Is VOGX diluting shareholders?

Read three numbers together: shares outstanding over time (14.9M as of 2026-09-17), warrants that can convert into new shares (188,715 reported), and how much cash runway remains. 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

Vogenx, Inc. (VOGX)

CIK 1903784 · all EDGAR filings →

Overall dilution risk

HIGHworst of 2 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGH$75.0M 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 = 1% 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

NOT COMPUTEDunder 3 years of share history on file

= share count now vs 3 years ago

Cash need

NOT COMPUTEDrunway not computable from latest facts

= cash vs trailing operating burn

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

Fewer than two cover-page share counts on file, so there is no history to chart.

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

Tranche	Warrants	Exercise price	Term	Notes
Warrants Classified As Liabilities	471,805	$5.7	5y	—
Warrants Classified As Equity	188,715	$0.03	7y	—

Tranches exactly as the company dimensioned them in its 10-Q filed Sep 17, 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: 188,715 underlying shares, as reported Jun 30, 2026 (10-Q).

Rough fully diluted estimate: 15.0M = 14.9M O/S + 188,715 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: $867,700 as of Jun 30, 2026, tagged only as a company-wide total.

This filer tagged totals without per-note dimensions in its 10-Q filed Sep 17, 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	14.9M	Sep 17, 2026
+ Warrants Classified As Liabilities (if exercised)	471,805	Jun 30, 2026
+ Warrants Classified As Equity (if exercised)	188,715	Jun 30, 2026
Fully diluted estimate	15.5M	+4.4% 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: $75.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Jul 15, 2026$75.0M registeredfiling →

Last 12 months: 1 executed · 3 registered.

EXECUTEDAug 12, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →

EFFECTIVEAug 11, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDAug 10, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDJul 29, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDJul 15, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →

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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