The dominant, actionable mechanism is 960,000 pre-funded warrants at $0.0001 held by Armistice Capital, resale-registered and effective as of 2026-07-20, cashless-exercisable with only a 9.99% blocker gating the pace. That is 38% of the ~2.55M tradeable float in supply that requires zero further company action and no capital outlay to reach the tape — the functional equivalent of a fully paid, registered secondary sitting on the bid. Add 62,400 PA warrants at $3.9063 and the entirety of the C/B warrant stack ($3.00 and $4.50 strikes) sitting out of the money against a $2.09 print, plus an ATM that reopens 60 days after the July effectiveness. Offsetting factors that hold this off a 9-10: there are NO convertible notes, NO preferred outstanding, and NO variable-rate or reset mechanics anywhere in the structure (the PIPE expressly bars variable-rate transactions for one year), so the OTM warrants cannot ratchet down into the money. Issuance cadence has nonetheless been relentless — ATM drip, December 2025 registered direct, April 2026 inducement, July 2026 PIPE — with shares outstanding up 14.4% in the six weeks from 2026-03-27 to 2026-05-06 alone.