Good morning. Good morning, everyone. My name is Kyahn Williamson. I am the Senior Vice President of Investor Relations and Corporate Communications at Telix. I am very pleased to welcome you today to our AGM for 2025. For those in the room, in the unlikely event of an emergency, please follow the instructions. Could I also ask that anybody who has a mobile phone, please ensure that it is switched off or on silent during the meeting. Photographs or recording of the meeting. A recording of the presentations will be made available on Telix's website shortly after the meeting. With that housekeeping done, I would now like to welcome Dr. Mark Nelson to address you.
Thank you, Kyahn. Good morning, shareholders and colleagues, and thank you very much for joining us here today. As Kyahn mentioned, I am Mark Nelson, and I'm your Interim Chairman. It's my pleasure to welcome you all here to Telix's 2025 Annual General Meeting. Now, I've been advised that there is a quorum present, so I do declare the meeting open. I would like to begin by acknowledging the traditional custodians of this land on which we meet, the Wurundjeri, the people of the Kulin Nation, and certainly pay my respects to the elders, past and present. Before we start, I'd like to share with you a short video showcasing our patient impact.
In 2025, Telix can click science into something reliable, something physicians can use with confidence, something patients can access when they need it most.
When I'm going over a scan with a patient and family, trying to understand what does it mean to their life, I need the most important tools I can possibly have to be able to give people their best, longest life.
Delivering radiopharmaceuticals from bench to bedside is what Telix is built to do. In 2025, our PSMA imaging agents, Illuccix and Gozellix, reached more patients than ever. Our manufacturing network, bolstered by the acquisition of RLS Radiopharmacies 2.9 million doses across the group. That's a patient served every 10 seconds.
Now we have the ability to see each and every location that cancer is. Now, okay, we can see it, but if you can see it, you can kill it. That's what we're pushing at. If you detect early, you have these treatment options, you have a chance to live longer.
The next chapter is about more than imaging. We are focused on advancing targeted therapeutics with the potential to deliver life-changing outcomes for patients.
We want them to live a lot longer, and we want them to live much better lives. I think that theranostics and its whole concept is going to expand a lot. Hugely exciting space.
Our late-stage therapeutic pipeline continued to advance with three assets now in pivotal trials across prostate, kidney, and brain cancer.
Going from a glioblastoma diagnosis, the tumor reducing the whole time, that was a real turning point. I had been living month to month, that perspective slowly began to shift to a six-month planning horizon and then daring to hope for years rather than months.
In 2026, Telix is operating from a position of strength with the commercial momentum, clinical progress, and global capability to advance the next frontier of cancer care.
I just think that there's still so much more that we have to do. For all the patients out there, I would just encourage everyone to just keep pushing forward and not give up.
I hope that was useful. I'd now like to introduce the board. To my immediate right is our Managing Director and Group Chief Executive Officer, Dr. Chris Behrenbruch. Next to him, we've got Jann Skinner, who's a Non-Executive Director as well, and also the Chair of our Audit and Risk Committee. Next to Jann, we have Marie McDonald, also a Non-Executive Director, but Chair of our People Committee. Online today, we also have two Non-Executive Directors, Dr. Maria Rivas and William Jellison. Also at the front today in the audience is Shomalin Naidoo, our Company Secretary. Thank you for everyone. Today, I'll briefly reflect on our performance, and strategic positioning, and capital management, as well as touching on governance and board renewal before handing over to Chris Behrenbruch to discuss our strategic priorities for 2026, which I'm sure you're interested in.
We'll then move to the procedural matters of today's meeting and take any questions from shareholders and proxy holders. At our core, I think you'll probably know this, but at our core, Telix exists to develop products that improve the quality of life for people living with cancer. Today, we are a global radiopharmaceutical company with a specialist commercial organization and importantly, an integrated manufacturing and supply chain. That capability by our acquisition last year of RLS Radiopharmacies, which enhances our ability to reliably deliver time-critical products at scale. Again, as the video said, in 2025, we delivered more than 2.9 million commercial and clinical doses to patients globally. Our development pipeline continues to build depth across urologic oncology and other cancers, positioning us to capture the full potential of targeted radionuclide therapies and underpin the long-term growth of our company.
Now, turning to our performance, our core commercial business continued to grow strongly in 2025. We delivered on our upgraded full-year guidance, and we actually had $804 million, which represented growth of over 56% year-on-year from the previous year. This was driven by continued momentum in our Illuccix sales and the successful launch of our next product, which was Gozellix. This growth has, I'm pleased to say, continued into 2026 with first quarter revenue, you've already seen, I'm sure, of US $230 million 4% on the prior corresponding period of the first quarter last year. Now importantly, we are reinvesting those earnings generated by our commercial success back into the business with a clear objective of bringing these new cancer treatments to the market.
As a result, we now have three active pivotal therapeutic clinical programs underway in prostate cancer, in kidney cancer, and in brain cancer. All positioning Telix as a therapeutics company, not just a diagnostic or monitoring company, and setting the stage for key clinical milestones. That innovation, as we just mentioned, really does remain central to the Telix culture. It underpins our commercial success, it underpins our relationships with our key doctors and other people performing our trials, and it helps our mission to harness the targeted radiation to ultimately improve patient outcomes. In 2025, we strengthened our pipeline through targeted acquisitions, and that included a next-generation protein engineering platform and assets which came with it from a company called ImaginAb, as well as some other assets which fibroblast activation protein targeting. It's a complex area, but it'll work. We're very confident it'll work.
These investments, I should say, support our ambition to lead the next wave of radiopharmaceutical innovation and unlock the full potential of this therapeutic class. Pipeline we are building also continues to enhance our strategic value. In April, I'm sure you all read this, but in April, we entered into a landmark collaboration with Regeneron, which is a leading U.S. biopharmaceutical company, well known for its antibody discovery platform. This partnership highlights the strength of our integrated model, combining the R&D, the manufacturing scale-up, and the commercial execution, and it reinforces our position as a differentiated end-to-end radiopharmaceutical company. A few companies, the breadth that Telix brings, and we were thrilled that Regeneron recognized this breadth by initiating this collaboration. Now before handing over to Chris, I just would like to briefly address our approach to capital management.
