The entire risk is warrant overhang, and it is enormous: 3,253,011 pre-funded warrants struck at $0.0001 — infinitely in-the-money, immediately exercisable, no expiration, registered — against a 2,518,590 tradeable float. That is 129% of float in supply that requires zero further company action and zero incremental cash from the holder. 2,849,923 of those came from an offering that closed only three weeks ago (Aug 7, 2026), so the holders are fresh and unhedged in terms of distribution. Recent issuance activity is at maximum: shares outstanding grew 75.2% in a single quarter (2026-05-15 to 2026-08-14, deterministic XBRL) and 1,719% over twelve months on a split-adjusted basis. Offsetting this, the convertible/preferred component is effectively zero — all 6,875 Series C preferred converted and none remain, there are no variable-rate notes, no ELOC, no disclosed ATM, and total debt is $0. Legacy warrants ($6,400 strike) and options ($2,012 WAEP) are worthless and irrelevant. Score is set at 8 rather than the mechanical 6.3 weighted output because the calibration rule explicitly reserves 8-10 for 'massive in-the-money warrant overhang' relative to float, which this is by any measure.