Companies / EIQ

ECHOIQ LIMITED

ASX:EIQSoftware & Services
740.9M shares on issueAppendix 2A · as of 10 Sept 2026822.7M fully diluted+11.1% if every option and right converts$0.57price · delayed$422.2Mmarket cap · indicative

Today’s holders own 90.0% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 27% in 24 months; 4 cash raises in 24 months; options/rights overhang 11% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway33.0 quarters of funding
Share-count growth (24m)26.6%
Raise cadence (24m)4 cash raises
Options & rights overhang11.1% of shares
In-the-money supply4.8% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ECHOIQ LIMITED's ordinary share count grew 37.8% between June 2024 and September 2026, reaching 741M shares. In the past 24 months, the company raised capital four times, totalling A$147.6M, with the most recent event being a A$110.0M placement in June 2026. Options and rights on issue represent a potential for 82M new shares, or 11.1% of the current share count. Of these, 5% are in-the-money and the nearest expiry date is November 2026. As of the June 2026 quarter, the company held A$115.9M in available cash, which at its recent burn rate covers approximately 33.0 quarters. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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11.1%
Options & rights overhang
4.8%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
33.0 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 740.9M per Appendix 2A (filed 10 Sept 2026).
600M650M700M750MDec 24Oct 25Sept 26Cash raise · 26 June 2026Cash raise · 25 June 2026Cash raise · 8 Aug 2025Cash raise · 5 May 2025

Cash runway

33.0 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$115.8M 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: $8.7M cash at quarter end (item 4.6), 3.2 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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14 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
10 Sept 20262A · quoted issueEIQ : ORDINARY FULLY PAID740.9MAppendix 2A
4 Sept 20263H · cancellationEIQ : ORDINARY FULLY PAID740.7MAppendix 3H
21 Aug 20262A · quoted issueEIQ : ORDINARY FULLY PAID740.7MAppendix 2A
7 Aug 20262A · quoted issueEIQ : ORDINARY FULLY PAID740.6MAppendix 2A
22 July 20262A · quoted issueEIQ : ORDINARY FULLY PAID739.3MAppendix 2A
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59 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

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

every 4.6 monthsaverage gap between raises
2.6 monthssince the most recent
5 May 2025 – 26 June 2026first to most recent in this window
$110.0M
Placement
26 June 2026 COMPLETE
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8 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.

7.8M of option supply could convert within 12 months — 1.1% of shares on issue
7.8M 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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9 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 82% of the 15% placement capacity left — about 18% 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

11.1%
Options & rights overhang · of current shares
4.8%
In-the-money supply · most strikes not on record
81.9M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered70.0M · 9.4% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 34.2M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered11.9M · 1.6% 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: 35.8M priced (of which 35.8M in the money), 46.1M 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
40.9M81.9M$0.57 now0.25× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.28) — 17.8M of the priced supply in the money, 2.4% of shares on issue0.75× today ($0.43) — 35.8M of the priced supply in the money, 4.8% of shares on issue1× today ($0.57) — 35.8M of the priced supply in the money, 4.8% of shares on issue1.25× today ($0.71) — 35.8M of the priced supply in the money, 4.8% of shares on issue1.5× today ($0.85) — 35.8M of the priced supply in the money, 4.8% of shares on issue2× today ($1.14) — 35.8M of the priced supply in the money, 4.8% of shares on issue3× today ($1.71) — 35.8M of the priced supply in the money, 4.8% of shares on issue5× today ($2.85) — 35.8M of the priced supply in the money, 4.8% of shares on issue10× today ($5.70) — 35.8M of the priced supply in the money, 4.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.57 today, 35.8M securities are in the money (4.8% of shares on issue) — a floor, because an exercise price is on record for only 43.7% 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.
  • 46.1M (56.3% 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
EIQAACOptionsPrice-triggered$0.2529 Nov 20265.0MFiling
EIQAAJOptionsPrice-triggered$0.2514 June 20272.8MFiling
EIQAMOptionsPrice-triggered$0.354 Mar 20281.5MFiling
EIQAAPPerformance rightsCondition-triggered—31 Mar 20284.9MFiling Meeting
EIQAANOptionsPrice-triggered$0.3520 June 20288.5MFiling
EIQAAQOptionsPrice-triggered$0.2128 Oct 20284.0MFiling
EIQAAROptionsPrice-triggered$0.2031 Oct 20282.0MFiling
EIQAAOOptionsPrice-triggered$0.3531 Dec 20288.0MFiling
EIQAALOptionsPrice-triggered$0.254 Mar 20304.0MFiling
EIQABPerformance rightsCondition-triggered——7.0MFiling Meeting
EIQAAU—Price-triggered——34.2MFiling

“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.

2 classes ceased in the last 12 months and are 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.
  • EIQAAKCondition-triggered600k securities → 030 Jan 2026 Appendix 2A
  • EIQAAMPrice-triggered2.0M securities → 030 Oct 2025 Appendix 2A
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11 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
9 Apr 2026Mr Andrew GroverOther incentive1.0M———3Y notice
9 Apr 2026Mr Steve FormicaOther incentive625k———3Y notice
11 Mar 2026Mr Andrew GroverOther incentive1.0M———3Y notice
11 Mar 2026Mr Steve FormicaOther incentive625k———3Y notice
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17 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 2026Cleansing Notice
10 Sept 2026Application for quotation of securities - EIQ
8 Sept 2026Investor Webinar
8 Sept 2026$PEchoSolv HF FDA Application Update
7 Sept 2026$PTrading Halt
6 Sept 2026$PPause in Trading
4 Sept 2026Notification of cessation of securities - EIQ
1 Sept 2026Proposed issue of securities - EIQ
1 Sept 2026Initial Director's Interest Notice - Scott Wilkin
31 Aug 2026Global healthcare investment leader appointed to Board
28 Aug 2026Appendix 4G and Corporate Governance Statement
28 Aug 2026Annual Report to Shareholders
28 Aug 2026$PPreliminary Final Report
21 Aug 2026Cleansing Notice
21 Aug 2026Application for quotation of securities - EIQ
16 Aug 2026Convertible note executed with Pro Medicus
7 Aug 2026Cleansing Notice
7 Aug 2026Application for quotation of securities - EIQ
27 July 2026Investor Webinar
26 July 2026$PQuarterly Activities Report & Appendix 4C Cashflow Report

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