Score driven entirely by pending supply mechanics versus a 5.1M float. (1) Pre-funded warrants: 5,700,334 shares at $0.00001–$0.0002 are exercisable now with no expiration and cashless exercise — a slug 111% the size of the entire quoted float, sitting one keystroke from the tape, with the 4,081,633-share Armistice tranche resale-registered as of 2026-07-16. (2) Warrant overhang: 8,163,266 June warrants struck at $0.735 are IN THE MONEY at $0.8168 — 159% of float — gated only by a stockholder vote that this issuer has cleared before (April warrants approved 2026-06-22 within 12 weeks of issuance). (3) Recent activity is relentless: April registered direct, May ATM launch and upsize, June PIPE, plus five ELOC puts in March alone — this company has raised capital in four of the last five months. (4) The $10M Yorkville ELOC (~12.2M shares at 96% of market) runs live to 2026-12-20 and the $7.44M ATM remains undrawn — combined at-market capacity ~3.4x the $5.1M market cap. Held at 8 rather than 9-10 because there are NO convertible notes outstanding (the $15M of Yorkville floating-rate paper was fully retired in November 2025), which removes the classic uncapped death-spiral from the picture; the remaining mechanisms are at-market or fixed-price rather than discount-to-VWAP ratcheting. Financial health, going concern, and cash runway are excluded from this score per methodology.