We remain committed to driving sustainable growth and long-term shareholder value through disciplined capital allocation and strong commercial execution focus on prioritizing investments in validated high-impact opportunities. We recently refinanced our existing convertible bonds, which I'm sure you saw that, and that's had the effect of extending our financial flexibility, which is great. This proactive transaction was completed well ahead of the maturity of the bonds and provides us now with options to continue investing in the growth that we seek. Looking ahead, our priority is to continue expanding our revenue base, which provides the foundation to progressively shift towards sustainable profitability, which is where we'd like to get to. We believe this balanced approach, combining the growth, the reinvestment, and the financial discipline, will deliver meaningful outcomes for patients while creating enduring value for all shareholders.
Now as a board, emphasis, I should say, on governance, risk management, and hence sustainable growth, which comes from that. This year, we're pleased to present Telix's first sustainability report, aligned with AASB S2 principles and Australian regulatory requirements. That follows our inaugural double materiality assessment, which identify the ESG issues most relevant to our business and our stockholders and stakeholders. We've also transitioned, as you probably know, to an integrated annual report reflecting our dual ASX and Nasdaq listing and reinforcing transparency. The board continues to evolve to support Telix's next phase of growth, I'm delighted to welcome three new Directors, David Gill, Dr. Maria Rivas, and Bill Jellison, as new Directors, all based in the U.S. These appointments strengthen our capabilities across healthcare, life sciences, technology, regulation, and also U.S. capital markets.
Telix is now, I think, truly a global organization with a significant presence in the U.S., and it is appropriate, deep U.S. market experience while remaining committed, I have to say, to our Australian heritage and our Australian shareholder base. In closing, I just really would like to thank my fellow directors down here, our executive team, many of whom are here in the audience, and all Telix employees for their dedication and commitment. I also obviously have to thank their trust in our products and our shareholders for your continued support and confidence. Telix has actually reached a very important point in its journey. We've been a listed company for nearly eight years, it has taken a while, but in the scheme of pharmaceuticals, that's a short time. We have built a strong and growing commercial foundation.
We are investing with discipline, we are advancing a pipeline to change patient outcomes. What's particularly exciting is that we are still at a very early stage where we believe this company can ultimately become. The opportunity ahead of us, which is to expand the use of targeted radiopharmaceuticals and bring new therapies to patients globally, it is significant. We approach this next phase with confidence, clear priorities, we understand those, and a deep sense of responsibility to the patients we serve and the shareholders who support us. Although it's been a short time, it's been a privilege to serve as your interim chair, and I look forward to continuing to support Telix as we build on this momentum. Now with all that preamble, I'd like to hand over to Chris.
Thank you, Mark. Good morning, everyone. Thank you, Mark. Great to have you here, and I welcome the opportunity to address you again at this year's AGM. Over the past year, Telix has continued to reinforce its status as a global leader in radiopharmaceuticals. We've scaled and made investments to establish long-term growth for the company. We have a very resilient and differentiated business with plenty of value creation opportunities ahead of us, as Mark noted in his opening comments. I'd like to spend some time today addressing our recent achievements. At our full year results presentation, we set out our strategic priorities for 2026. Telix has multiple avenues for growth, but we remain disciplined in where we invest and how we execute. For the year ahead, really for the next 12-18 months, we're focused on some specific objectives. Firstly, continuing our commercial growth.
Obviously, that's the engine of the company. Preparing to launch new products, advancing our pipeline with a focus on high-value clinical programs. Oh, I've got a head cold this morning, so you might have to endure a little bit with me. Firstly, commercial growth. Our core commercial business is performing extremely well. We continue to consistently take market share in the U.S., and we have strong momentum as a company. In the first quarter of this year, our precision medicine revenue was up 11% quarter-on-quarter to $186 million, with 5% volume growth in clinical doses. We affirm our full year 2026 group revenue guidance of $70 million based on the strong uptake of Gozellix, but also, and very gratifyingly, continued growth from the Illuccix business as well. This guidance also includes revenue from the RLS Radiopharmacies business that we acquired last year.
We also affirm our previously stated research and development expenditure guidance, subject of course, and always, to achieving those commercial milestones and objectives. The U.S. remains our primary revenue driver for the business, but I also want to recognize our growing commercial presence across Europe, Asia Pac, and Latin America. Particularly on the back end of our reimbursement in several major European countries. Adds incremental near-term revenue, but more importantly, lays the foundation for future product launches, particularly for the therapeutics business. It's a very strategic business. Illuccix is now worldwide with a commercial launch across Europe now fully underway and progressing well, as I said, following a number of successful reimbursement processes in major European jurisdictions. In January, we announced acceptance of the new drug application for Illuccix in China.
While in Japan, we're also actually preparing to advance our NDA submission under Japan's conditional approval framework with the objective of supporting earlier clinical access to the product and commercial access to the product. This is in response to the PMDA, that's the Japanese regulator, growing emphasis on accelerating patient access to clinically validated therapies, particularly for modalities such as PSMA PET. These are things that are already globally accepted and internationally accessible, yet in Japan. That's a great development for the company. Second, preparing for new product launches. Our Pixclara NDA resubmission has been accepted by the U.S. FDA with a PDUFA goal date. That's an approval goal date of September 11th of this year. In Europe, the marketing authorization application for Pixlumi, that for Pixclara in Europe, has also been accepted for review.
We are making good progress on the resubmission of the Zircaix BLA in the U.S. and look forward to updating shareholders when the regulatory package has been filed soon. We continue to advance our therapeutic pipeline, and with multiple late-stage studies gaining momentum, I'm really pleased with the progress that we are making all the way across the board. The ProstACT Global phase III trial of TLX591 has achieved its part one objectives, demonstrating an acceptable, say, validating the use of this drug with standards of care that are well established in clinical use. We have submitted now this data to the FDA to pave the way for clearance of part two in the U.S. and look forward to updating you on this progress in due course.
