Investor Presentation Liver Fibrosis Device & Capital Raise
Released
Released
Announcement PDF
NON-INVASIVE MRI LIVER FIBROSIS DEVICE
PRELIMINARY EPOC STUDY RESULTS &
CAPITAL RAISING PRESENTATION |
OCTOBER 2026
Funding three growth programmes from a
profitable, cash-generative base
Andrew Harrison | MD & CEO
Benjamin Carruthers | CFO
Resonance Health Ltd (ASX:RHT)
CONFIDENTIAL - NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
I M P O R T AN T N O T I C E
Important notice and disclaimer
Not an offer. This presentation has been prepared by Resonance Health
Ltd (ABN 96 006 762 492) in connection with a placement of new fully
paid ordinary shares. It is not a prospectus or other disclosure document
under the Corporations Act 2001 (Cth), does not contain all the
information an investor may require and is not an offer or invitation to
acquire securities in any jurisdiction.
Not for US distribution. This presentation may not be released to US
wire services or distributed in the United States. The new shares have
not been and will not be registered under the US Securities Act of 1933
and may not be offered or sold in the United States except in a
transaction exempt from registration.
Financial information. Amounts are in Australian dollars and relate to
the year ended 30 June 2026 unless stated. Normalised EBITDA is a
non-IFRS measure. Pro forma information is illustrative and assumes
completion of the placement.
Preliminary results. Liver fibrosis results are preliminary and not yet
independently verified, based on 50 subjects from a single site,
representing a broad spectrum of clinical conditions including liver
cancer, and may change as additional data becomes available. The
device is investigational and not cleared for clinical use in any jurisdiction.
Compiled by. The extended-proof-of-concept (EPoC) clinical study was
performed by Dr Wenjie Pang, Chief Scientific Officer (CSO) of
Resonance Health. Dr Pang’s qualifications and experience are set out in
detail on the Company’s website at this link:
www.resonancehealth.com/board-leadership
Forward-looking statements. This presentation contains forward-
looking statements, including guidance, which involve risks and
uncertainties; actual outcomes may differ materially. FY27 guidance
excludes the fibrosis device, acquisitions, new sites and geographic
expansion. See full forward-looking disclosures at the end of the
presentation.
Investment risk. An investment in Resonance Health is subject to risks,
some of which are set out in the key risks section of this presentation.
Investors should seek professional advice.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
T H E O F F E R
A $6.0M placement to fund three growth programmes
Placement to institutional, professional and sophisticated investors, within existing Listing Rule 7.1 and 7.1A capacity
$6.0M
Gross proceeds
Before costs of about $0.4M
7.2c
Offer price per share
12.2% discount to last close of
8.2c
83.3M
New shares
14.9% of enlarged capital
$10.4M
Pro forma cash
Net cash $7.9M
Use of funds: MRI endpoint acceleration $1.2M, TrialsWest east coast network $1.5M, liver fibrosis validation + regulatory $1.5M,
working capital $1.4M and costs $0.4M. Each programme is fully funded over 24 months. No shareholder approval is required.
Last close 8.2c on 22 Oct 2026. Dilution based on 477.1M shares on issue (ASX, 25 Aug 2026). Pro forma cash and net cash: 30 June 2026 balance sheet adjusted for net proceeds of about $5.6M.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
I N V E S T M E N T H I G H L I G H T S
Profitable, growing, and funded for the next step
1
Proven growth, now
profitable
Revenue from $4M in FY23 to $15.8M
in FY26, up 42% last year; NPAT
$1.5M; operating cash flow positive
every quarter in FY26.
2
Three businesses, one
customer
MRI endpoints, a MASH and metabolic
CRO, and investigator sites: one group
serving every layer of a pharma trial.
3 Structural tailwinds
MASH drugs now approved; obesity
and GLP-1 trials need liver fat, fibrosis,
VAT/SAT and muscle endpoints.
4 Operating leverage
SaMD forward orders and tendered
pipeline above $13M; employee costs
fell from 51% to 41% of revenue in
FY26.
