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

Aprea Therapeutics, Inc. (APRE)

CIK 1781983 · 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$81.4M 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
HIGHwarrants = 727% 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+232% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~43.2 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

2020-11-062026-05-13

Latest: 12.4M shares as of May 13, 2026 (10-Q). Share count fell from 53.0M to 3.7M between Nov 9, 2022 and Mar 28, 2023, a pattern consistent with a reverse split (roughly 1-for-14); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

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
Pre Funded Warrants41.5M$0.001
March2026 Warrants37.2M$0.683
March2026 Pre Funded Warrants37.2M$0.001
January2026 Warrants6.3M$0.765
January2026 Pre Funded Warrants3.9M$0.001
December2025 Warrants2.9M$1.04
Pre Funded Warrants Exercise Price7.29 Per Share1.1M$7.29
Pre Funded Warrants Exercise Price9.1125 Per Share1.1M$9.1125
March2024 Tranchea Warrants1.1M$7.29
March2024 Tranche B Warrants1.1M$9.1125
March2024 Pre Funded Warrants415,870$0.001
December2025 Pre Funded Warrants21,459$0.001

Tranches exactly as the company dimensioned them in its 10-Q filed May 13, 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: 90.0M underlying shares, as reported Mar 31, 2026 (10-Q).

Rough fully diluted estimate: 102.4M = 12.4M O/S + 90.0M 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

No convertible-note facts tagged in the 10-Q filed May 13, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are 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 outstanding12.4MMay 13, 2026
+ Pre Funded Warrants (if exercised)41.5MMar 31, 2026
+ March2026 Warrants (if exercised)37.2MMar 31, 2026
+ March2026 Pre Funded Warrants (if exercised)37.2MMar 31, 2026
+ January2026 Warrants (if exercised)6.3MMar 31, 2026
+ January2026 Pre Funded Warrants (if exercised)3.9MMar 31, 2026
+ December2025 Warrants (if exercised)2.9MMar 31, 2026
+ Pre Funded Warrants Exercise Price7.29 Per Share (if exercised)1.1MMar 11, 2024
+ Pre Funded Warrants Exercise Price9.1125 Per Share (if exercised)1.1MMar 11, 2024
+ March2024 Tranchea Warrants (if exercised)1.1MMar 31, 2026
+ March2024 Tranche B Warrants (if exercised)1.1MMar 31, 2026
+ March2024 Pre Funded Warrants (if exercised)415,870Mar 31, 2026
+ December2025 Pre Funded Warrants (if exercised)21,459Mar 31, 2026
Fully diluted estimate146.1M+1080.0% 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: $81.4Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Apr 22, 2026$68.7M registeredfiling →
S-3Feb 20, 2026$7.6M registeredfiling →
S-3Dec 19, 2025$5.2M registeredfiling →

Last 12 months: 3 executed · 4 registered.

UPDATEMay 15, 2026Resale prospectus — existing holders registering to sell424B7
UPDATEApr 29, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEApr 29, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 22, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDMar 30, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEMar 19, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEMar 19, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMar 17, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDFeb 20, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJan 29, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEDec 30, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEDec 29, 2025SEC declared a registration effective — selling can beginEFFECT

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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