Importantly, part two, that's the randomized part of the trial, is recruiting well in multiple jurisdictions where regulatory approval to conduct the study has already been secured. Accelerating enrollment remains a key priority as we work towards that next major inflection point for the study. I'm also pleased that the part 1 data from ProstACT Global has been recently accepted as a late-breaking presentation at ASCO this year, which is widely regarded as the premier global oncology congress. Very high visibility and science around this asset. We believe this highlights the significance of our data and reinforces TLX591's potential as an emerging first-in-class antibody-based radiopharmaceutical for prostate cancer. We are continuing to build momentum across our entire therapeutic pipeline with two additional pivotal trials now actively recruiting. IPAX-BrIGHT phase III trial of TLX101 has dosed its first patients in Australia and in Europe.
We announced earlier this week that the IPAX-2, a phase I trial that's in newly diagnosed glioblastoma, so really front-line brain cancer, has now completed enrollment as well. The LEUTON phase III trial of TLX250 in kidney cancer is also open for recruitment in Australia with international expansion planned. We have secured IND clearance from the FDA to commence LEUTON ATLAS. This is a phase II-A lead-in study that will play an important role in supporting our global regulatory pathway for this asset, including adding eventually U.S. patients to the phase III trial. We also have the SOLACE trial for TLX090. This is recruiting at multiple sites in the U.S. The phase III BIPASS study, which we'll talk a little bit more later. These two studies are expected to complete enrollment in the next few months.
These are not distant clinical inflection points. They're really things that are near-term to the company's future. Additionally, as Mark mentioned, our collaboration agreement with Regeneron was very important and frankly exciting. The partnership combines Regeneron's expertise in antibody discovery and protein engineering with our expertise in radiopharmaceuticals to really innovate those Next-G ens, particularly based on alpha emitters. We're excited to be working with a partner of such a high caliber. We believe this deal reinforces Telix's market leadership and integrated platform across development, manufacturing, commercialization. Across the radiopharmaceutical landscape, many companies focus on just one part of the value chain, particularly a lot of emerging radiopharmaceutical companies. The Telix difference lies in our integrated model. This is central to our strategy and allows us to build real depth in disease areas where we choose to lead.
It's also been a key ingredient in our commercial success to date with Illuccix and Gozellix. It's vitally important in radiopharmaceuticals. Today, I'd like to illustrate this with our prostate cancer portfolio as an exemplar of how we are using strength in our competitive position and grow future opportunities for the business. In prostate cancer, we have established a leading position in PSMA imaging, prostate imaging, based on excellence in customer service, clinical and scientific expertise, and above all, supply chain and distribution reliability. We are continuing to advance this leadership through further innovation in precision therapeutic pipeline, and together with the imaging business, it creates a strong platform for sustained commercial growth.
I also highlight the growing importance of our RLS Radiopharmacies business and the ARTMS isotope production technology, without which we wouldn't have Gozellix and Zircaix, which are becoming increasingly central to our commercial success alongside select and highly valued commercial partners. We still work with some amazing companies to deliver those outcomes to patients every day. Our delivery network and improved production efficiency enabling us to reach more patients every single day. Importantly, they further differentiate us, and over time, are expected to support meaningful financial improvement in our operational base, particularly our product margins. Against that backdrop, let me turn to how, starting with precision medicine and our Telix PSMA imaging offering. Our core commercial business is strong, and you can see that reflected in our financial results.
Gallium-68 PSMA-11 is backed by the most extensive real-world evidence and published data of any PSMA imaging agent, demonstrating its diagnostic accuracy, sensitivity, specificity, and clinical impact. This is all backed by our intellectual property portfolio. Our model enables same-day imaging and scheduling flexibility, which is critical in busy clinical settings. These advantages are reinforced by our integrated supply chain, radiopharmacy network, and best-in-class customer service that has underpinned our commercial success to date. Kevin Richardson, who leads our U.S. business, describes it as the Telix easy button. The clinical evidence and experience continues to deliver, and this is why you'll often hear me say that the challenge of PSMA imaging is solved. We're now seeing disease detection in smaller lesions and at even lower PSA levels.
We're also generating further evidence to support the clinical differentiation of Illuccix and Gozellix, referred to collectively as Gallium PSMA-11 in the context of this example case study. This representative case study on the slide shows a patient being F-18. This is a fluorine-18 cyclotron-based agent. On the top scan, you can see a lesion on the anterior rib. This patient remained on active surveillance for six months without treatment and was then imaged with Gallium PSMA-11 PET, it's a really interesting differential example. You can see in the second scan there is no longer a lesion on the anterior rib. The cancer didn't just magically disappear. This patient had not received treatment, PSA was also unchanged over that intervening period. To be clear, it didn't go away. This is a classic example of what we call an indeterminate bone lesion or an IBL.
In general terms, you'd call that a false positive, commonly experienced with F-18-based imaging agents. That's what our competition has to endure from a clinical perspective. This is a key difference between our product and the competition and is supported by extensive peer-reviewed data. Clinicians are, as you notice, as we get more experience and as we do a greater volume of patients every single day. Telix is uniquely positioned to scale innovation across the full patient journey. By building on our proven track record with prostate cancer imaging, we are creating a repeatable engine for product innovation and that experience of that commercial cycle and physician engagement. This enables us to respond to evolving clinical practice, address areas of underserved patient populations. This was a particular success factor behind the launch of Gozellix, which really allows us to move into new areas of unmet need.
We call it painting the corners of the canvas of prostate cancer imaging, and we really aim to lead across that entire patient journey. One important example of that in the near term is our BIPASS biopsy study. This is a phase III trial which aims to bring Illuccix in the diagnosis of prostate cancer alongside MRI. If successful, this could add around 800,000 incremental scans annually to the U.S. market alone and transform the way in the upfront treatment of prostate cancer. Success in this indication will be driven by clinical evidence, which we are generating with the BIPASS study. Today, more than 1 million prostate biopsies are performed each year in the United States, the majority of which result in negative or equivocal findings.
