Pending supply is 366% of the tradeable float (1,913,778 post-split shares vs 522,877 float). The dominant near-term mechanism is 616,135 post-split pre-funded warrants at a $0.105 nominal strike — 118% of the float, exercisable now, requiring no company action and no price condition. Behind them sit 1,128,270 post-split Series A/B warrants at $7.09, only 22% above the $5.82 quote — near-the-money, not out-of-the-money — plus 16,924 placement agent warrants at the same strike, gated only on a stockholder vote the company will schedule. The legacy warrant book (122,260 shares, weighted-average strike ~$335 post-split) is functionally dead and contributes almost nothing. The Series B preferred is small in share terms at the stated $3.00 pre-split floor (6,667 shares) but carries a live full-ratchet that has already reset once, and the 424B3 states a $0.10 floor rather than $3.00 — under that reading the same 300 preferred shares become 200,000 post-split shares, 38% of float. Recent activity is at the extreme end: six financings in fifteen months, an active ATM with $5.8M of remaining capacity against a ~$3.1M market cap (185%), continuous preferred conversions, and an XBRL-verified 78.7% share count increase in the three months ended 2026-08-03. Not scored a 9-10 only because the largest warrant block is stockholder-approval-gated and the legacy warrants are unreachably out of the money.