Highlights
- Underwriting agreement secures full AUD 30.2 million from remaining 4DXO options.
- Pro forma cash balance rises to AUD 63.7 million as at 30 September 2025.
- CT:VQ™ interest increases with multiple contract discussions ahead of CY26.
4DMedical Limited (ASX:4DX) announced it has finalised an option underwriting agreement with Bell Potter Securities Limited to fully underwrite all remaining 4DXO listed options on issue. These options, exercisable at AUD 1.365 each, are due to expire at 5:00pm AEDT on 31 December 2025.
The company originally issued approximately 22.2 million 4DXO options, representing a total potential funding value of around AUD 30.2 million if all were exercised. Under the new arrangement, Bell Potter will subscribe for any shares related to unexercised options at expiry, referred to as Shortfall Shares. The agreement ensures that the full expected funding amount will be provided to the company regardless of the final number of exercised options.
Cash Position Update and Underwritten Amount
As at this announcement, around 8.0 million 4DXO options have already been exercised. This leaves approximately 14.2 million options yet to be exercised. These remaining options, defined as Underwritten Options, represent an underwriting value of nearly AUD 19.25 million.
Taking into account the proceeds from these options, the company’s pro forma cash balance as at 30 September 2025 stands at AUD 63.7 million.
4DMedical also stated that the Underwriter is not a related party of the company, in line with ASX Listing Rule 3.11.3. Under the agreement terms, Bell Potter will receive a fee equal to 2.5% of the Underwritten Amount.
Any Shortfall Shares issued to the Underwriter or any appointed sub-underwriters are expected to be completed under ASX Listing Rule 7.2 (Exception 10). As a result, the issuance will not need shareholder approval and will not impact the company’s available placement capacity under ASX Listing Rule 7.1.
Operational Momentum and CT:VQ™ Developments
4DMedical highlighted that CY25 has marked a period of notable activity for the company as it progresses commercial pathways for its CT:VQ™ technology. The company reported increasing interest in the imaging solution and confirmed that multiple contract discussions are underway.
According to the company, the underwriting arrangement ensures the capital needed to continue executing its commercialisation plans for CT:VQ™ and advance activities across key strategic markets, including engagement with U.S. academic medical centres as reference sites.
Share Price Snapshot
4DX was trading 8.823% higher at AUD 2.22 per share as of 12 December 2025.






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