The dilution has already HAPPENED rather than being pending. Share count went from 1,034,715 (2026-05-04) to 4,468,051 (2026-08-07) — a 331.8% increase — as the June 2026 PIPE's pre-funded warrants were exercised and sold into the tape; that supply is now in the float and priced in. What remains actionable is small: 222,581 residual pre-funded warrants at $0.0001 (5.1% of float). There are ZERO convertible notes, ZERO preferred stock, ZERO ELOC and ZERO ATM — the 40% convertible/preferred component scores 0. The 9.08M remaining common warrants are the headline number (209% of float) but 7.57M of them strike at $2.075/$2.9063 against a $0.90 tape (2.3x–3.2x above market) and the rest at $7.00–$320,000; per calibration, warrants 2x+ out of the money are near-zero near-term risk and there are no price-reset or full-ratchet provisions disclosed on the Series G/H. Score is driven by the 20% recent-activity component (extreme: four raises in 15 months, $8.5M PIPE closed June 2026) and the 10% historical component (maxed: four reverse splits aggregating 1-for-32,000, warrant repricing precedent from $392 → $65.20 → $13.68, and a repeat cast of dilution-financing funds). The upside risk to this score is asymmetric: a move back above $2.075 makes 7,567,748 registered shares immediately exercisable and sellable — 174% of current float — and management's demonstrated willingness to reprice warrants (Class C, twice) means a stock that stays at $0.90 could see Series G/H repriced down into the money as an inducement raise.