Total pending share supply of ~13.65M is 124% of the ~10.98M tradeable float. The dominant live mechanism is the Series B-1 preferred: 736 shares convert at a FIXED $1.92 into 3,833,333 common — 146% in the money against a $4.735 price and 35% of the float — and holders are demonstrably converting (98 preferred → 510,415 shares in the last nine months). Series A-1 adds 435,414 in-the-money shares at $3.445, and the CEO entity holds 326,560 in-the-money warrants at $3.445. Layered on top: 675,000 pre-funded warrants at $0.0001 that are effectively stock, 4,545,500 fresh $7.50 warrants (58% out of the money but short-dated and structured to expire 30 days after EB06 vitiligo topline data — a catalyst-triggered supply event), 1,878,201 RSUs, and $2.26M of remaining ATM capacity. Mitigating the score: nothing here is variable-rate or floating-discount — every conversion price is fixed and every counterparty is a legitimate institution or the CEO — and the 90-day company lock-up from 2026-08-19 blocks new issuances until ~2026-11-17.