5 Fibrosis: a real signal
Preliminary EPoC: AUC 0.82 for
significant fibrosis on standard MRI,
with no hardware or software added at
the scanner.
6
Placement to fund and
accelerate
Three programmes funded in full over
24 months; pro forma cash $10.4M
and net cash $7.9M.
Sources: FY26 results announcement (ASX, 28 Aug 2026); Company. Fibrosis results are preliminary.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
01
Resonance today
A profitable healthcare technology & services group
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
T H E G R O U P
Three businesses, one growth path: the pharma trial
SaMD core lab
$7.0M
FY26 revenue | 47% segment margin
Regulatory-cleared MRI endpoints:
FerriScan®, FerriSmart®,
HepaFatScan®, HepaFatSmart®,
LiverSmart® and CardiacT2*. Cleared
in the US, Europe, UK and Australia;
ISO 13485.
Resonance Clinical
$7.5M
FY26 revenue | 13% segment margin
Australian CRO with a MASH and
metabolic focus: feasibility, ethics, local
sponsorship and trial management.
$20.1M of contract wins since August
2023.
TrialsWest
$4.1M
FY26 revenue | 24% segment margin
Three WA investigator sites and 20+
active trials. Osborne Park passed a
$2M annualised run-rate in its third
year.
Global reach: the September 2026 announced alliance with a global CRO - Image Analysis Group (IAG) - makes Resonance Health
endpoints accessible and orderable through IAG’s established global imaging customer base.
FY26 segment figures before $3.0M of intersegment eliminations; group revenue $15.8M. Source: FY26 results (ASX, 28 Aug 2026); IAG announcement (ASX, 17 Sep 2026).
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
F Y 2 6 P E R F O R M AN C E
Profitable, cash-generative and growing
$15.8M
Revenue
Up 42% on FY25
$2.6M
Normalised EBITDA
16% margin
$1.5M
Statutory NPAT
Profitable at the statutory line
$2.9M
Operating cash inflow
Positive in all four quarters
$2.3M
Net cash, 30 June 2026
FY25: $0.1M
41%
Staff costs to revenue
Down from 51% in FY25
F Y 2 7 G U I D AN C E
$17–22M
revenue
$2.6–3.6M
EBITDA
Excludes revenues that may accrue
from the fibrosis device, new
acquisitions, new TrialsWest sites and
geographic expansion.
Source: FY26 results announcement (28 Aug 2026). Normalised EBITDA is non-IFRS. ASX removed the quarterly reporting obligation in August 2026.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
W H Y N O W
Three structural tailwinds
Independent forces converging on the capabilities Resonance Health has spent 20 years building
01
Liver disease prevalence
1.5B+
people living with chronic liver disease
20%+ of the global population;
58M+ new cases per annum
MASLD affects about one in four
adults; demand for screening, trial
enrolment and monitoring is
structural*
02
MASH diagnostics demand
2
FDA-cleared MASH therapies since 2024
Resmetirom (2024) semaglutide (2025)
- every patient needs or benefits from
fibrosis staging and monitoring
Insurer-payers may already require
biopsy or a non-invasive test before
covering therapy; the liver biopsy is
the bottleneck
03
GLP-1 trial explosion
951
obesity and overweight trials listed
6+ major GLP-1 agents in late-stage
trials, expanding into MASH, HFpEF
and CKD
Sponsors increasingly need body
composition, not just weight: liver
fat, fibrosis, VAT/SAT and muscle
volume & quality
*Sources: Company FY26 results presentation (liver disease prevalence); HCPLive 2025 (semaglutide approval); payer prior-authorisation criteria; ClinicalTrials.gov via Data Lookout (March 2026).
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
AD D R E S S AB L E M AR K E T
A trial beachhead inside a much larger market
Liver fibrosis assessment, annual market by stage. US only.
