Daily Dilution Report - Apr 27, 2026
All Events
$OPTX (MC: $354M)
- Direct Offering: 1.9M primary shares at $10.32/share, raising $20M. Underwriter option for 290k additional shares.
- Earnout Shares: 26M contingent shares for legacy stockholders, vesting at $12.50, $14.00, $15.50/share stock price. Unvested shares to be cancelled after 5 years from merger close.
- Warrants & Equity Plans: 21M shares underlying public/private warrants ($11.50/share exercise). 3.5M shares available for 2023 Incentive Plan (with evergreen provision) and ESPP, plus up to 2M performance shares for management (no awards yet).
$XOMA (MC: $452M)
- The filing describes a proposed acquisition of XOMA Royalty Corporation by Ligand Pharmaceuticals Incorporated. While this transaction involves a change of control and the conversion of various securities, it is not a traditional dilution event in the sense of the company issuing new shares to raise capital while existing shareholders' ownership percentage decreases. Instead, it's a takeout of existing shareholders.
- However, the filing *does* mention the treatment of existing equity instruments in the context of the merger, which *could* have been dilutive prior to the merger announcement if they had been exercised or converted. Since the merger is the event being reported, the focus is on how these are being handled in the acquisition.
- Common Stock:
$NHP (MC: $872M)
- Underwritten Public Offering of 38.5M Class A common shares.
- Overallotment option exercised for 5.775M Class A common shares, expected to close Apr 28, 2026.
$PMI (MC: $1.3B)
- Proposed offering: Up to 11.8M common shares at ~$0.846/share, plus up to 11.8M pre-funded warrants ($0.0001 exercise) and 11.8M common warrants ($0.846 exercise).
- Senior Secured Notes: $15M principal, convertible into common stock at 93% of VWAP. 1.38M shares issued from $2.1M principal. Warrants for 7.7M shares at $2.675/share also issued.
- Upcoming dilution potential: $555,555 convertible note (75% discount to VWAP), 7.6M outstanding options ($0.68 avg. exercise), and 10.3M shares reserved.