Moleculin Biotech, Inc. (MBRX) - 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: 191.31% of current shares
Recent Dilution: 689.32% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
5.3M
Potential Supply
10M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

MBRX currently has 5.34M outstanding shares. with significant dilution risk as 10.2M authorized shares could dilute existing holders by 191.3%. The company has significantly diluted shareholders by 689.32% 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 | 5.3M shares outstanding

5.3M 10M
Mar 27, 2026

S-3 filing: This prospectus relates to the resale of up to 6,367,956 shares of common stock upon the exercise of certain warrants with an exercise price of $2.3976 per share.

3.2M 10M
Mar 18, 2026

10-K filing | 3.2M shares outstanding

3.2M 3.8M
Dec 01, 2025
Stock Split

8-K filing: Stock split 1-for-25 | Outstanding: 49,498,576 → 2,070,000

2.1M 3.8M
Nov 13, 2025

10-Q filing | 49.5M shares outstanding

49M 96M
Sep 19, 2025

S-3 filing: This S-3 filing from Moleculin Biotech, Inc. relates to the resale of up to 64,864,864 shares of common stock by selling stockholders upon the exercise of warrants with an exercise price of $0.55 per share.

30M 96M
Aug 12, 2025

10-Q filing | 30.2M shares outstanding

30M 31M
Jun 23, 2025

8-K filing: Moleculin Biotech, Inc. closed a public offering of common stock, pre-funded warrants, and Series E warrants on June 23, 2025, with gross proceeds of approximately $5.9 million before deducting fees. ($5.9M proceeds)

14M 31M
Jun 16, 2025

S-1/A filing: The company is offering common stock, pre-funded warrants, and Series E warrants on a reasonable best efforts basis.

14M 86M
Jun 11, 2025

S-1/A filing: The company is filing an S-1/A to register the offering of common stock, pre-funded warrants, and Series E warrants.

14M 86M
Jun 06, 2025

S-1/A filing: The company is offering common stock, Series E warrants, and pre-funded warrants.

14M 86M
Jun 02, 2025

S-1 filing: The company is offering up to 10,989,010 shares of common stock together with warrants, pre-funded warrants to purchase up to 10,989,010 shares of common stock, and Series E warrants to purchase up to 21,978,020 shares of common stock.

14M 75M
May 13, 2025

10-Q filing | 14.1M shares outstanding

14M 31M
Mar 31, 2025

S-1 filing: This S-1 filing covers the offer and resale by the selling stockholder of up to 18,199,198 shares of common stock consisting of shares issuable upon exercise of Series D and Inducement Warrants.

14M 31M
Mar 21, 2025

10-K filing | 3.4M shares outstanding

3.4M 13M
Feb 26, 2025

8-K filing: Moleculin Biotech, Inc. entered into a Securities Purchase Agreement for the sale of 1,150,000 shares of common stock and pre-funded warrants to purchase 2,121,029 shares, along with unregistered warrants to purchase up to 6,542,058 shares of common stock in a private placement, with the closing occurring on February 26, 2025. ($10.5M proceeds)

4.2M 13M
Feb 24, 2025

RW filing: The company has determined not to proceed with the planned offering and confirms that no securities were sold in connection with the offering.

4.2M 13M
Feb 13, 2025

8-K filing: Moleculin Biotech, Inc. entered into a warrant exercise inducement offer letter with a holder of existing warrants to purchase up to 5,828,570 shares of common stock, reducing the exercise price to $1.00 per share, and agreed to issue inducement warrants to purchase up to 11,657,140 shares of common stock. ($5.8M proceeds)

4.2M 37M
Feb 11, 2025

S-1/A filing: Moleculin Biotech, Inc. is offering up to 23,809,524 shares of common stock at $0.84 per share along with Series C and Series D common warrants, and pre-funded warrants to certain purchasers, to advance Annamycin and other drug portfolios through clinical development and for working capital.

4.2M 37M
Feb 10, 2025

8-K filing: Moleculin Biotech, Inc. entered into a waiver and consent agreement with an investor to reduce the exercise price of warrants to purchase 5,828,570 shares of common stock and pay a cash fee of $750,000.

3.4M 37M
Feb 10, 2025

S-1/A filing: This S-1/A filing is for offering up to 23,809,524 shares of common stock, pre-funded warrants, Series C warrants, and Series D warrants. The offering is expected to terminate on February 18, 2025, and the net proceeds are estimated to be approximately $18.4 million.

4.2M 37M
Jan 29, 2025

S-1/A filing: This is an S-1/A filing for a combination offering of common stock and warrants.

3.4M 18M
Dec 13, 2024

S-1 filing: Moleculin Biotech is offering shares of common stock, together with Series C warrants and Series D warrants to purchase shares of common stock and pre-funded warrants to purchase shares of common stock.

3.2M 13M
Dec 03, 2024

POS AM filing: This is a POS AM filing for shares of common stock offered by selling shareholders, up to 939,316 shares issuable upon exercise of Common Warrants.

3M 13M
Nov 08, 2024

10-Q filing | 3.0M shares outstanding

3M 14M
Aug 16, 2024

8-K filing: Moleculin Biotech, Inc. entered into a Securities Purchase Agreement with an institutional investor for the sale of shares of common stock, pre-funded warrants, Series A Warrants, and Series B Warrants, with the closing expected on August 19, 2024. ($5.5M proceeds)

2.6M 14M
Aug 15, 2024

S-1/A filing: The filing is for an offering of common stock, Series A warrants, Series B warrants and pre-funded warrants.