US$60–100M
a year
CLINICAL TRIALS, GLOBAL
~68,000 fibrosis reads a year
across MASH and obesity trials at
US$900–1,500 per scan
~US$140M
a year
US, DIAGNOSED TODAY
~705,000 specialist-managed
MASH patients, one test a year at
~US$200
~US$1.3B
a year
US, FULL ≥F2 POPULATION
6.7M US adults with MASH and
≥F2 fibrosis, one test a year at
~US$200
WIDER LIVER MARKETS
$23B
hepatic fibrosis market
(2026)
$40B+
liver disease diagnostics
Pharma trials are the
beachhead; diagnostics
follow clearance.
Company estimates, not forecasts; bubble areas to scale. Trials: ~16 Phase 3 and ~40 industry Phase 2 MASH trials plus obesity imaging cohorts (~68,000 scans/yr). Diagnostics at the 2026
Medicare MRE rate (CPT 76391, ~US$197). Sources: Data Lookout; Madrigal Q2 2026; Le et al., JAMA Netw Open 2025; Company FY26 results presentation (wider markets).
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
02
Liver fibrosis
Preliminary results from the extended proof-of-
concept study (EPoC)
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
P R E L I M I N AR Y R E S U L T S
Unlocking fibrosis signal from standard MRI
Significant fibrosis (≥F2)
40 F2–4 vs 10 F0–1
0.4 0.6 0.8 1.0
AUC
0.820
95% CI 0.674–0.940
Sensitivity (30/40)
75.0%
95% CI 43.9–93.3%
Specificity (8/10)
80.0%
95% CI 66.7–100%
Advanced fibrosis (≥F3)
19 F3–4 (incl. one F2–3) vs 31 F0–2
0.4 0.6 0.8 1.0
AUC
0.788
95% CI 0.631–0.908
Sensitivity (11/19)
57.9%
95% CI 42.9–95.5%
Specificity (29/31)
93.5%
95% CI 53.3–100%
Sensitivity: proportion of biopsy-positive subjects correctly identified by the model. Specificity: proportion of biopsy-negative subjects correctly excluded by the model. AUC (area under the ROC
curve): overall ability to distinguish two groups across all cut-offs (0.5 = chance, 1.0 = perfect). 95% CI: estimated range likely to contain the true performance metric.
DEVIMLA EPoC: Interim analysis based on 50 of 68 enrolled subjects (China site, 3T), first-pass model. Preliminary; see disclaimers - subject to further analysis & independent verification.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
I N T E R P R E T AT I O N
What the numbers say, and what they don't yet
A real signal
Both models separate fibrosis stages well
above chance, at both thresholds, on 3T
data, from four parameters and one image
type.
Expands 2022 PoC
The 2022 PoC (AUC 0.92, n = 27)
separated fibrosis from non-fibrosis,
including healthy volunteers. This study
tests more demanding endpoints in a more
diverse population.
Small cohort, wide
intervals
With 10 F0–1 subjects, specificity for ≥F2
rests on few patients. The validation study
is sized to narrow these intervals.
Strong potential for early-stage fibrosis detection, in line with FibroScan and the 2022 PoC; lifting advanced-fibrosis performance
towards elastography is the current development focus. Matching it without the hardware investment is the opportunity.
Significant fibrosis (≥F2): AUC vs published benchmarks
MRE (meta-analysis) 0.92
FibroScan (Cassinotto, n = 291) 0.82
Resonance, first pass (n = 50) 0.82
Axis starts at 0.5 (chance).
Advanced fibrosis (≥F3): AUC vs published benchmarks
MRE (LITMUS, n = 357) 0.91
FibroScan (Cassinotto, n = 291) 0.86
Resonance, first pass (n = 50) 0.79
Iron-corrected T1 (LITMUS) 0.59
Axis starts at 0.5 (chance).
Benchmarks: ≥F2 MRE, Selvaraj et al., J Hepatol 2021 (meta-analysis); ≥F3 MRE and cT1, Pavlides et al., Nat Med 2026 (LITMUS; ≥F2 not reported); FibroScan, Cassinotto et al., Hepatology 2016. Park
et al., Magnetic Resonance Elastography vs Transient Elastography in Detection of Fibrosis and Noninvasive Measurement of Steatosis in Patients With Biopsy-Proven Nonalcoholic Fatty Liver Disease.
