ADHERIUM LIMITED
ASX:ADRHealth Care Equipment & ServicesToday’s holders own 83.1% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 624% in 24 months; 6 cash raises in 24 months
ADHERIUM LIMITED's ordinary share count rose 623.6% between July 2024 and June 2026, its latest share-count filing, to 55M shares. This percentage change is adjusted for the approximately 1-for-100 share consolidation completed in June 2026. In the past 24 months, the company raised capital six times for total disclosed proceeds of A$18.3M, most recently a Placement and Accelerated Non-Renounceable Entitlement Offer in February 2026 raising A$6.8M. Options and rights on issue could convert into 11M new shares, equal to 20.4% of the current share count, none of which are in the money; the nearest expiry falls in November 2026. Regarding cash, at the reported spend rate the reported cash would since have been used up, and no later cash report is on record, so no funding-runway figure applies. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in October 2026.
Quick answers · 3
Is ADR raising capital?
Adherium has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement and Accelerated Non-Renounceable Entitlement Offer of $6.8M on 16 Feb 2026.
How much cash does ADR have?
In its quarterly cash report for the quarter ended 30 June 2026, Adherium reported $1.4M of cash and estimated 0.3 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do ADR's options expire?
Unexercised options and rights equal 20.4% of Adherium's shares on issue; the nearest expiry is Nov 2026.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 30 June 2026 | 3G · unquoted | ADR : ORDINARY FULLY PAID | 53.7M | Appendix 3G |
| 24 June 2026 | 2A · quoted issue | ADR : ORDINARY FULLY PAID | 5.49B | Appendix 2A |
| 24 June 2026 | 3G · unquoted | ORDINARY FULLY PAID | 5.37B | Appendix 3G |
| 24 June 2026 | 3G · unquoted | ADR : ORDINARY FULLY PAID | 5.37B | Appendix 3G |
| 24 June 2026 | 3G · unquoted | ADR : ORDINARY FULLY PAID | 5.37B | Appendix 3G |
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 (53.7M) need not equal the current count above (54.9M).
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
6 cash raises in the last 24 months · 1 in the last 12 months
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
consolidation-adjusted Figures rebased for the share consolidation on record.
- Price-triggered11.0M · 20.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 106k of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered247k · 0.4% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 10.8M priced, 352k 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.
At $0.067 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 10× today’s price, which takes it to 6.6M (12.0% of shares).
- 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.
- 352k (3.1% 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.
- 4.2M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| ADRAX | Options | Price-triggered | $0.50 | 15 Nov 2026 | 6.6M | Filing |
| ADRAG | Options | Price-triggered | $1.00 | 15 Mar 2027 | 98k | Filing |
| ADRAF | Options | Price-triggered | $1.00 | 1 Apr 2027 | 5k | Filing |
| ADRAE | Options | Price-triggered | $0.80 | 19 June 2027 | 4k | Filing |
| ADRAH | Options | Price-triggered | $0.80 | 29 June 2027 | 18k | Filing |
| ADRAI | Options | Price-triggered | $0.80 | 13 July 2027 | 8k | Filing |
| ADRAC | Options | Price-triggered | $0.41 | 9 Dec 2027 | 20k | Filing |
| ADRAB | Options | Price-triggered | $2.00 | 28 Feb 2028 | 3.1M | Filing |
| ADRAY | Options | Price-triggered | $2.00 | 5 Dec 2028 | 500k | Filing |
| ADRAA | Options | Price-triggered | $1.00 | 22 Jan 2029 | 539k | Filing |
| ADRAD | Options | Price-triggered, no exercise price stated | — | — | 106k | Filing |
| ADRAP | Rights | Condition-triggered | — | — | 247k | Filing Meeting |
“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. For what expires soon across other listed companies, see the options expiry calendar.
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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 7 July 2026 | George Baran | Other | — | — | — | — | 3Y notice |
| 7 July 2026 | Jeremy Curnock Cook | Other | — | — | — | — | 3Y notice |
| 7 July 2026 | Keven Gessner | Other | — | — | — | — | 3Y notice |
| 7 July 2026 | Louis Panaccio | Other | — | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.