ADALTA LIMITED

ASX:1ADPharmaceuticals, Biotechnology & Life Sciences

3.21B shares on issueASX (delayed) · snapshot 11 Sept 20264.24B fully diluted+32.1% if every option and right converts$0.003price · delayed$9.6Mmarket cap · indicative

Today’s holders own 75.7% of what they think they own, once every option and right converts.

Very high

Dilution risk

Runway under 2 quarters; share count grew 424% in 24 months; 8 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway-0.5 quarters of funding

Share-count growth (24m)423.7%measured to the latest Appendix 2A, not to the share count above

Raise cadence (24m)8 cash raises

Options & rights overhang32.1% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

ADALTA LIMITED had 3.21B shares outstanding as of June 2026. The company raised capital eight times in the past 24 months, for a total of A$10.4M, with the most recent being a A$2.5M placement in April 2026. Options and rights on issue could convert into 1.03B new shares, representing 32.1% of the current share count, with no options currently in the money; the nearest expiry is June 2028. As of the June 2026 quarter, ADALTA LIMITED reported an available cash balance of A$-949K, covering approximately -0.5 quarters. No proposed securities issues are currently pending. The share count movement over the 24-month window is not stated, as the company's market reading of share count ended more recently than its filed 2A series.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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32.1%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

-0.5 qtrs

Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 3.21B per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

-0.5 qtrs

Less than two quarters of funding at the recent spend rate — near-term funding pressure.

$-972k cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $1.3M cash at quarter end (item 4.6), 0.6 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.

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15 quarters on record — Cash runway history

Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.

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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
1 July 2026	2A · quoted issue	1AD : ORDINARY FULLY PAID	3.17B	Appendix 2A
1 July 2026	2A · quoted issue	1AD : ORDINARY FULLY PAID	3.01B	Appendix 2A
25 June 2026	2A · quoted issue	1AD : ORDINARY FULLY PAID	2.98B	Appendix 2A
17 May 2026	2A · quoted issue	1AD : ORDINARY FULLY PAID	2.66B	Appendix 2A
2 Apr 2026	3H · cancellation	1AD : ORDINARY FULLY PAID	2.55B	Appendix 3H

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (3.17B) need not equal the current count above (3.21B).

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45 filings on record — Full issuance history

Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).

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Capital raises

8 cash raises in the last 24 months · 4 in the last 12 months

every 1.9 monthsaverage gap between raises

4.5 monthssince the most recent

17 Mar 2025 – 29 Apr 2026first to most recent in this window

$2.5M

Placement

29 Apr 2026 COMPLETE

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9 raises on record — Full raise history

Issue price, shares issued, brokers and stated purpose for every raise on record.

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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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2 dated events on record — Forward supply calendar

Option expiries and proposed issues on one forward timeline, with the securities each could add.

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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.

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Placement capacity — LR 7.1 / 7.1A

The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.

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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

32.1%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

1.03B

Potential new shares

June 2028

Nearest expiry

What this supply is, and what converts it

Price-triggered1.03B · 32.1% of shares
Options and warrants — they convert when the share price clears their exercise price.
No exercise price is on record for any of it, so none of it can be called in or out of the money.
Condition-triggered1.0M · 0.0% of shares
Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 0 priced, 1.03B where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 1.03B of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
1ADO	Options	Price-triggered	—	3 June 2028	1.02B	Filing
1ADAL	Performance rights	Condition-triggered	—	6 Dec 2028	1.0M	Filing Meeting
1ADAD	Options	Price-triggered	—	—	13.8M	Filing

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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3 option lines on record — In-the-money value & price ladder

What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.

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