Gastroenterology. 2017 Cross-study comparison; indicative only.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
W H E R E I T S I T S
Mass access at zero capex for imaging sites
~50,000
MRI scanners worldwide
~1,800
sites offering MRE
Circle areas to scale.
US$0
Resonance fibrosis device: no
added costs for hardware or
software required at imaging site
US$75k–150k
MRE: significant cost per
scanner, for driver hardware,
sequence and software licence
US$70k–125k
FibroScan: significant cost per
device, plus a trained operator
at each site
Sources: StartUs Insights (MRI base, 2022 est.); Resoundant (MRE sites); Post-Bulletin and Company (MRE cost); published estimate and Company (FibroScan cost); Pavlides et al., Nat Med 2026.
Cross-study comparison, indicative only.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
S T R AT E G Y
Three markets, entered in sequence
STAGE 1 | NOW
Clinical trials
Investigational use in pharma MASH
and obesity trials. No FDA clearance
or reimbursement needed, and it
builds the FDA dataset needed for
clearance.
Paid by sponsors, per scan
STAGE 2 | POST-CLEARANCE
Clinical diagnostics
Launch through hepatology centres
and the imaging sites globally already
using FerriScan® and HepaFatScan®.
Paid by providers, patients + some
payers
STAGE 3 | POST-COVERAGE
Reimbursed diagnostics
Payer coverage, naming in MASH-
drug prior-authorisation criteria
alongside VCTE and MRE, then a
Category I CPT code for
reimbursement.
Paid by insurers, at population
scale
US context: ~460,000 diagnosed F2–F3 MASH patients under specialist care; 6.7M
adults with MASH and ≥F2 fibrosis; 267 pharma MASH clinical trials recruiting.
Sources: Madrigal Q2 2026 call; Le et al., JAMA Netw Open 2025; ClinicalTrials.gov via Data Lookout (May 2026). Stage timing depends on FDA clearance and payer decisions.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
E C O N O M I C S
Illustrative investigational use unit economics per trial
Revenue = price per scan × patients × MRI visits (number of scans over time)
Trial type Patients
MRI
visits
Scans
Revenue at
US$900–1,500*
Paired
biopsy
cases
Phase 2b MASH 250 4 1,000 US$0.9M–1.5M ~465
Phase 3 MASH 1,000 4 4,000 US$3.6M–6.0M ~1,860
Obesity trial, liver
sub-study
300 3 900 US$0.8M–1.4M –
$0.9M
$3.6M
$0.8M
$1.5M
$6.0M
$1.4M
Phase 2b MASH Phase 3 MASH Obesity + liver
Revenue per trial (US$M)
At US$900 per scan At US$1,500 per scan
Illustrative assumptions, not forecasts. Pricing range per Company; trial sizes and visit schedules vary by sponsor. Paired cases assume biopsy at baseline and end of treatment with ~86%
completion; screening biopsies are additional. FY27 guidance includes no fibrosis device revenue.
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Indicative economics for 3 prevalent clinical trial types (phase 2, 3 & obesity)
* Price per scan
Does not include trial management, data management, reporting and other fees routinely
charged to sponsors
Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
03
Use of funds
Three growth programmes, each funded in full
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
U S E O F F U N D S
Three programmes, each funded in full over 24 months
Use $M What it buys
MRI endpoint acceleration 1.2
Muscle fat and mass, VAT/SAT automation,
validation and clearances
TrialsWest east coast
network
1.5
First four east coast sites, a dedicated East Coast
General Manager and start-up costs
Liver fibrosis device 1.5
Model refinement, FDA Pre-Submission, validation
and regulatory files, investigational-use deployment
Working capital 1.4
Buffer for contract milestone timing, and capacity to
move quickly on bolt-on acquisitions
Costs of the offer 0.4 Lead manager fees, legal, ASX and registry
Total 6.0
MRI endpoints East coast sites
Liver fibrosis Working capital
Costs
$6.0M
gross
Programme budgets are over 24 months. The Company reserves the right to vary the use of funds in response to business conditions and opportunities.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
P R O G R AM M E 1 M R I E N D P O I N T AC C E L E R AT I O N | $ 1 . 2 M
MRI endpoints for the obesity era
GLP-1 sponsors need muscle and fat-compartment measures next to liver fat. We already sell most of the imaging protocol
and are building the rest.
