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

Azitra, Inc. (AZTR)

CIK 1701478 · all EDGAR filings →

Overall dilution risk
HIGHworst 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
HIGH$65.7M 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
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
MEDIUM+34% 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
MEDIUM~10.7 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

2023-08-142026-05-11

Latest: 16.2M shares as of May 11, 2026 (10-Q). Share count fell from 28.8M to 7.6M between May 9, 2024 and Aug 12, 2024, a pattern consistent with a reverse split (roughly 1-for-4); 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

Warrants

TrancheWarrantsExercise priceTermNotes
Series B Warrants85.2M$0.123
Series C Warrants85.2M$0.123
Series A Warrants85.2Mnot tagged
Common Warrants4.7M$0.325y
Pre Funded Warrants4.2M$0.0001
Class A Warrant2.0M$9.995y
ELOC Warrants Issuance One925,579not tagged
Follow On Public Offering Warrants337,232$3.6
Placement Agent Warrants187,500$0.325y
Warrant238$95.9

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.

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

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 outstanding16.2MMay 11, 2026
+ Series B Warrants (if exercised)85.2MMar 20, 2026
+ Series C Warrants (if exercised)85.2MMar 20, 2026
+ Series A Warrants (if exercised)85.2MMar 18, 2026
+ Common Warrants (if exercised)4.7MNov 24, 2025
+ Pre Funded Warrants (if exercised)4.2MNov 24, 2025
+ Class A Warrant (if exercised)2.0MJul 25, 2024
+ ELOC Warrants Issuance One (if exercised)925,579Mar 31, 2026
+ Follow On Public Offering Warrants (if exercised)337,232Feb 5, 2025
+ Placement Agent Warrants (if exercised)187,500Nov 24, 2025
+ Warrant (if exercised)238Mar 31, 2026
Fully diluted estimate284.2M+1654.9% 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: $65.7Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1May 21, 2026$46.8M registeredfiling →
S-1Dec 10, 2025$18.9M registeredfiling →

Last 12 months: 2 executed · 3 registered.

EFFECTIVEJun 2, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMay 21, 2026S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDMar 23, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEDec 16, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEDec 15, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDDec 10, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDNov 25, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
WITHDRAWNOct 14, 2025Registration withdrawnRW
REGISTEREDAug 29, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
UPDATEJul 24, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEJul 23, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJul 18, 2025S-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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