PURPLE BIOTECH LTD. (NASDAQ: PPBT) has expanded its ordinary share count from roughly 16 million to 1.86 billion since the end of 2018 — a 116-fold increase — even after a 1-for-20 share consolidation and three separate ADS ratio changes that cumulatively compressed the trading unit by a factor of approximately 40,000 to 1. That history of relentless issuance is the defining structural feature of this Israeli oncology company, which currently carries a Moderate (4/10) dilution risk score.
The current picture
As of the most recent Form F-3 filing on May 20, 2026, PPBT reported 1,864,548,218 ordinary shares outstanding, equivalent to 932,274 ADSs — the Nasdaq-traded security — at the current ratio of 2,000 ordinary shares per ADS. Affiliates hold just 2.4%, making the filing-anchored public float roughly 909,941 ADSs.
That number may already be stale. At least one data service reports 6,872,037 ADSs outstanding — 637% above the filed figure — suggesting a mid-2026 capital raise that has not yet appeared in a periodic filing. Until a quarterly report reconciles the gap, PPBT's true float sits somewhere in an unusually wide range.
A clean instrument stack — for now
Today's capital structure is genuinely unusual for a serial issuer: zero convertible notes, zero outstanding preferred shares, no variable-rate paper, and all pre-funded warrants from the September 2025 offering fully exercised. The 1,248,089 ADSs of live warrants are all at least 6.4 times out of the money, with a weighted-average strike of $13.79.
That cleanliness is deceptive. PPBT has twice repriced deeply out-of-the-money warrants down to market to induce cash exercises — once in October 2023, cutting strikes from $1,800/$5,600 to $250, and again in July 2024, slashing a $250–$4,000 range to $72. Both times, fresh replacement warrants were issued on top. The 1,200,000-ADS block at $10.00, expiring September 2027, is the obvious candidate for the next inducement. A single such transaction could roughly double the tradeable float.
The funding clock
PPBT held $6.4 million in cash at March 31, 2026, against a quarterly burn of approximately $1.85 million — about three and a half quarters of runway. The company has raised capital in essentially every six-to-nine-month window since 2020, placing H.C. Wainwright as exclusive agent on nearly every deal.
Its preferred channel is a stand-alone Form F-1 best-efforts offering — meaning the underwriter commits only to use reasonable efforts to sell the shares, with no guarantee of full placement. That vehicle sidesteps the "baby-shelf" cap — a rule limiting small issuers to selling only one-third of their public float from a shelf registration in any twelve-month period — which currently restricts PPBT's Form F-3 shelf to just $824,331 of capacity.
The calendar date that matters most
Around September 5, 2026, a one-year covenant from the September 2025 offering lapses. That covenant is the sole contractual barrier preventing PPBT from issuing securities with price-reset or variable-rate features — instruments whose conversion price floats downward with the market, often called "toxic" structures. PPBT has never used one. But the prohibition expires just as cash runway compresses toward two to three quarters, and authorized but unissued ordinary share capacity remains enormous: 50 billion shares authorized against fewer than 2 billion outstanding.
The company also maintains an undrawn ATM — an at-the-market facility allowing management to sell shares directly into daily trading volume with no prior announcement — with $824,331 of remaining capacity, enough for roughly 525,000 ADSs. That figure alone represents approximately 56% of the last filed outstanding count.