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

Pelthos Therapeutics Inc. (PTHS)

CIK 1919246 · 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$393M 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-35% 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~12.9 months of runway
= 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

2024-04-152026-08-10

Latest: 3.8M shares as of Aug 10, 2026 (10-Q/A). Share count fell from 6.6M to 3.0M between May 13, 2025 and Aug 8, 2025, a pattern consistent with a reverse split (roughly 1-for-2); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Funded — but tight

~13 months of cash · watch

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Horizon Warrants65,488$27.4910y
Underwriter Warrants5,500$33.31

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 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

NotePrincipalCarryingConv. priceRateIf converted
Convertible Notes$18.0M$18.6M$29.738.5%~605,449 sh

If every note above converted at its tagged price: ~605,449 new shares on 3.8M 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 13, 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 outstanding3.8MAug 10, 2026
+ Horizon Warrants (if exercised)65,488Jun 30, 2026
+ Underwriter Warrants (if exercised)5,500Jun 30, 2026
+ Convertible Notes (if fully converted)605,449Nov 6, 2025
Fully diluted estimate4.5M+17.7% 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: $392.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Feb 2, 2026$220.1M registeredfiling →
S-3Aug 28, 2025$172.4M registeredfiling →
S-1Jul 29, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 2 executed · 3 registered.

UPDATEFeb 13, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEFeb 9, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDFeb 2, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJan 13, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDNov 7, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATESep 29, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVESep 24, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDSep 19, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDAug 28, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJul 2, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDApr 17, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EFFECTIVEDec 19, 2024SEC 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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