Companies / RGT

ARGENT BIOPHARMA LIMITED

ASX:RGTPharmaceuticals, Biotechnology & Life Sciences
116.6M shares on issueASX (delayed) · snapshot 11 Sept 2026207.8M fully diluted+78.2% if every option and right converts$0.031price · delayed$3.6Mmarket cap · indicative

Today’s holders own 56.1% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 141% in 24 months; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.4 quarters of funding
Share-count growth (24m)140.9%
Raise cadence (24m)4 cash raises
Options & rights overhang78.2% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ARGENT BIOPHARMA LIMITED's ordinary share count grew 140.9% between July 2024 and July 2026, reaching 117M shares. In the past 24 months, the company completed four capital raises totalling A$7.8M, with the latest being a A$600K placement in November 2025. There are currently options and rights on issue representing 91M potential new shares, or 78.2% of the current share count; none of these are currently in the money, and the nearest expiry date is January 2027. As of the June 2026 quarter, the company had A$254K in available cash, covering approximately 0.4 quarters of its recent expenditure. Two proposed securities issues are pending, with the nearest expected in October 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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78.2%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
0.4 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 116.6M per ASX (delayed) (snapshot 11 Sept 2026).
50M75M100MDec 24Oct 25Sept 26Cash raise · 17 Nov 2025Cash raise · 23 Apr 2025Cash raise · 2 Jan 2025116.6M

Cash runway

0.4 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.
$248k 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: $141k cash at quarter end (item 4.6), 26.3 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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10 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
1 Sept 20263H · cancellationRGT : ORDINARY FULLY PAID116.6MAppendix 3H
3 Aug 20263H · cancellationRGT : ORDINARY FULLY PAID116.6MAppendix 3H
17 July 20263H · cancellationRGT : ORDINARY FULLY PAID116.6MAppendix 3H
14 July 20263G · unquotedRGT : ORDINARY FULLY PAID116.6MAppendix 3G
8 July 20262A · quoted issueRGT : ORDINARY FULLY PAID116.6MAppendix 2A
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49 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

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

every 4.3 monthsaverage gap between raises
9.8 monthssince the most recent
23 Oct 2024 – 17 Nov 2025first to most recent in this window
$600k
Placement
17 Nov 2025 ACTIVE
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16 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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14 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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.
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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

78.2%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
91.2M
Potential new shares
Jan 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered67.6M · 58.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered20.1M · 17.2% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms3.5M · 3.0% 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: 67.6M priced, 23.6M 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
45.6M91.2M$0.031 now0.25× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.023) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.031) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.039) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.046) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.062) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.093) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.155) — 22.0M of the priced supply in the money, 18.8% of shares on issue10× today ($0.310) — 40.6M of the priced supply in the money, 34.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.031 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 22.0M (18.8% 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.
  • 23.6M (25.8% 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.
  • 27.1M 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
RGTAALOptionsPrice-triggered$1.0010 Jan 2027740kFiling
RGTAAMOptionsPrice-triggered$0.4228 Mar 2027240kFiling
RGTAANWarrantsPrice-triggered$1.203 July 2027313kFiling
RGTAOWarrantsPrice-triggered$1.2017 July 20271.3MFiling
RGTAAOWarrantsPrice-triggered$0.5516 Jan 20282.5MFiling
RGTAAPWarrantsPrice-triggered$0.4023 Apr 20285.5MFiling
RGTAAJOptionsPrice-triggered$0.327 Nov 202815.5MFiling
RGTAAKOptionsPrice-triggered$0.861 Dec 2028288kFiling
RGTAAOptionsPrice-triggered$0.103 Dec 202822.0MFiling
RGTAACOptionsPrice-triggered$0.2020 Mar 20292.1MFiling
RGTAABOptionsPrice-triggered$0.701 Apr 2029724kFiling
RGTAAQOptionsPrice-triggered$0.2023 Apr 203216.5MFiling
RGTAAANotesConverts on terms——3.5MFiling
RGTAGPerformance rightsCondition-triggered——20.1MFiling

“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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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
10 Apr 2026Daniel RobinsonOther incentive500k120k——3Y notice
10 Apr 2026Gary HermonOther incentive500k———3Y notice
10 Apr 2026Roby Reuven ZomerOther incentive6.0M—17.0M—3Y notice
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3 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

1 Sept 2026Notification of cessation of securities - RGT
31 Aug 2026$PAppendix 4E and 2026 Annual Report
31 Aug 2026Appendix 4G and Corporate Governance Statement
25 Aug 2026$PFDA-CVM Establish INAD File for CannEpil Veterinary Program
10 Aug 2026Proposed issue of securities - RGT
10 Aug 2026$250,000 in Funding Received under Financing Facility
5 Aug 2026$PUS Veterinary Development Programme for CannEpil Commences
3 Aug 2026Notification of cessation of securities - RGT
30 July 2026$PCannEpil Global Licence Expands into Veterinary Healthcare
27 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
17 July 2026Notification of cessation of securities - RGT
14 July 2026s708A(12C)(e) Cleansing Notice
14 July 2026Notification regarding unquoted securities - RGT
14 July 2026Proposed issue of securities - RGT
14 July 2026$350,000 in Funding Received under Financing Facility
8 July 2026Application for quotation of securities - RGT
6 July 2026$PRGT Executes Global CannEpil Licensing Deal for US$5.5M
24 May 2026Long Term Aquiol Licensing and Supply Agreement
5 May 2026Final Director's Interest Notice - GH
5 May 2026Initial Director's Interest Notice - AC

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