Companies / BIT

BIOTRON LIMITED

ASX:BITPharmaceuticals, Biotechnology & Life Sciences
2.79B shares on issueASX (delayed) · snapshot 11 Sept 20263.22B fully diluted+15.7% if every option and right converts$0.002price · delayed$5.6Mmarket cap · indicative

Today’s holders own 86.5% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 209% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.3 quarters of funding
Share-count growth (24m)208.7%
Raise cadence (24m)3 cash raises
Options & rights overhang15.7% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesnone

BIOTRON LIMITED's ordinary share count grew 208.7% between August 2024 and July 2026, reaching 2.79B shares. In the past 24 months, the company has undertaken three capital raises totaling A$6.3M, with the most recent being a placement and rights issue in October 2025 that raised A$2.5M. Outstanding options and rights could convert to 436M new shares, representing 15.7% of the current share count, with no options currently in the money. The nearest expiry for these options is November 2027. As of June 2026, the company held A$947K in cash, sufficient for approximately 1.3 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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15.7%
Options & rights overhang
—
In-the-money supply · no stated strikes
2
Raises · last 12 months
1.3 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 2.79B per ASX (delayed) (snapshot 11 Sept 2026).
1.0B1.5B2.0B2.5BDec 24Oct 25Sept 26Cash raise · 17 Oct 2025Cash raise · 10 Oct 2025Cash raise · 27 Feb 20252.79B

Cash runway

1.3 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$939k 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: $1.6M cash at quarter end (item 4.6), 7.0 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)

DateFormSecurityOn issue, per this filingSource
13 July 20262A · quoted issueBIT : ORDINARY FULLY PAID2.79BAppendix 2A
17 June 20262A · quoted issueBIT : ORDINARY FULLY PAID2.70BAppendix 2A
29 Jan 20262A · quoted issueBIT : ORDINARY FULLY PAID2.70BAppendix 2A
23 Dec 20253G · unquotedBIT : ORDINARY FULLY PAID2.41BAppendix 3G
23 Dec 20252A · quoted issueBIT : ORDINARY FULLY PAID2.41BAppendix 2A
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22 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

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

every 3.8 monthsaverage gap between raises
10.8 monthssince the most recent
27 Feb 2025 – 17 Oct 2025first to most recent in this window
$2.5M
Placement and Rights Issue
17 Oct 2025 COMPLETE
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4 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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1 dated event 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 15% placement capacity left — all of it 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

15.7%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
435.9M
Potential new shares
Nov 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered435.6M · 15.6% 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-triggered250k · 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, 435.9M 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 435.9M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
BITOOptionsPrice-triggered—24 Nov 2027435.6MFiling
BITAFPerformance sharesCondition-triggered——250kFiling 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.

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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • BITAKPrice-triggered181.7M securities → 023 Dec 2025 Appendix 2A
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2 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

DateDirectorTypeSharesOptionsOtherValueSource
13 July 2026Graeme WaldBuy incentive16.3M—48—3Y notice
13 July 2026Paul KasianBuy12.2M—31—3Y notice
19 Dec 2025Michael J. HOYBuy entitlement/SPP7.5M3.7M——3Y notice
19 Dec 2025Michelle MillerBuy entitlement/SPP2.5M1.3M——3Y notice
19 Dec 2025Robert B. ThomasBuy entitlement/SPP2.8M1.4M——3Y notice
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9 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

4 Sept 2026Change of Share Registry
3 Sept 2026Investor Presentation
27 Aug 2026Appendix 4G
27 Aug 2026Corporate Governance Statement
27 Aug 2026$PFull Year Statutory Accounts and Appendix 4E
18 Aug 2026Change in substantial holding
17 Aug 2026HBV Treatment to Progress Towards Human Trials
21 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
15 July 2026Change of Director's Interest Notice
13 July 2026Application for quotation of securities - BIT
13 July 2026$PSedarex First Milestone Met
17 June 2026Application for quotation of securities - BIT
3 June 2026$P$525K R&D Rebate Received
29 May 2026Release From Voluntary Escrow
15 May 2026Final Director's Interest Notice
29 Apr 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
9 Apr 2026Director Retirement
30 Mar 2026Director Appointment Graeme Wald & Appendix 3X
19 Mar 2026Investor Update
17 Mar 2026$PHepatitis B Virus Program Update

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.