Score is driven almost entirely by warrant overhang, which is at the maximum tier. There are 7,383,919 pre-funded warrants exercisable at $0.01–$0.11 against a $15.00 stock — approximately 241% of the 3.06M tradeable float and 183% of shares outstanding. These require no company action, no registration, no pricing event and no market condition: the holder simply exercises. The only throttle is the 19.99% beneficial-ownership blocker, and Coastlands and Domicilium already amended their warrants twice (April and June 2026) to raise that cap from 4.99%/9.99% to 19.99% AND to add a right to convert issued shares back into pre-funded warrants — a mechanism explicitly designed to reset the blocker and permit continuous exercise beyond the nominal cap. They have used it: exercise in April, reconversion in May, exercise again in June. Offsetting this: the convertible/preferred component is a genuine ZERO — carrying value of debt is $0 as of 2026-02-26, the Hercules facility was fully extinguished, no preferred is issued, and there is no ELOC, ATM, variable-rate note or floating-discount instrument anywhere in the structure. Non-pre-funded common warrants total only 50,402 and are almost entirely far out of the money ($56.43, $72.26, $4,848.80) with no reset provisions. The company is also S-3 ineligible until roughly mid-2027, so shelf-driven dilution is off the table near-term. The strict 40/30/20/10 weighting computes to 5.2, but the calibration guidance reserves the upper band for 'massive in-the-money warrant overhang' and this is a textbook instance of exactly that at 2.4x float, so the score is set at 7 rather than the arithmetic result.