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

Envoy Medical, Inc. (COCHW)

CIK 1840877 · 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$35.6M 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
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+295% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~2.8 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

2023-11-162026-08-10

Latest: 77.2M shares as of Aug 10, 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
Pre Funded Warrants27.1M$0.0001
Publicly Traded Warrants14.2M$11.5
Forward Purchase Agreement Warrant3.9M$4
Term Loan Warrants1.5Mnot tagged
Shortfall Warrants1.1Mnot tagged
Warrant375,000not tagged
Common Stock Warrants250,000not tagged

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 10, 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: 105,000 underlying shares, as reported Sep 30, 2025 (10-Q).

Reported exercise price: $4 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $14,000 as of Jun 30, 2026.

Rough fully diluted estimate: 77.3M = 77.2M O/S + 105,000 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 Aug 10, 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 outstanding77.2MAug 10, 2026
+ Pre Funded Warrants (if exercised)27.1MJun 30, 2026
+ Publicly Traded Warrants (if exercised)14.2MJun 30, 2026
+ Forward Purchase Agreement Warrant (if exercised)3.9MJun 30, 2026
+ Term Loan Warrants (if exercised)1.5MJun 30, 2025
+ Shortfall Warrants (if exercised)1.1MJun 30, 2026
+ Warrant (if exercised)375,000Mar 31, 2026
+ Common Stock Warrants (if exercised)250,000May 31, 2024
Fully diluted estimate125.6M+62.6% 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: $35.6Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Dec 18, 2025$21.9M registeredfiling →
S-1Oct 17, 2025$13.7M registeredfiling →
S-3Oct 3, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 7 executed · 6 registered.

EFFECTIVEJun 16, 2026SEC declared a registration effective — selling can beginEFFECT
EXECUTEDFeb 12, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4
EXECUTEDFeb 12, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4
REGISTEREDFeb 11, 2026S-1MEF registration — capacity to sell shares, not a sale yetS-1MEF
EFFECTIVEFeb 11, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDFeb 10, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDFeb 6, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
EFFECTIVEDec 30, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDDec 18, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
REGISTEREDDec 1, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDOct 17, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDOct 9, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5

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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