Is PURR diluting shareholders?

Read three numbers together: shares outstanding over time (134.6M as of 2026-05-07), warrants that can convert into new shares, and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

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

Hyperliquid Strategies Inc (PURR)

CIK 2078856 · all EDGAR filings →

Overall dilution risk

HIGHworst of 2 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$825M 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

LOW+6% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

NOT COMPUTEDrunway not computable from latest facts

= cash vs trailing operating burn

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

Latest: 134.6M shares as of May 7, 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

Tranche	Warrants	Exercise price	Term	Notes
First Advisor Warrant	not tagged	$9.375	—	—
Second Advisor Warrant	not tagged	$12.5	—	—
Third Advisor Warrant	not tagged	$18.75	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed May 8, 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 8, 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.

Registrations and offerings

Registered offering capacity on live registrations: $825.2Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1May 22, 2026$243.6M registeredfiling →

S-1Oct 22, 2025$581.6M registeredfiling →

Last 12 months: 1 executed · 5 registered.

EFFECTIVEAug 4, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDJul 21, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDJun 25, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDJun 16, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDMay 22, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →

UPDATEMay 8, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

UPDATEFeb 12, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

UPDATEDec 3, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →

EXECUTEDDec 3, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

UPDATEOct 27, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →

REGISTEREDOct 22, 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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