Co-Diagnostics, Inc. (CODX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 28, 2026

Risk Assessment Details

Potential Dilution: 2216.79% of current shares
Recent Dilution: 159.4% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
3.7M
Potential Supply
82M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

CODX currently has 3.69M outstanding shares. with significant dilution risk as 81.7M authorized shares could dilute existing holders by 2216.8%. The company has significantly diluted shareholders by 159.4% 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 28, 2026

S-3 filing: This prospectus relates to the resale of up to 4,942,341 shares of common stock, including PIPE shares and shares issuable upon the exercise of pre-funded and common warrants.

3.7M 82M
May 21, 2026

8-K filing: Co-Diagnostics, Inc. entered into a private placement transaction for aggregate gross proceeds of $3.0 million, involving the issuance of common stock and pre-funded warrants. ($3.0M proceeds)

3.6M 77M
May 14, 2026

10-Q filing | 3.6M shares outstanding

3.6M 77M
May 12, 2026

S-3 filing: The company is filing a shelf registration statement to offer up to $150,000,000 of various securities, including common stock, preferred stock, and debt securities.

3.6M 77M
Mar 31, 2026

10-K filing | 3.6M shares outstanding

3.6M 0
Jan 01, 2026
Stock Split

8-K filing: Stock split 1-for-30 | Outstanding: 60,892,582 → 2,095,031

2.1M 0
Nov 13, 2025

10-Q filing | 60.9M shares outstanding

61M 0
Oct 29, 2025

8-K filing: Co-Diagnostics, Inc. entered into a Securities Purchase Agreement to issue and sell 12,002,272 shares of common stock at $0.55 per share and 725,000 pre-funded warrants to purchase 725,000 shares of common stock at $0.5499 per warrant in a registered direct offering. ($7.0M proceeds)

39M 6.3M
Sep 18, 2025

8-K filing: Co-Diagnostics, Inc. entered into a Securities Purchase Agreement to issue and sell 9,619,000 shares of common stock at $0.40 per share in a registered direct offering. ($3.85M proceeds)

39M 6.3M
Aug 14, 2025

10-Q filing | 38.5M shares outstanding

39M 6.3M
May 08, 2025

10-Q filing | 32.0M shares outstanding

32M 13M
Apr 28, 2025

8-K filing: Co-Diagnostics, Inc. amended its Equity Distribution Agreement with Piper Sandler to include Clear Street LLC as a sales agent; as of April 25, 2025, the Company has sold 833,806 shares under the Equity Distribution Agreement.

30M 14M
Mar 27, 2025

10-K filing | 30.3M shares outstanding

30M 14M
Nov 07, 2024

10-Q filing | 30.5M shares outstanding

30M 14M
Aug 08, 2024

10-Q filing | 30.1M shares outstanding

30M 15M
May 09, 2024

10-Q filing | 29.8M shares outstanding

30M 15M
Mar 14, 2024

10-K filing | 29.3M shares outstanding

29M 15M
Nov 09, 2023

10-Q filing | 29.4M shares outstanding

29M 15M
Aug 10, 2023

10-Q filing | 29.1M shares outstanding

29M 16M
May 11, 2023

10-Q filing | 29.5M shares outstanding

29M 15M
Mar 16, 2023

10-K filing | 31.5M shares outstanding

31M 13M
Mar 16, 2023

S-3 filing: The filing is an S-3 form for a mixed shelf offering of up to $150,000,000 in various securities, including common stock, preferred stock, debt securities, warrants, units and rights. Also includes an ATM offering of common stock up to $50,000,000.

31M 14M
Nov 10, 2022

10-Q filing | 31.3M shares outstanding

31M 0
Aug 11, 2022

10-Q filing | 32.5M shares outstanding

32M 0
May 12, 2022

10-Q filing | 33.9M shares outstanding

34M 0
Mar 24, 2022

10-K filing | 34.0M shares outstanding

34M 0
Dec 23, 2021

8-K filing: Co-Diagnostics, Inc. entered into agreements to merge with Idaho Molecular, Inc. and Advanced Conceptions, Inc., issuing shares of CODX common stock and warrants as consideration, subject to certain conditions and caps.

29M 0
Nov 12, 2021

10-Q filing | 28.9M shares outstanding

29M 0
Aug 12, 2021

10-Q filing | 28.8M shares outstanding

29M 0
May 13, 2021

10-Q filing | 28.7M shares outstanding

29M 0
Mar 25, 2021

10-K filing | 28.0M shares outstanding

28M 0
Nov 16, 2020

10-Q filing | 27.6M shares outstanding

28M 0
Oct 23, 2020

S-3 filing: The Registrant is registering an indeterminate aggregate principal amount and number of securities of each identified class of securities up to a proposed aggregate offering price of $100,000,000, which may be offered from time to time in unspecified numbers and at indeterminate prices, and as may be issuable upon conversion, redemption, repurchase, exchange, or exercise of any securities registered hereunder, including under any applicable anti-dilution provisions.

28M 0
Aug 13, 2020

10-Q filing | 27.6M shares outstanding

28M 0
May 14, 2020

10-Q filing | 27.5M shares outstanding

27M 0
Mar 30, 2020

10-K filing | 12.9M shares outstanding

13M 0
Feb 27, 2020

8-K filing: Co-Diagnostics, Inc. entered into Securities Purchase Agreements with certain institutional investors for the sale of 470,000 shares of common stock at $9.00 per share, with gross proceeds expected to be approximately $4,230,000. ($4.23M proceeds)

N/A 0
Feb 19, 2020

8-K filing: The Company closed its previously announced registered direct offering of 3,324,676 shares of its common stock at a purchase price per share of $3.08, for gross proceeds of approximately $10.2 million. ($10.2M proceeds)

N/A 0
Feb 11, 2020

8-K filing: Co-Diagnostics, Inc. entered into Securities Purchase Agreements with certain institutional investors for the sale of 3,324,676 shares of common stock at a purchase price of $3.08 per share in a registered direct offering, with aggregate gross proceeds expected to be approximately $10.24 million. ($10.24M proceeds)

N/A 0
Jan 27, 2020

8-K filing: Co-Diagnostics, Inc. entered into Securities Purchase Agreements for the sale of 3,448,278 shares of common stock at $1.45 per share in a registered direct offering, with gross proceeds expected to be approximately $5,000,000. ($5.0M proceeds)

N/A 0
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