Is SCWO diluting shareholders?

Read three numbers together: shares outstanding over time (17.5M as of 2026-05-11), warrants that can convert into new shares (350,000 reported), and how much cash runway remains (~8.922092626763332 months). 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

374Water Inc. (SCWO)

CIK 933972 · 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$100M 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

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

LOW-87% 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~8.9 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

Latest: 17.5M shares as of May 11, 2026 (10-Q). Share count fell from 169.2M to 17.4M between Nov 12, 2025 and Mar 27, 2026, a pattern consistent with a reverse split (roughly 1-for-10); 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

Warrants outstanding: 350,000 underlying shares, as reported Sep 30, 2015 (10-Q).

Reported exercise price: $2.5 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $299,984 as of Dec 31, 2011.

Rough fully diluted estimate: 17.8M = 17.5M O/S + 350,000 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: $1.4M as of Mar 31, 2026, tagged only as a company-wide total.

This filer tagged totals without per-note dimensions in its 10-Q filed May 14, 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 outstanding	17.5M	May 11, 2026
+ Warrants (aggregate, as tagged) (if exercised)	350,000	Sep 30, 2015
Fully diluted estimate	17.8M	+2.0% 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: $100.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Nov 12, 2025$100.0M registeredfiling →

Last 12 months: 3 executed · 2 registered.

EXECUTEDAug 11, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDDec 29, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EFFECTIVEDec 23, 2025SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDDec 15, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A →

REGISTEREDNov 12, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDJun 6, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDNov 18, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDMay 22, 2024Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDApr 24, 2024Unregistered share sale disclosed (8-K item 3.02)8-K →

EFFECTIVEDec 30, 2022SEC 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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