Companies / IVX

INVION LIMITED

ASX:IVXPharmaceuticals, Biotechnology & Life Sciences
110.6M shares on issueASX (delayed) · snapshot 28 Oct 2026205.1M fully diluted+85.6% if every option and right converts$0.037price · delayed$4.1MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 53.9% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 62% in 24 months; 4 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)62.2%
Raise cadence (24m)4 cash raises
Options & rights overhang85.6% 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)

INVION LIMITED's ordinary share count increased 62.2% between October 2024 and October 2026, its latest share-count filing, after adjustment for a 1-for-100 share consolidation in November 2024, to 111M shares. The company raised capital four times in that period for total disclosed proceeds of A$5.0M, most recently A$1.3M via convertible notes in January 2026. Options and rights on issue could convert into 95M new shares, equal to an 85.6% overhang, none of which are in the money; the nearest expiry is November 2026. The company has under 2 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with the earliest expected in November 2026.

AI-generated summary of this page's cited filings · updated 25 Oct 2026
Quick answers · 3

Is IVX raising capital?

Invion has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Convertible Notes of $1.3M on 30 Jan 2026.

How much cash does IVX have?

In its quarterly cash report for the quarter ended 30 June 2026, Invion reported $592k of cash and estimated 1.3 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do IVX's options expire?

Unexercised options and rights equal 85.6% of Invion's shares on issue; the nearest expiry is Nov 2026.

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85.6%
Options & rights overhang
—
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply · most strikes not on record
1
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. Adjusted for the 1-for-100 consolidation (18 Nov 2024). Latest count 110.6M per ASX (delayed) (snapshot 28 Oct 2026).
70M80M90M100M110MDec 24Nov 25Oct 26Cash raise · 30 Jan 2026Cash raise · 10 Oct 2025Cash raise · 23 June 2025Cash raise · 4 Mar 2025110.6M

Cash runway

0.9 qtrs OURS
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Jan 2027 at the reported spend rate.
$413k cash after burn.
FILED 1.3 qtrs · $592k cash · quarter ended 30 June 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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15 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
15 Oct 20262A · quoted issueIVX : ORDINARY FULLY PAID110.6MAppendix 2A
22 June 20262A · quoted issueIVX : ORDINARY FULLY PAID109.2MAppendix 2A
22 June 20263G · unquotedIVX : ORDINARY FULLY PAID109.2MAppendix 3G
16 June 20263G · unquotedORDINARY FULLY PAID109.2MAppendix 3G
12 June 20262A · quoted issueIVX : ORDINARY FULLY PAID109.2MAppendix 2A
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50 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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Securities on issue over time

Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

4 cash raises in the last 24 months · 1 in the last 12 months

every 3.6 monthsaverage gap between raises
8.9 monthssince the most recent
4 Mar 2025 – 30 Jan 2026first to most recent in this window
$1.3M
Convertible Notes
30 Jan 2026 ACTIVE
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12 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.

220k of option supply could convert within 12 months — 0.2% of shares on issue
220k at a stated nil exercise price — nothing is paid to convert these
2 proposed issues (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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17 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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.

No estimate — a filing in the last 12 months issues securities that can become shares (such as convertible notes or performance shares) without stating how many, so the capacity they use is unknown.
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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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

85.6%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
94.6M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
47.3M94.6M$0.037 now0.25× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.028) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.037) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.046) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.055) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.074) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.111) — 3.2M of the priced supply in the money, 2.9% of shares on issue5× today ($0.185) — 6.2M of the priced supply in the money, 5.6% of shares on issue10× today ($0.370) — 21.0M of the priced supply in the money, 19.0% 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 25.3% 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 $0.037 today. No more priced supply until 3× today’s price, which takes it to 3.2M (2.9% 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.
  • 4.3M (4.5% 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.
  • 67.5M (71.3% 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.
  • 1.9M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
IVXAAIOptionsPrice-triggeredNil17 Nov 2026220kFiling
IVXAAMOptionsPrice-triggered$1.0028 Nov 20261.2MFiling
IVXAALOptionsPrice-triggered$1.001 Dec 2026120kFiling
IVXOOptionsPrice-triggered, no exercise price stated—30 June 202767.5MFiling
IVXACOptionsPrice-triggered$0.2130 June 2027681Filing
IVXAPOptionsPrice-triggered$0.2812 May 202814.8MFiling
IVXABOptionsPrice-triggered$0.1429 May 2028794kFiling
IVXAAROptionsPrice-triggered$0.4918 June 2028552kFiling
IVXAOOptionsPrice-triggeredNil31 Oct 2028163kFiling
IVXAAOOptionsPrice-triggeredNil13 Jan 202949kFiling
IVXADOptionsPrice-triggered$0.1227 Feb 2029200kFiling
IVXAROptionsPrice-triggeredNil11 June 20293.7MFiling
IVXASOptionsPrice-triggered$0.08611 June 20293.2MFiling
IVXAASOptionsPrice-triggered$0.1418 June 20292.0MFiling
IVXAAPOptionsPrice-triggeredNil28 July 2029115kFiling

“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. For what expires soon across other listed companies, see the options expiry calendar.

Also on issue: convertible debt, not counted above
These are debt. Each count is the filing’s own count of notes or units, not a share count, and how many shares they would become depends on terms we don’t hold in full (face value, interest, the conversion formula). So they are left out of the options overhang, the in-the-money supply and the parts of the risk score built on them. Placement capacity is different: the listing rules count a note issue at the most shares it can become.
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16 option and convertible-debt 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
12 June 2026Alan YamashitaOther incentive—1.7M——3Y notice
12 June 2026Alistair BennallackOther incentive—1.7M——3Y notice
12 June 2026Chiat Thian ChewOther incentive—4.8M244k—3Y 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

23 Oct 2026Notice of Annual General Meeting/Proxy Form
21 Oct 2026Proposed issue of securities - IVX
21 Oct 2026$PFunding Agreements Cover Up to 85% of Clinical Trials Costs
20 Oct 2026Photosoft and Novel Immunotherapy Collaboration Partnership
19 Oct 2026$PRecruitment Conclusion for Ph 1 NMSC Trial & Advance to Ph 2
15 Oct 2026Application for quotation of securities - IVX
29 Sept 2026Proposed issue of securities - IVX
29 Sept 2026Director Loans
26 Aug 2026Appendix 4G and Corporate Governance Statement
26 Aug 2026$PAppendix 4E and Annual Report
20 Aug 2026Initial Director's Interest Notice - Paul FIeld
20 Aug 2026Final Director's Interest Notice - Alistair Bennallack
19 Aug 2026IVX Credentialed International Biotech Leader Joins Board
31 July 2026$PAppendix 4C and Quarterly Activities Report - June 2026
22 June 2026Notification regarding unquoted securities - IVX
22 June 2026Application for quotation of securities - IVX
22 June 2026Global PDT Leader Dr Colin Hopper Appointed Clinical Advisor
19 June 2026Change of Directors' Interest Notices x 3
16 June 2026Notification regarding unquoted securities - IVX
12 June 2026Notification regarding unquoted securities - IVX

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.