LENZ Therapeutics, Inc. (LENZ) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 11, 2026

Risk Assessment Details

Potential Dilution: 69.04% of current shares
Recent Dilution: 21.21% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
31M
Potential Supply
22M
Additional shares possible
Splits
None
Past 2 years

Summary

LENZ currently has 31.4M outstanding shares. with significant dilution risk as 21.6M authorized shares could dilute existing holders by 69.0%. The company has diluted shareholders by 21.21% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 11, 2026

10-Q filing | 31.4M shares outstanding

31M 22M
Mar 24, 2026

10-K filing | 28.8M shares outstanding

29M 22M
Nov 05, 2025

10-Q filing | 28.5M shares outstanding

29M 22M
Oct 08, 2025

8-K filing: On October 7, 2025, the Company sold 1,748,634 shares of common stock at a purchase price of $45.75 per share for gross proceeds of approximately $80,000,000 in a block trade to a single investor under the Company's "at the market" Sales Agreement with TD Securities (USA) LLC. ($80.0M proceeds)

28M 22M
May 07, 2025

10-Q filing | 27.5M shares outstanding

28M 22M
Apr 04, 2025

S-3 filing: This S-3 filing pertains to an offering of 13,070,093 shares of Common Stock, consisting of (i) 12,922,451 shares of Common Stock held by the selling securityholders and (ii) 147,642 shares of Common Stock issuable upon the exercise of outstanding warrants held by the selling securityholders. The company will not receive any proceeds from the sale of these shares.

28M 22M
Apr 04, 2025

POS AM filing: This POS AM filing relates to the offering of 1,578,947 shares of common stock issued in the July 2024 PIPE Financing, which were initially registered in the Initial Registration Statement. No new shares are being registered hereunder, and the company will not receive any proceeds from the sale of these shares.

28M 22M
Apr 04, 2025

POS AM filing: This POS AM filing registers 1,022,809 shares of common stock issued in a PIPE financing, with no proceeds going to the company. The filing also notes that as of December 31, 2024, there were 27,531,490 shares of common stock outstanding.

28M 22M
Apr 04, 2025

S-3 filing: S-3 filing for an at-the-market offering of common stock with an aggregate offering price of up to $150,000,000.

28M 22M
Mar 19, 2025

10-K filing | 27.5M shares outstanding

28M 4.9M
Nov 06, 2024

10-Q filing | 27.2M shares outstanding

27M 4.9M
Sep 11, 2024

S-1 filing: This prospectus relates to the resale by the selling stockholder of 1,578,947 shares of common stock that were sold and issued to the selling stockholder in a private placement pursuant to a stock purchase agreement, dated July 14, 2024, which closed on July 17, 2024. We will not receive any of the proceeds from the sale of the securities by the selling stockholder.

26M 4.9M
Aug 14, 2024

10-Q filing | 25.6M shares outstanding

26M 3.4M
Jul 15, 2024

8-K filing: LENZ Therapeutics, Inc. entered into a Stock Purchase Agreement for a private placement with Ridgeback Capital Investment, L.P. to sell 1,578,947 shares of common stock at $19.00 per share, with gross proceeds of approximately $30.0 million, expected to close on July 17, 2024. ($30.0M proceeds)

26M 3.4M
May 08, 2024

10-Q filing | 25.5M shares outstanding

26M 3.4M
Apr 09, 2024

S-1/A filing: This prospectus relates to the resale by certain selling securityholders of 1,297,411 shares of common stock issued in the PIPE Financing. The company will not receive any proceeds from the sale of these shares.

26M 3.4M
Mar 29, 2024

S-1 filing: This S-1 filing registers the resale of 1,297,411 shares of common stock by selling securityholders.

26M 3.4M
Mar 21, 2024
Stock Split

8-K filing: Stock split 1:7 | Outstanding: 57,015,159 → 25,533,533

26M 2.1M
Feb 27, 2024

10-K filing | 57.0M shares outstanding

57M 14M
Nov 13, 2023

10-Q filing | 57.3M shares outstanding

57M 14M
Aug 14, 2023

10-Q filing | 56.7M shares outstanding

57M 14M
May 11, 2023

10-Q filing | 55.9M shares outstanding

56M 14M
Mar 20, 2023

10-K filing | 54.9M shares outstanding

55M 14M
Nov 09, 2022

10-Q filing | 55.2M shares outstanding

55M 14M
Aug 11, 2022

10-Q filing | 54.6M shares outstanding

55M 14M
Jul 21, 2022

S-3 filing: The filing is for a shelf offering of common stock, preferred stock, and debt securities with an aggregate principal amount of up to $300,000,000.

58M 14M
May 12, 2022

10-Q filing | 58.0M shares outstanding

58M 14M
Mar 21, 2022

10-K filing | 58.0M shares outstanding

58M 14M
Nov 10, 2021

10-Q filing | 58.1M shares outstanding

58M 14M
Aug 12, 2021

10-Q filing | 58.1M shares outstanding

58M 14M
Jun 22, 2021

S-1/A filing: This is an S-1/A filing for an IPO of common stock with 12,500,000 shares offered, and an underwriter over-allotment option of 1,875,000 shares. The company estimates net proceeds of $182.7 million, or $210.6 million if the over-allotment is exercised, assuming an IPO price of $16.00 per share.

42M 14M
Jun 21, 2021

S-1/A filing: This S-1/A filing outlines an offering of common stock, with 12,500,000 shares offered initially and an additional 1,875,000 shares available through an underwriter's over-allotment option, and intends to use the net proceeds from this offering, including our existing cash and cash equivalents, to fund our clinical development of GPH101 for the treatment of SCD, GPH201 for the treatment of XSCID and GPH301 for the treatment of Gaucher disease, to fund our current discovery programs in CCR5 and alpha globin, and for working capital and general corporate purposes.

42M 27M
Jun 11, 2021

S-1/A filing: This S-1/A filing relates to an offering of common stock, with the number of shares and price per share to be determined. The company intends to use the net proceeds from this offering to fund clinical development, discovery programs, and for working capital and general corporate purposes.

100M 0
Jun 04, 2021

S-1 filing: This S-1 filing includes information about a proposed offering of common stock, the use of proceeds from the offering, risk factors, and summary financial data.

100M 0
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