Institutional-Quality Issuer Sponsored Research, Venn Brown

Venn Brown

Institutional-Quality Issuer Sponsored Research

Venn Brown is a specialist Australian micro and small-cap research house. Our coverage includes health care, information technology, industrials, financials, biotech and consumer/retail.

Equity Bottom-Up

Artrya Limited operates as an artificial intelligence healthcare company. The Company works alongside clinicians to improve the diagnosis of coronary heart disease and develop a holistic overview of a patient. Artrya serves customers in Australia.

<ul><li>Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System.</li><li>Huntsville is the first SAPPHIRE partner to sign a commercial agreement.</li><li>The market responded positively, with the stock trading as high as $4.20 (+22%) before closing at $3.70 (+7.9%).</li></ul>

Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System.Huntsville is the first SAPPHIRE partner to sign a commercial agreement.The market responded positively, with the stock trading as high as $4.20 (+22%) before closing at $3.70 (+7.9%).

Artrya (ASX:AYA): SAPPHIRE partner Huntsville Hospital Health System signs 5 year commercial agreement; investor call Wednesday

<ul><li>Artrya fell -21% last week and at one point, was down another -8% today.</li><li>At today’s close, the shares are down -50% from their all-time high of $6.49 set just three months ago on the 6th July.</li><li>The pullback is partly a result of disappointing 4Q26 results (see ‘Valuation downgrade but market overreaction is a buying opportunity’) compounded by 1) last Tuesday’s rejection by the FDA of EchoIQ’s EchoSolv HF submission; and 2) the ongoing delay in Salix Coronary Flow FDA submission.</li></ul>

Artrya fell -21% last week and at one point, was down another -8% today.At today’s close, the shares are down -50% from their all-time high of $6.49 set just three months ago on the 6th July.The pullback is partly a result of disappointing 4Q26 results (see ‘Valuation downgrade but market overreaction is a buying opportunity’) compounded by 1) last Tuesday’s rejection by the FDA of EchoIQ’s EchoSolv HF submission; and 2) the ongoing delay in Salix Coronary Flow FDA submission.

Artrya (ASX:AYA): Share price dragged down by EchoIQ FDA denial; AYA joins S&P/ASX 300; Scenario test the robustness of our forecasts maintain $6.07 per share valuation

Race Oncology Limited operates as a specialty pharmaceutical company. The Company focuses on rediscovering and bringing to market the cancer chemotherapy agent, Bisantrene.

<ul>
<li>Venn Brown sat down with Daniel Tillett, CEO of Racura Oncology, to discuss the three potential applications for RC220, their potential market size, the status of its clinical trials, funding, and what the market doesn’t understand.</li>
<li>Old drug, new delivery: RC220 reformulates bisantrene, an effective cancer drug developed in the 1980s but constrained by poor solubility and crystallisation in the blood.</li>
<li>Racura’s formulation is designed to enable safer, more practical administration while preserving the drug’s underlying properties.</li>
</ul>


Venn Brown sat down with Daniel Tillett, CEO of Racura Oncology, to discuss the three potential applications for RC220, their potential market size, the status of its clinical trials, funding, and what the market doesn’t understand.
Old drug, new delivery: RC220 reformulates bisantrene, an effective cancer drug developed in the 1980s but constrained by poor solubility and crystallisation in the blood.
Racura’s formulation is designed to enable safer, more practical administration while preserving the drug’s underlying properties.


Racura Oncology (ASX:RAC): One drug, three shots

<ul><li>The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%.</li><li>While there was some frustration in the delay in realising cash from Tanner and the other foundation partners, the response was overblown and represents a buying opportunity.</li><li> Real-time payment authorisation caused Tanner delay: Today’s frustration stems from the longer-than-expected time to see revenue materialise from AYA’s foundation partners (coupled with further SCF delays).</li></ul>

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%.While there was some frustration in the delay in realising cash from Tanner and the other foundation partners, the response was overblown and represents a buying opportunity. Real-time payment authorisation caused Tanner delay: Today’s frustration stems from the longer-than-expected time to see revenue materialise from AYA’s foundation partners (coupled with further SCF delays).

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

<ul><li>Artrya released its 4Q26 cash flow report today.</li><li>Overall, it was a disappointing read (shares closed down -6.3%), with cash receipts below expectations, a slower-than-expected rollout of Salix to the foundation partners and no real news regarding the submission of Salix Coronary Flow for FDA clearance.</li><li> Conference call: 30th July, 10:00 am AEST/8:00 am AWST Pre-register: https://artrya.zoom.us/webinar/register/WN_f2Lc_hvER3uq6UFuGVaGYw The following is a summary of the key points from Artrya’s 4Q26 cash flow announcement.</li></ul>

Artrya released its 4Q26 cash flow report today.Overall, it was a disappointing read (shares closed down -6.3%), with cash receipts below expectations, a slower-than-expected rollout of Salix to the foundation partners and no real news regarding the submission of Salix Coronary Flow for FDA clearance. Conference call: 30th July, 10:00 am AEST/8:00 am AWST Pre-register: https://artrya.zoom.us/webinar/register/WN_f2Lc_hvER3uq6UFuGVaGYw The following is a summary of the key points from Artrya’s 4Q26 cash flow announcement.

Artrya (ASX:AYA): Disappointing 4Q26 cash flow