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Opyl Ltd. (AU:PKY)
ASX:PKY
Australian Market

Opyl Ltd. (PKY) AI Stock Analysis

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AU:PKY

Opyl Ltd.

(Sydney:PKY)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
AU$0.03
▼(-16.67% Downside)
Action:UpgradedDate:02/25/26
The score is held down primarily by very weak financial performance (shrinking revenue, persistent losses, negative equity, and heavy cash burn). Technicals provide some support due to strong recent momentum, but extremely overbought indicators increase near-term reversal risk. Valuation remains unattractive/unclear given ongoing losses and no dividend yield.
Positive Factors
AI/ML focus in life sciences
Opyl’s core focus on AI/ML for clinical trials and drug development aligns with durable industry adoption of data-driven decision tools. Platform and model improvements can compound over time, creating stickiness as clients integrate analytics into trial design, recruitment and monitoring workflows.
B2B subscription, services and partnership model
A B2B mix of subscriptions, consulting and partnership payments supports recurring and multi-channel revenue potential. If Opyl converts customers to platform/licensing deals, margins and predictability can improve, enabling scalable cash generation once product-market fit and sales motion are established.
Modest absolute debt level
Reported debt is modest in absolute terms, which reduces immediate interest burden and gives financial flexibility relative to high-leverage peers. Lower leverage can ease near-term financing costs and preserve optionality for strategic investments or partnership funding if operating performance stabilises.
Negative Factors
Sharp revenue contraction
An ~86% year‑over‑year revenue drop indicates severe loss of commercial traction or contract lapses. Such a collapse undermines scale economics, weakens pricing leverage, and makes it much harder to build recurring revenue streams; recovery requires sustained new client wins and renewed product-market fit.
Persistent negative cash flow
Consistent operating and free cash flow deficits, with materially worsening FCF, force reliance on external financing. Over months this increases dilution or refinancing risk, constrains investment in sales/engineering, and limits the company’s ability to execute growth or defend market position without new capital.
Negative shareholders' equity and fragile capital structure
Negative equity reflects accumulated losses and weak balance sheet resilience. It restricts borrowing capacity, raises counterparty concerns, and increases the probability of dilutive recapitalisations or asset sales to fund operations, posing a durable obstacle to long‑term strategic execution.

Opyl Ltd. (PKY) vs. iShares MSCI Australia ETF (EWA)

Opyl Ltd. Business Overview & Revenue Model

Company DescriptionPathkey.AI Ltd, a digital health company, involves artificial intelligence (AI) to improve clinical trials and predicting outcomes for patients in Australia. The company offers TrialKey, an AI-driven clinical trial optimization and success prediction platform, that simulate and optimize trial designs. It also provides TrialGen, an AI-powered tool streamlines clinical trial design process. The company serves biopharma, MedTech, government, and healthcare organizations. The company was formerly known as Opyl Limited and changed its name to Pathkey.AI Ltd in August 2025. Pathkey.AI Ltd was incorporated in 1994 and is based in Sydney, Australia.
How the Company Makes MoneyOpyl Ltd. generates revenue primarily through its digital solutions designed to optimize clinical trials and healthcare marketing. The company offers subscription-based services and consultancy fees for its AI-driven platforms that assist in patient recruitment, engagement, and retention in clinical trials. Opyl also earns income by providing digital insights and marketing strategies to healthcare companies, which aim to improve their outreach and engagement with target audiences. Significant partnerships with pharmaceutical companies, research institutions, and healthcare organizations play a crucial role in driving the company's earnings by expanding its client base and enhancing its service offerings.

