ACTINOGEN MEDICAL LIMITED

ASX:ACWPharmaceuticals, Biotechnology & Life Sciences

3.83B shares on issueAppendix 2A · as of 11 Sept 20264.30B fully diluted+12.4% if every option and right converts$0.058price · delayed$220.6Mmarket cap · indicative

Today’s holders own 89.0% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 41% in 24 months; runway 2–4 quarters; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway3.5 quarters of funding

Share-count growth (24m)41.0%

Raise cadence (24m)2 cash raises

Options & rights overhang12.4% of shares

In-the-money supply0.5% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

ACTINOGEN MEDICAL LIMITED's ordinary share count grew 41.0% between September 2024 and September 2026, reaching 3.83B shares. In the past 24 months, the company raised capital twice, totalling A$27.9M, with the most recent raise being a A$16.8M Placement and SPP in January 2026. Options and rights on issue represent potential new shares equivalent to 13.1% of the current share count, with the nearest expiry in September 2026; 1% of these options are currently in the money. As of the June 2026 quarter, the company reported A$17.5M in available cash, representing approximately 3.5 quarters of funding at its recent spending rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in September 2026.

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

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12.4%

Options & rights overhang

0.5%

In-the-money supply · most strikes not on record

Raises · last 12 months

3.5 qtrs

Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 3.83B per Appendix 2A (filed 11 Sept 2026).

Cash runway

3.5 qtrs

Two to four quarters of funding at the recent spend rate.

Funds operations to about Apr 2027 at the reported spend rate.

$17.4M 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: $16.7M cash at quarter end (item 4.6), 3.4 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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12 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
11 Sept 2026	2A · quoted issue	ACW : ORDINARY FULLY PAID	3.83B	Appendix 2A
9 Sept 2026	2A · quoted issue	ACW : ORDINARY FULLY PAID	3.80B	Appendix 2A
8 Sept 2026	2A · quoted issue	ACW : ORDINARY FULLY PAID	3.76B	Appendix 2A
7 Sept 2026	2A · quoted issue	ACW : ORDINARY FULLY PAID	3.77B	Appendix 2A
3 Sept 2026	2A · quoted issue	ACW : ORDINARY FULLY PAID	3.75B	Appendix 2A

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82 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 16.5 monthsaverage gap between raises

7.5 monthssince the most recent

13 Sept 2024 – 28 Jan 2026first to most recent in this window

$16.8M

Placement and SPP

28 Jan 2026 COMPLETE

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7 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.

20.2M of option supply could convert within 12 months — 0.5% of shares on issue

20.2M in the money, expiring in the window

1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.

Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.

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4 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.

About 44% of the 15% placement capacity left — about 56% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.

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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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

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1 pending issue on record — Pending issue detail

Size, price, fees, broker and placement-capacity usage for each pending issue.

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Options & convertible securities

12.4%

Options & rights overhang · of current shares

0.5%

In-the-money supply · most strikes not on record

472.9M

Potential new shares

Sept 2026

Nearest expiry

What a price move would switch on

At $0.058 today, 20.2M securities are in the money (0.5% of shares on issue) — a floor, because an exercise price is on record for only 4.3% of this supply. No price up to ten times today’s switches on any more priced supply.

Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
452.7M (95.7% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.

Code	Security	Type	Exercise price	Expiry	On issue	Source
ACWAP	Options	Price-triggered	$0.037	15 Sept 2026	20.2M	Filing
ACWOD	Options	Price-triggered	—	31 May 2027	175.4M	Filing
ACWOC	Options	Price-triggered	—	30 Sept 2027	277.2M	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.

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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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Director dealings

Date	Director	Type	Shares	Options	Other	Value	Source
9 Sept 2026	Dr Geoffrey Brooke	Sell	237k	237k	—	$9k	3Y notice
28 Aug 2026	Dr Geoffrey Brooke	Buy	275k	—	—	$10k	3Y notice
28 Aug 2026	Dr George Morstyn	Sell	307k	307k	—	$12k	3Y notice