This report is an updated version of the report published on 9 October 2025 at 11:46 AM AEDT.

BCAL Diagnostics Limited (ASX: BDX) 

BCAL Diagnostics Limited (ASX: BDX) is an Australia-based biotechnology company involved in diagnosis and monitoring of breast cancer and development of blood screening tests for breast cancer screening methods.

Recommendation Rationale – SELL at AUD 0.090

• Surpassed Resistance: BDX’s share price surpassed its R2 level recommended on 7 August 2025. Therefore, share price can face resistance at the current levels.
• Reported Losses: The company reported a loss of AUD 7.2 million in FY25, compared to a loss of AUD 6.4 million in FY24. Ongoing financial losses pose risks by straining resources, constraining growth opportunities, and potentially necessitating additional funding or capital raising to support operations.
• Technical Commentary: While undergoing a rally, BDX’s stock price is approaching a significant resistance established by the 2024 low, anticipating a potential correction. Moreover, the momentum oscillator RSI (14-period) is developing a top divergence in relation to prices, adding more support to the previous observation. Price is trading above both 21-day and 50-day SMAs, which could serve as dynamic support levels for the stock; in contrast, the stock’s most recent might act as a support level. A major support level is identified at AUD 0.069, while a critical resistance level is positioned at AUD 0.090.
• Emerging Risks: The company may encounter delays and substantial costs if regulatory approvals are not secured or if further research is necessary. Shifts in regulations could also impact the commercialization and manufacturing processes. Financial risks arise from growing losses and inconsistent revenues, which could lead to higher borrowing costs, liquidity challenges, and unstable earnings.

BDX Daily Chart

Considering that the stock has surpassed its R2 level, macroeconomic uncertainty, share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 0.090, at 11:30 AM AEDT, as of 9 October 2025.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 9 October 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.    

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.