These statistics apply in Australia and most other countries as well. BIPASS is designed to evaluate whether PSMA PET, when used in conjunction with MRI, can improve diagnostic accuracy at first presentation, reduce unnecessary biopsies, and enable more targeted intervention, ultimately improving patient outcomes. In effect, it is going to shift the entire definition of how we describe and classify prostate cancer. Building on the clinical foundation established in this country, in Australia, through ProPSMA and PRIMARY study, registration-enabling trial in this setting. I really note this because we always stand on the shoulders of giants, and the confidence that we have in this trial builds on homegrown clinical excellence, which we all be justified.
This positions us with a potential first-mover advantage, both to expand the addressable market and to shift demand earlier in the patient journey, which, as I said, will have very big consequences on how we manage those patients downstream. Equally important is the clinical differentiation already discussed. In early-stage disease, physician confidence in imaging quality and product availability is critical. Our products have the potential to meaningfully raise that standard. We have demonstrated through our two-product strategy with Illuccix, with relative speed and capital efficiency. At the core, as Mark noted, of our precision medicine strategy is a disciplined lifecycle management approach and capital allocation to expanding indications, entering new markets, and reinforcing our leadership position while leveraging the scale that we have built in our commercial organization. This slide highlights our continued focus on innovation in this space.
It includes our 18F-fluorine radiochemistry platform that enables our core PSMA-11 molecule to be labeled with fluorinate and deliver that point-of-care differentiation, but with F-18 instead of gallium, for which there is a physician preference in some places. This is supported by a robust clinical data package. We are now advancing the manufacturing clinical strategy to support a trial for that application. TLX599-Px is our technetium-labeled PSMA agent designed for use in SPECT cameras. Many of you may not know the difference between a SPECT and a PET camera, it's all about patient access. We've been building a strong clinical evidence base, including through the NOBLE Registry in partnership with the Oncidium Foundation. We see a significant global opportunity given the scale of the installed SPECT footprint.
For every PET scanner globally, there are at least attractive pathway to broaden patient access and to guarantee availability of these important diagnostic modalities. Importantly, TLX599-Px is also intended for use with our SENSEI radioguided surgery platform. This extends our reach directly into the operating theater alongside the urologist, who is our core customer, is our core key referral physician stakeholder. We continue to advance a pipeline of novel targets and isotope innovations aimed at addressing areas of unmet medical need, including cancers with low or negative PSMA expression. We have a very active R&D program beyond PSMA. These programs reflect our commitment to expanding the boundaries of precision oncology, we look forward to sharing further progress with you in the coming months. Building on our success multi-product portfolio in prostate cancer therapy.
This broadens our addressable market, will utilize our commercial footprint more fully, and creates multiple opportunities for further revenue generation. We are especially focused in four areas. Our flagship program, TLX591, is currently being evaluated in the p hase III ProstACT Global trial, as I've already mentioned. This candidate has now been studied in hundreds of patients, generating a substantial body of promising safety and efficacy data, and we are particularly pleased with the ProstACT Global study. Importantly, our extensive clinical experience with TLX591 has given us a deep understanding of its unique pharmacology, biodistribution, and radiobiology profile. This supports its use in patients with more advanced, high-volume disease. In the early stage or hormone-sensitive disease, where both the efficacy and quality of life matter deeply, we believe that TLX591-Tx has the potential to be a differentiated next-generation asset based on early dosimetry data.
The OPTIMAL-PSMA and OPTIMAL-E studies are aiming to show that when we use intensive and adaptive dosing strategies, we can really front-load the treatment and deliver damage to the tumor when cancer cells are most vulnerable. By the way, I said 591 because I was reading the teleprompter, but I meant to say 597. I apologize. Therefore, we see 591 complimentary approaches. Very different diseases. To think of prostate cancer as a single disease is a mistake. They have very distinct. So this enables us to really address the different patient segments and treatment settings across that whole care continuum. We also continue to advance TLX592, our PSMA-targeted alpha therapy candidate, into Phase I first-in-human study, which now has ethics.
Finally, we see an important role for radiopharmaceuticals in the end-of-life setting, where preserving quality of life is paramount. We believe that TLX090, which offers a single-dose regimen, can help to both minimize pain for a number of months, and improve quality of life during a patient's transition into palliative care. Need some more paracetamol. Strategy is really fundamental to what we do as a company. Today I've outlined how this approach applies in prostate cancer, but we are also extending that same model more broadly across urology, including kidney cancer, as well as into musculoskeletal cancers and neuro-oncology.
In the latter, as you saw in the earlier video, we have a highly compelling therapeutic candidate targeting a severe disease where there has been little meaning in treatment for decades. We believe the precision medicine component, whilst generating early revenue, also plays a critical role in de-risking our clinical development programs and guiding treatment decision-making. We can select patients better, we can run more focused clinical trials, and we can monitor treatment response more effectively. The next business significantly expands our addressable market and represents a key driver of future revenue. I'm not going to go exhaustively into this slide. I've probably taken enough air time already. As we look ahead, 2026 is shaping up to be incredibly I think most small biotech companies would be happy with even one or two of those catalysts on this slide.
We are delivering an advanced late-stage pipeline with important readouts ahead and continued expansion of our global clinical footprint. We are moving closer to key regulatory milestones for our precision medicine portfolio that I know you're all waiting for, and importantly, we are also continuing to invest in manufacturing, including cyclotron installations and global infrastructure that support reliable delivery at scale. As an example, just this week, we are installing the ARTMS QUANTM Irradiation System, or QIS system as we call it. This is an isotope production platform at our new facility in Yokohama in the Japanese market. Overall, we have demonstrated strong commercial execution and are well-positioned to bring additional products to market in the near term. These are products that address significant unmet patient need.
In conclusion, to our Board of Directors and Executive Team, to our employees around the world, and to our- of the company through what has been a challenging period. As I've outlined today, there are many bright spots on the horizon and a huge number of catalysts this year that I am confident we can deliver to. I'd also like to particularly thank Mark for his service as Interim Chair this year. He gave me amazing personal support and guidance, and I think many people in this room know how exceptional he is. Above all, I want to acknowledge the patients and clinicians that motivate us every day. Everything we are doing is grounded in a singular purpose to improve patient outcomes and quality of life. I'll now hand back to Mark for the formal part of the meeting.
