| A | B | C | D | E | F | G | H | I | J | K | L | M | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | DILUTION & DOWN-ROUND CALCULATOR |  | ||||||||||||
2 | ||||||||||||||
3 | (In millions for $ and shares, except for price per share) | |||||||||||||
4 | INPUTS (ONLY EDIT BLUE CELLS) | OUTPUTS | SCENARIO: BROAD-BASED (STANDARD) | |||||||||||
5 | Current Fully Diluted (FD) Shares Outstanding (S/O) | 16.8780 | in millons | Pre-Money Valuation of Series B Round | ||||||||||
6 | Existing Unissued Options Pool | 0.9685 | in millons | Pre-Money Valuation | $ 75.00 | $ 80.00 | $ 85.00 | $ 90.00 | $ 95.00 | $ 100.00 | $ 105.00 | |||
7 | Upcoming Round | B | Seed to E Round | Applicable Share Count | 18.13 | 18.08 | 18.03 | 17.99 | 17.95 | 17.92 | 17.89 | |||
8 | Pre-Money Valuation of Series B Round | $ 90.00 | in millons | Price Per Share (PPS) | $ 4.1359 | $ 4.4250 | $ 4.7142 | $ 5.0033 | $ 5.2924 | $ 5.5816 | $ 5.8707 | |||
9 | Valuation Sensitivity Range | $ 5.00 | in millons | |||||||||||
10 | Series B Amount | $ 40.00 | in millons | |||||||||||
11 | Convertible Note 1: Amount | $ - | in millons | Additional Shares | 9.67 | 9.04 | 8.49 | 7.99 | 7.56 | 7.17 | 6.81 | |||
12 | Convertible Note 1: Discount | 0.00% | in percent | |||||||||||
13 | Down Round | No | No | No | No | No | No | No | ||||||
14 | Convertible Note 2: Amount | $ - | in millons | Implied Additional Shares for Down Round | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
15 | Convertible Note 2: Discount | 0.00% | in percent | Anti-Dilution Impact | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
16 | ||||||||||||||
17 | Option Pool Refresh | 8.00% | Pro Forma FD Share Count w/o Option Pool | 25.58 | 24.95 | 24.39 | 23.90 | 23.47 | 23.08 | 22.72 | ||||
18 | Prior Round | A | Seed to E Round | Pro Forma FD Share Count w/ Option Pool Refresh | 27.81 | 27.12 | 26.52 | 25.98 | 25.51 | 25.08 | 24.70 | |||
19 | Series A Price Per Share | $ 1.2100 | in dollars | |||||||||||
20 | Series A Raised Amount | $ 2.20 | in millons | WITH OPTIONS POOL REFRESH | ||||||||||
21 | Series A Post-Money Valuation | $ 18.22 | in millons | Existing Ownership | 57.2% | 58.7% | 60.0% | 61.2% | 62.4% | 63.4% | 64.4% | |||
22 | Anti-Dilution Provision | Broad-Based (Standard) | Series B Ownership | 34.8% | 33.3% | 32.0% | 30.8% | 29.6% | 28.6% | 27.6% | ||||
23 | FD Shares O/S ex-unissued options | 15.9095 | in millons | Increased Ownership by Series A Investors | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||
24 | Option Pool Refresh | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | ||||||
25 | Dilution (w/ Option Pool Refresh) | -42.8% | -41.3% | -40.0% | -38.8% | -37.6% | -36.6% | -35.6% | ||||||
26 | Incremental Dilution Compared to $90 mm (in bps) | -401 | -256 | -123 | 0 | 114 | 220 | 318 | ||||||
27 | ||||||||||||||
28 | BEFORE OPTIONS POOL REFRESH | |||||||||||||
29 | Existing Ownership | 62.2% | 63.8% | 65.2% | 66.6% | 67.8% | 68.9% | 70.0% | ||||||
30 | Series B Ownership | 37.8% | 36.2% | 34.8% | 33.4% | 32.2% | 31.1% | 30.0% | ||||||
31 | Increased Ownership by Series A Investors | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||||||
32 | Dilution (before Option Pool Refresh) | -37.8% | -36.2% | -34.8% | -33.4% | -32.2% | -31.1% | -30.0% | ||||||
33 | Incremental Dilution Compared to $90 mm (in bps) | -436 | -279 | -134 | 0 | 124 | 239 | 346 | ||||||