Ten minutes, one document
How to find out what the warrants will do to your shares
Every figure below comes from one quarterly report, filed free and public. The example is Theriva Biologics, because the author owns it and has said so. The same six steps work on any company.
Open the company's most recent quarterly report
Go to sec.gov/edgar/search. Type the company name in the box. On the results page, use the Filing category filter on the left and choose Quarterly reports. Open the newest Form 10-Q.
If the newest filing is more than three months old, the company files annually — open the Form 10-K instead. Same numbers, same places.
Shares outstanding — the cover page
It is the last line before the table of contents. Every 10-Q has it, in the same place, stated as of a date within the last few weeks.
Warrants outstanding — the warrant footnote
Scroll to the notes to the financial statements and look for a note titled Stock Warrants, or search the page for the word "warrant." There is a table showing warrants granted, exercised, forfeited, and outstanding, with a weighted average exercise price.
Read the closing balance — the last row.
Granted 27,830,020 $0.58
Exercised (12,919,560) $0.78
Balance at December 31, 2025 16,339,060 $0.55
Balance at June 30, 2026 16,339,060 $0.55 Same report, Note 10 — Stock Warrants
That table is worth reading twice. In one year this company granted warrants for 27,830,020 shares and 12,919,560 were exercised. The closing balance is what remains outstanding.
Where a single warrant issue dominates, use its stated exercise price rather than the weighted average. Here, 16,184,560 of those warrants carry an exercise price of $0.54, so $0.54 is the figure used in the calculator.
Check whether the warrants are exercisable yet
Warrants sometimes cannot be exercised until something happens — commonly a stockholder vote, where the new shares would exceed 20 percent of the count. The footnote says so. Search the note for the word "approval."
In this case that approval was obtained on August 3, 2026, and the warrants became exercisable. If a company is still waiting on a vote, the overhang is real but not yet live.
Look up the current price
Any quote source. Use the last close.
Do the arithmetic
Four numbers in. Here is each formula worked through with them.
Or put the same four numbers into the calculator and it does all five at once.
Reading the result
What those five numbers mean
35.3 percent overhang
The share count can grow by more than a third from warrants alone, without the company selling a single new share to anyone else. That is the size of the thing sitting outside the number your brokerage app shows you.
+130.9 percent to strike
At today's price the warrants are far out of the money. On price alone there is no reason to exercise them — a holder could buy the same shares more cheaply in the open market. That gap is the condition. It closes if the stock rises, or if the exercise price is reduced.
$0.3138 after dilution
Higher than the current price. That is not good news and it is worth understanding why. It happens because the exercise price of $0.54 is above the market price of $0.2339, so each warrant exercised brings in more cash per share than a share is currently worth. It is an artifact of the warrants being deeply out of the money, not a sign of value. If the stock rose above $0.54 and the warrants were then exercised, this figure would fall below the market price, which is the ordinary dilutive case.
The one that is not on the list
None of these numbers tells you whether the company's business will work. A firm with a drug that succeeds and a firm with nothing produce identical output here. This arithmetic describes the capital structure and nothing else.
Try it on something you own
The steps do not change. Open the newest 10-Q, take the share count off the cover, take the warrant balance and exercise price out of the warrant note, add today's price.
- sec.gov/edgar/search — search the company name, filter to Quarterly reports.
- Cover page, last line before the contents:
shares of common stock … outstanding - Notes to the financial statements, the note headed
Stock Warrants, closing balance. - Then the calculator.