Companies / NUZ

NEURIZON THERAPEUTICS LIMITED

ASX:NUZPharmaceuticals, Biotechnology & Life Sciences
791.7M shares on issueAppendix 2A · as of 9 Sept 2026833.0M fully diluted+5.2% if every option and right converts$0.078price · delayed—market cap · indicative

Today’s holders own 95.0% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 61% in 24 months; runway 2–4 quarters; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.5 quarters of funding
Share-count growth (24m)61.1%
Raise cadence (24m)3 cash raises
Options & rights overhang5.2% of shares
In-the-money supply0.8% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

NEURIZON THERAPEUTICS LIMITED's ordinary share count grew 61.1% between November 2024 and September 2026, reaching 792M shares. Over the past 24 months, the company undertook three capital raises totalling A$25.8M, with the most recent being a A$5.0M Convertible Note Facility / Placement in December 2025. Options and rights on issue could convert into 41M new shares, representing 5.2% of the current share count, with 1% in the money; the nearest expiry date is February 2028. As of June 2026, NEURIZON THERAPEUTICS LIMITED held A$15.8M in available cash, sufficient for approximately 2.5 quarters. A single proposed securities issue (Appendix 3B) is pending, with an expected date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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5.2%
Options & rights overhang
0.8%
In-the-money supply
3
Raises · last 12 months
2.5 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 791.7M per Appendix 2A (filed 9 Sept 2026).
500M600M700MDec 24Oct 25Aug 26Cash raise · 18 Dec 2025Cash raise · 18 Dec 2025Cash raise · 15 Sept 2025

Cash runway

2.5 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$15.8M 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: $12.7M cash at quarter end (item 4.6), 4.3 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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8 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
9 Sept 20262A · quoted issueNUZ : ORDINARY FULLY PAID791.7MAppendix 2A
26 Aug 20262A · quoted issueNUZ : ORDINARY FULLY PAID784.2MAppendix 2A
24 Aug 20263G · unquotedNUZ : ORDINARY FULLY PAID775.1MAppendix 3G
16 July 20262A · quoted issueNUZ : ORDINARY FULLY PAID775.1MAppendix 2A
14 July 20263H · cancellationNUZ : ORDINARY FULLY PAID763.6MAppendix 3H
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34 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

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

every 3.1 monthsaverage gap between raises
8.8 monthssince the most recent
15 Sept 2025 – 18 Dec 2025first to most recent in this window
$5.0M
Convertible Note Facility / Placement
18 Dec 2025 ACTIVE
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6 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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5 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 99% of the 15% placement capacity left — about 1% 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. One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

1 proposed issue 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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1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

5.2%
Options & rights overhang · of current shares
0.8%
In-the-money supply · at current price
41.3M
Potential new shares
Feb 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered22.2M · 2.8% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered17.4M · 2.2% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms1.8M · 0.2% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 22.2M priced (of which 5.9M in the money), 19.1M 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
20.7M41.3M$0.078 now0.25× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.039) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.058) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.078) — 5.9M of the priced supply in the money, 0.8% of shares on issue1.25× today ($0.098) — 5.9M of the priced supply in the money, 0.8% of shares on issue1.5× today ($0.117) — 5.9M of the priced supply in the money, 0.8% of shares on issue2× today ($0.156) — 5.9M of the priced supply in the money, 0.8% of shares on issue3× today ($0.234) — 21.8M of the priced supply in the money, 2.8% of shares on issue5× today ($0.390) — 22.2M of the priced supply in the money, 2.8% of shares on issue10× today ($0.780) — 22.2M of the priced supply in the money, 2.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.078 today, 5.9M securities are in the money (0.8% of shares on issue). No more priced supply until 3× today’s price, which takes it to 21.8M (2.8% 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.
  • 19.1M (46.3% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
NUZAQOptionsPrice-triggered$0.265 Feb 2028384kFiling
NUZAROptionsPrice-triggered$0.2030 June 203213.8MFiling
NUZABOptionsPrice-triggered$0.1631 Aug 20332.0MFiling
NUZACOptionsPrice-triggered$0.05931 Aug 20345.9MFiling
NUZAANotesConverts on terms——1.8MFiling
NUZAGPerformance rightsCondition-triggered——17.4MFiling

“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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6 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
30 June 2026Marcus HughesBuy on-market———$3k3Y notice
29 June 2026Marcus HughesBuy on-market———$1943Y notice
26 June 2026Marcus HughesBuy on-market———$2k3Y notice
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18 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

9 Sept 2026$PNeurizon Announces Partial Redemption of Convertible Notes
9 Sept 2026Application for quotation of securities - NUZ
8 Sept 2026$PNIH funds Expanded Access Program for NUZ-001 in ALS
6 Sept 2026$PNeurizon Appoints Chief Executive Officer
26 Aug 2026Application for quotation of securities - NUZ
25 Aug 2026Appendix 4G and Corporate Governance Statement
25 Aug 2026$PAppendix 4E and 2026 Annual Report
24 Aug 2026Notification regarding unquoted securities - NUZ
12 Aug 2026Elanco representative appointed as Neurizon Board Observer
10 Aug 2026Neurizon Completes Initial Drawdown under R&D Facility
31 July 2026$PAppendix 4C & Quarterly Update
31 July 2026$PNeurizon Enters Strategic R&D Financing Facility
29 July 2026Melbourne investor briefing presentation
16 July 2026$PHEALEY Enrolment Complete - Topline Accelerated to Q2 CY27
16 July 2026Application for quotation of securities - NUZ
14 July 2026Notification of cessation of securities - NUZ
1 July 2026Neurizon Invites Investors to Melbourne Briefing
30 June 2026Change of Director's Interest Notice
29 June 2026Proposed issue of securities - NUZ
29 June 2026Notification of cessation of securities - NUZ

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