Thanks, Chris. We will now move to the formal part of the meeting. A Notice of Meeting has been distributed, I think, to all shareholders, and I'll take that as read. Voting on the items of business today will be conducted by poll, and please feel free to lodge your votes now or at any time before the close. I can confirm that I hold undirected proxies as Chairman of the Meeting, and as advised in the notice, I will vote all proxies in favor of each resolution, except for Resolution 6, which is the approval of termination benefits, because by law I am unable to actually vote undirected. The Board does recommend that shareholders vote in favor of each resolution, which the Board will abstain individually from voting on resolutions which they might personally have an interest.
I would like to now invite the meeting quickly to briefly discuss the voting and the Q&A procedures for today's meeting. Kyahn.
Thanks. Thank you, Mark. You will have received an admittance card to attend today's meeting in person. A blue card was issued to shareholders and proxies who are entitled to vote. A yellow card was issued to shareholders who are entitled to speak but not vote, and visitors have been issued with a white card. I remind visitors that they are not entitled to speak at today's meeting. For shareholders and proxies attending online, please follow the instructions in the online guide to cast your vote. Rachel Teo of MUFG Corporate Markets, which is Telix's share registry, will act as returning officer in relation to the poll and will collect your completed voting cards at the end of the meeting or before if you need to leave early.
If there are any procedural aspects that you are uncertain about, please ask one of the share registry team members at the back of the room or just sitting outside, or if you're attending online, call the telephone number provided on the online platform. The results of the poll will be available on the Telix and ASX website later this afternoon. For questions and comments, we will be inviting questions from shareholders and proxies for each item of business. The chairman will first take questions from those who are here in the room. This will be followed by online audio questions and then written questions received through the online platform.
If you are here in the room and you would like to ask a question for an item of business, we ask that you make your way to the microphone on the side of the room, just standing near Joe, when the chair starts discussion of that relevant item. You will need to show your blue or yellow card to the microphone attendant before asking your question. If you are participating online and would like to ask a live audio question, please click on the Ask a Question button and then Go to the Web Phone. Click on Go to the Web Phone, following the prompt to join the queue to ask your question at the relevant time. Online written questions can be submitted at any time by clicking on the Ask a Question button or comment in the box provided.
Please submit your written questions now to assist us with answering online questions. Questions will be moderated for inappropriate language, and if we receive more than one question relating to the same topic, we may just answer them as one group. Also, if your question is long, we may need to summarize it in the interest of time. That covers the logistics of voting and asking questions at today's meeting. I'm now going to hand back to Mark, you can stay at your chair if you like, to go through each item.
No, I'll come up.
Okay
I think it's better to come up here where you can see me. Thank you, Kyahn. Item 1 we have, which is the first item of business, it's to receive and consider the financial report 2025 financial year, which I think have all been made available to shareholders. Now, this item of business does not actually require shareholder approval. However, it does give shareholders the opportunity to ask questions about the reports and the management of the company. Brad Peake, a partner of the company's auditor, PricewaterhouseCoopers, is also present here at the moment. He was the auditor for the last five years. We thank Brad for his service. As our auditor, under law, every five years, you must change over. John Roberts from PwC is our new auditor, but Brad is certainly the one in charge for the previous year, which we're talking about now.
I'll now invite shareholders and proxies with questions about this item or about the audit of the financial statements to make their way to the microphone if you have a question in the room, or follow the online instructions, which Kai mentioned, to ask the question. It doesn't look like we have any questions in the room. Do we have any online? No. There's no further questions in the room, so we'll now move on to the next item of business. Item 2 is to adopt the 2025 remuneration report. That's the next item there. It's included in the company's annual report. You've seen that. To successfully deliver on our purpose, we need to attract, and this requires a remuneration framework that's focused on driving a performance culture over the short and the long term.
As disclosed in the report, the acquisition of our workforce in the U.S. quite a lot. Executive key management personnel and our non-executive director remuneration are informed by independently benchmarked market data. Telix's executive remuneration framework continues risk remuneration, not just a salary, but at-risk remuneration for both their short and their long-term performance. You probably see the acronym STVR, which is short-term variable remuneration, or LTVR, which is long-term variable remuneration. Short-term variable remuneration for annual delivery against corporate objectives, that's provided to executives as 50% cash and then 50% deferred share rights, which is at risk, obviously, if the shares don't work. Long-term variable remuneration is granted as what we call SARs, which are share appreciation rights. You only benefit if the share price goes up.
That's measured over a three calendar year performance period with challenging, but hopefully attainable, performance metrics, and that drives long-term shareholder value. Those executives only get that if in fact all shareholders. Recent NED or Non-Executive Director appointments since the 2025 Remuneration Report was published. NED remuneration, including the grant of equity rights for 2026, will then be discussed as part of Items 7 and 8. We'll wait for that one. I remind you now, this, we're not binding the directors or the company, but the board does take into account the views of its shareholders when considering the remuneration practices and policies of the company, hence we do include it as an item of business.
Now I'll now draw your attention to proxy voting results, which are on the screen, with open proxies given to me as Chair of the meeting, are actually for this resolution. You can see it's quite strong. We now invite shareholders and proxies. If anyone has any questions. Are there any questions from the floor? No? Okay, in that case, are there any relevant online questions? None there either. Thank you. Item 3. This is re-election of Directors. Obviously, as you know, every three years, current Directors do have to need to be re-elected. Turning first to, it's actually my re-election, which is item 3.3A. I should quickly say I opened this listing back in October 2017, and I'm thrilled with the progress this company has made to date.
Personally, my qualifications and experience in investment, medical research and finance, all three, allow me to hopefully make a significant contribution as a board member, and I would be delighted to be on the board in the future should shareholders elect me to the board today. I think the details of qualifications and experience are set out in the notice. Proxy votes in relation to the item are now, I think, displayed on the screen there. Are there any questions at all from the floor, shareholders and proxies? No. If not, are there any questions on the phone? Not at all either. All right. This is moving well. Good to be here. Turning to the election of three new directors. The other existing NEDs are not up for re-election this period.
