Pending share supply is 287% of the tradeable float. 3,878,760 pre-funded warrants at $0.00001–$0.0002 are exercisable today with cashless exercise and no expiration — 67% instant float expansion requiring zero company action, and the holder (Armistice) already exercised 577,633 of them within three weeks of receiving them. On top of that, 2,431,819 April warrants at $1.32/$1.65 are approved and in-the-money against a $1.72 print, and 8,448,980 additional shares at $0.735/$0.9188 (deep in-the-money) go live the moment the 2026-09-17 stockholder vote passes — a scheduled, near-certain supply event. A live Yorkville SEPA priced at a 4% discount to market and a $7.5M Wainwright ATM (only ~$0.33M drawn) provide continuous at-market issuance on top. Held below 9-10 only because the June warrants still need the vote and carry 4.99% blockers that meter the rate of resale, and because there are no floating-conversion notes outstanding (the $15M SEPA notes were retired in November 2025).