PATHKEY.AI LTD
ASX:PKYSoftware & ServicesToday’s holders own 74.8% of what they think they own, once every option and right converts.
Share count grew 346% in 24 months; options/rights overhang 34% of shares; 2 cash raises in 24 months; since relisting as PKY; prior history under OPL not included
PATHKEY.AI LTD's ordinary share count expanded 346.4% between September 2025 and September 2026, its latest share-count filing, to 1.35B shares. All figures cover only the period since the company renamed from OPL in August 2025. The company raised capital twice in the past 24 months for total proceeds of A$6.2M, most recently a A$2.8M placement in August 2026. Options and rights on issue could convert into 455M new shares, equal to 33.7% of the current share count, of which 1% are in the money; the nearest expiry is December 2026. The company reported more than 4 quarters of funding at the recent spend rate as of its June 2026 quarter. No proposed securities issues are pending.
Quick answers · 3
When did PKY last raise capital?
The last capital raise in Pathkey.AI's filings is Placement of $2.8M announced 12 Aug 2026, one of 2 cash raises in 24 months.
How much cash does PKY have?
In its quarterly cash report for the quarter ended 30 June 2026, Pathkey.AI reported $3.4M of cash and estimated 9.7 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do PKY's options expire?
Unexercised options and rights equal 33.7% of Pathkey.AI's shares on issue; the nearest expiry is Dec 2026.
Shares on issue — last 2 years
Cash runway
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)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 4 Sept 2026 | 2A · quoted issue | PKY : ORDINARY FULLY PAID | 1.35B | Appendix 2A |
| 20 Aug 2026 | 2A · quoted issue | PKY : ORDINARY FULLY PAID | 1.34B | Appendix 2A |
| 20 Aug 2026 | 3G · unquoted | ORDINARY FULLY PAID | 1.24B | Appendix 3G |
| 20 Aug 2026 | 3G · unquoted | PKY : ORDINARY FULLY PAID | 1.24B | Appendix 3G |
| 20 Aug 2026 | 2A · quoted issue | PKY : ORDINARY FULLY PAID | 1.24B | Appendix 2A |
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.
Capital raises
2 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as PKY (25 Aug 2025); prior history under OPL is not included
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.
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.
Pending proposed issues
Options & convertible securities
- Price-triggered251.5M · 18.6% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 31.7M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered204.0M · 15.1% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 219.7M priced (of which 8.7M in the money), 235.7M 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.
At $0.016 today, 8.7M securities are in the money (0.6% of shares on issue) — a floor, because an exercise price is on record for only 48.2% of this supply. At double today’s price it is 135.4M (10.0% 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.
- 235.7M (51.8% 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.
- 500k more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| PKYAC | Options | Price-triggered | $0.030 | 1 Dec 2026 | 3.0M | Filing |
| PKYAB | Options | Price-triggered | $0.060 | 30 Dec 2026 | 667k | Filing |
| PKYAT | Options | Price-triggered | $0.045 | 4 June 2027 | 5.0M | Filing |
| PKYAU | Options | Price-triggered | $0.052 | 4 June 2027 | 5.0M | Filing |
| PKYAO | Options | Price-triggered | $0.30 | 10 Sept 2027 | 500k | Filing |
| PKYAD | Options | Price-triggered | $0.030 | 17 Dec 2027 | 7.5M | Filing |
| PKYAE | Options | Price-triggered | $0.050 | 17 Dec 2027 | 14.7M | Filing |
| PKYAX | Options | Price-triggered | $0.025 | 4 Feb 2028 | 27.9M | Filing |
| PKYAF | Options | Price-triggered | $0.015 | 20 Aug 2028 | 8.7M | Filing |
| PKYAY | Options | Price-triggered | $0.030 | 4 Feb 2029 | 58.5M | Filing |
| PKYAG | Options | Price-triggered | $0.030 | 20 Aug 2029 | 29.8M | Filing |
| PKYAZ | Options | Price-triggered | $0.035 | 4 Feb 2030 | 58.5M | Filing |
| PKYAA | Options | Price-triggered, no exercise price stated | — | — | 31.7M | Filing |
| PKYAAA | Performance rights | Condition-triggered | — | — | 204.0M | Filing 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
- PKYAHPrice-triggered2.0M securities → 010 July 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 12 Aug 2026 | Damon Rasheed | Buy on-market | 200k | — | — | $8k | 3Y notice |
| 23 June 2026 | Shannon Robinson | Other incentive | 8.0M | 4.0M | — | — | 3Y notice |
| 9 Feb 2026 | SHANNON ROBINSON | Other incentive | — | 4.0M | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.