GeoVax Labs, Inc. (GOVX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 26, 2026

Risk Assessment Details

Potential Dilution: 151.13% of current shares
Recent Dilution: 750.97% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
3.5M
Potential Supply
5.2M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

GOVX currently has 3.47M outstanding shares. with significant dilution risk as 5.25M authorized shares could dilute existing holders by 151.1%. The company has significantly diluted shareholders by 750.97% 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 26, 2026

S-1 filing: Registration of 7,639,967 shares of common stock for resale by selling stockholders, consisting of shares issuable upon the exercise of various previously issued warrants.

3.5M 5.2M
May 14, 2026

10-Q filing | 3.5M shares outstanding

3.5M 0
May 07, 2026

8-K filing: GeoVax Labs Inc. entered into common stock warrant exercise inducement offer letters with holders of existing warrants to purchase 501,144 shares of the Company's common stock in consideration for the Company's agreement to issue new warrants to purchase up to 1,002,288 shares of the Company's common stock. ($0.6M proceeds)

1.2M 0
Jan 09, 2026
Stock Split

8-K filing: Stock split 1-for-25 | Outstanding: 29,705,360 → 1,188,214

1.2M 0
Dec 22, 2025

8-K filing: GeoVax Labs, Inc. completed a public offering of 13,244,896 common units, each consisting of one share of common stock and a warrant to purchase two shares of common stock, at a price of $0.245 per unit, resulting in net proceeds of approximately $2,900,000 for working capital and general corporate purposes. ($3.25M proceeds)

30M 0
Dec 12, 2025

S-1 filing: This S-1 filing describes a best efforts public offering of common units and pre-funded units, with each unit consisting of common stock/pre-funded warrants and common stock purchase warrants.

30M 34M
Nov 13, 2025

10-Q filing | 29.7M shares outstanding

30M 0
Oct 17, 2025

S-1 filing: This prospectus relates to the resale of up to an aggregate of 11,904,768 shares of our common stock, issuable upon the exercise of certain common stock purchase warrants.

25M 1.7M
Sep 30, 2025

8-K filing: GeoVax Labs, Inc. completed a registered direct offering of 3,968,256 shares of common stock at a public offering price of $0.63 per share, along with common warrants to purchase an aggregate of 11,904,768 shares of common stock, resulting in net proceeds of approximately $2,325,000 to be used for advancing product candidates and working capital. ($2.5M proceeds)

25M 0
Jul 28, 2025

10-Q filing | 25.4M shares outstanding

25M 0
Jul 02, 2025

8-K filing: GeoVax Labs, Inc. closed a public offering of 9,235,000 common units, each consisting of one share of common stock and a warrant to purchase two shares of common stock, at a price of $0.65 per unit, resulting in net proceeds of approximately $5,582,557.50, which the Company intends to use for working capital and general corporate purposes. ($6.0M proceeds)

16M 0
Jun 26, 2025

S-1/A filing: S-1/A filing for offering of Common Units and Pre-Funded Units with a price of $0.90 and $0.89999 respectively.

16M 0
Jun 16, 2025

S-1 filing: This S-1 filing is for a combination offering of common units and pre-funded units with Roth Capital Partners as placement agent, intending to raise $175,000 for the company.

16M 0
May 01, 2025

10-Q filing | 15.2M shares outstanding

15M 0
Mar 27, 2025

10-K filing | 13.8M shares outstanding

14M 0
Mar 27, 2025

POS AM filing: This prospectus relates to the resale of up to an aggregate of 2,170,000 shares of our common stock, par value $0.001 per share, issuable upon the exercise of that certain common stock purchase warrant issued in a private placement on July 12, 2024 by Armistice Capital Master Fund Ltd.

9.4M 0
Mar 27, 2025

POS AM filing: This prospectus relates to the resale of up to an aggregate of 1,700,000 shares of our common stock, issuable upon the exercise of that certain common stock purchase warrant issued in a private placement on August 21, 2024 by Armistice Capital Master Fund Ltd.

9.4M 0
Mar 27, 2025

POS AM filing: This prospectus relates to the resale of up to an aggregate of 975,610 shares of our common stock, par value $0.001 per share, issuable upon the exercise of that certain common stock purchase warrant issued in a private placement on August 30, 2024.

