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Adisyn Ltd (ASX: AI1) has announced a notable technical achievement in its pursuit of scalable graphene-based solutions for the semiconductor sector. Through its wholly owned subsidiary, 2D Generation (2DG), the company has successfully validated a critical sub-process within the pre-clean stage of its proprietary low-temperature graphene deposition process - a necessary step before graphene growth on semiconductor wafers can occur.

This milestone confirms that Adisyn’s deposition architecture is performing in line with design expectations and will now progress to broader deposition trials.

According to Chairman Kevin Crofton, “Validating this key sub-process within our pre-clean stage is a meaningful technical advancement and a strong indicator that our low-temperature approach will work as designed.”

The company’s objective is to enable direct graphene growth on semiconductor wafers - a long-standing challenge in the industry - without resorting to the ultra-high temperatures (900–1000°C) typically required in conventional graphene growth methods.

Context: The Interconnect Bottleneck

Modern semiconductor performance at advanced nodes, particularly below 5nm, is increasingly constrained by the physical limitations of copper interconnects. These components are responsible for carrying electrical signals between transistors on a chip, but as features shrink, copper's resistance, thermal inefficiency, and susceptibility to electromigration present critical obstacles to further miniaturisation and energy efficiency.

Graphene, a two-dimensional form of carbon with exceptional electrical, thermal, and mechanical properties, has long been considered a potential replacement. However, its adoption has been hindered by integration challenges, particularly the need for high-temperature chemical vapour deposition methods incompatible with standard semiconductor processes.

Adisyn’s approach - based on a patented Atomic Layer Deposition (ALD) technique - seeks to overcome this barrier by enabling low-temperature, scalable graphene growth. This process is designed to integrate seamlessly with existing semiconductor fabrication infrastructure.

Technical Progress and Next Steps

The recently validated sub-process involves a surface pre-clean protocol that ensures wafers are free from residual contaminants and chemically prepared for graphene deposition. The company will now commence extensive deposition trials using various carbon-ring-based precursors. Concurrently, it will refine remaining sub-processes, optimise deposition parameters (such as plasma power and gas flow), and characterise resulting films for crystalline quality and conductivity.

Adisyn ALD Machine

This experimental program is expected to run into 2026, aligned with the company’s previously disclosed development roadmap.

Strategic Collaborations and Global Capability

Adisyn is leveraging a broad network of international collaborators to accelerate development. These include Tel Aviv University’s Nano Centre - providing access to a second ALD machine - and imec, Belgium’s pre-eminent semiconductor R&D hub, which is conducting simulations and physical validation testing. The company is also engaged with the European Union’s Connecting Chips Initiative, a platform that links Adisyn with industry leaders such as NVIDIA, NXP, Valeo, and Applied Materials.

Adisyn’s R&D efforts are supported by a multi-disciplinary team of over 20 professionals across Israel, the United States, and Europe, with deep expertise in deposition chemistry, nanomaterials, process engineering, and device integration.

Arye Kohavi and Kevin Crofton

The leadership team includes Chairman Kevin Crofton, former CEO of Comet AG and SPTS Technologies; Arye Kohavi, CEO of 2D Generation and founder of Water-Gen; and Miri Kish Dagan, VP of R&D, a veteran technologist in semiconductor and laser systems.

Market Position and Outlook

As at mid-October 2025, Adisyn’s market capitalisation stood at approximately $46 million, with $7 million in cash reported as of 30 June 2025. While the company remains in a pre-revenue development phase, the potential commercial applications of its technology span several high-growth sectors including AI, telecommunications, high-performance computing, and autonomous systems.

The successful development of a scalable, low-temperature graphene deposition process would represent a substantial breakthrough in semiconductor manufacturing and could position Adisyn as a first mover in an emerging materials segment. The company expects to provide further updates as it progresses through subsequent development phases, including wafer-level deposition and precursor performance optimisation.

While commercialisation remains a medium-term goal, the validation of this early-stage process architecture provides a solid foundation for continued advancement and industry engagement.

San Francisco-headquartered but ASX-listed Life360 (ASX:360) has once again cemented its standing as a tech standout with a bumper Q3 FY2025 result, boasting record growth across its core subscription metrics, revenue, and bottom line. And just to keep things interesting, it’s also adding a shiny new toy to the mix - announcing a US$120 million acquisition of adtech firm Nativo.

