Pending supply is roughly 494% of the estimated tradeable float. The dominant mechanism is approximately 1,001,600 post-split pre-funded warrants struck at $0.005 — economically zero-strike, registered, immediately exercisable with no stockholder approval required, equal to ~195% of the float. Exercise activity is already demonstrated: the share count went from 2,633,560 to 3,249,569 pre-split in the sixteen days after the July 7 closing. Layered on top are 1,126,602 common warrants at $3.55 against a $3.52 market price — dead at-the-money — that unlock the moment stockholder approval is obtained, with the meeting mandated no later than 2026-10-01. There are no convertible notes or preferred stock, and the Company is contractually barred for one year from issuing variable-rate or price-reset securities, which caps the true death-spiral scenario; the pre-funded warrant stack nonetheless behaves like a zero-priced conversion instrument, and the pre-existing warrant tranche at a $32.40 weighted-average strike is deep out of the money and low risk absent a repricing (though management repriced warrants in a December 2025 inducement, so that precedent exists).