AUS
NZ
UK
CA
USA
IND
PainChek Ltd (ASX:PCK), the Australian digital health firm known for its AI-driven pain assessment platform, has informed the market that 573,763 unquoted options across four distinct security classes ceased as of 30 June 2026. These options expired either due to unmet or impossible-to-satisfy conditions or because they were not exercised or converted before expiry. The company’s update, filed on 3 July 2026, also details PainChek's updated issued capital structure post these changes. This information is particularly relevant for investors monitoring the company’s equity dilution, as it removes several option series from PainChek’s capital table entirely.
Key Points
- Company: PainChek Ltd (ASX:PCK)
- Total of 573,763 unquoted options across four security classes ceased on 30 June 2026
- Affected series include: PCKAF (125,000 options, exercise price $0.40, expiry 16 March 2030), PCKAG (200,000 options, exercise price $0.36, expiry 20 February 2030), PCKAR (188,763 options, various dates and prices), and PCKAAB (60,000 options, exercise price $0.30, expiry 6 September 2029)
- No consideration was paid by PainChek for any of the cessations
- Following these changes, PainChek has 209,007,312 ordinary fully paid shares on issue
- Investors should monitor future option grants or capital structure updates for potential dilution impacts
Four PainChek Option Classes Terminate as of 30 June 2026
On 3 July 2026, PainChek Ltd submitted an Appendix 3H notification to the ASX confirming the cessation of four classes of unquoted equity securities effective 30 June 2026. These were the PCKAF, PCKAG, PCKAR, and PCKAAB option series, collectively totaling 573,763 securities.
The Appendix 3H is the standard form used by ASX-listed companies to notify the exchange of security cessations. PainChek’s filing confirmed none of these options were exercised before cessation, and no consideration was paid by the company in relation to these lapses.
Reasons Behind the Early Lapse of PCKAF and PCKAG Options
The PCKAF series consisted of 125,000 options with an exercise price of $0.40 and a nominal expiry date of 16 March 2030. Despite this long expiry, these options lapsed on 30 June 2026 because attached conditions were unmet or became impossible to satisfy, classified as a "lapse of conditional right to securities" under ASX rules.
Similarly, the PCKAG series, comprising 200,000 options with an exercise price of $0.36 and expiry on 20 February 2030, also lapsed on 30 June 2026 for the same reasons. The announcement did not specify the exact conditions or option holders. After cessation, both PCKAF and PCKAG show zero balances in PainChek’s issued capital table.
PCKAR Options: 188,763 Units Lapse While Majority Remain Active
The PCKAR series includes options with various expiry dates and exercise prices, typically representing multiple tranches under one ASX code. A total of 188,763 PCKAR options lapsed on 30 June 2026 due to conditional rights lapsing. However, the series was not fully extinguished; 2,816,250 PCKAR options remain on issue post-cessation. The company did not disclose exercise prices or expiry dates for the remaining options.
PCKAAB Options Expire Unexercised at $0.30 Exercise Price
The PCKAAB series, consisting of 60,000 options with a $0.30 exercise price and expiry date of 6 September 2029, ceased on 30 June 2026 through formal expiry without exercise or conversion. This differs from conditional lapses as it reflects options reaching their end date unused.
Despite this lapse, the PCKAAB series remains active with 2,200,000 options still outstanding. The company did not provide further details distinguishing lapsed from remaining options.
PainChek’s Ordinary Share Count Remains at 209,007,312
Following these option cessations, PainChek’s ordinary fully paid shares on issue stand at 209,007,312. Since lapsed or expired options do not convert into shares, the share count remains unaffected by this event.
The company noted that the issued capital figures are automatically generated and may not fully reflect current capital if other filings are processed simultaneously. Investors should cross-check this update with other ASX disclosures for the most accurate capital structure.
Other Unquoted Securities Still Listed on PainChek’s Capital Table
Besides the fully eliminated PCKAF and PCKAG series, PainChek continues to hold unquoted securities including 2,816,250 PCKAR options, 2,200,000 PCKAAB options, and 3,697,664 PCKAA performance rights.
The company also has 110 PCKAH convertible notes outstanding. This filing did not detail terms, maturity, conversion prices, or conditions for these instruments. Investors should consult prior disclosures or the securities register for full details.
Insights on Lapsed Conditional Options and Company Milestones
The lapse of most options—specifically PCKAF, PCKAG, and part of PCKAR—due to unmet conditions suggests related performance or operational milestones were not achieved within required timeframes. Conditional options often depend on such benchmarks, employment duration, or other criteria.
No details were provided on the specific conditions or reasons for lapses, and no management commentary accompanied the announcement. Analysts should interpret this event cautiously, as conditional option lapses are routine and may arise from various administrative or operational factors.
No Cash Outlay Incurred by PainChek for Option Cessations
PainChek confirmed no financial consideration was paid for the cessation of any of the four option classes. This is typical for options that expire or lapse unexercised, involving no buybacks or compensation.
Consequently, the lapse of these 573,763 options has no immediate cash flow impact on the company. The event primarily affects PainChek’s capital structure and potential future dilution. The company did not announce any new option grants or replacement series in this update.
Effect on PainChek’s Dilution and Outstanding Option Pool
From a market perspective, the removal of 573,763 options modestly reduces potential future dilution for existing shareholders. The fully eliminated series—PCKAF and PCKAG—accounted for 325,000 options exercisable at $0.40 and $0.36 respectively.
However, over 5 million options remain outstanding across PCKAR and PCKAAB, along with nearly 3.7 million PCKAA performance rights. The ultimate dilution depends on whether vesting and exercise conditions are met and the prices at which options are exercised. The immediate impact on PainChek’s share price was not evident from public information.