For the quarter ending 30 September 2025, Life360 posted revenue of US$124.5 million, a 34% year-on-year leap, driven largely by robust gains in paying subscribers and international traction. Subscription revenue was the star performer, surging to US$96.3 million - also up 34% - with core subscription revenue climbing 37% to US$90.7 million.

Monthly active users (MAUs) reached a record 91.6 million, up 19% from a year earlier, as families across the globe increasingly integrated Life360’s safety and connectivity features into their daily routines. Australia and New Zealand proved standout regions, with ANZ MAUs rising 28% year-on-year to 3.2 million.

The number of “Paying Circles” - Life360’s unique nomenclature for subscription-paying family groups - grew to 2.7 million, with a record 170,000 net additions during the quarter. The Average Revenue Per Paying Circle (ARPPC) also nudged higher, up 8% year-on-year to US$137.63, thanks to price hikes and uptake of premium tiers, particularly in international markets.

CEO Lauren Antonoff credited the growth to the platform’s evolving relevance: “Our strategy to build a platform that’s relevant to more families in more ways continues to deliver - expanding from location and safety into richer everyday experiences that keep families connected and protected.”

One such “experience” is the company’s new Pet GPS tracker, now available in the US, Canada, UK, Australia, and New Zealand - just in time for the holiday gifting season. Hardware unit shipments rose 15% year-on-year to 900,000, although hardware revenue slipped 4% to US$11.3 million due to discounting and bundled deals.

The bottom line also impressed: net income came in at US$9.8 million, up 27%, while adjusted EBITDA jumped 174% to US$24.5 million. Operating cash flow soared 319% to US$26.4 million, marking the company’s tenth consecutive quarter of positive operating cash flow. Life360 now has US$457 million in cash on hand, thanks in large part to a US$320 million convertible note issued earlier this year.

CFO Russell Burke highlighted the company’s balance between growth and discipline: “With strong core subscription performance, a resilient balance sheet, and durable unit economics, we’re raising full-year guidance for both revenue and Adjusted EBITDA.”

That guidance now stands at US$474–485 million in revenue (previously US$462–482 million), with adjusted EBITDA of US$84–88 million, up from the prior US$72–82 million range.

But perhaps the most intriguing development is Life360’s planned acquisition of Nativo, a U.S.-based adtech firm specialising in native advertising. The US$120 million deal, structured in cash and stock, positions Life360 to build out a contextual advertising platform powered by its first-party location data - potentially unlocking a new high-margin revenue stream.

In the company’s own words, this could “enhance the user experience by delivering contextually relevant advertisements,” which, loosely translated, means monetising its vast user base without alienating privacy-sensitive consumers.

While some may raise an eyebrow at a family-focused safety app veering into adtech, the deal signals Life360’s intent to diversify revenue beyond subscriptions and hardware - a prudent hedge in an increasingly competitive space.

With the company now generating over US$446 million in annualised monthly revenue and showing a clear path to profitability, it’s little wonder that investors on both sides of the Pacific are watching closely. Whether the Nativo bet pays off remains to be seen, but if Q3 is any indication, Life360 is running a tight ship - and has the cash to chart new waters.

If you haven’t yet encountered Felix, the sperm-sorting device turning heads in reproductive labs from Kobe to Coimbatore, you might be missing one of the more compelling emerging plays on the ASX right now. Memphasys (ASX: MEM), the small-cap biotech behind the technology, is laser-focused on transforming this quietly powerful gadget into the next global standard for IVF sperm preparation. And judging by recent developments, the company might just be on the cusp of something much bigger.

Felix System

Let’s be clear: this isn’t your garden-variety medtech hopeful touting hypothetical pipelines. Memphasys has stepped out of the development phase and into the throes of commercial execution. Felix, the company's flagship electrophoresis-based sperm selection system, is already generating real orders from high-volume fertility clinics in Japan and India. And it's doing so while awaiting the CE Mark that would unlock another 28 markets including Europe and Australia.

Felix: Simple, Scalable, and Surprisingly Disruptive

The Felix system isn’t just faster (6 minutes versus up to an hour for traditional density gradient methods), it’s gentler, fully automated, and built for the IVF age. As global sperm quality continues to decline, and male-factor infertility contributes to roughly half of all fertility issues, Felix's ability to deliver high-integrity sperm with less DNA damage has caught the attention of IVF clinicians worldwide.

