Highlights

  • Pathkey.AI held A$5.83 million cash at 30 September 2026, equal to about 5.5 quarters of funding.
  • Equity proceeds of A$3.89 million in the quarter included a A$2.8 million strategic Placement and option exercises.
  • Chipforge delivered the first phase of a US$50,000 fixed-fee, ten-week proof-of-value programme for its first customer.
  • TrialKey expects new client engagement in the December 2026 quarter after earlier paid work for Imunexus and Armstrong Clinical.

Pathkey.AI Limited (ASX:PKY), the applied-AI group formerly known as Opyl, ended the Sep-2026 quarter with A$5.83 million in cash after a A$2.8 million strategic placement, giving it more room to take its Chipforge semiconductor design platform from development to commercial release. The company owns Chipforge, acquired in June 2026, and TrialKey, an AI tool for clinical trial design.

Chipforge Moves Toward Commercial Release

Chipforge is a semiconductor design and verification platform, initially focused on field-programmable gate arrays (FPGAs), with custom ASIC chips planned later. Pathkey completed the Acquisition on 23 June 2026. On 11 August 2026, Chipforge signed its first commercial contract ahead of release: a ten-week proof-of-value programme with a fixed fee of US$50,000 for an unnamed customer.

The first phase has been delivered, and progression to the next stage depends on the client's readiness for integration. The near-term focus is completing the initial release version, followed by testing and early customer work. Former Altium chair Sam Weiss joined as strategic adviser to the CEO and Chipforge team, and Associate Professor Anupam Chattopadhyay of Nanyang Technological University became the inaugural member of a new advisory board.

TrialKey Broadens Its Clinical Trial Offering

TrialKey applies AI and Machine Learning to clinical trial design and assessment. It has completed paid work for Imunexus Therapeutics and Armstrong Clinical and is expanding from risk prediction into assessing design and cost changes. Statistical analysis plan features remain in testing and client validation. The Business targets scoped assessments and design support for biotech sponsors, as well as pilot licensing with contract research organisations. Pathkey describes its own role as providing capital, governance and commercial support to both businesses.

Cash Position After the Placement

Customer receipts were A$10,000 in the quarter, and net operating cash outflow was A$1.06 million. Financing inflows of A$3.63 million, after A$259,000 of transaction costs, came from the placement and option exercises, lifting cash to A$5.83 million with no debt. On the Appendix 4C basis, that represents about 5.48 quarters of funding at the current outflow rate. Payments to related parties, covering director and CEO fees, totalled A$212,000. The company also capitalised A$97,000 of Transaction Costs linked to the Chipforge acquisition during the period.

Revenue Pathways and Next Steps

Management plans to build Chipforge Revenue first through project engagements, then repeat projects, usage fees and licensing, while TrialKey targets paid assessments, repeat use and licensing to contract research organisations. Recurring Revenue is not yet established in either business, and the company has flagged technical, commercial, staffing and funding risks that could shift timing. New TrialKey client engagement is anticipated in the December 2026 quarter, and no release date has been set for Chipforge.

Shares were priced at A$0.015 on 2 November 2026, down 6.25% on the day, giving a Market Capitalisation of A$20.27 million, and were down 20.31% over 12 months.