9.4M 0
Mar 27, 2025

POS AM filing: This prospectus relates to the resale of up to an aggregate of 1,605,688 shares of our common stock, issuable upon the exercise of that certain common stock purchase warrant issued in a private placement on May 21, 2024 by Armistice Capital Master Fund Ltd.

9.4M 0
Mar 27, 2025

POS AM filing: This prospectus relates to the offer and sale of up to 121,332 shares of common stock underlying warrants previously issued by GeoVax Labs, Inc. that are issuable at a price of $75.00 per share upon exercise of outstanding warrants.

9.4M 0
Mar 25, 2025

8-K filing: GeoVax Labs, Inc. completed a registered direct offering on March 25, 2025, selling 1,350,000 shares of common stock, pre-funded warrants to purchase up to 2,085,115 shares of common stock, and common warrants to purchase up to 3,435,115 shares of common stock, with net proceeds of approximately $4,100,000.

9.4M 0
Nov 12, 2024

10-Q filing | 9.4M shares outstanding

9.4M 0
Sep 06, 2024

S-1 filing: This S-1 filing is for the resale of common stock issuable upon exercise of warrants, and details previous unregistered security sales.

2.4M 4.2M
Sep 06, 2024

S-1 filing: This S-1 filing relates to the resale of up to 1,700,000 shares of common stock issuable upon the exercise of a common stock purchase warrant issued in a private placement on August 21, 2024.

2.4M 4.2M
Aug 30, 2024

8-K filing: GeoVax Labs, Inc. closed a registered direct offering of 837,500 shares of common stock and pre-funded warrants to purchase 138,110 shares, along with common warrants to purchase up to 975,610 shares, for net proceeds of approximately $4,600,000.

2.4M 1.5M
Aug 21, 2024

8-K filing: GeoVax Labs, Inc. completed a registered direct offering on August 21, 2024, selling 1,360,731 shares of common stock at $5.00 per share and pre-funded warrants to purchase up to 339,269 shares at $4.99999 per warrant, along with common warrants to purchase up to 1,700,000 shares, for net proceeds of approximately $7,855,000 to be used for working capital and general corporate purposes. ($6.8M proceeds)

2.4M 1.5M
Aug 06, 2024

10-Q filing | 5.3M shares outstanding

5.3M 0
Aug 06, 2024

S-1 filing: This prospectus relates to the resale of up to an aggregate of 2,170,000 shares of our common stock, par value $0.001 per share, issuable upon the exercise of that certain common stock purchase warrant issued in a private placement on July 12, 2024 by Armistice Capital Master Fund Ltd.

2.4M 1.5M
Jul 12, 2024

8-K filing: GeoVax Labs, Inc. closed a registered direct offering on July 12, 2024, selling 458,632 shares of common stock at $2.86 per share and pre-funded warrants to purchase up to 626,368 shares of common stock at $2.85999 per warrant, along with common warrants to purchase up to 2,170,000 shares, resulting in net proceeds of approximately $2,836,000.

2.4M 0
Jun 07, 2024

S-1 filing: This S-1 filing relates to the resale of up to 1,605,688 shares of common stock issuable upon exercise of warrants issued in a private placement.

2.4M 0
May 21, 2024

8-K filing: GeoVax Labs, Inc. closed a registered direct offering on May 21, 2024, selling 220,000 shares of common stock at $1.68 per share and pre-funded warrants to purchase up to 582,844 shares at $1.67999 per warrant, along with common warrants to purchase up to 1,605,688 shares, resulting in net proceeds of approximately $1,180,000 for working capital and general corporate purposes.

2.4M 0
May 14, 2024

10-Q filing | 2.4M shares outstanding

2.4M 0
Mar 01, 2024

POS AM filing: This prospectus relates to the offer and sale of up to 121,332 shares of common stock underlying warrants previously issued by GeoVax Labs, Inc.

2.2M 0
Mar 01, 2024

POS AM filing: This prospectus relates to the resale of up to 204,499 shares of common stock issued upon the exercise of warrants issued in a private placement in January 2022.

2.2M 0
Mar 01, 2024

S-3 filing: GEOVAX LABS, INC. is filing an S-3 to offer common stock, preferred stock, or warrants, either separately or in units, in one or more offerings, up to an aggregate amount of $100,000,000.

