COGSTATE LTD

ASX:CGSHealth Care Equipment & Services

172.0M shares on issueASX (delayed) · snapshot 11 Sept 2026179.7M fully diluted+4.5% if every option and right converts$3.01price · delayed$517.7Mmarket cap · indicative

Today’s holders own 95.7% of what they think they own, once every option and right converts.

Minimal

Dilution risk

0% of shares in the money

Absolute levels — not a ranking against other companies.

Cash runwayno data — not a quarterly (4C/5B) cash filer

Share-count growth (24m)-0.4%

Raise cadence (24m)0 cash raises

Options & rights overhang4.5% of shares

In-the-money supply0.4% of shares

Pending proposed issuesnone

COGSTATE LTD's ordinary share count was 172M as of September 2026, a 0.3% increase from April 2024. The company has not raised capital in the past 24 months and has no pending proposed securities issues. Options and rights on issue could convert into 8M new shares, representing 4.5% of the current share count, with the nearest expiry in October 2026; none of these are currently in the money. COGSTATE LTD does not lodge quarterly cash reports, so no current funding runway figure is disclosed on that basis.

AI-generated summary of this page's cited filings · updated 9 Sept 2026

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4.5%

Options & rights overhang

0.4%

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

Raises · last 12 months

—

Cash cover · not a quarterly filer

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 172.0M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

Not a quarterly cash filer. This company does not lodge Appendix 4C/5B quarterly cash reports, so cash runway does not apply.

Issuance timeline

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

Date	Form	Security	On issue, per this filing	Source
8 Sept 2026	2A · quoted issue	CGS : ORDINARY FULLY PAID	172.0M	Appendix 2A
8 Sept 2026	3H · cancellation	CGS : ORDINARY FULLY PAID	171.8M	Appendix 3H
1 Sept 2026	2A · quoted issue	CGS : ORDINARY FULLY PAID	171.8M	Appendix 2A
10 July 2026	2A · quoted issue	CGS : ORDINARY FULLY PAID	169.9M	Appendix 2A
10 July 2026	3H · cancellation	CGS : ORDINARY FULLY PAID	169.9M	Appendix 3H

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42 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

No equity raises in the last 24 months.

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6 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.

500k of option supply could convert within 12 months — 0.3% of shares on issue

500k in the money, expiring in the window

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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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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).

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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

4.5%

Options & rights overhang · of current shares

0.4%

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

7.7M

Potential new shares

Oct 2026

Nearest expiry

What this supply is, and what converts it

Price-triggered637k · 0.4% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered7.1M · 4.1% 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: 637k priced (of which 637k in the money), 7.1M 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

At $3.01 today, 637k securities are in the money (0.4% of shares on issue) — a floor, because an exercise price is on record for only 8.3% 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.
7.1M (91.7% 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
CGSAAG	Options	Price-triggered	$2.38	27 Oct 2026	500k	Filing
CGSAA	Options	Price-triggered	$1.45	16 Nov 2028	137k	Filing
CGSAAI	Performance rights	Condition-triggered	—	—	7.1M	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.

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.

CGSAUPrice-triggered400k securities → 019 Oct 2025 Appendix 2A

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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
20 May 2026	Kim Wenn	Buy on-market	4k	—	—	$10k	3Y notice
12 Apr 2026	Martyn Myer	Sell off-market	1.3M	—	—	$2.9M	3Y notice
12 Apr 2026	Martyn Myer	Sell off-market	10.0M	—	—	$21.9M	3Y notice