With three commercial agreements, four SAPPHIRE partners and ~$80m in cash, AYA is well positioned to accelerate Salix commercialisation in 2026. See the report for full analysis. https://t.co/RVtkqEKS4U 4/4

and @Ascensionorg. We expect AYA to enter the All Ordinaries at the March rebalance. The recent price rise provides a pathway to the ASX 300 at the September review w/ the company's market cap exceeding the currently required $661 million hurdle with a $130+ million buffer. /3

Those partners collectively complete an estimated 200k–250k CCTA/yr. We've trimmed near-term scan volumes & revenue expectations as we expect AYA to prioritise executing the study & solidifying relationships with high-calibre in-principle partners, including @MassGenBrigham /2

Valuation upgrade: @Artrya1 (ASX: AYA) to $6.62. We've lifted our Artrya valuation to $6.62/share, driven by higher long-term scan volume expectations following confirmation of four SAPPHIRE study partners. https://t.co/RVtkqEKS4U /1

It's difficult to imagine a time in history (outside of world wars) where the future was more uncertain. The exponential nature of these developments coupled with their complexity means a diminishing number of people and companies can participate.

Ouch 😬 That doesn't look good

We will not increase our revenue expectations until we see sales traction or evidence of partners joining the SAPPHIRE study. While we believe strongly in the Salix product, management needs to demonstrate its ability to commercialise it. 4/4 Full report: https://t.co/NheWX0mQG3

We’ve reduced our valuation to $3.06/share (from $3.48) due to the significant dilution (33%) and an expected increase in costs, which is slightly offset by the cash on balance sheet and a 50bpts reduction in discount rate given the group’s reduced capital and financial risk. 3/4

shareholders (record date of 8-Sep), also priced at $2.05. AYA reserves the right to accept over-subscriptions. Given the current share price, we expect it will be oversubscribed. The issue price is just 6% below Thursday’s close ($2.18), the day before the raise was announced 2/

No politician wants to be the one who ushers in a GDP-measured recession or, worse still, a meaningful decline in house prices. As such, we do not expect to see a major change in immigration in the near term.

There was some speculation that the growing discontent with the ongoing housing crisis & cost of living pressures might lead to the easing of this policy, the government’s recent announcement of a migration target of 185,000 (inline with 2024-25 target) put an end to that.

Immigration is the opioid to which governments (of all stripes) have become hooked to boost GDP (and housing prices). If GDP appears to be slowing, simply allow a few hundred thousand more people into the country and watch the GDP grow.

Looking over the last 25 years, however, immigration has accounted for a much larger proportion of growth, with GDP averaging 2.7% per year compared to GDP per capita of just 1.2% per year.

Looking back 50 years to 1973 (when the per-capita series begins), population growth has contributed nearly 50% of the GDP growth, with GDP growing at a 2.9% compound annual rate, compared to GDP per capita, which has averaged 1.5%.

GDP grew by +0.6% in the June quarter dragging GDP per capita up to +0.2%, only the 3rd positive recording in 12 quarters. The 2000s saw a significant widening of the gap between GDP & GDP per capita growth as successive governments became addicted to immigration to drive growth

signing commercial agreements with SAPPHIRE partners. The next 12 months will be a business transforming period for the company. Full report: https://t.co/NheWX0mQG3 6/6

Catalysts We see several catalysts that will progressively see AYA’s share price appreciate, including finalising commercial agreements with US partners, announcement of SAPPHIRE partners, FDA approval and commercial launch of SCF, AYA reporting its first US revenues and ... 5/6

If the SAPPHIRE study progresses, we will revisit our valuation. A conservative valuation of AYA processing 400,000 scans a year is $35 per share. Assuming a four-year rollout and applying a 20% discount implies a current value of $14.60 per share. 4/6

SAPPHIRE will require revisiting our valuation Management confirmed that they are still speaking with 6-8 health systems interested in participating in the SAPPHIRE study which, combined, complete 400,000 CCTA scans a year - worth approximately $500 million in annual revenue. 3/

The uplift is a result of increased expected revenue beyond FY28 based on positive industry feedback and Heartflow performance; slight cost reductions; and a reduction of the discount rate from 20% to 19% inrecognition of the reduced business risk. 2/6