Companies / PYC

PYC THERAPEUTICS LIMITED

ASX:PYCPharmaceuticals, Biotechnology & Life Sciences
983.5M shares on issueASX (delayed) · snapshot 11 Sept 20261.02B fully diluted+3.3% if every option and right converts$2.32price · delayed$2.28Bmarket cap · indicative

Today’s holders own 96.8% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 82% in 24 months; 3 cash raises in 24 months; 3% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway31.8 quarters of funding
Share-count growth (24m)82.3%
Raise cadence (24m)3 cash raises
Options & rights overhang3.3% of shares
In-the-money supply2.9% of shares
Pending proposed issuesnone

PYC Therapeutics Limited's ordinary share count increased 82.3% between February 2025 and April 2026, to 984M shares. This change reflects a 1-for-10 share consolidation in November 2024. In the past 24 months, the company completed three capital raises totalling A$891.8M, with the most recent being a A$600.0M placement and non-renounceable entitlement offer in January 2026. Options and rights on issue could convert to 32M new shares, representing 3.3% of the current share count, with 3% in the money and the nearest expiry in October 2026. As of June 2026, PYC Therapeutics Limited held A$653.0M in cash, providing an estimated 31.8 quarters of funding. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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3.3%
Options & rights overhang
2.9%
In-the-money supply
1
Raises · last 12 months
31.8 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. Adjusted for the 1-for-10 consolidation (13 Nov 2024). Latest count 983.5M per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00BDec 24Oct 25Sept 26Cash raise · 30 Jan 2026Cash raise · 17 Feb 2025Cash raise · 14 Feb 2025983.5M

Cash runway

31.8 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.
$652.7M 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: $669.6M cash at quarter end (item 4.6). Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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9 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
26 Aug 20263G · unquotedPYC : ORDINARY FULLY PAID983.5MAppendix 3G
13 Aug 20263G · unquotedPYC : ORDINARY FULLY PAID983.5MAppendix 3G
20 July 20263H · cancellationPYC : ORDINARY FULLY PAID983.5MAppendix 3H
17 June 20263H · cancellationPYC : ORDINARY FULLY PAID983.5MAppendix 3H
11 May 20263H · cancellationPYC : ORDINARY FULLY PAID983.5MAppendix 3H
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21 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

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

every 5.7 monthsaverage gap between raises
7.4 monthssince the most recent
14 Feb 2025 – 30 Jan 2026first to most recent in this window
$600.0M
Placement and Non-Renounceable Entitlement Offer (ANREO)
30 Jan 2026
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3 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.

8.9M of option supply could convert within 12 months — 0.9% of shares on issue
8.9M 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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9 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 3% of the 15% placement capacity left — about 97% 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

3.3%
Options & rights overhang · of current shares
2.9%
In-the-money supply · at current price
32.3M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered30.7M · 3.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.6M · 0.2% 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: 30.7M priced (of which 28.1M in the money), 1.6M 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
16.1M32.3M$2.32 now0.25× today ($0.58) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($1.16) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($1.74) — 25.6M of the priced supply in the money, 2.6% of shares on issue1× today ($2.32) — 28.1M of the priced supply in the money, 2.9% of shares on issue1.25× today ($2.90) — 29.9M of the priced supply in the money, 3.0% of shares on issue1.5× today ($3.48) — 30.7M of the priced supply in the money, 3.1% of shares on issue2× today ($4.64) — 30.7M of the priced supply in the money, 3.1% of shares on issue3× today ($6.96) — 30.7M of the priced supply in the money, 3.1% of shares on issue5× today ($11.60) — 30.7M of the priced supply in the money, 3.1% of shares on issue10× today ($23.20) — 30.7M of the priced supply in the money, 3.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $2.32 today, 28.1M securities are in the money (2.9% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 29.9M (3.0% 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.
  • 1.6M (5.0% 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
PYCAVOptionsPrice-triggered$1.7026 Oct 20261.2MFiling
PYCAAEOptionsPrice-triggered$1.6830 June 20277.7MFiling
PYCAZOptionsPrice-triggered$1.7022 May 20281.4MFiling
PYCAAFOptionsPrice-triggered$1.6830 June 202815.1MFiling
PYCAAAOptionsPrice-triggered$1.701 July 2028200kFiling
PYCAABOptionsPrice-triggered$3.0012 Nov 2028800kFiling
PYCAFOptionsPrice-triggered$1.8019 Nov 20282.0MFiling
PYCAGOptionsPrice-triggered$2.525 Jan 20291.8MFiling
—OptionsPrice-triggered$2.0225 Aug 2030466kFiling
—Performance rightsCondition-triggered——117kFiling Meeting
—RightsCondition-triggered——1.5MFiling 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.

5 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.
  • PYCAEPrice-triggered50k securities → 011 May 2026 Appendix 2A
  • PYCANPrice-triggered200k securities → 011 May 2026 Appendix 2A
  • PYCAOPrice-triggered250k securities → 011 May 2026 Appendix 2A
  • PYCAQPrice-triggered250k securities → 011 May 2026 Appendix 2A
  • PYCAWPrice-triggered33k securities → 011 May 2026 Appendix 2A
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11 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
13 Aug 2026Dr Rohan HockingsOther incentive296k228.0M——3Y notice
24 Mar 2026Dr Rohan HockingsBuy on-market83k——$100k3Y notice
6 Mar 2026Dr Rohan HockingsBuy entitlement/SPP80k——$120k3Y notice
6 Mar 2026Professor Ian ConstableBuy entitlement/SPP123k——$185k3Y notice
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9 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

10 Sept 2026PKD - First Patient Dosed in OLE Study
3 Sept 2026Investor Webinar Presentation Q3 2026
2 Sept 2026ADOA Program - Data Presentation
2 Sept 2026Ceasing to be a substantial holder
30 Aug 2026PKD - Presentation of Clinical Safety Data
28 Aug 20262026 Corporate Governance Statement
28 Aug 2026Appendix 4G
28 Aug 20262026 Annual Report to Shareholders
28 Aug 2026$PAppendix 4E
26 Aug 2026Notification regarding unquoted securities - PYC
17 Aug 2026Investor Webinar
14 Aug 2026Change of Director's Interest Notice
13 Aug 2026Notification regarding unquoted securities - PYC
28 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
21 July 2026$PPKD - Safety Committee Approves Dose Escalation
20 July 2026$PADOA Program Update
20 July 2026Notification of cessation of securities - PYC
19 July 2026Presentation At 2026 PMS Foundation Family Conference
15 July 2026Results of Meeting
7 July 2026Grant of Patents by the US Patent Office

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