AYA joins the All Ordinaries Index. ASX 300 next On Friday, S&P announced that Artrya will be added to the A&P/ASX All Ordinaries index when it is rebalanced in two weeks (20th March). This is Artrya’s second index inclusion following its addition to the ASX All Technologies index in December. Venn Brown believes there is a good chance AYA will be added to the ASX 300 index at its next rebalancing in September. Based on Friday’s closing share prices, AYA’s market cap would need to be around $761 million (~$4.81 per share). This is well below our $6.62 valuation, and with several major catalysts occurring this year, AYA has a good chance of being included. SAPPHIRE: The 6th partner announced, and it’s BIG Along with its results call in early February, Artrya announced Dignity Health Arizona as the sixth SAPPHIRE partner. Dignity Health is part of CommonSpirit Health, the fifth-largest healthcare system in the US, operating more than 40 hospitals and 400 care centres across 21 states. Along with world-leading cardiac research partners, the SAPPHIRE study now includes the 10th, 5th, and largest healthcare systems in the US. Non-cash items drag on first-half results Artrya released its complete half-year financial results on Friday. There were no great surprises, but the signing of commercial agreements with the three foundation partners triggered the realisation of options, which were a negative, non-cash drag on the results. Enviably strong cash position Artray finished the half with more than $76.7 million in cash on its balance sheet. Over the next 16 months, through to the end of FY27, Artrya has $31.4 million in options expiring (see Figure 3), $20 million of which is already in the money, with the remainder at a $5.00 exercise price. With total FY25 cash operating expenses below $21 million and the company still reporting that it expects to be cash flow positive in FY27, Artrya is accumulating a significant cash pile. Clearly enough to weather any headwinds, market volatility or potential delays. Board & management team strengthened In February AYA announced the appointment of Dr Jeffrey LeBenger to the board of directors. Dr LeBenger is a physician and senior healthcare executive and former CEO of Summit Medical Group and Summit Health. AYA also announced today the appointment of its new General Manager for the US. Valuation unchanged - $6.62 per share AYA continues to trade below our valuation. Despite the market turmoil over the last few months, AYA remains in a strong position. • Strong cash position: Cash balance provides at least 3 years of operating costs, with options extending this by another 18 months. • SCF on track: Salix Coronary Flow still on track for FDA submission during the half, with a chance of gaining approval before the start of FY27 • First US revenue: 2H26 provides the first full half of US revenue • Stronger board of directors: In February, experienced US physician and healthcare service operator, Dr Jeffrey LeBenger, joined the board of directors • SAPPHIRE study due to commence: As promised, Artrya’s welcomed SAPPHIRE partners who combined complete ~400,000 CCTA scans a year, and the study remains on track to commence in early FY27. Artrya continues to reach its milestones that support our investment case, with 2H26 and FY27 set to be a transformative period, driven by the ongoing commercialisation of Salix and significant exposure to the product and business through the SAPPHIRE study.