fantastic product because it is not quite fully automated. There needs to be a person inside every scan.
We have a fully automated software platform that means a scan can show up from anywhere on the world and be sitting on a computer within minutes and within an hour can be back. That just costs us less than 1% of the price of each scan. The R&D that we are doing is expensive. CLEAR is an expensive clinical trial. All of these things do really cost money, and I am very careful with every dollar that is spent. This company has been through times where payroll came on my credit card. I remember that really clearly. Every dollar that we spend, the real question is: Is it delivering great return for the shareholders? I think that is the most important question. If we continue to do that, the profitability will come.
I appreciate that for some folks, not soon enough, but for all of you, I do really appreciate your patience as we go on that journey.
Thank you.
I think with most of us initial investors, we are not leaving that journey.
Thank you. I am going to take two more questions. The first one is your question. Thank you.
Hi, my name is Simone Cowell, and I am a former radiographer, and I am here in the capacity as a private investor. I just wanted to say, first of all, thank you very much for everything that you are doing for the patients. I think what you are doing is tremendous, and I am very appreciative of that. The second thing, the question I have is really about the affordability of 4DMedical services. I just wonder, and I am sure you have already considered it because, judging by the accents of people on the board, you have already considered the healthcare markets which are predominantly state-operated, like in the U.K., where there is the NHS, and in New Zealand, where most of the patients are public patients as opposed to private patients. I just wondered what your thoughts were there around the model and bringing the affordability factor to the less advantaged.
Very good question. Thank you.
Yeah. Thank you. Thank you for your support, and I also really appreciate the question. It is also something that we spend time thinking on. I think that for us, with most of the payers that we are dealing with, so as you say, NHS, U.S. insured lives, that the way to get the technology to make the biggest impact, to touch the most amount of lives is for an economic circumstance that matches that profile of the payer. So quite simply, that it is really great value for the folks paying for it. I will throw my kind of napkin math. If you are a U.S. health insurer, and you are paying $50,000 for an LVRS procedure, and 4DMedical technology can increase the success rate of that by 30%, then, and I know the universe does not work like this, but 30% of $50,000 is $15,000, right?
We are adding something in the universe of $15,000 of value to that surgery every time it happens. Importantly, part of that is we are preventing surgeries from being performed on people where it really has a very low chance of success, which is better for the patient, better for those payers. That makes that $500 for that insurance company super affordable, a great idea to do, and means that more and more patients get the benefit of it. In Australia, we are working really hard. We are making significant investments to get the technology listed as a Medicare-covered procedure. In Australia, if we can be successful in delivering that makes it universally accessible here.
Now, where you get to other spaces, like uninsured lives in the U.S., that is a really tricky question, and I think that the one that I can assure you that the board and myself are really thinking on those topics. But the pragmatic answer is that is the kind of thing that really does require us to be profitable, to be stepping really deeply into solving those problems.
Thank you.
I have had a reminder that we are running short of time, so I did promise one more question. I would be happy to take that last question, but I would appreciate it if it is a pretty quick one.
Hi, my name's John Paul. I'm a later in the day investor, but again, I thank you for the way you're running the company. Two-part question, hopefully a quick one. Part A is a broad one, but in the world of AI, is there a fear or any nervousness around that as it might impact the company in the coming couple of years? Part two, there's obviously opportunities to partner up with the likes of Philips or Australian companies that we all know about. Is that something that you would rule out, or is it something that you might consider if the right opportunity arose?
Andreas, I'm going to ask you the impossible because it's a great question, a massive area. Can you answer that very quickly?
I wouldn't say scared or nervous, but aware of the risks that AI brings to our universe and doing really a lot of work to dig a very deep and wide moat between us and anybody who wants to come on late and jump on and take our technology. We have way over 100 patents, and we're raising the bar or digging the moat deeper with things like the CLEAR study. The number of organizations that have had the appetite to take on a company that has both 100+ patents, $200 million in the bank, that's got lawsuit written everywhere, right? We could afford to sue the biggest companies on the planet right now, right? Which is a good place to be in with a patent portfolio. We're making it more and more expensive.
Someone else has to do their 2,000-patient study that takes two years to do if they want to come after what we're doing. We're moving really fast. We are moving faster than anybody has moved in this space ever. That, in its own way, is actually the best protection in the end. In terms of partnerships, we're always thinking about all the potential opportunities for partnerships. I'm not sure, do you mean are we looking to be acquired by one of those folks? I think if that's what you're asking, then—
Or partnered up with a Pro Medicus or whatever.
Pro Medicus are a great company. They have a great platform that touches an an amazing group of hospitals, and they're friends of the company. We talk to them all the time and I imagine that sooner or later, we're going to do something together.
Thank you very much. Voting will remain open for a further five minutes to enable you to complete and submit your votes. Once completed, can you please place your proxy form in the poll book at the exit, and equally ensure that you complete your online vote. Thank you very much for attending today's AGM. The results of the meeting will be released through the ASX as soon as possible and also will be displayed on our company website. Thank you very much indeed.