Companies / FRE

FIREBRICK PHARMA LIMITED

ASX:FREPharmaceuticals, Biotechnology & Life Sciences
287.2M shares on issueASX (delayed) · snapshot 11 Sept 2026334.4M fully diluted+16.4% if every option and right converts$0.030price · delayed$8.6Mmarket cap · indicative

Today’s holders own 85.9% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 47% in 24 months; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.9 quarters of funding
Share-count growth (24m)46.8%
Raise cadence (24m)5 cash raises
Options & rights overhang16.4% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

FIREBRICK PHARMA LIMITED's ordinary share count grew 46.8% between September 2024 and August 2026, reaching 287M shares. The company raised capital five times in the past 24 months for total disclosed proceeds of A$4.3M, with the most recent being a A$1.5M placement in March 2026. Options on issue could convert to 47M new shares, representing 16.4% of the current share count, with the nearest expiry in September 2027. As of the June 2026 quarter, the company had A$698K in available cash, covering approximately 0.9 quarters of its recent expenditure rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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16.4%
Options & rights overhang
—
In-the-money supply · most strikes not on record
2
Raises · last 12 months
0.9 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 287.2M per ASX (delayed) (snapshot 11 Sept 2026).
225M250M275MDec 24Oct 25Sept 26Cash raise · 26 Mar 2026Cash raise · 16 Oct 2025Cash raise · 26 Aug 2025Cash raise · 23 June 2025Cash raise · 27 Feb 2025287.2M

Cash runway

0.9 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Sept 2026 — that date has passed, and no later report is on record.
$690k 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: $1.3M cash at quarter end (item 4.6), 1.7 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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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 Aug 20262A · quoted issueFRE : ORDINARY FULLY PAID287.2MAppendix 2A
27 July 20263G · unquotedFRE : ORDINARY FULLY PAID285.2MAppendix 3G
1 June 20262A · quoted issueFRE : ORDINARY FULLY PAID285.2MAppendix 2A
31 May 20263H · cancellationFRE : ORDINARY FULLY PAID285.0MAppendix 3H
21 May 20262A · quoted issueFRE : ORDINARY FULLY PAID285.0MAppendix 2A
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39 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

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

every 3.2 monthsaverage gap between raises
5.6 monthssince the most recent
27 Feb 2025 – 26 Mar 2026first to most recent in this window
$1.5M
Placement
26 Mar 2026 COMPLETE
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14 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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6 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 9% of the 15% placement capacity left — about 91% 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

16.4%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
47.2M
Potential new shares
Sept 2027
Nearest expiry
What a price move would switch on
23.6M47.2M$0.030 now0.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.022) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.030) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.037) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.045) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.060) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.090) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.150) — 9.2M of the priced supply in the money, 3.2% of shares on issue10× today ($0.300) — 12.2M of the priced supply in the money, 4.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 25.8% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.030 today. No more priced supply until 5× today’s price, which takes it to 9.2M (3.2% 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.
  • 35.0M (74.2% 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
FREADOptionsPrice-triggered$0.0908 Sept 20271.5MFiling
FREOOptionsPrice-triggered—4 July 202834.8MFiling
FREAGOptionsPrice-triggered$0.151 Aug 20291.0MFiling
FREAHOptionsPrice-triggered$0.121 Oct 20297.7MFiling
FREAIOptionsPrice-triggered$0.1510 Feb 20301.0MFiling
FREAJOptionsPrice-triggered$0.1517 Apr 20311.0MFiling
FREABOptionsPrice-triggered——200kFiling

“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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7 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
20 May 2026Peter Laurence MolloyBuy on-market245k——$10k3Y notice
20 May 2026Stephen Francis GoodallBuy on-market110k——$5k3Y notice
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2 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

31 Aug 2026Appendix 4G
31 Aug 2026Corporate Governance Statement
31 Aug 2026$PAppendix 4E and Annual Report 30 June 2026
10 Aug 2026Cleansing Notice
10 Aug 2026Application for quotation of securities - FRE
9 Aug 2026Proposed issue of securities - FRE
27 July 2026Update - Notification regarding unquoted securities - FRE
26 July 2026$PInvestor Update
26 July 2026$PJune 2026 Quarterly Activity Report
14 July 2026Change of Address
22 June 2026Results of General Meeting
2 June 2026Nasodine Composition Patent Granted in New Zealand
1 June 2026Cleansing Notice
1 June 2026Application for quotation of securities - FRE
31 May 2026Proposed issue of securities - FRE
31 May 2026Notification of cessation of securities - FRE
29 May 2026Change in substantial holding
21 May 2026Notice of GM & Proxy Form & Access Letter
21 May 2026Cleansing Notice
21 May 2026Application for quotation of securities - FRE

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