Companies / TRI

TRIVARX LTD

ASX:TRIHealth Care Equipment & Services
1.15B shares on issueASX (delayed) · snapshot 11 Sept 20261.38B fully diluted+20.0% if every option and right converts$0.012price · delayed$13.8Mmarket cap · indicative

Today’s holders own 83.3% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 155% in 24 months; 4 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.5 quarters of funding
Share-count growth (24m)154.9%
Raise cadence (24m)4 cash raises
Options & rights overhang20.0% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

TRIVARX LTD's ordinary share count grew 154.9% between July 2024 and December 2025, reaching 1.15 billion shares. The company undertook four capital raises in the past 24 months, totalling A$6.6M, with the most recent being a A$4.2M placement in October 2025. Potential new shares from options on issue represent 231M, or 20.0% of the current share count, with the nearest expiry in May 2027 and none currently in the money. As of the June 2026 quarter, TRIVARX LTD held A$2.1M in cash, sufficient for approximately 4.5 quarters based on its past spending rate. There are no pending proposed issues.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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20.0%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
4.5 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 1.15B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00BDec 24Oct 25Sept 26Cash raise · 6 Oct 2025Cash raise · 25 Mar 2025Cash raise · 12 Mar 20251.15B

Cash runway

4.5 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Aug 2027 at the reported spend rate.
$2.1M 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: $2.4M cash at quarter end (item 4.6), 8.1 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
18 Dec 20253G · unquotedTRI : ORDINARY FULLY PAID716.0MAppendix 3G
18 Dec 20252A · quoted issueTRI : ORDINARY FULLY PAID1.15BAppendix 2A
18 Dec 20253G · unquotedTRI : ORDINARY FULLY PAID716.0MAppendix 3G
9 Dec 20253H · cancellationTRI : ORDINARY FULLY PAID716.0MAppendix 3H
2 Dec 20252A · quoted issueTRI : ORDINARY FULLY PAID716.0MAppendix 2A
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34 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 3.8 monthsaverage gap between raises
11.2 monthssince the most recent
25 Oct 2024 – 6 Oct 2025first to most recent in this window
$4.2M
Placement
6 Oct 2025
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4 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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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 only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.
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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

20.0%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
231.1M
Potential new shares
May 2027
Nearest expiry
What a price move would switch on
115.6M231.1M$0.012 now0.25× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.018) — 20.0M of the priced supply in the money, 1.7% of shares on issue2× today ($0.024) — 20.0M of the priced supply in the money, 1.7% of shares on issue3× today ($0.036) — 137.4M of the priced supply in the money, 11.9% of shares on issue5× today ($0.060) — 151.9M of the priced supply in the money, 13.2% of shares on issue10× today ($0.120) — 178.1M of the priced supply in the money, 15.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.012 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 20.0M (1.7% 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.
  • 53.0M (22.9% 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
TRIAAOptionsPrice-triggered$0.0609 May 202710.0MFiling
TRIABOptionsPrice-triggered$0.06014 May 20272.8MFiling
TRIACOptionsPrice-triggered$0.08014 May 20271.5MFiling
TRIAEOptionsPrice-triggered$0.0509 July 20272.5MFiling
TRIAFOptionsPrice-triggered$0.0609 July 20276.0MFiling
TRIAGOptionsPrice-triggered$0.0809 July 20276.0MFiling
TRIAKOptionsPrice-triggered$0.02529 Oct 20275.0MFiling
TRIAHOptionsPrice-triggered$0.0255 Nov 20275.0MFiling
TRIAPOptionsPrice-triggered$0.02519 Nov 202783.9MFiling
TRIAJOptionsPrice-triggered$0.0454 Dec 202712.0MFiling
TRIALOptionsPrice-triggered$0.0252 Dec 202823.5MFiling
—OptionsPrice-triggered$0.01519 Dec 202820.0MFiling
TRIADOptionsPrice-triggered——53.0MFiling

“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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13 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
19 Dec 2025Christopher NtoumenopoulosOther placement81.3M——$498k3Y notice
19 Dec 2025David TrimboliBuy placement6.3M——$50k3Y notice
2 Dec 2025Christopher NtoumenopoulosOther2.7M——$60k3Y notice
2 Dec 2025David TrimboliOther3.3M7.0M—$72k3Y notice
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7 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

27 Aug 2026$PAppendix 4E - Preliminary Final Report
28 July 2026$PJune 2026 Quarterly Activities Report and Appendix 4C
15 July 2026$PStabl-Im clinical trial supply milestone achieved
24 June 2026Investor Presentation - Stabl-Im program
26 May 2026Change of Registered Office Address
21 May 2026$PCRO Engaged to Advance Stabl-Im Phase 1 Trial
29 Apr 2026$PMarch 2026 Quarterly Activities Report and Appendix 4C
28 Apr 2026$PDr Danielle Meyrick appointed as CEO
4 Mar 2026Key management changes
24 Feb 2026$PAppendix 4D & Half-Year Financial Report to 31 December 2025
29 Jan 2026$PDecember 2025 Quarterly Activities Report and Appendix 4C
1 Jan 2026Final Director's Interest Notice - John Mathias
23 Dec 2025Ceasing to be a substantial holder
22 Dec 2025Becoming a substantial holder - Daniel Tillett
22 Dec 2025Second-tranche placement funding completed
18 Dec 2025Change of Director's Interest Notice - David Trimboli
18 Dec 2025Change of Director's Interest Notice - Chris Ntoumenopoulos
18 Dec 2025Cleansing Notice
18 Dec 2025Notification regarding unquoted securities - TRI
18 Dec 2025Application for quotation of securities - TRI

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