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

Freshpet, Inc. (FRPT)

CIK 1611647 · 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
HIGHS-3ASR on file 2020-02-25
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
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
LOW0% 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

2021-07-302026-07-31

Latest: 48.1M shares as of Jul 31, 2026 (10-Q).

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 61,117 underlying shares, as reported Dec 31, 2019 (10-K).

Reported exercise price: $0.01 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 48.1M = 48.1M O/S + 61,117 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
March 2023 Note$402.5M$398.4M$69.683%~5.8M sh

If every note above converted at its tagged price: ~5.8M new shares on 48.1M 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 Aug 5, 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 outstanding48.1MJul 31, 2026
+ Warrants (aggregate, as tagged) (if exercised)61,117Dec 31, 2019
+ March 2023 Note (if fully converted)5.8MMar 31, 2023
Fully diluted estimate53.9M+12.1% 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

Last 12 months: 0 executed · 0 registered.

EXECUTEDMar 23, 2023Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATESep 30, 2022Resale prospectus — existing holders registering to sell424B7
EXECUTEDMay 5, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 3, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 24, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 22, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 28, 2020Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDFeb 25, 2020Automatic shelf registration — effective immediately (large filers)S-3ASR
EXECUTEDFeb 25, 2020Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2
UPDATEJun 7, 2019Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEJun 5, 2019Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDMar 7, 2019Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4

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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