TPSTTempest Therapeutics, Inc. · Nasdaq Capital Market · $9.91M mkt cap
Assessed Oct 29, 2026 · Float drift
Is the float you're seeing correct?
11.49M
Estimated float

Start from the 10/23/2026 record-date shares outstanding.

Confirmed · within 5%
12.07M
Reported float

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

Your screener's float is right for TPST. Trade off 11.49M 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 11.49M. 1 floorless convertible note and 3 reverse splits can add another 229% of the float.

  • ELOC / variable-priced supply. Lincoln Park ELOC prices at 97% of recent lows with a $0.15 floor.

  • Near-the-money warrant overhang. 6,211,182 Series C/D warrants at $0.805 (54% of float) plus 217,391 HCW warrants at $1.0063 become exercisable on stockholder approval and are already registered for resale.

  • Recently registered shares now free-trading. 3,105,577 Armistice pre-funded warrant shares were exercised between 9/30 and 10/23, adding 18% to the share count in about three weeks.

From today's float to the ceiling

shares
11.49M
Estimated float
tradeable today
+464 can sell now
11.49M
Effective supply
float plus what sells on notice
+26.80M if floors are cut and warrants exercise
38.29M
Fully diluted
ceiling

Where the shares come from

each subtotal is a rung on the ladder above

Tradeable today
11.49M
Can sell now
Warrants in the money
Exercisable at or below the current tape.
+464
Effective supply
11.49M
Converts only if floors are cut
Convertible notes
At the stated conversion prices; a cut to those prices raises the count.
+7.65M
Notes with no conversion price set
Sized in dollars until a price or floor is set; not counted in the ceiling. Includes unfunded commitments, which are capacity rather than outstanding debt.
$350.2K
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+17.49M
Options and RSUs
Employee equity; vests and settles over time.
+799.9K
Other, per engine ceiling
Included in the engine's fully-diluted count but not itemised in the filings we parsed.
+860.0K
Fully diluted
38.29M

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

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The facts

Price
—
Market cap
$9.91M
Shares outstanding
20.00M
Reported float
12.07M
Avg volume
136.4K
Reverse splits
3 · latest 1-for-13 · Apr 9, 2025
Going concern
Yes · 0.1 quarters runway
Quarterly burn
$7.60M

Market data as of Oct 31, 2026

Key dates

  • Nov 9, 2026 · Special meeting. Proposal 3 (lift the ELOC Exchange Cap) and Proposal 4 (make the 6.21M Series C/D and 217K HCW warrants exercisable)
  • May 29, 2028 · New Warrants (2,344,828 at $1.73) expire
  • Jun 18, 2028 · Series B (925,927 at $2.16) expire