What we are building
• Muscle fat fraction and volume (thigh,
psoas, paravertebral, neck-to-knee)
for quality of weight loss
• Intermuscular fat as a by-product of
the muscle pipeline
• VAT/SAT automation to lift throughput
and margin
• Organ volumes, pancreatic and
epicardial fat from the same physics
Why it wins
• Liver fat, iron, MRE, VAT/SAT, muscle
and pancreatic fat from one
regulatory-cleared vendor
• Share of wallet on a $13M+ SaMD
pipeline, not a new market
• Iron and fat-corrected analytics with
20 years of QA; 400+ sites connected
through the Resonance Bridge
Delivery
• $1.2M over 24 months: 2–3 scientists
and engineers, validation scans,
reader training and the regulatory file
• Delivered through the unified,
automated SaMD platform targeting
5–10x of current analyst capacity
VAT/SAT central reads have been commercial since FY25; muscle quality is in priority development at customers' request. Status as at Oct 2026.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
P R O G R AM M E 1 M R I E N D P O I N T AC C E L E R AT I O N | $ 1 . 2 M
Metabolic and obesity MRI trial endpoints
Every endpoint in the tiered specification, grouped by region, from one imaging session and one ISO 13485 core lab
HEART
Paracardiac fat epicardial + pericardial volume IN DEV
Cardiac iron (CardiacT2*) septal T2* CLEARED
LIVER
Liver PDFF (HepaFatScan) ≥30% fall = responder CLEARED
VLFF and steatosis grade volumetric fraction CLEARED
Liver stiffness (MRE) kPa IN TRIALS
Liver volume context for fat change OFFERED
Liver iron (FerriScan) reference LIC CLEARED
PANCREAS, SPLEEN AND KIDNEYS
Pancreatic PDFF ectopic fat; T2D substudies OFFERED
Pancreas and spleen volume organ morphology OFFERED
Kidney PDFF, renal sinus fat renal risk IN DEV
WHOLE BODY
Total adipose tissue neck-to-knee fat IN DEV
Total lean tissue lean preservation IN DEV
Body-fat z-scores vs matched reference IN DEV
ABDOMINAL FAT
Visceral fat (VAT) whole-abdomen volume IN TRIALS
Abdominal SAT central vs subcutaneous IN TRIALS
MUSCLE
Thigh muscle volume quantity beyond DXA NEW
Thigh muscle fat infiltration muscle quality NEW
Thigh subcutaneous fat peripheral response NEW
Muscle groups, erector spinae localised effects IN DEV
Composite muscle score quantity + quality IN DEV
STATUS CLEARED Regulatory-cleared IN TRIALS In use in trials OFFERED Offered for trials NEW Newly developed IN DEV In development
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
P R O G R AM M E 2 T R I AL S W E S T E AS T C O AS T N E T W O R K | $ 1 . 5 M
The WA site model, replicated on the east coast
Osborne Park
Mandurah
Spearwood
1
2
3
4
5
6
Six new east coast sites
TrialsWest
HQ
A nine-site national network: three WA sites plus six new east coast sites,
run hub-and-spoke from TrialsWest HQ
$4.1M FY26 TrialsWest revenue, three WA sites
$2M+ Osborne Park annualised run-rate in its
third year
~$100K Fit-out capex per site, 2 FTE from day one
The $1.5M covers the first four of the six east coast
sites (two a year from H2 FY27), a dedicated East
Coast General Manager and start-up losses.
