ENSCEnsysce Biosciences, Inc. · NASDAQ
Effective Supply — the real overhang

From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.

15.36M
Reported Float
13.57M
Tradeable Now
(estimated float)
▲ data says 15.36M — overstated 13%
14.66M
Effective Supply
39.00M
Fully Diluted
Dilution risk10/10
CONFIDENCE: MEDIUM
EXTREMEAssessed Jun 30, 2026Trigger: EFFECT registration filingCRITICALVariable-rate / floating-discount preferred (death spiral)CRITICALRapid realized share-count growth

Textbook death-spiral structure with active issuance. Series B preferred converts at a floating Alternate Conversion Price (90% of lowest 5-day VWAP) with a ratcheting fixed price already crushed from $2.50 to $0.55 — and the stock ($0.26-0.30) now trades BELOW the $0.4104 floor, meaning conversions issue maximum shares. Shares outstanding grew 58.4% in six weeks (9.28M→14.69M, Mar 27→May 14 2026) purely from realized conversions. On top of issued stock sit ~9M near/in-the-money $0.55 warrants with FULL-RATCHET reset, an undrawn $14M ELOC with toxic financier 3i LP, and ~20M+ resale shares being registered. Pending supply is ~2.4x the current float.

Share Structure

Float to Fully Diluted Breakdown

LIKELY STALE

Reported float from Insight Sentry. Adjusted based on SEC filing analysis.

Reported Float15.36M39.4%
Convertible Notes9.00M23.1%
Series B Convertible Preferred — Alternate Conversion Price mechanism (90% of lowest 5-day VWAP)
Conv. Price: floating_discount
Est. Shares: ~9.00M (agent-computed)
2023 senior secured convertible note (board member) — residual
Conv. Price: fixed
Est. Shares: ~2K (agent-computed)
Warrants14.36M36.8%
common4.36M shares at $0.55
common4.36M shares at $0.55
placement_agent262K shares at $0.6875
common880K shares at $2.5
placement_agent112K shares at $3.125
common1.26M shares at $1.9
placement_agent44K shares at $4.05
common630K shares at $3.24
placement_agent22K shares at $4.3625
common1.86M shares at $7.05
placement_agent50K shares at $8.8125
placement_agent17K shares at $24.56
common163K shares at $7.05
common254K shares at $0.484
common73K shares at $54.56
Other102K0.3%
Options / RSUs102K shares
≈ Estimated Actual Float

Reported float + filing adjustments

13.57M

MEDIUM confidence

Pending Shares as % of Float245.4%

Registered and convertible shares that could enter the float relative to current float size.

Fully Diluted39.00M100%

Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.

See the full breakdown

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Dilution profile
Reverse splits (3)
  • 1-for-15·Dec 6, 2024~2 yr ago
  • 1-for-12·Mar 31, 2023~3 yr ago
  • 1-for-20·Oct 28, 2022~4 yr ago
Active mechanisms
  • ▸Floating-rate Series B Preferred conversions (Alternate Conversion Price = 90% of lowest 5-day VWAP, floor $0.4104, price now below floor)
  • ▸Full-ratchet $0.55 Investor Warrants (8.7M shares) resetting on below-price issuances
  • ▸$16M ELOC with 3i LP ($2M drawn, $14M remaining, increments up to $4M)
  • ▸Ongoing S-3 resale registrations (20M+ shares)

Market Data

Price

$0.28

Market Cap

$5.67M

Outstanding

15.37M

Float

15.36M

Avg Volume

28.24M

Exchange: NASDAQ|Source: Insight Sentry