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Cyclopharm Limited
(Sydney:CYC)
Cyclopharm Limited (CYC) vs. iShares MSCI Australia ETF (EWA)
Cyclopharm Limited Business Overview & Revenue Model
Cyclopharm Limited Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.33M | 27.57M | 26.34M | 23.22M | 17.70M |
| Gross Profit | -1.46M | 17.93M | 16.08M | 5.94M | 3.20M |
| EBITDA | -16.41M | -13.69M | -3.84M | -6.47M | -5.79M |
| Net Income | -17.22M | -13.20M | -4.70M | -6.61M | -5.04M |
Balance Sheet | |||||
| Total Assets | 46.10M | 62.13M | 45.91M | 49.54M | 55.74M |
| Cash, Cash Equivalents and Short-Term Investments | 6.63M | 20.57M | 11.73M | 20.30M | 29.25M |
| Total Debt | 14.92M | 8.29M | 4.23M | 4.33M | 4.51M |
| Total Liabilities | 18.99M | 19.40M | 13.65M | 13.01M | 12.67M |
| Stockholders Equity | 27.11M | 42.73M | 32.26M | 36.54M | 43.07M |
Cash Flow | |||||
| Free Cash Flow | -19.32M | -13.55M | -7.74M | -8.21M | -2.79M |
| Operating Cash Flow | -17.33M | -12.57M | -7.20M | -6.66M | -1.63M |
| Investing Cash Flow | 3.00M | -971.86K | -508.47K | -1.55M | -1.16M |
| Financing Cash Flow | -1.12M | 22.22M | -1.02M | -725.64K | 30.17M |
Cyclopharm Limited Technical Analysis
Cyclopharm Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | AU$228.01M | -137.50 | -2.01% | ― | 16.93% | 76.47% | |
53 Neutral | AU$2.41B | -12.58 | -44.49% | ― | 55.91% | 22.60% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | AU$65.92M | 660.00 | -6.35% | ― | 2.23% | -263.16% | |
46 Neutral | AU$34.66M | -1.42 | -74.00% | ― | 23.31% | -17.35% | |
44 Neutral | AU$98.30M | -5.21 | -31.98% | ― | 34.20% | -23.90% | |
44 Neutral | AU$163.11M | -14.95 | -70.55% | ― | ― | -257.32% |
Cyclopharm Limited Corporate Events
Cyclopharm Limited has updated the market on its previously announced capital raising, confirming that the proposed issue of securities will proceed via a placement and a securities purchase plan. The company disclosed that settlement of the T2 placement shares, originally expected earlier, has now been deferred to 20 April 2026, signalling a revised timetable for completion of this funding initiative.
The deferral affects the timing, but not the structure, of the planned equity issuance, which comprises both a placement to investors and an offer under a share purchase plan. This shift in settlement date may delay the inflow of new capital and could affect short-term liquidity and planning for existing and prospective shareholders, although the company maintains its intention to complete the proposed issue on the new schedule.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited reported record operating revenue of $32.3 million for the year ended 31 December 2025, a 17% increase on 2024, driven by strong growth in its Technegas® business and third-party distribution activities. Despite the higher revenue and a cash balance of $6.6 million at year-end, the company remained loss-making, with a net loss after tax of $17.2 million, although the loss widened in line with revenue as it scaled its operations.
Technegas® revenue rose 10% to $16.7 million, underpinned by rapid expansion in the U.S., where Technegas® sales jumped 226% to $2.7 million and the country became Cyclopharm’s largest single market. Third-party distribution revenue climbed 26% to $15.6 million on robust consumables and service demand, while more than 150 Technegas® generators have now been landed in the U.S. and are available for deployment, positioning the company for further growth but with no dividend declared as it continues to invest.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has completed the first tranche of a previously announced share placement, issuing 9,473,684 new fully paid ordinary shares to institutional investors at $0.95 per share to raise A$9 million before costs. A second tranche of 5,263,158 shares, representing an additional A$5 million, is scheduled to be allotted on 25 February 2026, subject to settlement, with the company confirming it remains in compliance with its continuous disclosure and financial reporting obligations under Australian corporate law.
The placement strengthens Cyclopharm’s capital position, providing additional funding capacity to support its ongoing operations and growth initiatives in nuclear medicine diagnostics. By securing institutional backing and affirming there is no undisclosed price-sensitive information, the company reinforces market confidence and signals a stable regulatory footing as it advances its commercial strategy.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has applied for quotation on the ASX of 9,473,684 new ordinary fully paid shares under code CYC, effective 11 February 2026. The issuance follows previously announced transactions and will increase the company’s quoted share capital, potentially affecting liquidity and the holdings of existing shareholders.
