Active, multi-tranche Alpha Capital convertible preferred with full-ratchet anti-dilution is the engine: the conversion price has already ratcheted from $3.39 down to $1.67 within weeks, and the company is closing new fundings roughly monthly (Sixth and Seventh Subsequent Fundings in June 2026 alone). A 5,905,055-share resale registration (≈283% of the ~2.1M float) is pending effectiveness, plus an active ATM (407,783 shares already sold) and a $75M primary shelf. Even though the $1.67/$14.56 strikes sit above the ~$0.84 last price, the full-ratchet mechanism guarantees those prices fall as cheaper shares are issued, making the overhang functionally floorless. Combined with three reverse splits in 12 months, this is a textbook serial-dilution / ratchet structure.