Valneva SE (VALN) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Low Risk

Limited dilution potential

Last updated: June 04, 2026

Risk Assessment Details

Potential Dilution: 18.32% of current shares

Recent Dilution: 6.86% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

170M

Potential Supply

32M

Additional shares possible

Splits

None

Past 2 years

Summary

VALN currently has 174M outstanding shares. with limited dilution risk as only 31.8M additional shares (18.3%) are authorized for issuance. The company has minimally diluted shareholders by 6.86% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding	Supply
Jun 04, 2026	F-3 filing: This filing relates to the resale of up to 31,787,634 ordinary shares by selling securityholders, consisting of 15,893,817 outstanding shares and 15,893,817 shares issuable upon the exercise of warrants.	170M	32M
Mar 17, 2026	20-F filing \| 173.5M shares outstanding	170M	0
Mar 25, 2025	F-3 filing: Valneva SE files an F-3 registration statement to offer ordinary shares, ADSs, and warrants up to $350,000,000, including an ATM offering of ADSs through Jefferies LLC up to $75,000,000.	160M	0
Mar 24, 2025	20-F filing \| 162.5M shares outstanding	160M	0
Mar 22, 2024	20-F filing \| 138.9M shares outstanding	140M	0
Mar 30, 2023	20-F filing \| 138.4M shares outstanding	140M	0
Aug 12, 2022	F-3 filing: The filing is for a shelf offering of up to $200,000,000 of ordinary shares, including ordinary shares represented by American Depositary Shares, or ADSs, as well as warrants to purchase ordinary shares or ADSs.	120M	0
Mar 24, 2022	20-F filing \| 105.2M shares outstanding	110M	0
Oct 26, 2021	F-1 filing: This is an F-1 filing for a global offering of ordinary shares and ADSs. Legal representation is provided by Cooley LLP and Goodwin Procter LLP.	91M	0
Apr 09, 2021	F-1 filing: This F-1 filing relates to a global offering of ordinary shares (including ordinary shares in the form of ADSs). The underwriters have an option to purchase additional ordinary shares. The company intends to use the net proceeds to fund further development of its Lyme, chikungunya and COVID-19 vaccine candidates, to advance pre-clinical vaccine candidate programs and for working capital and general corporate purposes.	91M	0

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