The application, lodged as a new Appendix 2A announcement, formalises the move to list these additional securities on the exchange. While no use-of-proceeds details are disclosed, the enlarged register may support Cyclopharm’s capital management objectives and its ability to fund future corporate or operational initiatives.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm plans to issue up to 14.7 million new shares via a placement and a further 2.1 million through a securities purchase plan, with record, closing, and issue dates set through March 2026, signaling a sizeable capital raise to support its expansion objectives. The dual-structure offering should bolster liquidity, broaden the shareholder base, and provide funding capacity that may enhance Cyclopharm’s competitive positioning and operational execution in nuclear medicine diagnostics.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has released an investor presentation in connection with a confidential, non-underwritten institutional placement of new fully paid ordinary shares, intended for information and discussion purposes only. The company stresses that the material is not a prospectus or formal offer document, does not constitute financial advice or a recommendation to invest, and that any investment decision in its new shares should be made with regard to risks, individual financial circumstances, and independent professional advice.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has raised A$14 million via a placement to new and existing institutional, sophisticated and professional investors at A$0.95 per share, issuing 14,736,842 new shares in two tranches under its existing placement capacity. The company will also launch a non-underwritten share purchase plan to raise up to a further A$2 million at the same issue price, giving eligible shareholders in Australia, New Zealand and the UK the opportunity to subscribe for up to A$30,000 in new shares. Proceeds will be directed primarily to accelerating the commercial rollout of its Technegas® lung imaging technology in the US, as well as funding Advance Beyond PE growth initiatives, development of a next-generation Technegas® system and general working capital, underscoring Cyclopharm’s push to solidify its US market entry and support its longer-term growth trajectory.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm has reported record unaudited FY2025 operating revenue of $32.3 million, up 17% on the prior year, driven by 10% growth in Technegas® sales to $16.7 million and a 26% rise in third-party distribution revenue to $15.6 million. The United States became the company’s largest Technegas® market in its first full year after FDA approval and reimbursement, with U.S. Technegas® revenue surging 226% to $2.7 million as installations, technology access fees and training revenue increased, supported by more than 150 generators already landed and available for deployment. Cyclopharm reaffirmed its target of 250–300 revenue-generating U.S. Technegas® installations by the second half of 2026 and highlighted growing consumables and service income, which boosted recurring revenue and operating leverage despite flat gross margin of $17.8 million. The company booked a non-cash $2.7 million impairment on its non-commercialised Ultralute asset due to delayed regulatory approval timelines, while emphasising that it still sees strategic potential in the product. Cyclopharm reported an underlying unaudited net loss before tax of $17.0–$18.0 million, deeper than the prior year’s $13.1 million loss, reflecting deliberate investment in U.S. commercial infrastructure, clinical trials to expand Technegas® indications, and warehouse and logistics capacity, with management characterising FY2025 as a foundational year positioning the business to scale U.S. revenue without equivalent increases in fixed costs.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has requested and been granted a trading halt in its securities on the ASX as it prepares to announce the completion of a capital raising. The planned capital raising will comprise a placement of new shares to institutional and sophisticated investors, followed by a share purchase plan for eligible existing shareholders, a move that signals the company is seeking fresh funding to support its operations and growth, with trading expected to resume once full details are disclosed or by 4 February 2026 at the latest.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm has entered into a clinical research collaboration with Macquarie University and Macquarie University Hospital to support the Endoscopic Segmental Sealant Ablation (ESSA) Study, which will test a novel minimally invasive bronchoscopic procedure for patients with severe COPD who are not eligible for existing valve-based lung volume reduction therapies. The trial, led by Professor Alvin Ing, will use Technegas® functional lung imaging combined with AI-based analysis from Thirona on V/Q SPECT-CT scans to identify poorly functioning lung segments, guide targeted treatment with polymer foam, and quantitatively measure segment-level treatment response in 34 patients over about 12 months, positioning Cyclopharm’s technology at the centre of a next‑generation, personalised approach to COPD care and potentially expanding its addressable market in interventional respiratory medicine.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm’s flagship lung imaging agent Technegas has been explicitly recognised as a preferred ventilation agent in a new draft ventilation–perfusion (V/Q) pulmonary scintigraphy guideline developed for leading US and international nuclear medicine societies. The draft, which marks the first major update to US-aligned lung imaging guidance since 2012, cites Technegas as generally preferred where available and highlights its role in enhancing diagnostic accuracy and expanding applications beyond pulmonary embolism to a range of respiratory and cardiothoracic indications, a move expected to accelerate US clinical demand, support broader institutional adoption and strengthen Technegas’ positioning in hospital procurement and reimbursement decisions.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has confirmed that its insurer has accepted indemnity for legal proceedings brought against the company by 4DMedical Limited in the Supreme Court of Victoria and has taken over conduct of Cyclopharm’s defence. The insurer’s assumption of the defence is expected to mitigate potential financial and operational impacts on Cyclopharm as the case progresses, providing greater certainty for investors and other stakeholders while the company continues its focus on its core radiopharmaceutical operations and ongoing disclosure obligations.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has signed an agreement with Stanford Medicine Children’s Health for the implementation of its Technegas lung imaging technology at Lucile Packard Children’s Hospital Stanford, the first dedicated children’s hospital in the United States to adopt the product. The installation represents a key milestone in Cyclopharm’s early U.S. commercial rollout, underscoring Technegas’ appeal in paediatric care due to its low radiation dose, established safety profile, and suitability for high-quality functional lung imaging, and supports the company’s broader strategy to expand its presence across leading U.S. academic and clinical centres.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$0.97 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.
Cyclopharm Limited has secured regulatory approval for its Technegas lung imaging technology in Colombia, lifting its global footprint to 67 countries and reinforcing its position in functional lung ventilation imaging. The move supports the company’s strategy to broaden access to low-radiation, high-resolution functional ventilation imaging that can be integrated with AI-enabled platforms for precise measurement of regional lung function. With Technegas now expanding into wider respiratory applications, including COPD, asthma, lung transplantation and oncologic planning, the Colombian approval is strategically timed ahead of the World Federation of Nuclear Medicine and Biology Congress in Cartagena in early 2026, providing a high-profile venue to showcase the technology and accelerate clinical adoption in partnership with local centres, which could further entrench Cyclopharm’s standing among nuclear medicine specialists globally.
The most recent analyst rating on (AU:CYC) stock is a Hold with a A$0.97 price target. To see the full list of analyst forecasts on Cyclopharm Limited stock, see the AU:CYC Stock Forecast page.