4DMedical Raises $150m to Accelerate CT:VQ U.S. Rollout

About 4D Medical Limited

4DMedical Limited (ASX: 4DX) is an Australian medical technology company focused on transforming respiratory care through advanced imaging software and artificial intelligence. Headquartered in Melbourne with a growing operational presence in the United States, the company develops proprietary software that converts standard CT scans into detailed functional insights, enabling earlier detection, diagnosis and monitoring of lung disease.

The company’s technology platform is built on its patented XV Technology, which underpins a portfolio including XV Lung Ventilation Analysis Software, CT LVAS  and its latest innovation, CT:VQ . Following U.S. Food and Drug Administration clearance in August 2025, CT:VQ has emerged as a potentially disruptive solution in cardiothoracic imaging by delivering quantitative ventilation–perfusion information from a routine, non-contrast CT scan.

The completion of a $150 million institutional placement marks a pivotal milestone for 4DMedical, equipping the company with the financial resources to capitalise on accelerating U.S. demand and progress toward commercial scale and profitability.

Details of the Institutional Placement

4DMedical confirmed it has received firm commitments from wholesale, professional and sophisticated investors to raise $150 million in a single-tranche institutional placement at an issue price of $3.80 per share. The issue price represents an 11.4 per cent discount to the company’s last traded price prior to the announcement.

The placement was structured to minimise dilution, with only $79.1 million raised through the issue of new shares and $70.9 million sourced via a block trade of shares previously issued to Alpha Investment Partners as collateral under a funding facility. All proceeds from the block trade will be received by 4DMedical, resulting in total dilution of just 3.86 per cent.

Settlement of the placement is expected to occur on 21 January 2026, with new shares commencing trading shortly thereafter.

Use of Proceeds and Financial Position

Proceeds from the capital raising will be directed primarily toward accelerating commercialisation of CT:VQ in the U.S. market. Key areas of investment include expansion of sales, marketing and business development functions, customer success and clinical support to ensure seamless integration into hospital workflows, and ongoing research and development to extend the company’s product portfolio.

Following completion of the placement and option exercises by senior management, 4DMedical expects to hold more than $200 million in cash. Management has stated that this balance sheet strength is sufficient to fund the business through to profitability while retaining flexibility to pursue additional growth opportunities.

CT:VQ Adoption Momentum in the United States

The capital raise follows rapid commercial traction for CT:VQ , which has been deployed at four leading U.S. academic medical centres within four months of FDA clearance. These include Stanford University, Cleveland Clinic, the University of Miami and UC San Diego Health, all of which are regarded as global leaders in cardiothoracic imaging.

CT:VQ is the first technology globally capable of delivering quantitative ventilation and perfusion maps from a standard, non-contrast CT scan. By analysing subtle lung motion and density changes, the software provides high-resolution functional imaging without the need for radiotracers, contrast agents or specialised nuclear medicine facilities.

This capability offers significant clinical and operational advantages, including faster patient access, lower regulatory burden and scalability across hospital networks that already operate CT infrastructure.

Strategic Importance of Reference Sites

Early adoption by elite academic medical centres plays a central role in 4DMedical’s U.S. commercial strategy. These institutions act as reference sites, validating clinical utility and influencing broader adoption across affiliated hospitals and training networks.

Management has highlighted that feedback from clinicians at these centres has been instrumental in refining workflows and strengthening the value proposition of CT:VQ . As utilisation increases, the company expects these reference deployments to support discussions around reimbursement pathways and long-term standard-of-care integration.

Industry Context and Market Opportunity

Respiratory disease represents a major and growing burden on global healthcare systems, with conditions such as pulmonary embolism, chronic obstructive pulmonary disease and post-surgical lung complications driving demand for more precise and efficient diagnostics. At the same time, hospitals face increasing pressure to improve productivity and reduce costs.

Software-based imaging solutions that enhance diagnostic capability without requiring additional hardware investment are particularly attractive. 4DMedical’s SaaS delivery model aligns with these trends, enabling rapid deployment, recurring revenue and scalability across health systems.

The U.S. market represents a substantial opportunity, given the large installed base of CT scanners and the influence of academic centres on national clinical practice.

Outlook

With more than $200 million in cash and accelerating U.S. adoption of CT:VQ , 4DMedical enters 2026 with strong momentum. Management expects continued expansion across academic and health-system customers, supported by investment in commercial infrastructure and ongoing clinical engagement.

While reimbursement pathways and broader market education remain key milestones, the company’s strengthened balance sheet provides the resources required to execute its strategy and progress toward sustainable profitability.