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

PALATIN TECHNOLOGIES INC (PTN)

CIK 911216 · 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$52.2M 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
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
LOW-85% 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
HIGH~5.7 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

2020-09-242026-05-12

Latest: 1.8M shares as of May 12, 2026 (10-Q). Share count fell from 46.5M to 973,291 between May 14, 2025 and Sep 19, 2025, a pattern consistent with a reverse split (roughly 1-for-48); 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 · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Stock Warrants5,228$94
Series F Warrantsnot tagged$15
Series G Warrantsnot tagged$7.5
Series H Warrantsnot tagged$11.25
Series J Warrantsnot tagged$6.5
Series K Warrantsnot tagged$8.125
December Two Thousand Twenty Four Existing Warrantsnot tagged$43.75

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.

Warrants outstanding: 6,007 underlying shares, as reported Nov 17, 2025 (10-Q).

Reported exercise price: $10 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 1.8M = 1.8M O/S + 6,007 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 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 outstanding1.8MMay 12, 2026
+ Stock Warrants (if exercised)5,228Mar 31, 2026
Fully diluted estimate1.8M+0.3% 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: $52.2Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Oct 1, 2025$52.2M registeredfiling →

Last 12 months: 2 executed · 3 registered.

EXECUTEDNov 12, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4
EXECUTEDNov 10, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4
REGISTEREDOct 17, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDOct 1, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
REGISTEREDOct 1, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
EXECUTEDJun 13, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 8, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4
EFFECTIVEMay 6, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMay 5, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
WITHDRAWNApr 2, 2025Registration withdrawnRW
REGISTEREDMar 31, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDFeb 12, 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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