Artray reported its 4Q25 cash flows yesterday. Operating cash flow was -$5.4 million with a step up in cash burn reducing operating cash flow. AYA is continuing to progress its SAPPHIRE study, with news on study partners expected in month or so. Costs in the quarter increased as AYA focused on submitting Silax Coronary Plaque for FDA approval (16th July 2025) and completing development of Silax Coronary Flow.

We review the relative performance of Australia’s leading indices and look at the long-term impact of underperformance. We also examine the fundamental limitation of the ASX Small Ordinaries index and why you should never passively invest in it.

Artrya announced today that it had submitted its application for approval by the FDA for its second product, Salix Coronary Plaque (SCP). The FDA aims to complete the approval process within 30 days, with the clock stopped if they request additional data. We also estimate that the 6-8 hospital groups Artrya are in discussions with about being part of its SAPPHIRE study could represent $4.5 billion in value.

Venn Brown spoke Tim Fung, founder & CEO of Airtasker, an online marketplace for local services. We discussed the company’s positive cash flow, international growth opportunities, creative media partnerships, and outlook.

Venn Brown sat down with Global Portfolio Manager John Moorhead, to discuss his investment process, his views on the current market outlook, overlooked opportunities in international markets, Australian investor's over exposure to local companies and how volatility can be an investment tool.

Venn Brown sat down with Stephen Tomisich, CEO of Trajan, to discuss the group’s technology, market differentiation, and long-term plans.

Artrya held its 3Q25 results call today. The results were in line with expectations with management reporting more significant news that they are in discussions with US hospital groups performing 400,000 scans a year

Venn Brown sat down with Jonathan Nurick, Chief Investment Officer of DivGro, to discuss the group’s portfolio strategy, long-term horizons, past performance, psychological aspects of investing, and more.

Following the recent market volatility, we looked at the performance of the stocks in the All Ordinaries during the 2020-21 market downturn to find what companies proved more resilient and might offer similar stability during the current volatility.

Artrya announced today it had secured FDA approval for Salix Coronary Anatomy (SCA), the first of three approvals we expect the company will secure within the next 15 months. We’ve rolled forward our valuation, lifting Artrya’s equity value to $295 million, up from $213 million, equating to $2.63 per share on a fully diluted basis.