Two mechanisms dominate. First, the Oramed Note carries $29.5M of principal + PIK maturing 2026-09-30 — 33 days from this assessment — and the 10-Q states that any balance not satisfied in full by that date 'is to be satisfied through delivery of shares of common stock of the Company or an affiliate.' No conversion price is stated, so this is effectively an at-market share settlement of an amount equal to ~64% of the $46.1M market cap; at $5.57 that is ~5.3M shares against a ~6.96M share float. Second, the Deposit Warrant for 3,250,000 shares at a $1.20 strike is deeply in the money (4.7x) and equals 46.7% of the float; it was transferred to CEO Henry Ji and CFO Stephen Ma in April 2026 and those exact shares are being registered for resale on the pending June 2026 S-3 — the single clearest path to real, near-term supply. Offsetting these: the Tranche B Notes convert at a fixed $36.40 with a $36.40 ratchet floor (6.5x above market, and sub-floor conversion requires shareholder approval the company is not obligated to seek), the Series A Preferred is non-convertible and sits inside a wholly owned subsidiary, the ATM was terminated in March 2025, and the XBRL delta shows only +1,733 shares issued in the last full quarter. That recent quiet is why this is an 8 and not a 9-10 — the mechanisms are loaded but not yet firing.