The business model is classic razor-and-blade: the console is a one-off install, but clinics must purchase single-use cartridges for every patient cycle. With each cartridge priced between $80–$150 and targeted gross margins over 60%, it’s a model primed for scaling. Memphasys expects individual clinics to generate $100k–$300k in annual Felix revenues.

Traction in Asia’s Fertility Powerhouses

In Japan - the world’s largest IVF market - Memphasys recently secured a repeat order from the prestigious Nishitan ART Clinic Group. The 200-cartridge reorder valued at $24,000 isn’t groundbreaking in dollars alone, but in significance. Nishitan runs 21,000 IVF cycles per year. It’s early proof that once Felix is in the door, it stays.

Over in India, where IVF demand is ballooning and CE Mark approval looms, Memphasys has locked in a commercial supply agreement with Andro Diagnostics. The Year 1 minimum commitment? 1,800 cartridges, growing 50% in Year 2. And that’s just from a single partner group covering 200 clinics.

Strategic Shift: Cutting the Middleman

What’s especially notable is Memphasys’ pivot to a go-direct sales model. Unlike the traditional distribution-heavy approach, this gives the company tighter control over pricing, customer relationships, and training. It also allows faster feedback loops, which are crucial for adoption in regulated clinical environments. The strategy is already yielding early wins across Japan and India, with negotiations underway in New Zealand and the Middle East. A $390,000 minimum order in MENA is already contracted, pending regulatory green lights.

Spearheading this commercial transition is Marjan Mikel, recently appointed Chair of Commercialisation. With over two decades of health tech execution experience, Mikel brings a no-nonsense growth mindset to the rollout. His mandate? Build scalable partnerships and deliver cartridge volumes - not just promises.

A Scientific Edge, Steered by the Best

Distinguished Laureate Professor John Aitken

Underpinning Felix’s scientific heft is none other than Distinguished Laureate Professor John Aitken, globally regarded as the authority on sperm biology. With over 650 publications and a track record that includes shaping IVF protocols used worldwide, Aitken isn’t just a name on the letterhead - he’s the architect of the Felix system itself. His ongoing role in product development and clinical engagement lends enormous credibility, particularly when courting key opinion leaders in the conservative world of assisted reproduction.

Capital, Costs, and the Coming CE Catalyst

Financially, Memphasys has tightened its belt with a 40% reduction in operating expenses. Cash burn remains an issue—as is typical for companies at this stage—but a $0.84 million placement and a $1.12 million rights issue provide runway through to CE Mark approval, expected in early 2026.

The company is also scaling manufacturing and driving cartridge production costs below $40 - a key milestone in strengthening margins and self-sufficiency as sales volumes climb.

The Bigger Picture

There’s a lot to be said for timing. As assisted reproduction rates rise globally and the fertility tech market surges toward an $85 billion valuation by 2034, demand for smarter, faster, and safer sperm selection systems will only intensify. Felix, with its patented platform, respected scientific origins, and early traction in major IVF markets, is uniquely placed to fill that void.

Of course, risks remain. Regulatory hurdles, operational scaling, and clinical adoption timelines can all stretch longer than expected. But the pieces are falling into place, and for Memphasys, 2026 could be the year Felix stops being a niche innovation and starts becoming standard protocol.

For investors watching the IVF gold rush unfold, the Memphasys story might just be worth a closer look - not because it’s the flashiest biotech on the block, but because it’s quietly doing the hard yards where it counts: in the lab, in the clinic, and increasingly, on the balance sheet.

KTEK Systems Pty Ltd, a specialist supplier of airframes and electromechanical assemblies for military-grade drones, is preparing to list on the ASX as geopolitical tensions and technological shifts continue to fuel unprecedented growth in the global unmanned aerial vehicle (UAV) market.

With operations spanning Australia, Israel, Portugal, the Netherlands and planned soon the USA, KTEK positions itself as a Tier-2 supplier to Tier-1 defence primes, leveraging an asset-light manufacturing model to produce mission-critical components for next-generation UAV platforms. The IPO will seek to raise between $6 million and $7.5 million, with a post-money market capitalisation of up to approximately $23.5 million.

A Scalable Model for a Rapidly Expanding Market

Founded in 2019 by CEO Dekel Keisar, a mechanical engineer and former IDF Major, KTEK has developed a distributed manufacturing model it calls the “Cordless Factory”. By outsourcing physical production to certified aerospace manufacturing partners, while retaining in-house control of engineering, quality assurance, and logistics, KTEK delivers complex sub-systems without the overhead typically associated with defence manufacturing.

