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

ACCURAY INC (ARAY)

CIK 1138723 · all EDGAR filings →

Overall dilution risk
MEDIUMworst of 3 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
MEDIUM$5.3M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
LOW+24% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOWoperating cash flow positive
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

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

2020-08-162026-04-30

Latest: 119.0M shares as of Apr 30, 2026 (10-Q).

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Premium Warrants17.2M$1.68FV $16.5M
June2025 Penny Warrants6.2M$0.01
December2025 Super Premium Warrants3.1M$1.5
December2025 Premium Warrants2.2M$1.25
December2025 Penny Warrants1.8M$0.01
Penny Warrantsnot taggednot taggedFV $3.1M
Term Loan Facilities Due2030not taggednot taggedFV $22.7M

Tranches exactly as the company dimensioned them in its 10-Q filed May 6, 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.

Balance-sheet fair value of warrants: $10.4M as of Sep 30, 2025.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Convertible Senior Notes Due June 12026$100.0M$18.0M$5.863.75%~17.1M sh

If every note above converted at its tagged price: ~17.1M new shares on 119.0M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed May 6, 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 outstanding119.0MApr 30, 2026
+ Premium Warrants (if exercised)17.2MJun 6, 2025
+ June2025 Penny Warrants (if exercised)6.2MJun 6, 2025
+ December2025 Super Premium Warrants (if exercised)3.1MDec 15, 2025
+ December2025 Premium Warrants (if exercised)2.2MDec 15, 2025
+ December2025 Penny Warrants (if exercised)1.8MDec 15, 2025
+ Convertible Senior Notes Due June 12026 (if fully converted)17.1MMay 31, 2021
Fully diluted estimate166.5M+39.9% 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: $5.3Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Jul 31, 2026$1.7M registeredfiling →
S-3Feb 17, 2026$3.6M registeredfiling →
S-3Jul 28, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 2 executed · 2 registered.

REGISTEREDJul 31, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJul 29, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEFeb 27, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEFeb 27, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDFeb 17, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDDec 16, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATESep 2, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVESep 2, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJul 28, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJun 6, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 18, 2021Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 12, 2021Unregistered share sale disclosed (8-K item 3.02)8-K

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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