We have three new directors, I think I mentioned before, who have joined the board this month on the 11th of May, but they formally need to be elected. Details of their qualifications, skills, and experiences are set out in the notice of meeting. They all reside in the U.S., and sadly, are unable to be here in person today. However, we will hear from each of them, and so of the meeting today. We've pre-recorded their election speeches. We'll do them in order. Firstly, we will consider them item 3.3B, which is the election of Mr. David Gill. David has very deep experience in senior management and financial leadership in the biopharmaceutical industry. As discussed earlier in today's meeting, it is intended that at the appropriate time, David will actually take over from me as Chair.
I will continue to be a Director, a NED, a Non-Executive Director. David will be the Chair at some time shortly. This is a pre-recorded message. David will speak briefly to his election.
Thank you, Mark. Good morning, shareholders. My name is David Gill, and I'm honored to stand for election as a Director of Telix Pharmaceuticals. Telix is a truly distinctive company, one that is quickly establishing itself as a global leader in radiopharmaceuticals, with a growing portfolio of commercialized products, a deep and differentiated pipeline, and exceptional talent. I'm excited to be a part of Telix's future. My background includes more than 35 years' experience in life sciences, including senior management and financial leadership roles in commercial and clinical-stage pharmaceutical, radiopharmaceutical, and medical device companies. I have served as either Chief Financial Officer or President of publicly listed healthcare companies, including EndoChoice Holdings, which was acquired by Boston Scientific, INC Research, which is now known as Syneos Health, a global contract research organization, CTI Molecular Imaging, and Novoste, which used an isotope to treat cardiovascular disease.
Incidentally, CTI Molecular Imaging was the inventor of the PET/CT scanner, which is used in conjunction with Telix's products, and we had a network of approximately 60 cyclotrons delivering the radioactive agent F-18 on a just-in-time basis to imaging centers throughout the U.S. I took CTI public in 2002, and the company was later acquired by Siemens. A significant part of my career has been focused on building and scaling global life sciences businesses, navigating complex commercial issues as well as capital markets, establishing strong governance and financial discipline, and helping management teams navigate periods of rapid growth and transformation. This includes extensive experience engaging with U.S. capital markets, institutional investors, analysts, and global partners. I've also served extensively at the board level across Nasdaq-listed and private companies.
I currently sit on the boards of Evolus, which is public, Allucent, a midsize CRO with an oncology focus, Bridge to Life, RapidPulse, and huMannity Medtec, formerly known as The Alfred E. Mann Foundation for Scientific Research. My previous board experience includes Y-mAbs Therapeutics, which was public and had an approved therapeutic to treat pediatric glioblastoma, Strongbridge Biopharma, which was a public rare disease company, Alpha Source, HealthTronics, and Parametrics Medical. This blend of operating and board experience has given me a practical understanding of what is required to support management while maintaining rigorous oversight, particularly relevant to a dual-listed company like Telix. As Mark indicated, I am joining the board with the intention of assuming the role of chair. Telix is entering a critical and exciting phase of its journey.
With a fast-growing commercial footprint and a robust pipeline in radiopharmaceuticals, I believe my skills and experience are well aligned with the company's needs, and I am able to positively contribute to the board in maintaining rigorous standards in compliance, overseeing financial discipline at scale, furthering engagement with U.S. capital markets, while balancing the entrepreneurial culture that has driven Telix's success to date. I confirm that I have sufficient time and capacity to fill the responsibilities of a director and actively engaged in board and committee work. I also confirm that I would serve in an independent, non-executive capacity, bringing objective judgment and a strong commitment to acting in the best interest of all shareholders. Importantly, I am strongly aligned with Telix's purpose to help people with cancer and rare diseases live longer, better-quality lives.
I share the board's commitment to disciplined governance, execution, transparency, and sustainable long-term value creation for all shareholders. Thank you for your consideration. I will now hand back to Mark.
Thank you, David. The proxy votes in relation to this item of re-election are on the screen. Please note again, as Chair, I hold the majority of the proxy votes, and as set out in the notice of meeting, I'll be voting all those open votes there. Any shareholders and proxies would like to ask a question about the election of David? No. Any questions on the phone? None at all either. Thank you. That's great. Duly elected. Congratulations, David. We will now move on to 3C, which is Director, Mr. William Jellison, also in the U.S. Bill is an experienced public company Director and corporate finance leader. His contribution to Telix will be invaluable during the company's next growth phase. Bill will speak also briefly to his election. Thanks, Bill.
Thank you, Mark. Good morning, shareholders. My name is William, or Bill, Jellison, and I'm honored to stand for election as a Director of Telix Pharmaceuticals. Telix is a high-quality radiopharmaceutical business with a clear commitment to improving patient outcomes through precision oncology. Its global reach, proven execution capabilities, and advanced therapeutic pipeline underpin a compelling long-term outlook, and I'm excited by the opportunity to support Telix's continued growth as a Director. I am an experienced public company director and corporate finance executive with more than 30 years of experience, primarily within global regulated healthcare and medical technology businesses. Over my career, I have served as a senior executive and as a non-executive director, including extensive service on audit committees in highly regulated and international operating environments. In my last executive role, I served as Vice President and Chief Financial Officer of Stryker Corporation, a global leader in medical technology.
Today, I serve on the boards of Medtronic, Anika Therapeutics, Avient Corporation, Solenis, and Young Innovations. These roles provide me with current hands-on exposure to the challenges facing innovative healthcare and life science companies, particularly around scaling operations, capital discipline, cybersecurity, and operating effectively under increasing regulatory and global investor scrutiny. I believe my skills and experience align well with the company's current and future needs, particularly as Telix continues to commercialize products internationally, progress its pipeline, and balance investment discipline with long-term growth opportunities. I believe that my experience in capital allocation, M&A, and operating in multinational environments can strengthen board skills as Telix navigates this next transformative stage of growth. I'm impressed by the progress Telix has made in translating innovation into commercial outcomes and building a differentiated position in radiopharmaceuticals.
As your director, I would be committed to supporting management and the board in driving sustainable long-term value creation, maintaining high governance standards, and ensuring thoughtful oversight of risk, compliance, and financial stewardship. I have the capacity and time availability to fully meet the responsibilities of this role, and I would serve as an independent, non-executive director, bringing objective judgment and shareholder-focused decision-making to the board. In closing, I believe my leadership, board governance, and finance experience in global healthcare will enhance the board's ability to guide Telix's strategy and create greater shareholder value. Thank you.
