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

LIGHTPATH TECHNOLOGIES INC (LPTH)

CIK 889971 · 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$213M 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 = 2% 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
MEDIUM+68% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOW~79.6 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

2020-09-092026-05-04

Latest: 62.8M shares as of May 4, 2026 (10-Q).

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Series G Purchasers Warrants4.4M$2.58

Tranches exactly as the company dimensioned them in its 10-Q filed May 7, 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: 1.5M underlying shares, as reported Jun 30, 2015 (10-K).

Reported exercise price: $2.58 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $4.0M as of Jun 30, 2012.

Rough fully diluted estimate: 64.3M = 62.8M O/S + 1.5M 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

NotePrincipalCarryingConv. priceRateIf converted
Acquisition Notes$5.2M$100010%-12%~5,200 sh

If every note above converted at its tagged price: ~5,200 new shares on 62.8M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed May 7, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay 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 outstanding62.8MMay 4, 2026
+ Series G Purchasers Warrants (if exercised)4.4MFeb 13, 2025
+ Acquisition Notes (if fully converted)5,200Feb 13, 2025
Fully diluted estimate67.1M+6.9% 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: $212.8Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Nov 21, 2025$200.0M registeredfiling →
S-3Oct 1, 2025$12.8M registeredfiling →
S-3May 2, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 6 executed · 3 registered.

EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT
EFFECTIVEJul 23, 2026SEC declared a registration effective — selling can beginEFFECT

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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