Opyl Ltd. Financial Statement Overview

Summary
Financial performance is very weak: revenue fell sharply (~86% YoY in the latest annual period), losses remain severe with negative margins, shareholders’ equity is negative, and operating/free cash flow are consistently negative with worsening free cash flow in the latest year—indicating ongoing reliance on external funding.
Income Statement
8
Very Negative
Profitability is weak and deteriorating: the company remains loss-making across all periods with negative gross profit and deeply negative operating and net margins. Revenue has also contracted sharply in the latest annual period (2025-06-30), down ~86% versus the prior year, indicating significant top-line pressure and a harder path to scale.
Balance Sheet
18
Very Negative
The balance sheet shows elevated risk despite modest absolute debt: shareholders’ equity is negative in the latest year, which reduces financial flexibility and can increase funding risk. Total debt is present (and rose versus the prior year), while the company’s asset base is relatively small—making the capital structure more fragile if losses persist.
Cash Flow
10
Very Negative
Cash burn remains heavy: operating cash flow and free cash flow are negative in every year shown, and free cash flow worsened materially in the latest period (down ~39% year over year). While cash flow and net loss are directionally aligned (free cash flow roughly tracks net income), the business is not demonstrating self-funding capacity.
BreakdownTTMJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue10.42K27.78K397.64K397.64K617.91K902.41K
Gross Profit0.00-778.89K-1.40M-1.86M-930.36K-809.62K
EBITDA-871.84K-1.66M-2.68M-1.70M-2.27M-1.14M
Net Income-677.18K-1.45M-3.13M-3.13M-1.73M-2.09M
Balance Sheet
Total Assets881.60K513.28K411.60K411.60K709.58K979.22K
Cash, Cash Equivalents and Short-Term Investments580.84K436.90K374.64K452.88K786.33K2.32M
Total Debt0.00411.73K0.00300.00K300.00K0.00
Total Liabilities356.22K781.65K501.76K501.76K712.21K314.75K
Stockholders Equity525.39K-268.37K-90.16K-403.59K267.01K2.19M
Cash Flow
Free Cash Flow-455.54K-1.29M-2.07M-1.37M-1.53M-918.13K
Operating Cash Flow-455.54K-1.28M-2.06M-1.36M-1.52M-903.65K
Investing Cash Flow0.00-334.02K-17.71K-2.22K-2.22K-14.48K
Financing Cash Flow664.41K1.35M2.00M1.03M1.03M2.43M

Opyl Ltd. Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.03
Price Trends
50DMA
0.02
Negative
100DMA
0.02
Negative
200DMA
0.02
Negative
Market Momentum
MACD
<0.01
Positive
RSI
34.53
Neutral
STOCH
-34.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PKY, the sentiment is Negative. The current price of 0.03 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and above the 200-day MA of 0.02, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 34.53 is Neutral, neither overbought nor oversold. The STOCH value of -34.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:PKY.

Opyl Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
49
Neutral
AU$15.18M-1.71-67.78%37.78%
44
Neutral
AU$12.44M-2.48241.34%44.19%
43
Neutral
AU$80.50M-6.64
42
Neutral
AU$4.17M-1.98-9.90%34.07%
40
Underperform
AU$10.09M-0.96-40.05%-49.57%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:PKY
Opyl Ltd.
0.02
<0.01
60.00%
AU:GLH
Global Health Limited
0.07
-0.06
-45.38%
AU:SHG
Singular Health Group Ltd
0.25
0.03
13.95%
AU:HIQ
HitIQ Limited
0.02
-0.02
-56.76%
AU:ICR
InteliCare Holdings Limited
0.02
<0.01
90.00%

Opyl Ltd. Corporate Events

Pathkey.ai Awards 4 Million Incentive Options to Director Shannon Robinson
Feb 9, 2026

Pathkey.ai Ltd has granted director Shannon Robinson 4 million unlisted options with an exercise price of A$0.03 and an expiry date of 20 August 2029, issued indirectly through Berger Investment Fund Pty Ltd. The options, which were granted for nil cash consideration as part of Robinson’s remuneration under the company’s incentive plan, increase her indirect interest in the company and further align her compensation with future share price performance, signalling continued use of equity-based incentives at the board level.

The award of long-dated, out-of-the-money options links Robinson’s potential upside closely to Pathkey.ai’s longer-term market valuation. This structure may be viewed positively by shareholders who favour performance-aligned governance, while also subtly indicating the board’s confidence in the company’s ability to create value over the coming years despite no immediate cash outlay by the director.

Pathkey.ai Issues 4 Million Unquoted Options Under Employee Incentive Scheme
Feb 9, 2026

Pathkey.ai Ltd has notified the market of the issue of new unquoted equity securities under its employee incentive scheme. The company’s filing confirms its status as an ASX-listed entity with the issuer code PKY, but provides no further operational or industry details.

The company will issue 4,000,000 unquoted options, exercisable at $0.03 and expiring on 20 August 2029, with an issue date of 9 February 2026. These options are not intended to be quoted on the ASX, indicating a focus on internal incentives rather than immediate capital raising or secondary market trading.

Pathify.ai Director Increases Indirect Shareholding Through Placement
Feb 6, 2026

Pathify.ai Ltd has disclosed a change in director Paul Niardone’s interests, with the director’s relevant interest held indirectly through Trindis Pty Ltd. While the notice does not detail the company’s operations, it confirms Niardone’s ongoing stake via both fully paid ordinary shares and unlisted options, clarifying his financial alignment with shareholders. The filing reports that on 4 February 2026 Niardone, via Trindis Pty Ltd, acquired 2,000,000 fully paid ordinary shares in a recent share placement at $0.012 per share, for total consideration of $24,000, and now holds 2,000,000 shares plus 2,000,000 unlisted options exercisable at $0.03 expiring on 20 August 2029. The transaction underscores continued director participation in capital raisings, which may be read by investors as a signal of confidence in the company’s prospects and governance alignment, although it does not alter any contractual interests.

