The structure itself is unusually clean — zero warrants, zero options, zero convertibles, zero preferred — so the 70% of the score tied to converts and warrant overhang is 0. The score is driven entirely by an armed, at-market issuance mechanism plus recent behavior: (1) a brand-new ATM (signed 2026-07-13, effective shelf, $0 used) whose $8.92M capacity exceeds the entire $8.4M market cap and equates to ~15.1M shares at the current $0.589 price — 130% of the 11.6M float — sellable any trading day with no further corporate action; (2) shares outstanding grew 95.4% in the trailing 12 months (7,282,714 → 14,232,714) via 6,950,000 equity-plan grants now in the float; (3) a three-reverse-split history (2007, 1:25 in 2018, 1:10 in 2024) marking repeated dilution-and-reset cycles. Score is capped below HIGH only because nothing has been sold under the ATM yet and there are no discount-to-market conversion mechanics. If ATM sales prints begin, re-rate to 8+.