Companies / COV

CLEO DIAGNOSTICS LTD

ASX:COVPharmaceuticals, Biotechnology & Life Sciences
142.4M shares on issueASX (delayed) · snapshot 11 Sept 2026146.0M fully diluted+2.5% if every option and right converts$0.34price · delayed$48.4Mmarket cap · indicative

Today’s holders own 97.5% of what they think they own, once every option and right converts.

Low
Dilution risk

Runway 2–4 quarters; share count grew 11% in 24 months; 1 cash raise in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.9 quarters of funding
Share-count growth (24m)10.8%
Raise cadence (24m)1 cash raise
Options & rights overhang2.5% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

CLEO DIAGNOSTICS LTD's ordinary share count grew 74.5% between June 2024 and August 2026, to 142M shares. The company raised capital once in this period, a A$5.0M placement in December 2025. Options and rights on issue could convert into 4M new shares, representing 2.5% of the current share count, with no options in the money; the nearest expiry is April 2028. At the June 2026 quarter, the company reported A$4.9M in available cash, sufficient for approximately 2.9 quarters. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 7 Sept 2026
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2.5%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
2.9 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 142.4M per ASX (delayed) (snapshot 11 Sept 2026).
130M135M140MDec 24Oct 25Sept 26Cash raise · 16 Dec 2025142.4M

Cash runway

2.9 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Mar 2027 at the reported spend rate.
$4.8M 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: $6.2M cash at quarter end (item 4.6), 3.7 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)

DateFormSecurityOn issue, per this filingSource
24 Aug 20263H · cancellationCOV : ORDINARY FULLY PAID137.1MAppendix 3H
24 Aug 20262A · quoted issueCOV : ORDINARY FULLY PAID142.4MAppendix 2A
28 May 20262A · quoted issueCOV : ORDINARY FULLY PAID137.1MAppendix 2A
29 Dec 20252A · quoted issueCOV : ORDINARY FULLY PAID136.8MAppendix 2A
29 Dec 20252A · quoted issueCOV : ORDINARY FULLY PAID128.5MAppendix 2A
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9 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

1 cash raise in the last 24 months · 1 in the last 12 months

$5.0M
Placement
16 Dec 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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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.

About 96% of the 15% placement capacity left — about 4% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

2.5%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
3.6M
Potential new shares
Apr 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered2.1M · 1.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.5M · 1.1% 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: 2.1M priced, 1.5M 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
1.8M3.6M$0.34 now0.25× today ($0.09) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.17) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.26) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.34) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.43) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.51) — 1.3M of the priced supply in the money, 0.9% of shares on issue2× today ($0.68) — 1.3M of the priced supply in the money, 0.9% of shares on issue3× today ($1.02) — 2.1M of the priced supply in the money, 1.5% of shares on issue5× today ($1.70) — 2.1M of the priced supply in the money, 1.5% of shares on issue10× today ($3.40) — 2.1M of the priced supply in the money, 1.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.34 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 1.3M (0.9% 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.
  • 1.5M (41.9% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
COVAPOptionsPrice-triggered$0.5023 Apr 20281.3MFiling
COVAQOptionsPrice-triggered$0.9029 Dec 2028833kFiling
COVAOPerformance rightsCondition-triggered——1.5MFiling 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.

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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

DateDirectorTypeSharesOptionsOtherValueSource
24 Aug 2026Andrew Nicholas StephensBuy incentive136k1.5M——3Y notice
24 Aug 2026Lucinda Joan FrawleyBuy1.5M——$450k3Y notice
24 Aug 2026Richard AllmanBuy incentive227k2.5M——3Y notice
24 Aug 2026Thomas William JoblingBuy1.5M——$450k3Y notice
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6 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

10 Sept 2026Notice Required Under ASX Listing Rule 3.13.1
9 Sept 2026$PCLIA Certified Lab selected - Pivotal US Clinical Validation
2 Sept 2026$PCLEO Receives First Batch of Commercial Test Kits
24 Aug 2026Change of Director's Interest Notice x 4
24 Aug 2026Cleansing Notice
24 Aug 2026Application for quotation of securities - COV
24 Aug 2026Notification of cessation of securities - COV
21 Aug 2026Change in Director's Interest Notice
20 Aug 2026Appendix 4G and Corporate Governance Statement
20 Aug 2026$PAppendix 4E and 2026 Annual Report
28 July 2026$PQuarterly activities and cashflow report
12 July 2026$PCLEO Enters Analytical Validation Phase
7 July 2026Change in Director's Interest Notice
28 May 2026Cleansing Notice
28 May 2026Application for quotation of securities - COV
19 May 2026$PCLEO Establishes U.S. Reimbursement Pathway
28 Apr 2026$PQuarterly activities and cashflow report
27 Apr 2026$PCLEO Commences Kit Manufacturing Ahead of FDA Submission
30 Mar 2026$PSample Collection Completion for Pivotal US Clinical Trial
22 Mar 2026$PCLEO Optimises Biomarker Panel Ahead of FDA Submission

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