Clene Inc. (CLNN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 54.23% of current shares
Recent Dilution: 90.43% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
6.3M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

CLNN currently has 11.6M outstanding shares. with significant dilution risk as 6.31M authorized shares could dilute existing holders by 54.2%. The company has significantly diluted shareholders by 90.43% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 11.6M shares outstanding

12M 6.3M
May 05, 2026

8-K filing: Clene Inc. entered into an underwriting agreement to issue and sell 1,000,000 shares of common stock at $7.00 per share, with net proceeds estimated at $6.4 million. ($7.0M proceeds)

10M 6.3M
Jan 13, 2026

8-K filing: Clene Inc. entered into a securities purchase agreement for the sale of 928,333 shares of common stock and warrants to purchase up to 3,713,333 shares, with the closing date on January 13, 2026. ($6.03M proceeds)

10M 6.3M
Nov 13, 2025

10-Q filing | 10.3M shares outstanding

10M 6.3M
Sep 05, 2025

S-3 filing: This prospectus relates to the offer and resale of common stock issuable upon conversion of senior secured convertible promissory notes.

10M 6.3M
Aug 14, 2025

10-Q filing | 9.5M shares outstanding

9.5M 5.8M
May 07, 2025

10-Q filing | 8.8M shares outstanding

8.8M 5.8M
Mar 27, 2025

8-K filing: Clene Inc. issued 35,311 shares of common stock at a price of $3.54 per share to fully satisfy outstanding indebtedness of $125,000. ($0.13M proceeds)

8.1M 5.8M
Mar 24, 2025

S-3 filing: The filing is for a shelf offering of common stock, preferred stock, debt securities, warrants, and/or units up to an aggregate amount of $160,000,000.

8.2M 5.8M
Mar 24, 2025

10-K filing | 8.1M shares outstanding

8.1M 5.8M
Jan 24, 2025

S-3 filing: This prospectus relates to the offer and resale of up to 1,146,789 shares of common stock, that may be issued upon the conversion of senior secured convertible promissory notes.

8.2M 5.8M
Nov 13, 2024

10-Q filing | 6.6M shares outstanding

6.6M 4.7M
Nov 13, 2024

S-3 filing: This prospectus relates to the offer and resale, from time to time by the Selling Securityholders, of shares of our common stock issuable upon the exercise of warrants and shares of our common stock originally issued as part of three separate, concurrent private placements.

8M 4.7M
Sep 30, 2024

8-K filing: Clene Inc. amended its loan agreement with Avenue Venture Opportunities Fund, L.P., and amended and restated a warrant to purchase 150,000 shares of common stock, updating the exercise price to $4.6014 per share.

6.4M 2.3M
Sep 30, 2024

8-K filing: Clene Inc. entered into securities purchase agreements for the sale of registered shares, pre-funded warrants, and restricted warrants in concurrent private placements, with the offering expected to close on or about October 1, 2024.

6.4M 2.3M
Aug 07, 2024

10-Q filing | 6.4M shares outstanding

6.4M 2.3M
Jul 11, 2024
Stock Split

8-K filing: Stock split 1-for-20 | Outstanding: 128,427,231 → 6,400,000

6.4M 2.3M
May 08, 2024

10-Q filing | 128.4M shares outstanding

130M 47M
Mar 13, 2024

10-K filing | 128.4M shares outstanding

130M 47M
Nov 07, 2023

10-Q filing | 128.4M shares outstanding

130M 47M
Sep 29, 2023

S-3/A filing: This prospectus relates to the offer and resale from time to time by the Selling Securityholder, of up to an aggregate of 3,000,000 shares of Clene Inc. common stock that may be issued upon the exercise of a warrant to purchase common stock at an exercise price of $0.80 per share.

130M 47M
Sep 22, 2023

S-3 filing: This prospectus relates to the issuance and resale of up to 3,000,000 shares of Clene Inc. common stock that may be issued upon the exercise of a warrant to purchase common stock at an exercise price of $0.80 per share.

130M 47M
Aug 14, 2023

10-Q filing | 128.4M shares outstanding

130M 44M
Jun 30, 2023

8-K filing: Clene Inc. entered into the Second Amendment to its Loan and Security Agreement with Avenue Venture Opportunities Fund, L.P., which includes the issuance of a warrant to purchase 3,000,000 shares of common stock in replacement of an earlier warrant.

76M 44M
Jun 16, 2023

8-K filing: Clene Inc. entered into an underwriting agreement to issue and sell 50,000,000 shares of common stock along with warrants in an equity offering, with each unit consisting of one share, one Tranche A Warrant, and one Tranche B Warrant, at a price of $0.80 per unit, with the offering expected to close on June 21, 2023. ($40.0M proceeds)

76M 44M
May 12, 2023

10-Q filing | 76.0M shares outstanding

76M 44M
Mar 13, 2023

10-K filing | 74.8M shares outstanding

75M 44M
Mar 03, 2023

8-K filing: Clene Inc. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $25,000,000 of shares of the Company's common stock over a 36-month period.

74M 44M
Nov 07, 2022

10-Q filing | 73.8M shares outstanding

74M 44M
Oct 31, 2022

8-K filing: Clene Inc. entered into a securities purchase agreement to issue and sell 10,723,926 shares of common stock at $1.01 per share in a registered direct offering, with gross proceeds of approximately $10.8 million before expenses. ($10.8M proceeds)

63M 44M
Aug 15, 2022

10-Q filing | 63.3M shares outstanding

63M 44M
May 09, 2022

10-Q filing | 63.3M shares outstanding

63M 44M
Apr 14, 2022

S-3 filing: The filing is an S-3 shelf registration for up to $175,000,000 aggregate dollar amount of common stock, preferred stock, debt securities, warrants, and/or units consisting of some or all of these securities.

63M 44M
Mar 11, 2022

10-K filing | 63.1M shares outstanding

63M 28M
Jan 07, 2022

POS AM filing: This prospectus relates to the issuance of common stock upon exercise of warrants and the offer and resale of common stock by selling shareholders.

62M 28M
Nov 08, 2021

10-Q filing | 62.1M shares outstanding

62M 30M
Aug 09, 2021

10-Q filing | 61.5M shares outstanding

61M 30M
Jul 22, 2021

S-1 filing: This is an S-1 filing relating to the offer and sale of common stock by selling shareholders, as well as the issuance of common stock upon exercise of warrants.

61M 30M
May 24, 2021

8-K filing: Clene Inc. entered into a Loan and Security Agreement for up to $30 million and completed a private placement of 960,540 shares of common stock at $9.63 per share, resulting in net proceeds of approximately $9.25 million. ($9.25M proceeds)

60M 28M
May 10, 2021

10-Q filing | 59.6M shares outstanding

60M 28M
Mar 29, 2021

10-K filing | 59.5M shares outstanding

60M 28M
Mar 29, 2021

S-1/A filing: This S-1/A filing registers shares of common stock for sale by selling shareholders and shares issuable upon exercise of warrants.

60M 28M
Feb 17, 2021

S-1 filing: This S-1 filing registers the offer and sale of common stock to satisfy certain registration rights, including shares for selling shareholders and shares to be issued upon exercise of warrants.

N/A 28M
Jan 05, 2021

8-K filing: Clene entered into agreements involving common stock, including an Escrow Agreement for 2,716,950 shares, Lock-Up Agreements for 36,854,068 shares, a Registration Rights Agreement for 19.3 million shares, and a Private Placement involving the sale of 2,239,500 shares and warrants for 1,119,750 shares. ($22.2M proceeds)

N/A 0
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