Companies / PAR

PARADIGM BIOPHARMACEUTICALS LIMITED..

ASX:PARPharmaceuticals, Biotechnology & Life Sciences
625.7M shares on issueAppendix 2A · as of 11 Sept 2026765.4M fully diluted+22.3% if every option and right converts$0.28price · delayed$173.0Mmarket cap · indicative

Today’s holders own 81.8% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 79% in 24 months; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.2 quarters of funding
Share-count growth (24m)78.6%
Raise cadence (24m)5 cash raises
Options & rights overhang22.3% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

PARADIGM BIOPHARMACEUTICALS LIMITED.. ordinary shares increased by 78.7% between September 2024 and September 2026, reaching 626M. In the past 24 months, the company completed five capital raises totaling A$55.7M, with the most recent being a A$21.4M placement and share purchase plan in April 2026. There are potential new shares of 140M on issue from options, representing 22.3% of current shares, none of which are in the money; the nearest expiry date for these options is December 2026. As of June 2026, the company held A$3.7M in cash, which provided cover for approximately 0.3 quarters of operations. No new proposed issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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22.3%
Options & rights overhang
—
In-the-money supply · most strikes not on record
1
Raises · last 12 months
0.2 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 625.7M per Appendix 2A (filed 11 Sept 2026).
400M500M600MDec 24Oct 25Sept 26Cash raise · 27 Apr 2026Cash raise · 1 July 2025Cash raise · 3 Feb 2025Cash raise · 30 Jan 2025Cash raise · 4 Dec 2024

Cash runway

0.2 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about July 2026 — that date has passed, and no later report is on record.
$3.5M 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: $15.4M cash at quarter end (item 4.6), 2.2 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 issuePAR : ORDINARY FULLY PAID625.7MAppendix 2A
11 Sept 20263G · unquotedORDINARY FULLY PAID606.8MAppendix 3G
25 Aug 20262A · quoted issuePAR : ORDINARY FULLY PAID606.8MAppendix 2A
30 July 20262A · quoted issuePAR : ORDINARY FULLY PAID599.2MAppendix 2A
26 July 20263H · cancellationPAR : ORDINARY FULLY PAID594.0MAppendix 3H
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53 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

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

every 4.2 monthsaverage gap between raises
4.5 monthssince the most recent
4 Dec 2024 – 27 Apr 2026first to most recent in this window
$21.4M
Placement and Share Purchase Plan
27 Apr 2026 COMPLETE
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9 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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3 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 27% of the 15% placement capacity left — about 73% 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

22.3%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
139.6M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered120.2M · 19.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 117.1M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered11.1M · 1.8% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms8.3M · 1.3% 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: 3.2M priced, 136.5M 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
69.8M139.6M$0.28 now0.25× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.21) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.28) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.36) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.43) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.57) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.85) — 3.0M of the priced supply in the money, 0.5% of shares on issue5× today ($1.42) — 3.2M of the priced supply in the money, 0.5% of shares on issue10× today ($2.85) — 3.2M of the priced supply in the money, 0.5% 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 2.3% 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 $0.28 today. No more priced supply until 3× today’s price, which takes it to 3.0M (0.5% 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.
  • 136.5M (97.7% 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
PAROBOptionsPrice-triggered—1 Dec 2026117.1MFiling
PARAAEOptionsPrice-triggered$0.6530 June 20273.0MFiling
PARAROptionsPrice-triggered$1.0011 Feb 2028151kFiling
PARAADNotesConverts on terms——8.3MFiling
PARAACPerformance rightsCondition-triggered——11.1MFiling 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.

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5 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
29 June 2026Paul RennieSell incentive————3Y notice
18 June 2026Matthew FryOther entitlement/SPP1.6M176k——3Y notice
18 June 2026Paul RennieOther entitlement/SPP—176k——3Y notice
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15 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 2026Notice under Section 708A
11 Sept 2026Notification regarding unquoted securities - PAR
11 Sept 2026$PDrawdown of Tranche 4 under the Convertible Note Facility
11 Sept 2026Application for quotation of securities - PAR
2 Sept 2026Melbourne Investor Lunch
28 Aug 2026Appendix 4G and Corporate Governance Statement
28 Aug 2026$PAppendix 4E and 2026 Annual Report
25 Aug 2026Application for quotation of securities - PAR
12 Aug 202680% Safety Review Complete, September IA on Track
30 July 2026Application for quotation of securities - PAR
29 July 2026$PJune 2026 Quarterly Activities Report & Appendix 4C
26 July 2026Notification of cessation of securities - PAR
21 July 2026$PParadigm Receives $5.75m R&D Tax Incentive Refund
17 July 2026Application for quotation of securities - PAR
13 July 2026Notice under Section 708A
13 July 2026Notification regarding unquoted securities - PAR
13 July 2026$PDrawdown of Tranche 4 under the Convertible Note Facility
1 July 2026Change of Director's Interest Notice
29 June 2026Notification of cessation of securities - PAR
29 June 2026Notification of cessation of securities - PAR

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