Companies / PER

PERCHERON THERAPEUTICS LIMITED

ASX:PERPharmaceuticals, Biotechnology & Life Sciences
1.82B shares on issueASX (delayed) · snapshot 11 Sept 20262.26B fully diluted+24.1% if every option and right converts$0.004price · delayed$8.2Mmarket cap · indicative

Today’s holders own 80.6% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 76% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway5.1 quarters of funding
Share-count growth (24m)75.8%
Raise cadence (24m)2 cash raises
Options & rights overhang24.1% of shares
In-the-money supply0.4% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

PERCHERON THERAPEUTICS LIMITED's ordinary share count grew 75.8% between October 2024 and September 2026, reaching 1.82B shares. In the past 24 months, the company raised capital twice for total disclosed proceeds of A$4.5M, most recently a A$2.3M placement in August 2026. Options and rights on issue could convert into 439M new shares, representing 24.1% of the current share count; these options are not currently in the money, and the nearest expiry date is April 2028. At the June 2026 quarter, the company held A$5.4M in cash, sufficient to cover 5.1 quarters of operations. Two proposed securities issues are pending, with the nearest expected in October 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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24.1%
Options & rights overhang
0.4%
In-the-money supply
2
Raises · last 12 months
5.1 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 1.82B per ASX (delayed) (snapshot 11 Sept 2026).
1.25B1.50B1.75BDec 24Oct 25Sept 26Cash raise · 27 Aug 2026Cash raise · 19 Mar 20261.82B

Cash runway

5.1 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Sept 2027 at the reported spend rate.
$5.4M 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: $4.1M cash at quarter end (item 4.6), 3.9 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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11 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
6 Sept 20262A · quoted issuePER : ORDINARY FULLY PAID1.82BAppendix 2A
31 Aug 20263H · cancellationPER : ORDINARY FULLY PAID1.52BAppendix 3H
14 Aug 20262A · quoted issuePER : ORDINARY FULLY PAID1.52BAppendix 2A
3 July 20263G · unquotedPER : ORDINARY FULLY PAID1.52BAppendix 3G
1 June 20263G · unquotedORDINARY FULLY PAID1.52BAppendix 3G
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25 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 · 2 in the last 12 months

every 5.3 monthsaverage gap between raises
0.5 monthssince the most recent
19 Mar 2026 – 27 Aug 2026first to most recent in this window
$2.3M
Placement
27 Aug 2026 ACTIVE
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7 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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11 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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.
Paid plan
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

24.1%
Options & rights overhang · of current shares
0.4%
In-the-money supply · at current price
439.3M
Potential new shares
Apr 2028
Nearest expiry
What a price move would switch on
219.6M439.3M$0.004 now0.25× today ($0.001) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.004) — 8.1M of the priced supply in the money, 0.4% of shares on issue1.25× today ($0.006) — 8.1M of the priced supply in the money, 0.4% of shares on issue1.5× today ($0.007) — 8.1M of the priced supply in the money, 0.4% of shares on issue2× today ($0.009) — 8.1M of the priced supply in the money, 0.4% of shares on issue3× today ($0.013) — 303.1M of the priced supply in the money, 16.6% of shares on issue5× today ($0.022) — 303.1M of the priced supply in the money, 16.6% of shares on issue10× today ($0.045) — 410.1M of the priced supply in the money, 22.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.004 today, 8.1M securities are in the money (0.4% of shares on issue). No more priced supply until 3× today’s price, which takes it to 303.1M (16.6% 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.
  • 29.1M 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
PERAQOptionsPrice-triggered$0.01015 Apr 2028295.0MFiling
PERAOOptionsPrice-triggered$0.03520 May 2028107.1MFiling
PERAJOptionsPrice-triggered$0.06130 June 20283.0MFiling
PERAIOptionsPrice-triggered$0.0707 Aug 20285.0MFiling
PERAKOptionsPrice-triggered$0.0834 July 20299.0MFiling
PERALOptionsPrice-triggered$0.2629 Nov 20294.0MFiling
PERAMOptionsPrice-triggered$0.3929 Nov 20294.0MFiling
PERANOptionsPrice-triggered$0.5229 Nov 20294.0MFiling
PERABOptionsPrice-triggered$0.0043 July 20318.1MFiling

“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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9 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
31 Aug 2026James GarnerSell—1.7M——3Y notice
15 Apr 2026James GarnerBuy entitlement/SPP21.4M10.7M—$107k3Y notice
22 Dec 2025Ben Gil PriceBuy on-market2.0M——$17k3Y notice
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10 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

7 Sept 2026Notice under S708A
6 Sept 2026Application for quotation of securities - PER
6 Sept 20262026 Notice of Annual General Meeting
1 Sept 2026Percheron Therapeutics Limited Corporate Presentation
31 Aug 2026Proposed issue of securities - PER
31 Aug 2026Proposed issue of securities - PER
31 Aug 2026Proposed issue of securities - PER
31 Aug 2026$PPercheron raises $2.3m to fully fund clinical trial in AML
31 Aug 2026Initial Director's Interest Notice
31 Aug 2026Transitional appointment of Executive Director
31 Aug 2026Change of Director's Interest Notice
31 Aug 2026Notification of cessation of securities - PER
31 Aug 2026Percheron receives $0.70m R&D Tax Incentive Rebate
27 Aug 2026$PTrading Halt
27 Aug 2026$PVanderbilt Health to conduct clinical trial of HMBD-002
19 Aug 2026$PAppendix 4E and Annual Report
19 Aug 2026Appendix 4G and Corporate Governance Statement
19 Aug 2026$PAppendix 4E and Annual Report
14 Aug 2026Application for quotation of securities - PER
11 Aug 2026Notice of date of AGM and other relevant dates

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