Effective supply is 2.37x the tradeable float before a single new dollar is raised: 531,328 post-split ADSs of near-zero-strike pre-funded warrants ($0.001–$0.01) sit with Armistice, Intracoastal and RK Stone, all exercisable immediately and all registered for resale since 2026-05-19 — they convert to tape supply at the holders' discretion, throttled only by 4.99%/9.99% blockers that are recycled as fast as they sell. On top of that, the $15.0M Yorkville SEPA prices at 97% of the lowest daily VWAP over a 3-day look-back (a true variable-rate mechanism, 480,000 post-split ADSs registered = 124% of float), and the April 2026 PIPE's 90-day Variable Rate Transaction prohibition lapsed on approximately 2026-08-17 — meaning the ELOC is live again as of this assessment. Recent activity confirms the machine is running: share count grew 306.6% in calendar 2025 (3.41B to 13.87B ordinary), then another 14% by 2026-05-05, with an April 2026 PIPE, a warrant repricing from $6.50 to $0.48, and continuous ELOC draws. Historical pattern is the worst tier: three 1-for-10 reverse splits (2022-11-25, 2024-05-21, 2026-08-21) and a repeat cast of dilutive PIPE/ELOC counterparties. The only mitigating element is that the Series A/B/Inducement/FA warrants (1,113,570 ADSs at $4.80–$5.50) are out-of-the-money versus $3.22 and carry no disclosed price-reset — but this issuer's own history (the January 2024 warrants were repriced from $6.50 to $0.48) shows out-of-the-money strikes get renegotiated downward rather than expiring.