Companies / ILA

ISLAND PHARMACEUTICALS LIMITED

ASX:ILAPharmaceuticals, Biotechnology & Life Sciences
296.1M shares on issueASX (delayed) · snapshot 11 Sept 2026347.8M fully diluted+17.5% if every option and right converts$0.43price · delayed$128.8Mmarket cap · indicative

Today’s holders own 85.1% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 134% in 24 months; 4 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway6.9 quarters of funding
Share-count growth (24m)133.5%
Raise cadence (24m)4 cash raises
Options & rights overhang17.5% of shares
In-the-money supply7.1% of shares
Pending proposed issuesnone

ISLAND PHARMACEUTICALS LIMITED's ordinary share count grew 133.5% between August 2024 and August 2026, reaching 296M shares. The company raised capital four times in the past 24 months, for a total of A$16.2M, with the most recent being a A$9.0M placement in January 2026. Options and rights on issue represent a potential for 52M new shares, equivalent to 17.5% of the current share count, with 7% of these in the money at the current share price; the nearest expiry is December 2026. As of the June 2026 quarter, the company reported A$11.5M in available cash, sufficient to cover 6.9 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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17.5%
Options & rights overhang
7.1%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
6.9 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 296.1M per ASX (delayed) (snapshot 11 Sept 2026).
200M250M300MDec 24Oct 25Sept 26Cash raise · 30 Jan 2026Cash raise · 16 May 2025Cash raise · 16 May 2025296.1M

Cash runway

6.9 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Mar 2028 at the reported spend rate.
$11.5M 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: $12.9M cash at quarter end (item 4.6), 8.4 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
11 Aug 20262A · quoted issueILA : ORDINARY FULLY PAID296.1MAppendix 2A
13 July 20263G · unquotedORDINARY FULLY PAID295.9MAppendix 3G
13 July 20263G · unquotedILA : ORDINARY FULLY PAID295.9MAppendix 3G
13 July 20263G · unquotedORDINARY FULLY PAID295.9MAppendix 3G
13 July 20263G · unquotedILA : ORDINARY FULLY PAID295.9MAppendix 3G
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69 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 · 1 in the last 12 months

every 8 monthsaverage gap between raises
7.4 monthssince the most recent
30 Sept 2024 – 30 Jan 2026first to most recent in this window
$9.0M
Placement
30 Jan 2026 COMPLETE
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15 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.

21.1M of option supply could convert within 12 months — 7.1% of shares on issue
21.1M 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

17.5%
Options & rights overhang · of current shares
7.1%
In-the-money supply · most strikes not on record
51.7M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
25.9M51.7M$0.43 now0.25× today ($0.11) — 19.4M of the priced supply in the money, 6.6% of shares on issue0.5× today ($0.22) — 21.1M of the priced supply in the money, 7.1% of shares on issue0.75× today ($0.33) — 21.1M of the priced supply in the money, 7.1% of shares on issue1× today ($0.43) — 21.1M of the priced supply in the money, 7.1% of shares on issue1.25× today ($0.54) — 21.1M of the priced supply in the money, 7.1% of shares on issue1.5× today ($0.65) — 21.1M of the priced supply in the money, 7.1% of shares on issue2× today ($0.87) — 21.1M of the priced supply in the money, 7.1% of shares on issue3× today ($1.30) — 21.1M of the priced supply in the money, 7.1% of shares on issue5× today ($2.17) — 21.1M of the priced supply in the money, 7.1% of shares on issue10× today ($4.35) — 21.1M of the priced supply in the money, 7.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.43 today, 21.1M securities are in the money (7.1% of shares on issue) — a floor, because an exercise price is on record for only 40.9% 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.
  • 30.6M (59.1% 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
ILAAQOptionsPrice-triggered$0.0704 Dec 202619.4MFiling
ILAAOOptionsPrice-triggered$0.1221 Mar 20271.7MFiling
ILAALOptionsPrice-triggered——30.6MFiling

“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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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
3 Dec 2025Christopher NtoumenopoulosSell714k844k—$25k3Y notice
3 Dec 2025Jason Alan CarrollBuy975k367k—$68k3Y notice
12 Nov 2025Christopher NtoumenopoulosOther2.1M2.9M—$2753Y notice
12 Nov 2025Dr David FosterOther6.3M4.0M—$2003Y notice
12 Nov 2025Jason Alan CarrollOther31.1M5.0M—$5003Y notice
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12 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

30 Aug 2026$PPivotal Marburg data secured for Galidesivir FDA pathway
26 Aug 2026Appendix 4G and Corporate Governance Statement
26 Aug 2026Annual Report to shareholders
26 Aug 2026$PPreliminary Final Report
20 Aug 2026$PIsland boosts Galidesivir supply as Ebola surges
12 Aug 2026Date of AGM & Closing Date for Director Nominations
11 Aug 2026Cleansing Notice
11 Aug 2026Application for quotation of securities - ILA
6 Aug 2026Investor presentation
29 July 2026$PQuarterly Appendix 4C and Activities Report
26 July 2026Investor Presentation - TechKnow Invest Roadshow
13 July 2026Notification regarding unquoted securities - ILA
13 July 2026Notification regarding unquoted securities - ILA
13 July 2026Notification regarding unquoted securities - ILA
13 July 2026Notification regarding unquoted securities - ILA
12 July 2026$PTexas Biomed SOW accelerates pivotal FDA pathway
8 July 2026$PInvestor Presentation - Ebola Clinical Program
7 July 2026Notification of cessation of securities - ILA
6 July 2026$PGalidesivir approved for treatment use in in Ebola epidemic
3 July 2026$PTrading Halt

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