The company focuses on full-turnkey (FTK) delivery of electromechanical UAV assemblies - ranging from composite airframes and control surfaces to avionics trays, power distribution modules, landing gear mechanisms, and military-spec ground systems.

All products are built to stringent aerospace and military standards, including AS9100-aligned quality management systems.

This modular, scalable approach is designed to support multiple concurrent projects while maintaining engineering rigour and compliance, allowing the company to respond rapidly to demand across multiple jurisdictions.

Exposure to Tier-1 Defence Programs

KTEK’s customer base includes global defence contractors such as UVision and Elbit Systems - both of which have secured significant UAV-related contracts in recent quarters. In particular, a largeUAV customer recently won a circa US$1billion contract, for which KTEK supplies key airframe components and integrated sub-systems.

While revenue attribution is indirect, KTEK is expected to benefit materially from this contract, given its ongoing role as a manufacturing partner. The company is also engaged across several other customers, including maritime surveillance UAVs, multi-domain ISR packages, and anti-drone solutions awarded in both European and Israeli markets.

In total, KTEK customers have secured over A$2.5 billion in drone-related contracts since 2023, providing a strong pipeline of ongoing and future production opportunities.

Financial Performance and IPO Structure

KTEK reports revenue of A$5.5 million for the 2025 financial year, with a customer order book valued at A$9.2 million to be fulfilled by the second half of 2026. The company claims a compound annual growth rate exceeding 100% since 2023.

As part of its IPO, KTEK Australia will acquire its Israeli operations, consolidating both entities under the ASX-listed parent. The capital raising will take place at an enterprise value of approximately $16 million, with shares issued at a price supporting a total market capitalisation of between $22 million and $23.5 million, depending on the final amount raised.

A pre-IPO convertible note of $1.5 million has already been executed, converting at the greater of 10 cents or a 50% discount to the IPO price.

CPS Capital’s Nathan Barbarich is acting as Corporate Adviser and Lead Manager to the IPO.

Industry Context: UAVs and Global Defence Spending

The timing of KTEK’s listing coincides with a period of extraordinary growth in the military UAV sector. The global market for defence drones is forecast to grow at a compound annual rate of 17.3% through 2030, underpinned by increased military modernisation, geopolitical volatility, and the evolving nature of warfare.

UAVs now play a central role not only in reconnaissance but also in direct kinetic operations, particularly through loitering munitions and autonomous strike platforms. Conflicts such as the Ukraine war have demonstrated the tactical efficiency and cost advantages of drone deployments, reshaping defence strategies globally.

Total global defence expenditure reached US$2.72 trillion in 2024, with all NATO members expected to meet the 2% GDP spending target by 2025 and a collective goal of 5% by 2035 recently proposed. The United States alone is forecast to exceed US$1 trillion in defence spending by FY2026.

Within this environment, demand for UAVs, counter-drone systems, and supporting infrastructure continues to grow rapidly. KTEK’s positioning as a supplier of high-complexity sub-systems offers leveraged exposure to these procurement cycles without the development or regulatory burden of full-platform manufacturing.

Governance and Board Composition

The company is chaired by Howard Digby, a former regional managing director of The Economist Group and senior executive at IBM and Adobe. He is currently a non-executive director at Elsight (ASX:ELS), which develops secure communication technology for defence and mobility applications.

Non-executive director Winton Willesee brings over 25 years of capital markets experience and previously served on the board of Droneshield (ASX:DRO), a listed counter-drone technology firm. The board's experience spans aerospace engineering, capital markets, and corporate governance, providing a strong foundation for the proposed listing.

Risks and Outlook

As with many Tier-2 defence suppliers, KTEK’s financial outcomes are closely linked to the success and continuity of its key customers. While the company benefits from long development and integration cycles that support supplier retention, its revenues are ultimately derivative of program allocations by prime contractors.

Execution risk, geopolitical factors, regulatory requirements, and technology shifts also represent ongoing challenges. Nonetheless, KTEK’s demonstrated capability, established customer relationships, and scalable production model position it well to participate in the structural growth of the global UAV industry.

For investors seeking targeted exposure to the high-growth defence drone sector—particularly in military sub-systems and dual-use applications—KTEK offers a direct channel at a relatively early stage of commercial scaling.

