Valion Bio, Inc. (VBIO)
CIK 1787740 · all EDGAR filings →
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: 22.2M shares as of Aug 13, 2026 (10-Q).⊙
Cash runway
Going-concern warning
auditor flagged substantial doubt
The company itself flagged going-concern doubt in a filing.
Full breakdown: cash runway tool
Warrants
| Tranche | Warrants | Exercise price | Term | Notes |
|---|---|---|---|---|
| Note Offering Warrant | 4.6M | $2.231 | 5y | FV $9.4M |
| Warrants Expiring December1020302 | 4.6M | $2.231 | — | — |
| Warrants Expiring December1020301 | 2.9M | $2.231 | — | — |
| Warrants Expiring May142029 | 415,589 | $14.45 | — | — |
| Fourth Tranche Warrants | 195,793 | $0.6128 | 4y | DOWN-ROUND |
| Warrants Expiring September262030 | 195,793 | $0.62 | — | — |
| Warrants Expiring August212030 | 188,842 | $0.62 | — | — |
| Fifth Tranche Investor Warrants | 156,026 | $0.6128 | — | — |
| Prefunded Warrants | 156,026 | $0.613 | — | FV $375,000 |
| Warrants Expiring July312030 | 64,065 | $0.62 | — | — |
| Tranche Closing Warrants | 61,287 | $0.6128 | 4y | DOWN-ROUND |
| Warrants Expiring June252030 | 61,287 | $0.62 | — | — |
Tranches exactly as the company dimensioned them in its 10-Q filed Aug 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: 8.7M underlying shares, as reported Jun 30, 2026 (10-Q).
Reported exercise price: $0.85 (aggregate figure as tagged; individual tranches vary).
Balance-sheet fair value of warrants: $70,000 as of May 31, 2024.
Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. The tranche table above shows where the filer scoped it.
Rough fully diluted estimate: 30.9M = 22.2M O/S + 8.7M 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
| Note | Principal | Carrying | Conv. price | Rate | If converted |
|---|---|---|---|---|---|
| Convertible Note | $16.3M | $7.4M | $2.231 | 5% | ~7.3M sh |
If every note above converted at its tagged price: ~7.3M new shares on 22.2M 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 Aug 14, 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 outstanding | 22.2M | Aug 13, 2026 |
| + Note Offering Warrant (if exercised) | 4.6M | Dec 9, 2025 |
| + Warrants Expiring December1020302 (if exercised) | 4.6M | Jun 30, 2026 |
| + Warrants Expiring December1020301 (if exercised) | 2.9M | Jun 30, 2026 |
| + Warrants Expiring May142029 (if exercised) | 415,589 | Jun 30, 2026 |
| + Fourth Tranche Warrants (if exercised) | 195,793 | Jun 18, 2026 |
| + Warrants Expiring September262030 (if exercised) | 195,793 | Jun 30, 2026 |
| + Warrants Expiring August212030 (if exercised) | 188,842 | Jun 30, 2026 |
| + Fifth Tranche Investor Warrants (if exercised) | 156,026 | Jun 18, 2026 |
| + Prefunded Warrants (if exercised) | 156,026 | Jun 30, 2026 |
| + Warrants Expiring July312030 (if exercised) | 64,065 | Jun 30, 2026 |
| + Tranche Closing Warrants (if exercised) | 61,287 | Jun 18, 2026 |
| + Warrants Expiring June252030 (if exercised) | 61,287 | Jun 30, 2026 |
| + Convertible Note (if fully converted) | 7.3M | Dec 9, 2025 |
| Fully diluted estimate | 43.0M | +93.7% 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: $106.2Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted
Last 12 months: 9 executed · 6 registered.
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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