4DMedical’s Cash Reserves to Hit $63.7M After $30.2M Option Underwrite

Capital Injection Secured Through Underwriting

4DMedical Limited (ASX – 4DX) has taken a significant step to bolster its financial position by entering into an underwriting agreement with Bell Potter Securities Limited. This agreement guarantees the exercise of all listed 4DXO options, exercisable at $1.365 each, which are due to expire at the end of December 2025. The full exercise of these options would inject approximately $30.2 million into the company, a move that substantially strengthens its cash reserves.

As of the announcement, around 8 million options have already been exercised, leaving 14.2 million options still to be converted. The underwriting agreement ensures that any unexercised options will be taken up by the underwriter, effectively removing uncertainty around this funding round. This will bring 4DMedical’s pro forma cash balance to an impressive $63.7 million as of 30 September 2025.

Positioning for a Transformational Year

The company’s Managing Director and CEO, Andreas Fouras, highlighted the momentum 4DMedical has built throughout 2025. The secured funding is intended to support the commercialisation of its flagship CT – VQ™ technology, which combines ventilation and perfusion analysis to provide advanced cardiothoracic imaging. This technology is gaining unprecedented interest, with multiple contract discussions underway, particularly targeting key U.S. academic medical centres (AMCs) as reference sites.

4DMedical’s CT – VQ™ solution, delivered via a Software-as-a-Service model, integrates seamlessly into existing hospital infrastructure and leverages artificial intelligence to enhance diagnostic precision and physician productivity. The company’s recent acquisition of Imbio in 2023 has further strengthened its AI capabilities, positioning it at the forefront of respiratory care innovation.

Risk Management and Regulatory Safeguards

The underwriting agreement includes a comprehensive set of termination events that protect the underwriter and the company. These cover a range of potential issues including adverse regulatory changes, revocation of FDA clearances, clinical trial holds, insolvency events, and significant market disruptions. Such clauses underscore the inherent risks in the medical technology sector, especially given the regulatory environment and the critical nature of FDA approvals for 4DMedical’s products.

Importantly, the underwriter is not a related party and will receive a 2.5% fee on the underwritten amount, aligning incentives for a successful capital raise. The issuance of any shortfall shares will comply with ASX rules and will not require additional shareholder approval, streamlining the process.

Looking Ahead

With a strengthened balance sheet and growing market traction, 4DMedical is well-positioned to execute its commercial strategy in 2026. The company’s focus on securing key U.S. reference sites and expanding adoption of CT – VQ™ could mark a turning point towards profitability. However, investors will be watching closely for the pace of option exercises, regulatory developments, and contract wins that will validate this optimistic outlook.