Pending share supply of ~5.6M against a ~4.4M tradeable float (127%) sits behind two variable-priced mechanisms, which is what drives the score. (1) The Lincoln Park equity line prices at 95% of the LOWER of the day's lowest sale price and the average of the three lowest closes over the prior ten sessions — a permanent at-or-below-market issuance channel, live for 24 months from March 2025, with a 1,881,328-share Exchange Cap (~43% of float) that binds because the stock at $0.5579 is far below the $1.29 average-price carve-out; the $0.25 floor price is not yet breached, so draws remain available. (2) The May 2024 notes (~AUD$1.0M) convert at a fixed 22% discount to market — a classic ratchet where a lower price yields more shares, worth ~1.49M shares at current levels, roughly a third of the float. Offsetting these: the only warrants outstanding are 91,000 Benchmark warrants at $5.00, nearly 9x above market with no reset language — effectively zero warrant risk — and the February 2025 notes at a fixed USD$2.00 are ~3.6x out of the money. Recent activity is elevated (commitment shares issued, notes converted, equity line commenced, all within a six-month window), and the historical pattern is textbook serial financing: five separate note offerings between Oct 2023 and Feb 2025 plus an IPO. Not scored 8-10 because the largest single block (3,825,000 unissued Lincoln Park shares) is throttled by a 25,000-share/day purchase cap and cannot be dumped into the float at once.