Thank you, Bill. I say thank you, it's prerecorded. Sorry. There you go. The proxy votes in relation to this item should now be displayed on the screen. As you can see, he's been duly elected. We do invite shareholders and proxies. Are there any questions about that election? No one's busy on the phone, that's right. We'll move on then to 3C or 3D, sorry it was 3C, which is the election of Dr. Maria Rivas as a director. Maria has a deep understanding of this industry, of all medical research industries and pharmacy industries. She's led global operations and development in quite a few companies in healthcare. She will certainly make a significant contribution to the board's oversight of the next stage of Telix's growth. Maria will now also speak briefly to her election.
Thank you, Mark. My name is Dr. Maria Rivas, and I'm honored to stand for election as a Director of Telix Pharmaceuticals. I am a Medical Doctor with specialist training in endocrinology and over 25 years of executive experience across the global pharmaceutical, healthcare, and life science sectors. Most recently, as Chief Medical Officer and Senior Vice President at Pfizer Inc., I led global medical strategies, including launches and commercialization initiatives across the breadth of Pfizer's portfolio. My career has also included senior leadership roles at Merck MSD, AbbVie, Eli Lilly, Merck KGaA, and Bayer HealthCare. In addition to my executive leadership experience, I currently serve on the board of The Cooper Companies, Inc., which is a Nasdaq-listed company under the ticker name COO.
Prior to my service at The Cooper Companies, I served on the board of Medidata Solutions, at the time also a Nasdaq-listed company under the ticker MDSO, until Medidata was successfully acquired by Dassault Systèmes. In addition, I currently serve on the advisory board of Proxy Foods AI. In these roles, I contribute to strategic oversight, financial and risk management, governance excellence, and executive accountability. Through both my executive and board experience, I have developed a strong appreciation for the value of constructive challenge, independence of thought, and disciplined decision-making, particularly for companies that are scaling globally while commercializing advanced and innovative technologies. These perspectives are directly relevant to Telix as it continues to advance its pipeline, expand geographically, and balance innovation and regulatory, operational, and commercial risk. Throughout my career, I have worked extensively in highly regulated environments, collaborating with regulators, clinicians, scientists, and investors.
I bring deep experience across oncology, neuroscience, diagnostics, product lifecycle management, clinical development, regulatory approvals, and new product launches. This background allows me to contribute a clinically informed perspective to board deliberations, supporting robust oversight of product development, compliance, and risk, while remaining firmly focused on patient outcomes and long-term shareholder value. I am impressed by the progress Telix has made in establishing itself as a global leader in radiopharmaceuticals, and I am strongly aligned with the company's long-term vision, values, and commitment to high standards of governance and ethical conduct. I would welcome the opportunity to contribute to Telix's strategic direction and to support management throughout this important and transformative phase of growth. I confirm that I have sufficient time and capacity to fulfill the responsibilities of a director and to actively engage in board and committee work.
I also confirmed that I serve in an independent, non-executive capacity, bringing objective judgment and a strong commitment to acting in the best interest of all shareholders. I believe my pharmaceutical leadership experience, board governance expertise, clinical background, and focus on the risk oversight would meaningfully strengthen the board and support Telix's continued success. Thank you.
Thank you, Maria. The proxy votes in relation to this item are now displayed on the screen. Are there any questions from the floor at all about the election of Maria? Anything on the phone? None at all. Well, that's terrific. Thank you very much. All three were obviously elected without any problem at all, and we thank you for that. We, as a board, as a group, put a lot of effort into trying to seek out the best additions to the board we could do, and we're thrilled with what we were able to come up with. All three of these directors will make a meaningful contribution. We have no doubt at all. We welcome on the board and to shareholders. Thank you very much for that. We actually have 9 Items, I should say, of business today. We're up to Item 4.
We'll keep going. This one, Item 4, is the grant of equity to the Managing Director and the Group Chief Executive Officer, Chris. The ASX listing rules do require shareholders to approve the grant of equity to directors. Item 4A, which is up now, relates to the issue of deferred share rights to Chris as the deferred component of his achieved 2025 short-term variable remuneration outcome, which was delivered, or is delivered, 50% as cash and 50% as these deferred share rights. Details of the terms are set out on the notice. I'll now disclose the way in which the proxy votes have been directed. See there. We'll now invite any shareholders and proxies to ask any questions there. If there are none, are there any questions from the phone? None at all? Thank you. That's great.
Moving to Item 4, appreciation rights, or SARs, as we abbreviate them to Chris. This is part of his long-term, the LTVR, the long-term variable remuneration for 2026, which again requires shareholder approval. The board believes that it's definitely appropriate to award long-term incentive grants for achievement of these challenging but hopefully attainable performance. I say hopefully because if they attain them, everyone's a winner. That's a great thing. Over a three-year period to ensure the alignment and the CEO's reward. The remuneration report and the notice, they do set out the details on this grant. I can now disclose the way in which the proxy votes have already been directed. You can see there, very similar. Are there any shareholders and proxies to ask questions in the room? If not, are there any on the phone? None at all.
Item 5, moving along, which is to approve the equity incentive plan and the issue of equity securities under the equity incentive plan. This Item 5 is being put to shareholders for ASX Listing Rule placement capacity purposes. The Listing Rules provide that issues under the equity incentive plan will not count towards Telix's 15% placement capacity if within three years approval. The maximum number of securities proposed to be issued under the equity incentive plan over the next three years equates to approximately 10% of current shares on issue. Just over 3% per year. That's the maximum. That doesn't mean they'll be done that way.
A summary of the terms of the equity incentive plan is set out in the notice, and I can now disclose the way in which these proxy votes have been directed so far, which you can see there. Are there any questions from shareholders or proxies in the room? No. Are there any questions from the phone line? None at all either. Well, that's great. That's been passed in too. We're moving along well. Item 6 now. I said there are 9. Item 6, termination benefits. The approval of this item is being sought to preserve, really, the board's discretion to determine the most appropriate termination package for relevant individuals leaving the company as a good leaver.
