Azitra, Inc. (AZTR) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 21, 2026

Risk Assessment Details

Potential Dilution: 2027.21% of current shares
Recent Dilution: 975.55% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
16M
Potential Supply
330M
Additional shares possible
Splits
None
Past 2 years

Summary

AZTR currently has 16.2M outstanding shares. with significant dilution risk as 328M authorized shares could dilute existing holders by 2027.2%. The company has significantly diluted shareholders by 975.55% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 21, 2026

S-1 filing: This filing relates to the resale of up to 255,699,381 shares of common stock by selling stockholders, consisting of conversion shares from preferred stock and shares issuable upon the exercise of warrants.

16M 330M
Dec 10, 2025

S-1 filing: This prospectus relates to the offering and resale by the Selling Stockholders listed herein of up to (i) of up to 535,759 shares (the "November Shares") of our common stock, par value $0.0001 per share (the "Common Stock"), (ii) up to 4,151,741 shares of Common Stock (the "November Pre-Funded Warrant Shares") issuable upon exercise of pre-funded warrants (the "November Pre-Funded Warrants"), (iii) up to 4,687,500 shares of Common Stock (the "November Common Stock Purchase Warrant Shares", together with the November Pre-Funded Warrant Shares, the "November Warrant Shares") issuable upon exercise of Common Stock purchase warrants (the "November Common Stock Purchase Warrants" together with the November Pre-Funded Warrants, the "November Warrants"), (iv) up to 187,500 shares (the "November Placement Agent Warrant Shares") of Common Stock underlying the placement agent warrants (the "November Placement Agent Warrants"), (v) up to 3,840,890 shares (the "ELOC Warrant Shares") of Common Stock issuable upon exercise of the warrants issuable in connection with the ELOC Purchase Agreement (the "ELOC Warrants") and (vi) up to 38,408,903 shares (the "ELOC Shares") of Comon Stock issuable pursuant to the ELOC Purchase Agreement.

11M 160M
Nov 25, 2025

8-K filing: Azitra, Inc. entered into a securities purchase agreement with a single institutional investor for a private placement offering of common stock, pre-funded warrants, and common stock purchase warrants, resulting in gross proceeds of approximately $1.5 million. ($1.5M proceeds)

5.4M 110M
Aug 29, 2025

S-1 filing: Azitra, Inc. is offering up to 10,204,081 shares of common stock, up to 10,204,081 pre-funded warrants to purchase shares of common stock, up to 408,163 placement agent warrants to purchase shares of common stock, up to 10,204,081 shares of common stock underlying the pre-funded warrants, and up to 408,163 shares of common stock underlying the placement agent warrants.

5.4M 110M
Jul 18, 2025

S-1 filing: This S-1 filing relates to the offering and resale of up to 2,245,968 shares of common stock issuable upon exercise of warrants by selling stockholders.

21M 85M
May 13, 2025

10-Q filing | 16.5M shares outstanding

16M 83M
Apr 28, 2025

S-1 filing: This S-1 filing relates to the offering and resale by Alumni Capital LP of up to 66,889,632 shares of common stock and up to 6,688,632 shares of Common Stock issuable upon exercise of Common Stock purchase warrants.

15M 83M
Feb 24, 2025

10-K filing | 15.0M shares outstanding

15M 20M
Feb 06, 2025

8-K filing: Azitra, Inc. completed an offering of 2,495,518 shares of common stock at a price of $0.2785 per share, resulting in gross proceeds of approximately $695,001 before deducting fees and expenses. ($0.7M proceeds)

7.6M 20M
Feb 06, 2025

8-K filing: Azitra, Inc. closed an offering of 2,495,518 shares of Common Stock to certain investors on February 6, 2025, and will issue warrants to purchase up to 2,245,967 shares of Common Stock.

