Score is driven almost entirely by warrant overhang and issuance velocity, not by any convertible or preferred instrument — there are zero convertible notes and zero preferred shares outstanding, so that 40% component scores near zero. What replaces it: 4,595,140 warrants outstanding against a 3.17M float (145% of float), of which the 491,000 remaining pre-funded warrants at $0.0001 are deeply in the money and exercisable on demand with an effective resale registration, and 960,000 Series C-2 warrants at $3.00 are immediately exercisable and registered. At the $1.75 market price the $3.00 Series C/$3.9063 PA warrants are ~71-123% out of the money and the $4.50 Series B and $10.60 2025 warrants are 157-506% out of the money, which meaningfully caps near-term exercise pressure from those tranches — but the anti-dilution and repricing history here is the tell: the November 2024 warrants at $16.50 were repriced to $4.50 in April 2026, a 73% cut. This issuer has demonstrated it will reprice out-of-the-money paper downward rather than let it expire, which converts 'far OTM' overhang into near-the-money overhang on demand. Recent activity scores very high: outstanding grew 24.4% in a single quarter (2026-05-06 to 2026-08-13) and 115% over twelve months, with four separate financings in nine months (Dec 2025 registered direct, Q1 2026 ATM, April 2026 inducement, July 2026 PIPE). Historical pattern adds a 1-for-15 reverse split in August 2024 and a single dominant counterparty (Armistice Capital) working through a single placement agent (H.C. Wainwright) on repeat. The PIPE's one-year variable-rate prohibition is the one genuine mitigant — it blocks a death-spiral structure until July 2027 — and the ATM restriction lapses ~2026-09-18.