2.6M 20M
Aug 15, 2024

S-1/A filing: The filing is an S-1/A form indicating the company is offering up to 2,978,723 shares of common stock, together with Series A and Series B warrants, pre-funded warrants and placement agent warrants.

2.6M 20M
Aug 13, 2024

10-Q filing | 2.5M shares outstanding

2.5M 24M
Jul 30, 2024

S-1/A filing: The filing is for an offering of shares of common stock, pre-funded warrants, and common warrants.

2.6M 24M
Jul 22, 2024

S-1 filing: The filing is an S-1 form for an offering of common stock, pre-funded warrants, and common warrants.

2.5M 14M
Jun 07, 2024

S-3 filing: The filing is an S-3 registration statement for a shelf offering of up to $200,000,000 of common stock, preferred stock, debt securities, warrants or units of securities.

2.5M 14M
May 10, 2024

10-Q filing | 2.5M shares outstanding

2.5M 14M
Mar 22, 2024

10-K filing | 2.2M shares outstanding

2.2M 14M
Mar 21, 2024
Stock Split

8-K filing: Stock split 1-for-15 | Outstanding: 29,810,443 → 2

2 14M
Feb 02, 2024

S-1 filing: This S-1 filing pertains to shares of common stock offered by selling shareholders, up to 14,089,672 shares issuable upon exercise of Common Warrants, with 29,810,443 shares outstanding before the offering.

30M 210M
Dec 21, 2023

8-K filing: Moleculin Biotech, Inc. entered into Securities Purchase Agreements with investors for the sale of 3,602,253 shares of common stock and pre-funded warrants to purchase 3,442,583 shares, along with unregistered warrants to purchase up to 14,089,672 shares of common stock, in a registered direct offering and concurrent private placement, with gross proceeds expected to be approximately $4.5 million. ($4.5M proceeds)

30M 190M
Nov 13, 2023

10-Q filing | 29.8M shares outstanding

30M 190M
Aug 10, 2023

10-Q filing | 29.7M shares outstanding

30M 190M
May 10, 2023

10-Q filing | 28.7M shares outstanding

29M 190M
Mar 22, 2023

10-K filing | 28.6M shares outstanding

29M 190M
Nov 10, 2022

10-Q filing | 28.6M shares outstanding

29M 190M
Aug 12, 2022

10-Q filing | 28.6M shares outstanding

29M 190M
May 11, 2022

10-Q filing | 28.6M shares outstanding

29M 190M
Mar 24, 2022

10-K filing | 28.6M shares outstanding

29M 190M
Nov 10, 2021

10-Q filing | 28.6M shares outstanding

29M 190M
Aug 11, 2021

10-Q filing | 28.6M shares outstanding

29M 190M
Jun 25, 2021

8-K filing: Moleculin Biotech, Inc. entered into an At Market Issuance Sales Agreement with Oppenheimer & Co. Inc. to sell shares of common stock with an aggregate sales price of up to $50.0 million and a purchase agreement with Lincoln Park Capital Fund, LLC for up to $20.0 million of shares of common stock.

28M 190M
May 28, 2021

S-3 filing: The company is filing an S-3 to register an indeterminate number of shares of Common Stock and Preferred Stock, such indeterminate principal amount of Debt Securities, such indeterminate number of Warrants to purchase Common Stock, Preferred Stock or Debt Securities, and such indeterminate number of units consisting of such securities up to $200,000,000.

28M 190M
May 12, 2021

10-Q filing | 28.4M shares outstanding

28M 190M
Mar 24, 2021

10-K filing | 11.5M shares outstanding

12M 190M
Feb 10, 2021

8-K filing: The underwriters exercised their option to purchase an additional 2,141,052 shares of common stock at $4.75 per share, resulting in gross proceeds of approximately $78.0 million. ($10.17M proceeds)

62M 190M
Nov 12, 2020

10-Q filing | 61.8M shares outstanding

62M 190M
Aug 12, 2020

10-Q filing | 61.7M shares outstanding

62M 190M
May 11, 2020

10-Q filing | 60.4M shares outstanding

60M 190M
Mar 23, 2020

S-3/A filing: This is an S-3/A filing for a shelf registration to offer up to $75,000,000 aggregate dollar amount of common stock, preferred stock, debt securities, warrants or units of securities from time to time.

53M 190M
Mar 19, 2020

10-K filing | 53.2M shares outstanding

53M 160M
Feb 06, 2020

8-K filing: Moleculin Biotech, Inc. entered into subscription agreements with institutional investors for the sale of up to 7,500,000 shares of common stock and warrants to purchase 5,625,000 shares at a combined price of $0.80 per share and warrant. ($6.0M proceeds)

46M 160M
Jan 17, 2020

S-3 filing: This is an S-3 filing for a shelf offering to issue up to $75,000,000 aggregate dollar amount of common stock, preferred stock, debt securities, warrants or units of securities from time to time.

46M 160M
Jan 17, 2020

S-3/A filing: This is an S-3/A filing for a shelf offering of up to $75,000,000 of common stock, preferred stock, debt securities, warrants or units of securities.

46M 160M
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