FBLGFibroBiologics, Inc. · NASDAQ (delisting determination issued 2026-07-22 for bid-price failure, with no cure period; hearing requested; under Mandatory Panel Monitor) · $6.33M mkt cap
Assessed Oct 10, 2026 · Float drift
Is the float you're seeing correct?
5.54M
Estimated float

Start from the 7/31 cover count (6,658,193), add the known post-cover issuances (Khoja 298,508 and Peak One 125,000), then subtract D&O common, Golden Knight common, and Peak One restricted shares.

Confirmed · within 1%
5.54M
Reported float

Data-service feed, fetched today. The number TradingView and most screeners show.

Your screener's float is right for FBLG. Trade off 5.54M shares. What it does not show you is what is about to be added to it.

Dilution risk7/10HIGH
CONFIDENCE: MEDIUM

The float your screener shows is right, at 5.54M. An active $7.2M ATM and 1 convertible note can add another 334% of the float.

  • In-the-money registered warrant overhang. 8,163,266 Armistice warrants at $0.735 plus 285,714 HCW warrants at $0.9188 became exercisable on stockholder approval (2026-09-17).

  • Pre-funded warrant supply (near-zero strike). 3,504,000 Armistice pre-funded warrants at $0.00001 (registered for resale) and 374,760 Golden Knight pre-funded warrants at $0.0002 add up to 3.88M shares, about 70% of the float.

  • Recently registered resale shares. Resale S-3 333-297353 (effective 2026-07-16) covers 12,530,613 shares, about 67% of outstanding at filing and more than 2x the current float.

From today's float to the ceiling

shares
5.54M
Estimated float
tradeable today
+3.88M can sell now
9.42M
Effective supply
float plus what sells on notice
+16.20M if floors are cut and warrants exercise
25.62M
Fully diluted
ceiling

Where the shares come from

each subtotal is a rung on the ladder above

Tradeable today
5.54M
Can sell now
Warrants in the money, at or near a zero strike
Exercisable at or below the current tape.
+3.88M
Effective supply
9.42M
Converts only if floors are cut
Convertible notes
At the stated conversion prices; a cut to those prices raises the count.
+1.67M
Preferred stock, as converted
Common equivalent at the stated conversion ratio.
+125
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+12.30M
Options and RSUs
Employee equity; vests and settles over time.
+686.2K
Other, per engine ceiling
Included in the engine's fully-diluted count but not itemised in the filings we parsed.
+1.54M
Fully diluted
25.62M

ATM program active with $7.2M of registered capacity remaining. Sales are paced by the agent against daily volume; the headline figure is not the near-term supply.

Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.

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The facts

Price
—
Market cap
$6.33M
Shares outstanding
6.66M
Reported float
5.54M
Avg volume
143.7K
Reverse splits
1 · latest 1-for-20 · Mar 30, 2026
Going concern
Yes · 0.8 quarters runway
Quarterly burn
$4.36M

Market data as of Oct 25, 2026

Key dates

  • Nov 18, 2026 · Nov 2025 registered direct rolls off the baby-shelf trailing window, expanding ATM capacity
  • Dec 14, 2026 · Dec 2025 registered direct rolls off the baby-shelf trailing window
  • Mar 15, 2027 · Khoja PIPE shares (298,508) become Rule 144 eligible
  • Apr 8, 2027 · $1.08M Peak One payment due; a missed payment allows conversion at $0.78 of up to 1,671,094 shares; Peak One commitment shares become Rule 144 eligible