SYDNEY, July 20, 2026, 10:10 AEST
- Tetratherix’s 53.04 million ordinary shares were valued at A$358.0 million, based on Friday’s final price of A$6.75.
- An obligatory escrow applies to 23.57 million shares, representing 44.4% of the total ordinary base.
- Approximately A$44,000 changed hands on Friday as 6,582 shares were traded at the closing price.
Tetratherix Ltd ASX:TTX finished Friday with a market capitalization of A$358.0 million. Out of a total 53.04 million ordinary shares, only 29.47 million are listed.
The restricted block represents 44.4% of ordinary equity. This is also nearly 80% of the listed line.
The lack of supply can intensify price fluctuations. It further introduces an outdated supply risk.
The ASX cash market opened at the dateline. Data from the exchange, reported with a delay, continued to display Friday’s closing price at A$6.75, reflecting a 0.88% decrease. The trading volume was limited to 6,582 shares.
The S&P/ASX 200 closed Friday down 0.5% at 8,796.70. TTX rose 8% over the week, outperforming the broader market.
| Capital measure | Shares | Ordinary base | Value at A$6.75 |
|---|---|---|---|
| Listed ordinary shares | 29.47 million | 55.6% | A$198.9 million |
| Shares under mandatory escrow | 23.57 million | 44.4% | A$159.1 million |
| Overall ordinary shares | 53.04 million | 100% | A$358.0 million |
The figures are based on the most recent reported share counts. Due to rounding, overall totals could show minor discrepancies.
The split clarifies a notable market-data mismatch. Google Finance reported 53.04 million shares, while displaying a market capitalisation of A$198.89 million. That market value closely aligns with the value of the quoted block by itself.
Yahoo Finance and MarketWatch reported approximately A$358 million, each applying the complete ordinary-share base.
The 23.57 million restricted shares cannot be traded until June 30, 2027. If they are released, shares equal to 80% of the current quoted stock would become available for trading.
TTX closed on Friday 12.5% higher than June’s A$6.00 placement and share plan price. Shares have approximately doubled through 2026.
The company secured A$15 million through institutional investors, while its share purchase plan contributed an additional A$639,644. Proceeds are allocated for production efforts, partnership development, digital system upgrades and working capital.
Preliminary estimate: combining gross proceeds with March cash totals approximately A$34.8 million, not including offer expenses or cash flow for the June quarter. This suggests an indicative enterprise value around A$323 million, based on no additional debt.
Based on equity value, TTX is ahead of Aroa Biosurgery Ltd (ASX:ARX) and Orthocell Ltd (ASX:OCC) on fully paid ordinary shares, but trails PolyNovo Ltd (ASX:PNV).
| Company or valuation basis | Friday price | Equity value |
|---|---|---|
| Tetratherix, full ordinary base | A$6.75 | A$358.0 million |
| Aroa Biosurgery | A$0.58 | A$202.4 million |
| Orthocell | A$0.72 | A$196.1 million |
| PolyNovo | A$0.98 | A$677.0 million |
Chief Executive Will Knox described the institutional interest in May as “definitive validation” of the platform. The market price remains higher than the placement level. ASX Announcements
Risks: company still needs to secure regulatory approvals and scale up production. Limited trading volumes could increase price swings. The escrow release in 2027 could add to supply, and performance rights totaling 413,218 may dilute shares by approximately 0.8%.
As a result, investors should evaluate TTX based on its A$358 million ordinary-equity base. The smaller figure displayed on the screen reflects only the quoted line, not the entire business.