Source: FY26 results; Company. Mandurah approached breakeven in its first year. New sites are excluded from FY27 guidance.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
P R O G R AM M E 3 L I V E R F I B R O S I S D E V I C E | $ 1 . 5 M
From preliminary results to an FDA submission
1
Complete the
EPoC
All 68 subjects,
independent
pathology review,
cross-validated
results.
2
Model v2
Add more data and
clinical variables;
lock the pipeline.
3
FDA Pre-
Submission
Agree intended use,
pathway, reference
standard and
validation design.
4
Investigational
use
Paid analysis in
sponsor trials;
paired MRI–biopsy
cases.
5
Pivotal validation
Locked model on
more sequestered
cases, independent
reads.
6
Submit and clear
510(k), or De Novo
if FDA requires.
We are here
Capital-light by design: the $1.5M funds model development, the FDA Pre-Submission, validation and regulatory files and
investigational-use deployment. Sponsors pay for the scans that build the dataset, at US$900–1,500 per scan.
Subject to FDA feedback. FDA review goals: Pre-Submission feedback 70 days; 510(k) 90 FDA days; De Novo 150 FDA days.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
P R O F O R M A
Net cash from $2.3M to $7.9M
$M 30 June 2026 Placement Pro forma
Cash at bank 4.8 +5.6 10.4
NAB facility, drawn (2.5) – (2.5)
Net cash 2.3 +5.6 7.9
Capital structure
Shares on issue (pre-placement) 477.1M
New shares at 7.2c 83.3M
Shares on issue (post-placement) 560.4M
Market capitalisation at 7.2c (post-placement) $40.4M
$10.4M
pro forma cash
Funds all three programmes in full, with a
$1.4M buffer for contract timing and bolt-
on opportunities. The NAB facility
matures on 31 Mar 2027 with the renewal
process commencing early in 2027
30 June 2026 balance sheet adjusted for net placement proceeds of about $5.6M. Shares on issue as at 25 Aug 2026; 21.2M options and performance rights also on issue.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
C AT AL Y S T S
What to watch over the next 12 to 24 months
Liver fibrosis
Full EPoC analysis of
68 subjects
FDA Pre-Submission
feedback
First investigational-
use sponsor contracts
MRI endpoints
Muscle quality
endpoints to market
VAT/SAT automation
live
First IAG work orders
(pilot studies)
TrialsWest
East Coast General
Manager appointed
First east coast sites
open, two a year from
H2 FY27
Principal investigators
signed before each
lease
Group
FY27 results against
guidance
NAB facility renewed
SaMD pipeline
converting to orders
Catalysts and timing are not guaranteed
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
O F F E R D E T AI L S
Offer terms and indicative timetable
Term Detail
Offer size
$6.0M (before costs), placement to institutional, professional and
sophisticated investors
Offer price
7.2c per share: 12.2% discount to the last close of 8.2c (22 Oct
2026); 6.4% discount to 5-day VWAP
New shares Approx 83.3M new shares, 14.9% of enlarged issued capital
Capacity
Within existing Listing Rule 7.1 and 7.1A capacity; no shareholder
approval required
Ranking
Rank equally with existing fully paid ordinary shares from
allotment
Lead manager Bell Potter Securities
Event Date
Trading halt; launch and
bookbuild
Fri 23 Oct
Mon 26 Oct
Placement announced; trading
resumes
Wed 28 Oct
Settlement of new shares Fri 6 Nov
Allotment; new shares trade Mon 9 Nov
Timetable is indicative and subject to change. All dates
AWST.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
K E Y R I S K S
Key risks
Clinical validation: Preliminary fibrosis results may not be
confirmed in the full and final EPoC analysis or in validation.
Regulatory: The FDA pathway (510(k) or De Novo), timing and
outcome are uncertain; FDA may require more data.
Data rights: The validation dataset depends on sponsors
agreeing to the use of paired MRI–biopsy data.
Reimbursement: There is no assurance of coding, coverage or
payment for diagnostic use.
Contract timing: Revenue and cash depend on trial milestones;
receipts are lumpy and sponsors can delay or cancel trials.
Expansion execution: East coast sites may take longer to reach
maturity; recruiting investigators and staff is competitive.
