Methodology
Where the data comes from
We analyse the public disclosures ASX-listed companies are required to lodge — Appendix filings, quarterly cash reports, raise announcements. We extract them into structured data the same business day they are released, and every fact on this site links to the source document on the ASX's document service, so you can check any number against the filing it came from.
| Signal | Source filings |
|---|---|
| Shares on issue | Appendix 2A (quotation of securities) — the authoritative count; ASX market data as fallback |
| Issuance timeline | Appendix 2A (quoted issues), 3G (unquoted issues), 3H (cancellations & buybacks) |
| Capital raises | Appendix 3B proposed issues + raise announcements (placements, SPPs, entitlement offers, convertible notes) |
| Options & warrants | Appendix 2A/3B/3G option schedules — exercise price, expiry, quantity |
| Cash runway | Quarterly Appendix 4C / 5B cashflow reports |
Share prices and market caps shown for context are delayed and indicative — they are not a live market-data feed. Filed disclosures, not price data, are the substance of this site.
The Dilution Grade
The DilutionLens Dilution Grade (A–F) summarizes a company's shareholder-dilution risk from its own ASX disclosures: cash runway (quarterly cash reports), how much the share count has actually grown, how often the company raises, outstanding options and rights that could convert to new shares, and any announced-but-unsettled share issues. It is computed by a fixed formula from disclosed facts — it is not a prediction, a rating agency opinion, or financial advice. Every input is linked to the source announcement. Grades update as new disclosures are filed.
The exact weights and thresholds of the formula are proprietary; the component breakdown shown on each company page states which disclosed facts drove the grade.
Not Rated (NR)
When we cannot compute a grade fairly, we publish NR with the reason rather than a shaky letter. The reasons you will see:
| Suspended | The company's securities are suspended from quotation |
| Stale filings | No quarterly cash report lodged in over 12 months |
| Listed too recently | Not enough filing history yet to grade a new listing |
| Share-count series unreliable | A share consolidation or filing inconsistency means the share-count history cannot be reconciled |
| Options data unreliable after consolidation | Option and rights line counts cannot be reconciled after a share consolidation |
An NR with its reason is itself information — it tells you which disclosures are missing or unreliable.
AI-written company descriptions
The short company write-ups on ticker pages are AI-generated summaries of the same disclosed data that produces the grade — share issuance, raise activity, options overhang, and cash position. Every number in the prose is audited against the underlying source figures before publication; descriptions that fail that audit are withheld rather than shipped. They describe what the filings say — they are intelligence about disclosed data, never a recommendation or financial advice.
Definitions
| Max dilution | All outstanding options ÷ current ordinary shares |
| ITM dilution | Options with exercise price below the last close ÷ current ordinary shares |
| Cash cover | Quarters of current spend covered by cash on hand, per the latest quarterly report |
| Per-event dilution | Shares issued in an event ÷ shares on issue immediately before it |
Extraction is automated with human-grade review models; residual errors are possible. Always verify against the linked source filing.
Corrections
Spotted a number that doesn't match the source filing, or a grade built on wrong data? Email corrections@dilutionlens.com with the ticker and the filing you checked against. We review every report and correct confirmed errors.