Mesenchymal stromal cells (MSCs) are often described as the body’s natural repair system - remarkable cells capable of calming inflammation, modulating immune responses and regenerating damaged tissue. For decades, scientists have seen them as the foundation for an entirely new class of regenerative medicine. Yet one challenge has always stood in the way of allowing MSCs to realise their full potential: how to make enough of them, consistently, to treat patients at scale.

 Melbourne-based Cynata Therapeutics (ASX: CYP) has got a solution for that problem. Its Cymerus™ platform can produce an essentially limitless supply of consistent, potent MSCs from a single blood donation - a breakthrough that could redefine how cell therapies are manufactured and delivered.

Image: Cynata’s iPSC-MSCs

The company is now approaching the most important period in its history - with two landmark clinical trial readouts fast approaching in osteoarthritis and acute graft-versus-host disease (aGvHD). And unlike most companies heading into late-stage data, Cynata does so with a powerful advantage - it already has proven in-human efficacy from earlier clinical trials.

 “We’ve already shown our Cymerus™ MSCs can deliver meaningful efficacy and survival benefits in patients with life-threatening diseases,” said Cynata CEO Dr Kilian Kelly. “Heading into two major trials with that data behind us gives us a much higher degree of confidence than is typical at this stage of biotech development.”

Why Cynata is Different

 Traditional MSC manufacturing relies on collecting appropriate donor tissue, isolating MSCs, and then growing those cells in the lab (known as “culture expansion”). But MSCs are naturally scarce, and when they go through extensive culture expansion, their potency declines. That means therapies made from these donor-derived MSCs face problems of supply, consistency, and declining effectiveness.

Cynata’s Cymerus™ process bypasses all of that. By reprogramming cells originally derived from a single healthy donor into induced pluripotent stem cells (iPSCs) - effectively “master cells” - the company can generate MSCs over and over again, forever. Cynata’s process doesn’t start with the search for new donors – it starts with lifting a vial of high-quality iPSCs out of the freezer. The result is a stable, scalable, pharmaceutical-grade source of regenerative cells ready for off-the-shelf use across multiple diseases

It’s a manufacturing breakthrough that gives Cynata a commanding position in a fast-maturing field. More than 1,800 MSC clinical trials have been initiated worldwide, but few have reached late-stage development. Cynata is now the first company worldwide to see a Phase 3 program using iPSC-derived MSCs come to conclusion- an achievement that could set a new global benchmark for the field.

Why Cynata should be on your watchlist

Cynata’s pipeline is focused on high-value indications where inflammation and immune dysfunction play central roles. The company’s two most advanced programs - Osteoarthritis (CYP-004) and Acute Graft-versus-Host Disease (aGvHD, CYP-001) - are both nearing major data readouts in the coming 6–9 months.

Its Phase 3 osteoarthritis trial, led by the University of Sydney and funded by the NHMRC, is investigating whether Cymerus™ MSCs can relieve knee pain, improve mobility, and slow cartilage loss - outcomes that could transform treatment for more than 600 million people worldwide who currently have no disease-modifying option.

Meanwhile, the company’s Phase 2 aGvHD trial represents another major inflection point. Acute GvHD is a life-threatening complication of bone marrow transplants, where the donor’s immune cells attack the recipient’s tissues. First line steroid treatments fail in about half of cases, leaving survival rates as low as 20% after two years.

Cynata’s earlier Phase 1 clinical trial in humans provided compelling evidence that it could address this need. In patients with severe, steroid-resistant aGvHD, 87% improved by at least one grade, 53% achieved complete resolution of disease, and 60% were still alive two years later, with no serious treatment-related adverse events. The successful outcomes of this trial were published in two articles in a world-leading scientific journal Nature Medicine.

For investors, this prior in-human efficacy data represents a potential de-risking factor. Most biotechnology companies enter trials without clear evidence that their therapy works in humans, meaning the probability of success - and therefore valuation — is much lower. Cynata’s data gives it a rare advantage: it already knows its cells can achieve clinical benefit and do so safely. In a sector where proof of human efficacy is often the difference between speculation and validation, Cynata stands out as one of the few biotechs entering a pivotal trial with real-world evidence already in hand.

“Being only 6–9 months away from two major clinical trial readouts places Cynata in an exciting position,” Dr Kelly said. “While there is never zero risk in clinical trials, heading into these results with excellent efficacy results obtained in Cynata’s phase 1 clinical trials in steroid-resistant aGvHD and diabetic foot ulcers is a great advantage.”