Supply mechanics only: JUNS is running an actively-drawn, variable-rate Yorkville SEPA that prices at 97% of the LOWEST daily VWAP over a 3-day window — a floorless at-market mechanism. Between 2026-05-14 and 2026-07-24 alone the company issued 11,470,000 pre-split shares (152,933 post-split, ~36% of estimated current float) for only $3.6M gross, and cumulative SEPA issuance reached ~12.5M pre-split shares for ~$4.1M net. Roughly $15.4M of the $20M SEPA remains undrawn, which at $5.10 post-split equates to ~3.1M post-split shares versus ~753,600 shares outstanding — more than 4x the entire company. On top of that, ~$1.5M of Yorkville Convertible Notes remain outstanding with price-protection adjustments and an explicit expectation of repayment in discounted SEPA Shares (~303,000 post-split shares at current price, more as price falls), maturing 2026-10-24. The 2026-07-20 PharmAla license adds a VWAP RESET ratchet: if the reset VWAP prints below the initial issuance price, JUNS must issue additional Reset Shares with NO downward adjustment ever — a one-way dilution spiral capped only at 19.99% of outstanding absent shareholder approval. Offsetting this: zero warrants outstanding, zero preferred outstanding, and all 15.2M pre-split options are catastrophically out-of-the-money post-split (WAEP $1.02 pre-split = $76.50 post-split vs. $5.10), so the warrant/option component contributes essentially nothing. Score of 9 rather than 10 reflects that warrant overhang is genuinely zero; everything else is maxed.