I'm sure you're aware of the differentiation between when someone leaves the company, they usually leave as a good leaver, i.e., sort of go with the retirement or something like that, or illness or whatever it might be, or a bad leaver, in which case they are seen to have been fired effectively. There's a big difference. In the case of a bad leaver, usually termination benefits are very much prescriptive and usually very minimal. In the case of a good leaver, sometimes there are circumstances where the prescriptive nature of what they were there is not being met legally and needs to be adjusted with some discretion. That's rich. We are committed, though, to transparency, I should say, to shareholders. We have provided a summary of the key categories of potential termination benefits in the notice. Again, there's nothing being predicted here.
It is just to give us the flexibility if we need it. This is something that is happening quite a lot and quite common with other companies, I should say as well, seeking this approval at board meetings. These have been directed. You can see there's not much against. We'll now invite shareholders and proxies. Any questions at all? I'd be surprised if there are, given that level of support. Anything on the phone line? None at all. Great. All right. We'll now move on to Item 7 out of 9. This one is to improve the increase to the maximum NED fee pool. The shareholders last approved the maximum NED fee pool of AUD 1.8 million at last year's AGM. You might wonder why we're having to raise it again.
Since that time, as mentioned, Telix has appointed three new non-executive directors, all based in the U.S., given our continued expansion in the U.S. market and our dual listing. U.S. director fee levels, might not surprise you, but are higher in the U.S. than here in Australia, and we need then to adjust our fees and the compensation framework to attract and retain these NEDs who have the skills and experience that. The increase in the NED fee pool will also allow future growth, and the appointment of additional NEDs as required, if required. We look at it very much a skill we have on the board and what we might need, both currently, but also in the future. Occasionally, we'll identify something that we think needs to be addressed to make the company stronger.
Apart from the three we've already announced today, we have nothing else in the pipeline. We need to give ourselves some room rather than coming back again, if that happens again. I've now disclosed the way in which the proxy votes have been directed. A total of those votes are all there. You can see if you add them all together, it's been passed again. Are there any questions? I would like any questions at all in the room about that. Are there any on the phone? Yes, there is one. No, there's not.
There's one on the screen.
Oh, there's one on the screen. Apologies. I think there's a screen down here. The question, I should say, comes from the phone. It said, "Why should the directors get a wage rise when the shareholders cannot get a dividend?" Fair question. I think we'll answer, but I can tell you now that in terms of a dividend, and I'm sure we're all, as shareholders of lots of companies, there are dividend-paying companies and ones that actually elect to retain a lot of the money for the growth purposes of the business. We're in that situation, basically. We believe, and we hope we're correct, over a long period of time, we believe that you as shareholders and us as shareholders as well will benefit more from capital growth in the business than you will from getting a relatively small dividend.
We are taking that money, and as you've probably seen announcements, we prefer to put that back into R&D and development of our trials and our products that are going forward. We believe that when they are hopefully successful, that will give us as much a dividend. Any other questions at all? No? All right. Items 8A to 8D deal with the grant of share appreciation rights, again, to NEDs, non-executive directors. There are four separate resolutions dealing with the grant to each of the current NEDs who have not been granted a one-off equity grant on appointment to the board. A vote in favor of the resolutions in Item 8 will give Telix the ability to compete for and retain high caliber directors with the ability to provide effective oversight of the company's global operations.
The proposed grant of these share appreciation rights is consistent with market practice and Non-Executive Director expectations in the U.S. I should say, and you probably know this anyway, it's not all that common in Australia to have done this. Certainly in America, it is. We realized that was necessary when interviewing candidates for our new NED positions, that this was, in fact, almost a prerequisite. Very consistent to do that to grant the equity awards to new NEDs. Today's grant to each new director has a three-year vesting schedule, which is also aligned with shareholder interest. You don't get years as they do. Whatever the number is, you divide it by that. Also, we should say that these are share appreciation rights again.
Stock Appreciation Rights, as I said, you only benefit from an increase in the share price at the time from when they are granted. If in fact over that three year period, the share price is down, they will get nothing from those benefits. Whereas if you gave them ordinary shares straight away up front as opposed to a share right, they would still get AUD 0.50 in the dollar for free. We think this is a much better alignment with shareholders, and I am a shareholder, so I can tell you it's a much better alignment to have the Stock Appreciation Rights, we think, than just ordinary shares. The votes, we can put up now the way in which these proxy votes have been directed. They have all been passed when you consider the proxy votes that are there.
We will give shareholders an opportunity to ask any questions on all four resolutions. Please, if you have a question, please come to the microphone and ask it. If not, we will ask to see if there are any questions online. No? In that case, that is right. We will now move on then. Each of those has been passed. Item 9 is to ratify the prior issue of convertible bonds. This really relates to the refresh in accordance with the ASX Listing Rules, following the issuance of, which you probably all saw, of $600 million of convertible bonds, which we have listed on the Singapore Exchange. The funds received from the issue of those convertible bonds were used to repurchase and then cancel Telix's existing AUD 650 million of convertible bonds.
We've already talked before, I think, in my opening remarks about why we did that to give us the flexibility because of the year's issue of the convertible bonds as set out on the notice. I will now disclose the way in which the proxy votes have been directed. Not surprisingly, there was not much against that. Are there any questions at all from the floor, I should say? Nothing from the phone? No. In that case then, that's terrific. Thank you, shareholders, for your patience. All those matters have been passed, all those items. GM. If you've not already done so, please complete your voting cards, or if you are participating online, please submit your votes. I will allow some time now for shareholders to finish voting. I think that's enough time.
It says here pause for one minute, but I think that's enough time. Any shareholders, I can see you all here, who are in attendance here in Melbourne today, give your completed voting cards to the share registry representatives, and those voting results will be announced to the ASX after today's meeting. When they become available, they'll be online. You'll see them there. I can now declare the meeting closed formally, and thank you all to the shareholders online and here in Melbourne for participating in the meeting. We really do look forward to your continued participation at shareholder events. For those here in Melbourne now, please join the directors and the management out. Thank you