Zhengye Biotechnology Holding Ltd (ZYBT) AI Dilution Summary

Cash was $7,197,000 at the last reported balance-sheet date, 2025-12-31, the anchor figure for this company's funding position. Dilution here is driven by exchangeables: 40,000,000 shares, equal to 541.2% of the 7,391,376 shares outstanding. These are Class B ordinary shares, each convertible into a Class A ordinary share at the holder's option at any time, and converting automatically on a share-for-share basis when transferred to anyone other than the designated holder or its affiliate.