PathKey.AI lodges cleansing notice for new share issue
Feb 4, 2026

The company lodged a cleansing notice confirming the issuance of 252,473,552 fully paid ordinary shares, stating that the shares were issued without a prospectus and that the company remains compliant with its financial reporting and continuous disclosure obligations under the Corporations Act, with no excluded information withheld from investors. This action signals PathKey.AI’s adherence to regulatory requirements while expanding its share base, providing transparency to stakeholders about dilution and positioning the firm for future capital or operational initiatives.

Pathkey.AI Seeks ASX Quotation for Over 10 Million New Shares
Feb 4, 2026

Pathkey.AI Ltd has applied to the Australian Securities Exchange for quotation of 10,195,580 new fully paid ordinary shares under its ASX code PKY. The application, lodged as an Appendix 2A on 4 February 2026 and linked to a shareholder resolution passed at a recent general meeting, will expand the company’s quoted share capital, potentially broadening its investor base and providing additional liquidity in the stock once the new securities commence trading.

PathKey.AI Issues 175.5 Million Unquoted Options Across Three New Classes
Feb 4, 2026

PathKey.AI Ltd has notified the market of the issue of 175.5 million unquoted options in three new unlisted security classes, each with different exercise prices and maturities. The options, which are not intended to be quoted on the ASX, are exercisable at $0.025, $0.03 and $0.035 with two-, three- and four-year expiry terms respectively, representing a significant potential source of future equity for the company and possible dilution for existing shareholders if exercised.

PathKey.AI Seeks ASX Quotation for 48.7 Million Ordinary Shares
Feb 4, 2026

PathKey.AI Ltd has lodged an Appendix 2A with the ASX seeking quotation of 48,728,425 ordinary fully paid shares under the code PKY, formalising their admission to trading on the exchange. The move significantly expands the number of quoted securities on issue and marks a key step in the company’s capital markets presence, potentially improving liquidity and visibility among investors as it builds its position in the Australian technology and AI sector.

Pathkey.ai Seeks Quotation for 5 Million New Shares
Feb 4, 2026

Pathkey.ai operates in the artificial intelligence and data analytics sector, delivering AI-driven solutions that support enterprise decision-making and workflow automation across its target markets. The company has applied to list 5 million new fully paid ordinary shares on the ASX, completing a previously flagged issuance that expands its tradable float and signals ongoing capital formation to support growth initiatives.

Opyl Updates Proposed Securities Issue and Option Terms
Feb 4, 2026

Opyl Ltd (PATHKEY.AI Ltd, ASX: PKY) has lodged an updated Appendix 3B with the ASX outlining changes to a previously proposed issue of securities via a placement or similar capital-raising mechanism. The update revises the number and terms of options to be issued, aligning them with resolutions 3 and 4 from the company’s notice of meeting released on 29 December 2025, and supersedes details contained in its 27 November 2025 announcement, signalling adjustments to the structure of its planned equity incentives or capital management arrangements.

Opyl Trims Share Placement to Sandton Capital Advisory
Feb 4, 2026

Opyl Ltd has updated its planned capital raise, scaling the issuance from 6.47 million to 5 million shares to Sandton Capital Advisory under Resolution 5, signaling a more targeted financing round aligned with its December 2025 shareholder approval. The smaller placement suggests a measured approach to balance-sheet support that may temper dilution while maintaining funding momentum for its AI-driven clinical research services.

Pathkey.ai Seeks ASX Quotation for 188.5 Million Shares
Feb 4, 2026

Pathkey.ai operates in the AI technology sector, developing advanced data-driven solutions tailored for enterprise applications across the Australian market. The company has lodged an Appendix 2A to list 188,549,547 fully paid ordinary shares on the ASX, signaling the formal quotation of previously announced securities, which helps finalize its capitalization structure and supports liquidity for investors.

Pathkey.ai Options Lapse, Trimming Potential Equity Dilution
Feb 3, 2026

Pathkey.ai Ltd has announced the cessation of 1,780,000 unexercised options, designated as PKYAA, which expired on 10 December 2025 at various prices and dates. The expiry reduces the pool of potential dilutive securities on issue, slightly simplifying the company’s capital structure and signaling that these convertible instruments did not convert into ordinary equity before their deadline.

