Pure supply mechanics: 2.41M shares of float against 13.68M unexercised derivative shares (568% of float). The dominant, immediately actionable slug is 3,656,000 pre-funded warrants struck at $0.0001 — functionally already-issued stock at zero cost, exercisable now, registered for resale since 7/8/2026, and equal to 152% of the entire float. That single instrument is the definition of massive in-the-money warrant overhang. Layered on top: share count already grew 17.1% in three months (5/7→8/6) and 76.2% over twelve months, driven by two financings in six months (Jan 2026 inducement, June 2026 PIPE) with the same counterparties recycling reset warrants. Two prior reverse splits (1-for-20, 1-for-40) and a third proposed (1-for-2 to 1-for-10, on the 9/10/2026 ballot) confirm a repeating dilute-and-consolidate cycle. Mitigants that keep this off a 9-10: there are no convertible notes, no preferred stock outstanding, no ELOC and no ATM; the $0.91/$1.2875/$2.325 options are all out of the money at $0.53 and carry no reset or floating-price mechanism; and the company is contractually barred from Variable Rate Transactions until June 2027.