The score is driven almost entirely by warrant overhang and relentless recent issuance activity, not by convertibles. CONVERTIBLES/PREFERREDS (40% weight, sub-score 1): There are ZERO company-issued convertible notes, ZERO outstanding preferred shares, and zero derivative liabilities. The only variable-rate instrument is the StemSpine milestone payable to CMH at a 30% discount with a sub-penny doubling clause — but it is contingent on Phase 3 first-patient dosing and only $400,000 in size (~707K shares at current prices), so it is not near-term actionable. Critically, the company is also contractually barred from variable-rate transactions for 180 days after the pending S-1 closing. WARRANTS (30% weight, sub-score 6): 5,580,680 June 2026 Inducement Warrants at $1.60 plus ~1.73M legacy Armistice/Hudson Bay warrants and ~963K other warrants sit against a 6.5M float — roughly 130% of float in warrant overhang. However, at $0.664 the $1.60 strike is 2.4x above market and the $2.86/$3.75/$4.73 legacy strikes are 4x-7x above market, all deeply out-of-the-money with no reset provisions on the currently outstanding tranches, AND the largest tranche cannot be exercised at all until stockholder approval on August 28, 2026. That caps near-term warrant risk. The offsetting factor is the demonstrated repricing pattern: this company has repriced warrants downward FOUR times ($4.42 to $3.75 to $2.86 to $1.60), so 'out-of-the-money' has repeatedly proven temporary — management resets strikes to market rather than letting warrants expire. RECENT ACTIVITY (20% weight, sub-score 9): Extremely active. Shares outstanding went from 2,580,532 (Nov 2025) to 3,696,668 (Mar 2026) to 4,741,236 (Jun 30, 2026) to 6,592,557 (Jul 24, 2026) — a 155% increase in nine months. Four separate capital events in 20 months plus a live best-efforts S-1 and a pending authorized-share increase from 25M to 100M. HISTORICAL PATTERN (10% weight, sub-score 8): Three or four documented reverse splits (1-for-150 in 2020, 1-for-500 in 2021, 1-for-10 in 2023, plus an undisclosed December 2024 Nevada amendment implying roughly 1-for-5), cumulative compression exceeding 3,750,000-to-1. Counterparties are Armistice Capital and Hudson Bay — the two most prolific micro-cap warrant-repricing funds in the market — with Roth Capital as serial advisor taking 8% fees on every round. This is a textbook serial-inducement treadmill. Score lands at 6 rather than 8-9 because the CURRENT structure has no convertibles and no in-the-money warrants; it lands above 4 because the issuance cadence is aggressive, the pending S-1 carries FULL-RATCHET Public Warrants, and the authorized-share increase proposal signals intent to keep issuing.