ENSCEnsysce Biosciences, Inc. · Nasdaq Capital Market · $7.43M mkt cap
Assessed Oct 16, 2026 · 8-K financing event
Is the float you're seeing correct?
18.54M
Estimated float

Cover-page outstanding (2026-08-12) minus director Gower's direct holdings.

Confirmed · within 1%
18.54M
Reported float

Data-service feed, fetched today. The number TradingView and most screeners show.

Your screener's float is right for ENSC. Trade off 18.54M shares. What it does not show you is what is about to be added to it.

Dilution risk6/10ELEVATED
CONFIDENCE: MEDIUM

The float your screener shows is right, at 18.54M. 3 reverse splits can add another 66% of the float.

  • Preferred stock conversion overhang. Series C Non-Voting Convertible Preferred at 1,000:1.

  • Rapid share count growth. Outstanding shares went from 2,968,444 (2025-08-12) to 19,456,794 (2026-08-12), +555% in 12 months, and +32.4% in the latest quarter alone.

  • Predatory lender involvement. 3i, LP ran a reset-heavy Series B (95%/90% of lowest 5-day VWAP, $0.41 floor, full-ratchet warrants, 120% exchange rights) that converted ~11M+ shares into the float.

From today's float to the ceiling

shares
18.54M
Estimated float
tradeable today
+0 can sell now
18.54M
Effective supply
float plus what sells on notice
+13.13M if floors are cut and warrants exercise
31.67M
Fully diluted
ceiling

Where the shares come from

each subtotal is a rung on the ladder above

Tradeable today
18.54M
Can sell now
Warrants in the money
None of the outstanding warrants are exercisable at this price.
+0
Effective supply
18.54M
Converts only if floors are cut
Preferred stock, as converted
Common equivalent at the stated conversion ratio.
+9.35M
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+1.95M
Options and RSUs
Employee equity; vests and settles over time.
+93.3K
Other, per engine ceiling
Included in the engine's fully-diluted count but not itemised in the filings we parsed.
+1.73M
Fully diluted
31.67M

Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.

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The facts

Price
—
Market cap
$7.43M
Shares outstanding
19.46M
Reported float
18.54M
Avg volume
281.1K
Reverse splits
3 · latest 1-for-15 · Dec 6, 2024
Going concern
Yes · 0 quarters runway
Quarterly burn
$3.50M

Market data as of Nov 3, 2026

Key dates

  • Nov 16, 2026 · Q3 10-Q due; first look at August-October issuances and the Series C count
  • Feb 22, 2027 · Nasdaq minimum bid price compliance deadline