Companies / PKY

PATHKEY.AI LTD

ASX:PKYSoftware & Services
1.35B shares on issueASX (delayed) · snapshot 11 Sept 20261.81B fully diluted+33.7% if every option and right converts$0.032price · delayed$43.3Mmarket cap · indicative

Today’s holders own 74.8% of what they think they own, once every option and right converts.

High
Dilution riskprovisional — limited history

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

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway25.1 quarters of funding
Share-count growth (24m)346.4%since relisting as PKY; prior history under OPL not included
Raise cadence (24m)2 cash raisessince relisting as PKY; prior history under OPL not included
Options & rights overhang33.7% of shares
In-the-money supply10.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

PATHKEY.AI LTD's ordinary share count grew 346.4% between September 2025 and September 2026, to 1.35B shares, following a rename from OPL in August 2025. Trading under the PKY code since August 2025, the company raised capital twice for total disclosed 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 10% are in the money at the current share price; the nearest expiry falls in December 2026. At the June 2026 quarter the company reported A$6.0M in available cash, about 25.1 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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33.7%
Options & rights overhang
10.0%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
25.1 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. Shown since relisting as PKY (25 Aug 2025); prior history under OPL is not included. Latest count 1.35B per ASX (delayed) (snapshot 11 Sept 2026).
0.25B0.50B0.75B1.00B1.25BAug 25Mar 26Sept 26Cash raise · 7 Aug 2026Cash raise · 27 Nov 20251.35B

Cash runway

25.1 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$6.0M 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: $3.4M cash at quarter end (item 4.6), 9.7 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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4 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
4 Sept 20262A · quoted issuePKY : ORDINARY FULLY PAID1.35BAppendix 2A
20 Aug 20262A · quoted issuePKY : ORDINARY FULLY PAID1.34BAppendix 2A
20 Aug 20263G · unquotedORDINARY FULLY PAID1.24BAppendix 3G
20 Aug 20263G · unquotedPKY : ORDINARY FULLY PAID1.24BAppendix 3G
20 Aug 20262A · quoted issuePKY : ORDINARY FULLY PAID1.24BAppendix 2A
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31 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 · counted since relisting as PKY (25 Aug 2025); prior history under OPL is not included

every 8.3 monthsaverage gap between raises
1.2 monthssince the most recent
27 Nov 2025 – 7 Aug 2026first to most recent in this window
$2.8M
Placement
7 Aug 2026 COMPLETE
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11 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.

3.0M of option supply could convert within 12 months — 0.2% of shares on issue
3.0M 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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12 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

33.7%
Options & rights overhang · of current shares
10.0%
In-the-money supply · most strikes not on record
455.5M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered251.5M · 18.6% of shares
    Options 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 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: 219.7M priced (of which 135.4M 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.

What a price move would switch on
227.7M455.5M$0.032 now0.25× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.016) — 8.7M of the priced supply in the money, 0.6% of shares on issue0.75× today ($0.024) — 8.7M of the priced supply in the money, 0.6% of shares on issue1× today ($0.032) — 135.4M of the priced supply in the money, 10.0% of shares on issue1.25× today ($0.040) — 193.9M of the priced supply in the money, 14.3% of shares on issue1.5× today ($0.048) — 198.9M of the priced supply in the money, 14.7% of shares on issue2× today ($0.064) — 219.2M of the priced supply in the money, 16.2% of shares on issue3× today ($0.096) — 219.2M of the priced supply in the money, 16.2% of shares on issue5× today ($0.160) — 219.2M of the priced supply in the money, 16.2% of shares on issue10× today ($0.320) — 219.7M of the priced supply in the money, 16.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.032 today, 135.4M securities are in the money (10.0% of shares on issue) — a floor, because an exercise price is on record for only 48.2% of this supply. No more priced supply until 1.25× today’s price, which takes it to 193.9M (14.3% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
PKYACOptionsPrice-triggered$0.0301 Dec 20263.0MFiling
PKYABOptionsPrice-triggered$0.06030 Dec 2026667kFiling
PKYATOptionsPrice-triggered$0.0454 June 20275.0MFiling
PKYAUOptionsPrice-triggered$0.0524 June 20275.0MFiling
PKYAOOptionsPrice-triggered$0.3010 Sept 2027500kFiling
PKYADOptionsPrice-triggered$0.03017 Dec 20277.5MFiling
PKYAEOptionsPrice-triggered$0.05017 Dec 202714.7MFiling
PKYAXOptionsPrice-triggered$0.0254 Feb 202827.9MFiling
PKYAFOptionsPrice-triggered$0.01520 Aug 20288.7MFiling
PKYAYOptionsPrice-triggered$0.0304 Feb 202958.5MFiling
PKYAGOptionsPrice-triggered$0.03020 Aug 202929.8MFiling
PKYAZOptionsPrice-triggered$0.0354 Feb 203058.5MFiling
PKYAAOptionsPrice-triggered——31.7MFiling
PKYAAAPerformance rightsCondition-triggered——204.0MFiling 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.

2 classes ceased in the last 12 months and are 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.
  • PKYAHPrice-triggered2.0M securities → 010 July 2026 Appendix 2A
  • PKYAVCondition-triggered10.0M securities → 023 Oct 2025 Appendix 2A
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14 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
12 Aug 2026Damon RasheedBuy on-market200k——$8k3Y notice
23 June 2026Shannon RobinsonOther incentive8.0M4.0M——3Y notice
9 Feb 2026SHANNON ROBINSONOther incentive—4.0M——3Y notice
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5 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$PLeading Chip Designer & AI Expert Appointed Advisory Board
4 Sept 2026Cleansing Notice
4 Sept 2026Application for quotation of securities - PKY
31 Aug 2026Appendix 4G and Corporate Governance Statement
31 Aug 2026Security Trading Policy
31 Aug 2026Annual Report
31 Aug 2026$PAppendix 4E
20 Aug 2026Cleansing Notice
20 Aug 2026Application for quotation of securities - PKY
20 Aug 2026Application for quotation of securities - PKY
20 Aug 2026Notification regarding unquoted securities - PKY
20 Aug 2026Notification regarding unquoted securities - PKY
20 Aug 2026Cleansing Notice
20 Aug 2026Application for quotation of securities - PKY
18 Aug 2026Change of Director's Interest Notice
12 Aug 2026Proposed issue of securities - PKY
12 Aug 2026Proposed issue of securities - PKY
12 Aug 2026Proposed issue of securities - PKY
12 Aug 2026$PPKY Appoints Ex-Altium Chairman Sam Weiss & Raises $2.8M
11 Aug 2026Chipforge Signs First Commercial Contract Pre-Release

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