Funding and debt: The NAB facility matures in March 2027 and
is being renewed; further capital may be required.
Competition and people: MRE, VCTE and other MRI methods
compete; performance depends on retaining key staff.
Not an exhaustive list. Investors should consider all information in this presentation, including the notes on forward-looking-statements, and seek professional advice.
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
Summary
1
Profitable and growing: FY26 revenue $15.8M, up 42%, cash
positive every quarter.
2
Three growing businesses serving one customer: the pharma
trial.
3
Liver fibrosis: a real signal on standard MRI, with no additional
site hardware or software required.
4
$6.0M fully funds the growth strategies across 3 programmes.
5 Revenue from investigational use in clinical trials first (to get
data needed for FDA), then diagnostics, then reimbursement.
Andrew Harrison, Managing Director & CEO
andrewh@resonancehealth.com | +61 8 9286 5300
investors.resonancehealth.com
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Disclaimer & Forward-Looking Statements
This presentation has been prepared by Resonance Health Ltd (“Resonance Health” or “Company”) and contains forward-looking statements
that are based on current expectations and beliefs and are subject to numerous factors and uncertainties that could cause actual results to
differ materially from those described. Forward looking statements contained in this presentation include statements abouts future financial
and operating results, research & development and regulatory submissions, possible or assumed future growth opportunities, and risks and
uncertainties that could affect Resonance Health’s products and services.
These forward-looking statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are
difficult to predict, and are based upon assumptions as to future events that may prove inaccurate. Actual outcomes and results may differ
materially from what is expressed in any forward-looking statement in which Resonance Health expresses an expectation or belief as to future
results. There can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. Resonance Health
will not update forward-looking statements unless required by law.
The information in this presentation does not take into account the objectives, financial situation or individual needs of any person. Nothing
contained in this presentation constitutes investment, legal, tax, or other advice. Potential investors should make their own decisions whether
to invest in Resonance Health shares based on their own enquiries and are advised to seek appropriate independent advice. This presentation
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Non-Invasive MRI Liver Fibrosis Device, Preliminary EPOC Trial Results and Capital Raising Presentation
04
Appendix
28
Board of Directors – Deep Sector Expertise
P h a r m a , c l i n i c a l , c a p i t a l m a r k e t s & c o m m e r c i a l d e p t h
Aaron Brinkworth
Chairman
22-year career with Gilead Sciences (Nasdaq: GILD)
as it grew from a small biotech into a global company
with annual sales of over USD $27 billion. Held
several commercial, licensing and patient access
roles, including Executive Director – Global Patient
Solutions. BHlthSc, Edith Cowan University; Board
member, Royal Surf Lifesaving Society of WA since
2020.
Andrew Harrison
Managing Director & CEO
Experienced CEO and Non-Executive Director of
listed and private companies across a range of
industries, including radiology and medical AI.
Extensive experience in capital markets, technology
commercialisation, local and international M&A, and
strategic restructuring and turnaround, with substantial
international experience across European, US and
Chinese markets.
Dr. David Fuller
Non-Executive Director
Qualified medical doctor and pharmacist with over 3
decades of international experience in drug
development and commercialisation, especially
oncology, renal medicine, neurology and anti-
infectives. Proven track record of creating value
across large and small-cap environments in senior
management and Board roles. Appointed NED April
2026.
Michael Sistenich
Non-Executive Director
Partner and Founder of Aurenda Partners with over 24
years in investment banking, corporate finance and
asset management. CEO of Enlitic (ASX:ENL);
founder and lead portfolio manager of the €6.5bn
DWS Investments healthcare franchise; founded the
first European healthcare hedge fund at Meditor
(€500m+). MSc (Hons) Biochemistry, Oxford.
Appointed NED April 2026.
Dr Travis Baroni, PhD
Non-Executive Director
Broad experience across industrial research,
commercialisation of technology, asset valuations and
investment banking services. Manager of innovation
development and technology strategy in a large
company setting, active early-stage investor, and
adviser on equity capital market transactions,
corporate research and va
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