Pathkey Sharpens AI Strategy, Strengthens Board and Balance Sheet in December Quarter
Jan 30, 2026

In its December 2025 quarter update, Pathkey outlined a period of consolidation marked by a strategic review that refines its positioning as an applied AI company beyond healthcare while keeping TrialKey as its lead commercial platform. The company strengthened governance with the appointments of Shannon Robinson as Non-Executive Chair and Paul Niardone as Non-Executive Director, advanced TrialKey’s large language model capabilities for ingesting and structuring large-scale clinical trial data, and initiated a collaboration with Armstrong Clinical to embed TrialKey analytics into early-phase clinical development workflows. Pathkey also moved to bolster its balance sheet with a $3.5 million capital raise to support growth, TrialKey commercialisation into new and existing verticals, and exploration of complementary AI opportunities, while implementing cost-reduction initiatives to better align spending with its current commercialisation stage without undermining execution capacity.

PathKey.AI Wins Shareholder Approval for Capital-Raising and Incentive Resolutions
Jan 28, 2026

PathKey.AI Ltd has secured strong shareholder backing for a series of capital-raising and incentive-related measures at its latest general meeting. The company gained approval for the ratification and issuance of placement shares in two tranches, the grant of advisor and director options, and the issue of shares to key corporate advisors and communications providers, with all resolutions passing comfortably by poll, underscoring investor support for its current funding strategy and governance arrangements.

Pathkey.AI Seeks ASX Quotation for 27.9 Million New Shares
Jan 6, 2026

Pathkey.AI Ltd has applied to the ASX for quotation of 27,981,343 new ordinary fully paid shares, with an issue date of 12 January 2026, under its issuer code PKY. The move will expand the company’s quoted share capital, potentially enhancing liquidity in its stock and providing additional financial flexibility to support its future corporate and operational initiatives.

PathKey.AI Raises Capital via Entitlement Offer, Moves to Place Shortfall
Jan 6, 2026

PathKey.AI Ltd has completed a pro-rata non-renounceable entitlement offer aimed at raising up to approximately A$920,517 through the issue of up to 76.7 million new shares at A$0.012 per share, on the basis of one new share for every four held. The offer resulted in shareholders taking up roughly 28.0 million shares for gross proceeds of about A$335,776, with a shortfall of approximately 48.7 million shares representing A$584,741 to be placed by the directors within three months, and the newly issued shares are set to begin trading on the ASX on 8 January 2026 on equal terms with existing stock, underpinning the company’s capital position and share liquidity.

Pathkey.AI Calls January 2026 General Meeting in Perth
Dec 29, 2025

Pathkey.AI Ltd has called a general meeting of shareholders to be held on 28 January 2026 at Allendale Square in Perth, Western Australia, with the formal notice outlining the time, location and purpose of the gathering. The document signals that shareholders will be asked to vote on a series of proposed resolutions detailed in accompanying materials, and encourages them to seek professional advice if unsure how to vote, underscoring the potential significance of the decisions for the company’s governance and strategic direction.

Pathkey.AI Announces Major Securities Issue to Boost Capital
Dec 16, 2025

Pathkey.AI Ltd has announced a proposed issue of 188,549,547 ordinary fully paid securities, scheduled for January 23, 2026. This move is intended to raise capital through a placement or other type of issue, potentially impacting the company’s market positioning and offering new opportunities for stakeholders.

Pathkey.AI Ltd Launches Shareholder Rights Issue to Raise Capital
Dec 12, 2025

Pathkey.AI Ltd has announced the dispatch of offer documents for a non-renounceable pro-rata rights issue, allowing eligible shareholders to purchase one fully paid ordinary share for every four shares held. This offer, aimed at raising up to $920,517, follows a previous placement that raised $2,500,000 from sophisticated investors, and is part of the company’s broader capital raising efforts.

PathKey.AI Ltd Issues New Shares, Ensures Regulatory Compliance
Dec 11, 2025

PathKey.AI Ltd has announced the issuance of 19,783,786 fully paid ordinary shares without disclosure to investors under the Corporations Act. The company confirms compliance with relevant provisions of the Corporations Act, and there is no excluded information as per the specified sections, indicating transparency and adherence to regulatory standards.

Pathkey.AI Announces Quotation of New Securities on ASX
Dec 11, 2025

Pathkey.AI Ltd has announced a new application for the quotation of its securities on the Australian Securities Exchange (ASX). The company is set to quote 19,783,786 fully paid ordinary shares under the ASX code PKY, with the issue date being December 11, 2025. This move is part of a previously announced transaction, and it signifies a strategic step for Pathkey.AI in enhancing its market presence and potentially increasing its shareholder base.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 25, 2026