2.1M 0
Mar 01, 2024

POS AM filing: This prospectus relates to the resale of up to an aggregate of 1,408,998 shares of our common stock issuable upon the exercise of that certain common stock purchase warrant issued in a private placement on December 2, 2023.

2.2M 0
Mar 01, 2024

POS AM filing: This prospectus relates to the resale of up to an aggregate of 387,334 shares of common stock issuable upon the exercise of warrants.

2.2M 0
Feb 29, 2024

10-K filing | 2.2M shares outstanding

2.2M 0
Jan 30, 2024
Stock Split

8-K filing: Stock split 1-for-15 | Outstanding: 26,695,287 → 1,779,685

1.8M 0
Jan 02, 2024

S-1 filing: This S-1 filing relates to the resale of up to 21,134,968 shares of common stock issuable upon exercise of warrants held by Armistice Capital Master Fund Ltd.

27M 0
Dec 04, 2023

8-K filing: GeoVax Labs Inc. entered into a common stock warrant exercise inducement offer letter with a holder to exercise existing warrants for 10,567,484 shares at $0.414 per share, in exchange for new warrants to purchase 21,134,968 shares, with the Company expecting gross proceeds of approximately $4,374,938. ($4.37M proceeds)

27M 0
Nov 08, 2023

10-Q filing | 26.5M shares outstanding

27M 0
Aug 09, 2023

10-Q filing | 26.4M shares outstanding

26M 0
May 04, 2023

10-Q filing | 26.3M shares outstanding

26M 0
Mar 23, 2023

POS AM filing: This prospectus relates to the resale, by Armistice Capital Master Fund Ltd., of up to an aggregate of 3,067,484 shares of our common stock issuable upon the exercise of warrants issued in a private placement in January 2022 at an exercise price of $3.26 per share.

26M 0
Mar 23, 2023

10-K filing | 26.3M shares outstanding

26M 0
Mar 23, 2023

POS AM filing: This prospectus relates to the offer and sale of up to 1,819,966 shares of common stock underlying warrants previously issued by GeoVax Labs, Inc.

26M 0
Mar 23, 2023

POS AM filing: This prospectus relates to the resale of up to an aggregate of 7,700,000 shares of common stock issuable upon the exercise of warrants and preferred investment options.

26M 0
Nov 09, 2022

10-Q filing | 26.3M shares outstanding

26M 15M
Aug 03, 2022

10-Q filing | 16.2M shares outstanding

16M 25M
Jun 14, 2022

S-1 filing: This S-1 filing relates to the resale of up to an aggregate of 21,412,124 shares of common stock, consisting of shares issuable upon the exercise of pre-funded warrants, preferred investment options, and warrants from previous public offerings.

9.4M 32M
May 27, 2022

8-K filing: The company entered into a Securities Purchase Agreement for the issuance and sale of common stock, pre-funded warrants, and preferred investment options in a private placement and registered direct offering, resulting in gross proceeds of approximately $20.0 million, which closed on May 27, 2022. ($20.0M proceeds)

9.4M 11M
Apr 27, 2022

10-Q filing | 9.4M shares outstanding

9.4M 11M
Mar 10, 2022

POS AM filing: This prospectus relates to the offer and sale of up to 1,819,966 shares of common stock underlying warrants previously issued by GeoVax Labs, Inc. that are issuable at a price of $5.00 per share upon exercise of outstanding warrants.

6.4M 14M
Mar 10, 2022

POS AM filing: This prospectus relates to the resale, by Armistice Capital Master Fund Ltd., of up to an aggregate of 6,134,968 shares of our common stock.

6.4M 14M
Mar 09, 2022

10-K filing | 6.4M shares outstanding

6.4M 20M
Feb 04, 2022

S-1 filing: This prospectus relates to the resale, by Armistice Capital Master Fund Ltd., of up to an aggregate of 6,134,968 shares of our common stock.

6.4M 20M
Jan 20, 2022

8-K filing: The company issued and sold 707,484 shares of common stock, a pre-funded warrant to purchase up to 2,360,000 shares of common stock, and a warrant to purchase up to 3,067,484 shares of common stock for gross proceeds of approximately $10.0 million on January 20, 2022. ($10.0M proceeds)

6.4M 14M
Nov 12, 2021

10-Q filing | 6.4M shares outstanding

6.4M 14M
Sep 29, 2021

8-K filing: GeoVax Labs, Inc. issued a warrant to PNP Therapeutics, Inc. for up to 100,000 shares of common stock at an exercise price of $13.00 per share in connection with a License Agreement.

