Dilution profile // every instrument, one screen, from SEC filings

Akari Therapeutics Plc (AKTX)

CIK 1541157 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$60.6M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 0% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+478% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~3.1 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2015-05-122026-05-19

Latest: 91.57B shares as of May 19, 2026 (10-Q).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Series G Warrants19.06Bnot tagged

Tranches exactly as the company dimensioned them in its 10-Q filed May 19, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 1.7M underlying shares, as reported Mar 31, 2026 (10-Q).

Reported exercise price: $0.18945 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $3.2M as of Dec 8, 2020.

Rough fully diluted estimate: 91.57B = 91.57B O/S + 1.7M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
April Two Thousand Twenty Three Convertible Notesnot tagged$0.0010210%
April Two Thousand Twenty Three Convertible Notes and Warrants Amendmentnot tagged$0.000405
April Two Thousand Twenty Three Peak Bio Convertible Noteholder Warrantsnot tagged$0.000405

Notes exactly as the company dimensioned them in its 10-Q filed May 19, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding91.57BMay 19, 2026
+ Series G Warrants (if exercised)19.06BDec 31, 2025
Fully diluted estimate110.62B+20.8% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $60.6Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Jul 2, 2026$60.6M registeredfiling →

Last 12 months: 6 executed · 8 registered.

EFFECTIVEJul 13, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJul 10, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDJul 8, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
EFFECTIVEJul 7, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJul 2, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
REGISTEREDJun 26, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
EXECUTEDMay 22, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
WITHDRAWNMay 21, 2026Registration withdrawnRW
REGISTEREDMay 8, 2026S-1 registration — capacity to sell shares, not a sale yetS-1
EFFECTIVEApr 15, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJan 29, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJan 23, 2026S-1 registration — capacity to sell shares, not a sale yetS-1

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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