Strong cash position: Artrya reported its 3Q26 cash results. With commercialisation only really starting during the quarter, income from customers remains low. - Customer receipts: $46 thousand – timing of receipts pushed cash flow into the June quarter - Operating cost: -$6.8 million – The step up in R&D activity leading up to Salix Coronary Flow (SCF) submission saw R&D costs increase to $1.6m, in line with previous submissions (SCA and SCP) - R&D rebate: $5.6 million – R&D tax rebate. AYA will remain eligible for these rebates until revenue reaches $20 million per year. - Net interest: $0.5 million – AYA has a $30 million term deposit - Cash & equiv: $46.6 million in cash and equivalents, plus $30 million term deposit, gives AYA access to $77 million in cash, compared to $24 million in total operating expenses over the last 12 months (excluding $6 million in R&D rebates) Valuation unchange: $6.62 per share Salix Coronary Flow: FDA submission early 2H26 AYA continues to make progress on its Salix Coronary Flow (SCF) FDA submission. SCF is “calibrated and locked down” with AYA working to complete the clinical study, which it will include in its FDA submission. Management has previously reported that the delay in submission (originally slated for late CY25 and then pushed to 4Q26) is due to its difficulty in obtaining sufficient high-resolution scans of patients undergoing invasive coronary angiography against which it can validate SCF. SAPPHIRE: On track for early 2H26 start During the quarter (as previously reported – see ‘Artrya: SAPPHIRE: HCA Midwest joins the party’ and ‘Artrya: Joins the ASX All Ords. Next stop ASX 300’), two large healthcare systems joined the SAPPHIRE study: Dignity Health Arizona and HCA Midwest Health. AYA reports that all six study partners (see Table 1) continue to work through the study protocol and ethics submissions. Management expects the study proper to commence in July, following the scheduled meeting of the six principal investigators at the Society of Cardiovascular Computed Tomography (SCCT) Annual Scientific Meeting in San Diego in mid-July 2026. Unlikely to be cash flow positive by FY27 It’s looking increasingly unlikely that AYA will be cash flow positive by FY27. We don’t see this as a negative and never assumed the group would reach this target. To be cash flow positive by FY27 requires: Full rollout AND ramp up of the three foundation partners to hit management’s US$15 million annual run rate target; OR Onboarding and rollout of new customers. Management has always stated that the three initial customers were worth US$15 million in annual revenue. To hit this revenue requires a full ramp-up in scan volumes in early FY27 in order to have a full 12 months at the targeted annual scan volume. Given that none of the foundation customers have yet been fully implemented, let alone scan volumes ramped up to the targeted volumes, we don’t see the three foundation partners providing this revenue in FY27. Second, the time required to onboard the foundation partners highlights the complexity of integrating Salix across a hospital group, which requires approval and support from at least five departments (and probably more): administration, cardiology, imaging, IT, and billing. Strong cash position and more to come Including its $30 million term deposit, AYA has $77 million in cash. Over the next 14 months, independent of customer receipts, the company will likely gain ~$34 million in additional cash: ‍- R&D tax rebate: During the quarter, AYA received a $5.6 million R&D tax rebate. Given the ongoing efforts ofthe SCF validation and FDA submission, the group will likely receive another $3-4 million in rebates over the next 12 months. ‍- Expiring options: Over the 14 months to the end of June 2027, AYA has $30 million of expiring options: - In the money: $19 million with the share price above $3.00 - ‍Out of the money: $11 million while the share price is below $5.00 Putting this in perspective, AYA’s last twelve months’ operating cash flow was -$16.2 million (or $23.3 million excluding interest and R&D tax rebates). At its current rate of spending, unless the group’s share price drops below $3 (for an extended time), the company will barely touch the $77 million in cash on its balance sheet. And at $5 per share, it won’t need any of its cash holdings. Valuation unchanged - $6.62 per share AYA continues to trade below our valuation. Future catalysts include: launch of the SAPPHIRE study, lodgement of the SCF FDA application, SCF FDA clearance, and reporting its first six months of US SCP revenue in 1H27. Artray is hosting a results call tomorrow, Friday, 1st May at 12:30 AEST: - Date: 1 May 2026 - Time: 10:30am AWST / 12:30pm AEST To pre-register for this conference, use this link: https://artrya.zoom.us/webinar/register/WN_7qmwbBYNQjSApKkxvwqToQ