6.3M 14M
Aug 11, 2021

10-Q filing | 6.3M shares outstanding

6.3M 14M
May 06, 2021

10-Q filing | 6.3M shares outstanding

6.3M 14M
Mar 24, 2021

POS AM filing: This is a POS AM filing by GEOVAX LABS, INC. for up to 1,869,966 shares of common stock underlying previously issued warrants.

4.1M 16M
Mar 23, 2021

10-K filing | 6.3M shares outstanding

6.3M 17M
Mar 23, 2021

S-1/A filing: This S-1/A filing from GEOVAX LABS, INC. relates to the offer and sale of up to 1,869,966 shares of common stock underlying previously issued warrants, issuable at $5.00 per share, and also discusses a previous offering of 1,644,000 shares of common stock at $6.25 per share.

4.1M 20M
Feb 11, 2021

8-K filing: The company completed an underwritten bought deal offering of 1,440,000 shares of common stock at a public offering price of $6.25 per share, with the underwriter purchasing them for $5.8125 per share. ($9.0M proceeds)

4.1M 16M
Feb 11, 2021

8-K filing: The company closed its underwritten bought deal offering on February 11, 2021, issuing and selling 1,644,000 shares of common stock at $6.25 per share, resulting in gross proceeds of approximately $10.3 million. Additionally, warrants to purchase 72,000 shares of Common Stock were issued to the Underwriter. ($10.3M proceeds)

4.1M 16M
Jan 26, 2021

S-3 filing: Geovax Labs, Inc. may offer and sell common stock, preferred stock, or warrants, either separately or in units, in one or more offerings up to an aggregate initial offering price of $100,000,000.

4.1M 16M
Nov 05, 2020

10-Q filing | 3.8M shares outstanding

3.8M 0
Sep 29, 2020

8-K filing: The company closed a public offering of 2,560,000 units and issued 300,001 units for deferred compensation. ($14.3M proceeds)

770K 0
Sep 25, 2020
Stock Split

8-K filing | Stock split 1-for-20 | Outstanding: 15,436,913 → 771,845 | Transactions: Sale 2310000 Common stock $12.8M to public; Issuance 128000 Warrant to underwriters; Sale 250000 Warrant to public | Proceeds: $12.8M

770K 0
Sep 24, 2020

S-1/A filing: This S-1/A filing discusses additional compensation to the underwriter's representative in the form of warrants to purchase common stock.

15M 0
Aug 26, 2020

S-1/A filing: S-1/A filing mentions additional compensation to the underwriter in the form of warrants to purchase up to 137,143 shares of common stock at an exercise price equal to 110% of the public offering price.

15M 0
Aug 18, 2020

S-1/A filing: S-1/A filing does not reflect additional compensation to the underwriter in the form of warrants to purchase up to 160,000 shares of common stock (assuming the over-allotment option is fully exercised) at an exercise price equal to 110% of the public offering price.

15M 0
Aug 10, 2020

10-Q filing | 15.4M shares outstanding

15M 0
Jul 20, 2020

S-1 filing: This is an S-1 filing for the registration of units consisting of common stock and warrants, as well as shares issuable upon exercise of warrants, with a proposed maximum aggregate offering price of $24,012,000.

14M 0
Jun 26, 2020

8-K filing: The Company entered into a Securities Purchase Agreement with Cavalry Fund I LP and Cavalry Special Ops Fund, LLC, receiving $1,050,000 in exchange for a $1,200,000 Debenture and a warrant to purchase 2,400,000 shares of common stock at $0.50 per share. ($1.05M proceeds)

14M 0
May 05, 2020

10-Q filing | 13.8M shares outstanding

14M 0
Mar 24, 2020

10-K filing | 13.8M shares outstanding

14M 0
Jan 24, 2020

8-K filing: The company entered into a Securities Purchase Agreement to issue and sell 300 shares of Series J Convertible Preferred Stock at $1,000 per share, convertible into Common Stock at a price determined by the agreement. ($0.3M proceeds)

N/A 0
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