7.6M 20M
Jan 16, 2025

8-K filing: Azitra, Inc. completed an offering of 4,857,780 shares of common stock at $0.30 per share, resulting in gross proceeds of approximately $1.5 million before deducting fees and expenses. ($1.5M proceeds)

7.6M 21M
Nov 12, 2024

10-Q filing | 7.6M shares outstanding

7.6M 21M
Aug 12, 2024

10-Q filing | 7.6M shares outstanding

7.6M 21M
Jul 26, 2024

8-K filing: Azitra, Inc. completed a public offering of 6,665,000 shares of common stock and Class A Warrants exercisable for 13,330,000 shares, at a price of $1.50 per share and warrant, with net proceeds of approximately $8.95 million. ($10.0M proceeds)

960K 21M
Jul 19, 2024

S-1/A filing: This S-1/A filing from Azitra, Inc. details an offering of units, each consisting of one share of common stock (or a pre-funded warrant in lieu thereof) and two Class A warrants, along with placement agent warrants and registration of shares issuable upon exercise of warrants, with the intention to use the proceeds for working capital and general corporate purposes.

960K 21M
Jul 15, 2024

S-1 filing: This S-1 filing registers the offer and sale of up to 3,115,265 units with each unit consisting of either a common stock or pre-funded warrant with class A warrants. Proceeds will be used for general corporate and working capital purposes.

960K 8.1M
Jul 01, 2024

S-3 filing: Azitra, Inc. files an S-3 registration statement for the potential issuance of up to $50,000,000 in various securities and also covers the resale of 217,082 shares of common stock by selling stockholders.

960K 8.1M
May 09, 2024

10-Q filing | 28.8M shares outstanding

29M 7.8M
Mar 15, 2024

10-K filing | 28.8M shares outstanding

29M 7.8M
Feb 14, 2024

8-K filing: Azitra, Inc. entered into an Underwriting Agreement with ThinkEquity LLC for an underwritten offering of 16,667,000 shares of common stock at a public offering price of $0.30 per share, with the underwriter purchasing the shares at $0.2775 per share, with an option to purchase up to an additional 2,500,000 shares. ($5.0M proceeds)

12M 7.8M
Jan 19, 2024

S-1 filing: Azitra, Inc. is offering 3,000,000 shares of common stock and pre-funded warrants to purchase 3,000,000 shares of common stock.

12M 7.8M
Nov 14, 2023

10-Q filing | 12.1M shares outstanding

12M 1.7M
Aug 14, 2023

10-Q filing | 12.1M shares outstanding

12M 1.7M
Jun 21, 2023

8-K filing: Azitra, Inc. consummated an initial public offering of 1,500,000 shares of common stock at $5.00 per share, resulting in net proceeds of approximately $6.5 million, and also issued warrants to purchase 60,000 shares to the underwriter. ($7.5M proceeds)

12M 1.7M
Jun 13, 2023

S-1/A filing: This is a firm commitment initial public offering of shares of common stock of Azitra, Inc.

12M 1.7M
Jun 05, 2023

S-1/A filing: Azitra, Inc. is offering 1,500,000 shares of common stock in a firm commitment initial public offering, with an anticipated IPO price between $4.50 and $5.50. The company has applied to list its common stock on the NYSE American under the symbol 'AZTR'. The underwriters have an option to purchase up to an additional 225,000 shares.

12M 1.7M
May 16, 2023

S-1/A filing: S-1/A filing details an option for underwriters to purchase additional shares of common stock to cover over-allotments.

13M 2.4M
May 09, 2023

S-1/A filing: Azitra Inc. is offering 2,400,000 shares of common stock in an initial public offering, with an anticipated price range of $4.50 to $5.50 per share. The company has applied to list its common stock on the NYSE American under the symbol 'AZTR'.

13M 2.4M
Apr 10, 2023

S-1/A filing: Azitra Inc. is offering 2,400,000 shares of common stock in a firm commitment initial public offering. The anticipated initial public offering price is between $4.50 and $5.50. The company has applied to list its common stock on the NYSE American under the symbol 'AZTR'.

13M 2.4M
Mar 20, 2023

S-1/A filing: Azitra Inc. is offering 2,400,000 shares of common stock in a firm commitment initial public offering, with an anticipated offering price of $5.00 per share, and has applied to list its common stock on the NYSE American under the symbol "AZTR".

13M 2.4M
Feb 21, 2023

S-1 filing: Azitra Inc. is conducting a firm commitment initial public offering of shares of its common stock, with the offering contingent on the listing of its common stock on a trading market.

N/A 0
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