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

Energous Corp (WATT)

CIK 1575793 · all EDGAR filings →

Overall dilution risk
LOWworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
LOW$0.4M 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
LOWwarrants = 8% 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-94% 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
LOW~35.4 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

2020-08-042026-05-10

Latest: 5.5M shares as of May 10, 2026 (10-Q). Share count fell from 43.7M to 2.2M between Jul 28, 2025 and Nov 10, 2025, a pattern consistent with a reverse split (roughly 1-for-20); 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
Pre Funded Warrant585,347not tagged
Warrants2023 And202447,764not tagged
New Warrants47,764$7.795y
Registered Direct Offering Placement Agent Warrant40,974$9.9
Warrants Two Thousand Twenty Three13,750$8.44yFV $3.1M
Placement Agent Warrants3,343$9.9
Warrants Expiring On September Ten Two Thousand Thirty With Exercise Price Of7.79not tagged$7.79
Warrants Expiring On September Ten Two Thousand Thirty With Exercise Price Of9.90not tagged$9.9
Expiring On February Twenty Two Thousand Twenty Ninenot tagged$55.2
Expiring On March Twenty Eight Two Thousand Twenty Ninenot tagged$9
Warrants Two Thousand Twenty Fournot tagged$55.2

Tranches exactly as the company dimensioned them in its 10-Q filed May 14, 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: 450,409 underlying shares, as reported Mar 31, 2024 (10-Q).

Reported exercise price: $1.84 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 6.0M = 5.5M O/S + 450,409 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 14, 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 outstanding5.5MMay 10, 2026
+ Pre Funded Warrant (if exercised)585,347Mar 31, 2026
+ Warrants2023 And2024 (if exercised)47,764Sep 10, 2025
+ New Warrants (if exercised)47,764Sep 10, 2025
+ Registered Direct Offering Placement Agent Warrant (if exercised)40,974Sep 10, 2025
+ Warrants Two Thousand Twenty Three (if exercised)13,750Mar 28, 2023
+ Placement Agent Warrants (if exercised)3,343Sep 10, 2025
Fully diluted estimate6.2M+13.4% 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: $0.4Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Oct 8, 2025$0.4M registeredfiling →
S-3Dec 13, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 2 registered.

EFFECTIVEDec 19, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDDec 16, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDOct 8, 2025S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDSep 11, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDSep 11, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDSep 10, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 13, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEFeb 12, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJan 31, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
EXECUTEDJan 6, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDDec 31, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDDec 13, 2024S-3 registration — capacity to sell shares, not a sale yetS-3

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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