INVERT GRAPHITE LIMITED
ASX:IVGPharmaceuticals, Biotechnology & Life SciencesToday’s holders own 79.0% of what they think they own, once every option and right converts.
Share count grew 56% in 24 months; runway 2–4 quarters; 2 cash raises in 24 months; since relisting as IVG; prior history under DLM not included
INVERT GRAPHITE LIMITED has had its ordinary share count grow 39.5% between May 2025 and August 2026, to 478M shares. This growth occurred after the company renamed from DLM to IVG in January 2025; historical data under the previous name is not included. The company completed two capital raises totalling A$6.0M in that period, the most recent being a A$2.5M placement in June 2026. Options and rights on issue could convert into 143M new shares, representing 29.8% of the current share count, with the nearest expiry in June 2027. As of June 2026, the company held A$1.0M in cash, sufficient for approximately 2.1 quarters of operations based on recent spending. There are no pending proposed securities issues.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 20 Aug 2026 | 2A · quoted issue | IVG : ORDINARY FULLY PAID | 477.7M | Appendix 2A |
| 20 Aug 2026 | 3G · unquoted | IVG : ORDINARY FULLY PAID | 444.3M | Appendix 3G |
| 14 Aug 2026 | 2A · quoted issue | IVG : ORDINARY FULLY PAID | 444.3M | Appendix 2A |
| 14 Aug 2026 | 3G · unquoted | IVG : ORDINARY FULLY PAID | 361.0M | Appendix 3G |
| 26 June 2026 | 3G · unquoted | IVG : ORDINARY FULLY PAID | 361.0M | Appendix 3G |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (477.7M) need not equal the current count above (535.9M).
Capital raises
2 cash raises in the last 24 months · 1 in the last 12 months · counted since relisting as IVG (6 Jan 2025); prior history under DLM is not included
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.
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.
Pending proposed issues
Options & convertible securities
- Price-triggered142.5M · 26.6% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 15.0M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered3 · 0.0% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 4.2M priced, 123.4M at a stated nil price, 15.0M 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.
An exercise price is on record for only 21.7% 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 $0.039 today. At double today’s price it is 4.2M (0.8% 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.
- 123.4M (86.6% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
- 15.0M (10.5% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| IVGAK | Options | Price-triggered | — | 3 June 2027 | 15.0M | Filing |
| IVGAA | Options | Price-triggered | $0.060 | 14 Aug 2028 | 4.2M | Filing |
| — | Options | Price-triggered | Nil | 20 Aug 2029 | 91.7M | Filing |
| IVGAL | Options | Price-triggered | Nil | 26 June 2030 | 31.7M | Filing |
| IVGAN | Performance shares | Condition-triggered | — | — | 3 | Filing Meeting |
“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.
- IVGAMPrice-triggered18.0M securities → 02 Jan 2026 Appendix 2A
- IVGAOPrice-triggered3.3M securities → 02 Jan 2026 Appendix 2A
- IVGAPPrice-triggered8.2M securities → 02 Jan 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 20 Aug 2026 | Anastasios Arima | Other incentive | — | 7.0M | — | — | 3Y notice |
| 20 Aug 2026 | Andrew Boyd | Other incentive | — | 1.0M | — | — | 3Y notice |
| 20 Aug 2026 | Andrew Lawson | Other incentive | — | 7.0M | — | — | 3Y notice |
| 20 Aug 2026 | Dominic Allen | Other incentive | — | 7.0M | — | — | 3Y notice |
| 20 Aug 2026 | Simon Taylor | Other incentive | — | 3.0M | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.