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

Tron Inc. (TRON)

CIK 1956744 · 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$1019M 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
HIGH+4920% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~0.1 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

2023-09-292026-08-07

Latest: 474.4M shares as of Aug 7, 2026 (10-Q).

Cash runway

~0 months of cash left

critical · burning $360,850.25 / quarter

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
May PIPE Warrants8.9M$0.65
June PIPE Offering100,000$0.5

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 11, 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.

Balance-sheet fair value of warrants: $2,620 as of Jun 30, 2026.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 11, 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 outstanding474.4MAug 7, 2026
+ May PIPE Warrants (if exercised)8.9MDec 31, 2025
+ June PIPE Offering (if exercised)100,000Jun 16, 2025
Fully diluted estimate483.4M+1.9% 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: $1019.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Mar 18, 2026$19.5M registeredfiling →
S-3Jul 28, 2025$1000.0M registeredfiling →
S-3May 29, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 5 registered.

EXECUTEDApr 8, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EFFECTIVEMar 30, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEMar 30, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMar 18, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
REGISTEREDMar 13, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDFeb 6, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
EXECUTEDDec 29, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDOct 17, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
EXECUTEDSep 2, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDAug 22, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDJul 28, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDJun 16, 2025Unregistered share sale disclosed (8-K item 3.02)8-K

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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