Companies / ENP

ENTROPY NEURODYNAMICS LIMITED

ASX:ENPPharmaceuticals, Biotechnology & Life Sciences
1.63B shares on issueASX (delayed) · snapshot 11 Sept 20262.34B fully diluted+43.0% if every option and right converts$0.041price · delayed$67.0Mmarket cap · indicative

Today’s holders own 69.9% of what they think they own, once every option and right converts.

Moderate
Dilution riskprovisional — limited history

Runway 2–4 quarters; options/rights overhang 43% of shares; 2 cash raises in 24 months; since relisting as ENP; prior history under TYP not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.1 quarters of funding
Share-count growth (24m)1.4%since relisting as ENP; prior history under TYP not included
Raise cadence (24m)2 cash raisessince relisting as ENP; prior history under TYP not included
Options & rights overhang43.0% of shares
In-the-money supply15.5% of shares
Pending proposed issuesnone

ENTROPY NEURODYNAMICS LIMITED's ordinary share count grew 4.6% between January 2026 and August 2026, to 1.63B shares. In the past 24 months, the company completed two capital raises with disclosed, confirmed proceeds totalling A$6.1M, the most recent being an offer of options under Prospectus in June 2026. As of June 2026, the company held A$4.4M in available cash, providing approximately 3.1 quarters of funding at its recent spending rate. Options and rights on issue could convert into 702M new shares, representing 43.0% of the current share count, of which 16% are in-the-money. The nearest expiry date for these options is March 2027. The company has no pending proposed securities issues.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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43.0%
Options & rights overhang
15.5%
In-the-money supply
2
Raises · last 12 months
3.1 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. Shown since relisting as ENP (17 Nov 2025); prior history under TYP is not included. Latest count 1.63B per ASX (delayed) (snapshot 11 Sept 2026).
1.61B1.62B1.63BNov 25Apr 26Sept 26Cash raise · 25 June 20261.63B

Cash runway

3.1 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Mar 2027 at the reported spend rate.
$4.4M 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: $5.6M cash at quarter end (item 4.6), 5.7 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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3 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 20262A · quoted issueENP : ORDINARY FULLY PAID1.63BAppendix 2A
6 Aug 20262A · quoted issueENP : ORDINARY FULLY PAID1.63BAppendix 2A
26 June 20262A · quoted issueENP : ORDINARY FULLY PAID1.63BAppendix 2A
29 May 20262A · quoted issueENP : ORDINARY FULLY PAID1.63BAppendix 2A
15 May 20263H · cancellationENP : ORDINARY FULLY PAID1.58BAppendix 3H
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15 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

2 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as ENP (17 Nov 2025); prior history under TYP is not included

every 7.6 monthsaverage gap between raises
2.6 monthssince the most recent
5 Nov 2025 – 25 June 2026first to most recent in this window
—
Offer of options under Prospectus
25 June 2026 ACTIVE
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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.

198.2M of option supply could convert within 12 months — 12.1% of shares on issue
198.2M 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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16 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 estimate — no share count old enough to measure 15% of.
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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

43.0%
Options & rights overhang · of current shares
15.5%
In-the-money supply · at current price
702.2M
Potential new shares
Mar 2027
Nearest expiry
What a price move would switch on
351.1M702.2M$0.041 now0.25× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.021) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.031) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.041) — 253.5M of the priced supply in the money, 15.5% of shares on issue1.25× today ($0.051) — 369.7M of the priced supply in the money, 22.6% of shares on issue1.5× today ($0.061) — 396.8M of the priced supply in the money, 24.3% of shares on issue2× today ($0.082) — 402.6M of the priced supply in the money, 24.6% of shares on issue3× today ($0.123) — 402.6M of the priced supply in the money, 24.6% of shares on issue5× today ($0.205) — 402.6M of the priced supply in the money, 24.6% of shares on issue10× today ($0.410) — 403.0M of the priced supply in the money, 24.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.041 today, 253.5M securities are in the money (15.5% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 369.7M (22.6% 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.
  • 299.2M (42.6% 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
ENPAXOptionsPrice-triggered$0.04031 Mar 2027162.0MFiling
ENPAQOptionsPrice-triggered$0.03122 Apr 202736.2MFiling
ENPOOptionsPrice-triggered—29 May 2027299.2MFiling
ENPAHOptionsPrice-triggered$0.0637 Aug 20271.8MFiling
ENPAMOptionsPrice-triggered$0.0371 Dec 20274.0MFiling
ENPANOptionsPrice-triggered$0.0501 Dec 20272.0MFiling
ENPAOOptionsPrice-triggered$0.0751 Dec 20272.0MFiling
ENPACOptionsPrice-triggered$0.08019 Dec 20272.0MFiling
ENPAIOptionsPrice-triggered$0.03430 Oct 202837.8MFiling
ENPAYOptionsPrice-triggered$0.04530 Mar 202920.0MFiling
ENPAJOptionsPrice-triggered$0.04729 May 202915.4MFiling
ENPAKOptionsPrice-triggered$0.05329 May 202927.1MFiling
ENPAPOptionsPrice-triggered$0.2129 May 2029362kFiling
ENPAVOptionsPrice-triggered$0.04031 Dec 202913.5MFiling
ENPABOptionsPrice-triggered$0.05019 Dec 203050.0MFiling
ENPAWOptionsPrice-triggered$0.05031 Dec 203028.8MFiling

“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.

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16 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
7 Aug 2026Herwig JanssenOther767k——$25k3Y notice
13 May 2026Jason CarrollBuy———$19k3Y notice
12 May 2026Jason CarrollBuy750k——$26k3Y notice
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16 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

28 Aug 2026Investor Webinar Presentation
27 Aug 2026Appendix 4G and Corporate Governance Statement
27 Aug 2026$PAppendix 4E and 2026 Annual Report
25 Aug 2026$PEntropy Advances TRP-8803 to US Phase 2 in Depression
24 Aug 2026Application for quotation of securities - ENP
23 Aug 2026$PTrading Halt
18 Aug 2026$PTRP 8803 manufacturing secured for Phase 2/3 advancement
7 Aug 2026Change of Director's Interest Notice - HJ
6 Aug 2026Cleansing Notice
6 Aug 2026Application for quotation of securities - ENP
6 Aug 2026BioShares 2026 Investor Presentation Deck
3 Aug 2026$P72-Patient Trial Fast-Tracks TRP-8803 Commercialisation
30 July 2026$PTrading Halt
26 July 2026Techknow Invest Roadshow presentation
24 July 2026Appointment of Joint Company Secretary
21 July 2026$PQuarterly Activities Report and Appendix 4C
19 July 2026$PSouth Africa Grants ENP Broad Fibromyalgia Patent to 2043
9 July 2026Additional Australian patent granted
9 July 2026Investor Presentation
6 July 2026$P100% Clinical improvement, 50% Remission in BED study

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