The Capital Brief | 4DX, AL3, SPL & OIL
- The Capital Network
- 11 minutes ago
- 4 min read
We are pleased to share The Capital Network’s summary of the week, including developments in financial markets, media articles, analyst insights, corporate catalysts, and investor engagement events. This reporting season more than any other in recent history has shown us that market expectations and sentiment outweigh financial results in driving outcomes. The companies that proactively engage with their shareholders and the market continue to outperform.
We have two opportunities (speaking and sponsorship) for companies to increase their shareholder and market engagement at our upcoming Stocks on Location: On Track event at The Chairman's Club Royal Randwick and ten investor tickets remain.
4DMedical (ASX:4DX) from breakthrough innovation to global standard of care
For 4DMedical (ASX:4DX) this year marked a major clinical breakthrough with FDA clearance and CMS reimbursement of CT:VQ™ - the world’s first non-contrast, CT-based ventilation-perfusion imaging technology - positioning respiratory imaging at the forefront of standard care. Early adoption by leading U.S. academic medical centres including Stanford University, Cleveland Clinic, UC San Diego Health, University of Miami and University of Chicago highlights growing clinical confidence. Commercial momentum is accelerating through a North American partnership with Philips to scale distribution, while in Australia the technology is supporting the National Lung Cancer Screening Program and being piloted across the full portfolio at Royal Melbourne Hospital. Globally, a partnership with AstraZeneca is advancing Brazil’s Lung Health Screening Program, reinforcing the company’s population-scale ambition.
Operationally, the business is demonstrating strong momentum and expanding global reach. The network has grown to 430 SaaS sites worldwide, delivering 151,905 scans in the first half alone, with AI capabilities further strengthened through the integration of Imbio. Regulatory progress continues across Canada and New Zealand, with European CE marking and Australian TGA pathways underway. Together, these milestones reflect not only clinical validation, but rising global trust and accelerating adoption as respiratory imaging shifts from emerging innovation to established standard of care.
AML3D (ASX:AL3) continues to penetrate target US defence market
Industrial group AML3D Limited (ASX:AL3) is an emerging Australian industrial group that combines welding, metallurgical science, robotics and software to provide all-in-one, large scale, digital advanced metal 3D manufacturing for commercial use. Its ARCEMY® systems are the largest open-air, turn-key, automated wire fed, metal 3D printing solutions to print certifiable parts in large free-form environments.
The company has just issued its six months ended 31 December 2025 (H1 FY26) results. This report showed ongoing success in AML3D’s efforts to advance its global growth strategy, a centre piece of which is the company’s U.S. Scale Up Strategy.
The latter US-focussed strategy delivered further significant orders in AML3D’s H1 FY26. Around A$16.5 million of orders rolled from FY25 and accumulated in the latest half. Of this A$16.5 million figure, some A$3.25 million was recognised as H1 FY26 revenue.
This revenue recognition figure would have been much higher but for delays in the receipt of raw materials and some extensions to project timelines, which has now shifted a portion of the revenue derived from existing orders in place into 2H FY26.
In clear evidence that AML3D’s U.S. Scale Up Strategy is continuing to gain traction, US-based customers accounted for 87% of the company’s H1 FY26 revenues.
And this US-based momentum is only just beginning, In H1 FY26, AML3D received a Letter of Intent outlining the US Navy’s plans to collaborate with AML3D and forecasting demand for 100 additive manufacturing systems and 1,600 additive manufacturing components by 2030.
AML3D is, at the same time, moving to expand into non-defence industrial manufacturing markets and other geographic regions (Europe included), in the process broadening the addressable markets for its ARCEMY® systems.
Looking ahead, AML3D has entered its H2 FY26 with orders in hand greater than previous full year results, creating a strong base from which to deliver another year of record revenues. The company also possesses strong balance sheet, giving it the ability to fund expected future US and European growth.
Starpharma (ASX:SPL, US OTC: SPHRY) delivers 1H FY26 profit following Genentech collaboration
Starpharma (ASX: SPL, US OTC: SPHRY) has just released its results showing a strong first half for FY26, underpinned by $10.8 million in customer revenues, including an $8.3 million upfront payment from its collaboration and licence agreement with Genentech. The company delivered a profit of $1.4 million for the period, while continuing to invest in growth with $5.0 million in research and development expenses, primarily advancing its DEP® HER2 radiopharmaceutical program. With a closing cash balance of $18.2 million at 31 December 2025, Starpharma remains well funded to execute on its strategic priorities.
Operationally, the half was marked by two significant partnership agreements with Genentech and Radiopharm Theranostics, alongside solid progress across existing collaborations. The DEP® HER2 radiopharmaceutical program advanced through preclinical development and is on track to enter a first-in-patient study in 2026. At the same time, the Star Navigator program drove strong early-stage industry engagement, while consumer health products Viraleze™ and VivaGel® BV delivered increased revenues through expanded global partnerships and targeted digital marketing initiatives, supporting diversification and long-term sustainability.
Upcoming investor meetings in Sydney
Following its 1H FY26 results, Starpharma management will be in Sydney on 17-18 March 2026 for a series of investor meetings.
If you would like to meet with management, please reply to this email.
Optiscan Imaging (ASX:OIL) clinical & regulatory programs advanced ahead of pending US FDA submissions
Optiscan Imaging Limited (ASX: OIL) has just released its H1 FY26 results.
This report detailed the multiple ways the Company is advancing its clinical and regulatory programs in preparation for planned US FDA submissions in 2026. Clinical studies are now actively underway at The Royal Melbourne Hospital, St John of God Murdoch Hospital and Australian Clinical Labs, generating momentum as data is collected and analysed, with additional studies expected to commence in the coming months.
Optiscan has grown its device offering. Over the past 18 months, the Company has successfully unveiled three clinical platforms - InVue®, InForm® and InSpecta® - marking a major step in translating its real-time, single-cell imaging technology into clinical use.
A recent successful capital raise, supported by key shareholders, has secured a $17.75 million funding runway to progress clinical trials, testing and certifications required for US regulatory approval.
On the commercialisation front, Optiscan advanced preparations for the launch of InSpecta® into the veterinary market, refining its sales and marketing strategy with input from US-based consultants and showcasing the device at major industry events including the American College of Veterinary Surgeons Surgery Summit and the Veterinary Meeting & Expo (VMX) in Florida.
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