Companies / OCC

ORTHOCELL LIMITED

ASX:OCCPharmaceuticals, Biotechnology & Life Sciences
272.4M shares on issueAppendix 2A · as of 11 Sept 2026302.1M fully diluted+10.9% if every option and right converts$0.72price · delayed$197.4Mmarket cap · indicative

Today’s holders own 90.2% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 30% in 24 months; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.2 quarters of funding
Share-count growth (24m)30.0%
Raise cadence (24m)2 cash raises
Options & rights overhang10.9% of shares
In-the-money supply6.0% of shares
Pending proposed issuesnone

ORTHOCELL LIMITED's ordinary share count grew 30.0% between August 2024 and September 2026, reaching 272M shares. In the past 24 months, the company completed two capital raises totalling A$47.0M, with the latest being a A$30.0M placement in October 2025. Options and rights on issue could convert to 30M new shares, representing 10.9% of the current share count, with 6% of these in the money and the nearest expiry in April 2027. As of the June 2026 quarter, the company reported A$5.6M in available cash, covering approximately 1.2 quarters of operations. There are no pending proposed securities issues.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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10.9%
Options & rights overhang
6.0%
In-the-money supply
1
Raises · last 12 months
1.2 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. Latest count 272.4M per Appendix 2A (filed 11 Sept 2026).
240M250M260M270MDec 24Oct 25Sept 26Cash raise · 14 Oct 2025

Cash runway

1.2 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$5.5M 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: $9.4M cash at quarter end (item 4.6), 3.0 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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15 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 Sept 20262A · quoted issueOCC : ORDINARY FULLY PAID272.4MAppendix 2A
20 July 20262A · quoted issueOCC : ORDINARY FULLY PAID272.3MAppendix 2A
17 July 20263G · unquotedOCC : ORDINARY FULLY PAID272.3MAppendix 3G
17 July 20263G · unquotedORDINARY FULLY PAID272.3MAppendix 3G
17 July 20262A · quoted issueOCC : ORDINARY FULLY PAID272.3MAppendix 2A
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52 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

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

every 11.7 monthsaverage gap between raises
10.9 monthssince the most recent
23 Oct 2024 – 14 Oct 2025first to most recent in this window
$30.0M
Placement
14 Oct 2025 COMPLETE
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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.

4.0M of option supply could convert within 12 months — 1.5% of shares on issue
4.0M 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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16 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 37% of the 15% placement capacity left — about 63% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

10.9%
Options & rights overhang · of current shares
6.0%
In-the-money supply · at current price
29.7M
Potential new shares
Apr 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered24.1M · 8.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered5.5M · 2.0% 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: 24.1M priced (of which 16.5M in the money), 5.5M 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
14.8M29.7M$0.72 now0.25× today ($0.18) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.36) — 3.7M of the priced supply in the money, 1.4% of shares on issue0.75× today ($0.54) — 13.5M of the priced supply in the money, 4.9% of shares on issue1× today ($0.72) — 16.5M of the priced supply in the money, 6.0% of shares on issue1.25× today ($0.91) — 19.7M of the priced supply in the money, 7.2% of shares on issue1.5× today ($1.09) — 19.7M of the priced supply in the money, 7.2% of shares on issue2× today ($1.45) — 20.2M of the priced supply in the money, 7.4% of shares on issue3× today ($2.17) — 24.1M of the priced supply in the money, 8.9% of shares on issue5× today ($3.63) — 24.1M of the priced supply in the money, 8.9% of shares on issue10× today ($7.25) — 24.1M of the priced supply in the money, 8.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.72 today, 16.5M securities are in the money (6.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 19.7M (7.2% 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.
  • 5.5M (18.6% 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
OCCAXOptionsPrice-triggered$0.3619 Apr 20273.2MFiling
OCCAAAOptionsPrice-triggered$0.8026 May 20271.0MFiling
OCCAAFOptionsPrice-triggered$0.3711 June 2027700kFiling
OCCAAGOptionsPrice-triggered$0.3711 June 2027100kFiling
OCCAAKOptionsPrice-triggered$0.6731 Oct 20273.0MFiling
OCCAACOptionsPrice-triggered$0.367 Nov 2027500kFiling
OCCAAJOptionsPrice-triggered$0.902 Dec 20272.0MFiling
OCCAWOptionsPrice-triggered$0.408 Mar 20283.0MFiling
OCCAABOptionsPrice-triggered$0.4029 May 20284.0MFiling
OCCAALOptionsPrice-triggered$1.1728 July 2028550kFiling
OCCAANOptionsPrice-triggered$1.5331 Aug 20282.0MFiling
OCCAAOOptionsPrice-triggered$1.6324 Oct 2028500kFiling
OCCAAPOptionsPrice-triggered$1.9524 Oct 20281.0MFiling
OCCAADOptionsPrice-triggered$0.4020 Nov 20282.0MFiling
OCCAAQOptionsPrice-triggered$0.8117 July 2029200kFiling
OCCAAMOptionsPrice-triggered$1.4628 July 2029400kFiling
OCCAYPerformance rightsCondition-triggered——2.0MFiling Meeting
OCCAAHRightsCondition-triggered——3.5MFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • OCCAAEPrice-triggered2.0M securities → 030 Sept 2025 Appendix 2A
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18 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
20 July 2026John Van Der WielenBuy15——$12k3Y notice
17 July 2026Dr Ravi ThadhaniBuy17k3.0M—$13k3Y notice
17 July 2026John Van Der WielenBuy23k4.0M—$18k3Y notice
17 July 2026Michael McNultyBuy12k2.0M—$9k3Y notice
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13 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

11 Sept 2026Cleansing Notice
11 Sept 2026Application for quotation of securities - OCC
9 Sept 2026Date of AGM & Closing Date for Director Nominations
31 Aug 2026Appendix 4G
31 Aug 2026Corporate Governance Statement
31 Aug 2026$PAppendix 4E & Annual Report
11 Aug 2026Orthocell Canaccord Genuity Conference Live Webcast
10 Aug 2026Orthocell to Present at Canaccord Growth Conference
2 Aug 2026Change of Registered Office & Principal Place of Business
20 July 2026Appendix 3Y - John Van Der Wielen
20 July 2026Application for quotation of securities - OCC
17 July 2026Appendix 3Y x 4
17 July 2026Application for quotation of securities - OCC
17 July 2026Notification regarding unquoted securities - OCC
17 July 2026Notification regarding unquoted securities - OCC
17 July 2026Option Terms and Conditions
17 July 2026Proposed issue of securities - OCC
16 July 2026Notification of cessation of securities - OCC
13 July 2026$PQ4 FY26 ASX Investor Presentation
12 July 2026$PQuarterly Activity Report & Appendix 4C

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