IMMURON LIMITED

ASX:IMCPharmaceuticals, Biotechnology & Life Sciences

322.8M shares on issueASX (delayed) · snapshot 11 Sept 2026334.6M fully diluted+3.6% if every option and right converts$0.058price · delayed$18.7Mmarket cap · indicative

Today’s holders own 96.5% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 43% in 24 months; 10 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runwayno data — not a quarterly (4C/5B) cash filer

Share-count growth (24m)42.8%measured to the latest Appendix 2A, not to the share count above

Raise cadence (24m)10 cash raises

Options & rights overhang3.6% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

IMMURON LIMITED's share count was 323M as of June 2026. The company raised capital 10 times in the past 24 months, for a total of A$7.4M in disclosed proceeds. The most recent raise was a placement in December 2025, which brought in A$3.6M. Options and rights on issue could convert to 12M new shares, representing 3.6% of the current share count, with none currently in the money. No filing on record states an expiry date for these securities. The company does not have a current quarterly cash report on record, so no cash balance or funding runway figure is disclosed on that basis. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 1 Sept 2026

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3.6%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

—

Cash cover · not a quarterly filer

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 322.8M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

Not a quarterly cash filer. This company does not lodge Appendix 4C/5B quarterly cash reports, so cash runway does not apply.

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
29 June 2026	3H · cancellation	IMC : ORDINARY FULLY PAID	322.8M	Appendix 3H
17 June 2026	3H · cancellation	IMC : ORDINARY FULLY PAID	326.7M	Appendix 3H
11 Mar 2026	3H · cancellation	IMC : ORDINARY FULLY PAID	326.7M	Appendix 3H
16 Dec 2025	2A · quoted issue	IMC : ORDINARY FULLY PAID	325.5M	Appendix 2A
15 Dec 2025	2A · quoted issue	IMC : ORDINARY FULLY PAID	326.3M	Appendix 2A

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29 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

10 cash raises in the last 24 months · 3 in the last 12 months

every 1.2 monthsaverage gap between raises

9.3 monthssince the most recent

7 Jan 2025 – 3 Dec 2025first to most recent in this window

$3.6M

Placement

3 Dec 2025

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11 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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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 30% of the 15% placement capacity left — about 70% 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

3.6%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

11.8M

Potential new shares

—

Nearest expiry

What this supply is, and what converts it

Price-triggered8.0M · 2.5% of shares
Options and warrants — they convert when the share price clears their exercise price.
No exercise price is on record for any of it, so none of it can be called in or out of the money.
Condition-triggered3.8M · 1.2% 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: 0 priced, 11.8M 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

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 11.8M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
IMCAE	Performance rights	Condition-triggered	—	—	3.8M	Filing Meeting
IMCAI	Options	Price-triggered	—	—	8.0M	Filing

“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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2 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

Date	Director	Type	Shares	Options	Other	Value	Source
18 Nov 2025	Daniel Pollock	Other	818k	2.0M	—	—	3Y notice
18 Nov 2025	Dr Jeannette Joughin	Other	—	1.0M	—	—	3Y notice
18 Nov 2025	Paul Brennan	Other	—	1.0M	—	—	3Y notice
18 Nov 2025	Ravi Savarirayan	Other	—	1.0M	—	—	3Y notice