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

XWELL, Inc. (XWEL)

CIK 1410428 · 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$154M 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
HIGHwarrants = 853% 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-90% 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~23.1 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

2021-11-052026-05-14

Latest: 8.4M shares as of May 14, 2026 (10-Q). Share count fell from 83.5M to 4.2M between Aug 10, 2023 and Nov 9, 2023, 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
Series H Placement Agent Warrants5.3Mnot tagged5y
Series H Warrantsnot taggednot tagged3y

Tranches exactly as the company dimensioned them in its 10-Q filed May 20, 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: 72.0M underlying shares, as reported Mar 31, 2026 (10-Q).

Reported exercise price: $1.7 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $2.7M as of May 16, 2025.

Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. Which tranche requires reading the exhibits.

Rough fully diluted estimate: 80.4M = 8.4M O/S + 72.0M 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

Convertible debt on the balance sheet: $3.6M as of Dec 31, 2025, tagged only as a company-wide total.

This filer tagged totals without per-note dimensions in its 10-Q filed May 20, 2026, so per-note terms (maturities, individual conversion prices) live in the exhibit prose and are not parsed here.

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 outstanding8.4MMay 14, 2026
+ Series H Placement Agent Warrants (if exercised)5.3MFeb 24, 2026
Fully diluted estimate13.8M+63.2% 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: $154.3Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Apr 1, 2026$154.3M registeredfiling →
S-3Feb 7, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 1 registered.

UPDATEApr 16, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEApr 15, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 1, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDMar 4, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDFeb 25, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDNov 4, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEJul 3, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEJun 30, 2025SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJun 20, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDJun 3, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDApr 29, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDFeb 7, 2025S-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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