From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Pending supply is 128% of current float and effective supply is 7.70M vs a 5.40M float. Three simultaneous live mechanisms: (1) 1,817,542 pre-funded warrants at $0.0001 exercisable on demand — 34% of float, economically already stock; (2) 3,846,161 Series E warrants at $0.65 struck AT the August 11 offering price and effectively at-the-money versus a stock that traded $1.79–$1.87 in early August but shows $0.42 on the data feed — either way these are the single largest overhang at 71% of float; (3) the Moringa A&R Sponsor Note, a genuinely variable-rate instrument (20-day VWAP or financing price, no floor) that has repriced downward from $40.00 (Sept 2025) to $4.00 to $0.65 (Aug 2026) and has already minted 1,153,848 shares in a single conversion. Layer on $10.9M of remaining ATM capacity against a sub-$5M market cap (2x+ market cap in undrawn at-market shelf), active ATM draws in every month from March through August 2026, three reverse splits in 21 months (1:9, 1:15, 1:10 = 1,350:1 cumulative), and 32.7% realized share growth in the 91 days from May 14 to August 13, 2026. Only mitigant: HCW purchase agreements bar new variable-rate transactions for one year post-August 2026 closing, and the legacy Jan/Sep 2025 warrants at $40–$15,525 are permanently worthless.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (NASDAQ:SLXN). Adjusted based on SEC filing analysis.
Insight Sentry feed is STALE — its 1,063,118 shares outstanding and 945,138 float correspond to the pre-August-2026-offering share count (~1,349,019 outstanding as of 2026-08-09, and ~860,389 as of 2026-06-10). Feed is post-1-for-10-split scale but predates the August 13, 2026 offering closing. Rebaselined to the 10-Q cover-page count.
Source: XBRL EntityCommonStockSharesOutstanding 2026-08-13; 10-Q filed 2026-08-14
August 2026 Offering closed 2026-08-13: 2,028,619 ordinary shares issued at $0.65 (registered primary, immediately free-trading)
Source: 10-Q filed 2026-08-14, subsequent events
Moringa Sponsor Promissory Note conversion of $750,000 at $0.65 into 1,153,848 ordinary shares in connection with the August 2026 Offering (S-3 registered for resale)
Source: 10-Q filed 2026-08-14
Moringa Sponsor note conversions July–August 2026: $81,000 converted at ~$2.10 into 38,926 ordinary shares
Source: 10-Q filed 2026-08-14
ATM sales July–August 2026: 130,249 shares sold at ~$2.10 avg for $261,000 net (freely tradeable immediately)
Source: 10-Q filed 2026-08-14
Deduction: CEO Ilan Hadar direct holdings (16,547) plus Moringa Sponsor/Greenstar issued affiliate block (~139,078) removed from tradeable float. Note Moringa's conversion shares are S-3 registered and actively being liquidated, so this is conservative.
Source: Form 4 2026-06-08; 424B3 2026-06-18
Reported float + filing adjustments
HIGH confidence
Registered and convertible shares that could enter the float relative to current float size.
Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continue- 1-for-9·Nov 29, 2024~2 yr ago
- 1-for-15·Jul 29, 2025~1 yr ago
- 1-for-10·May 29, 2026~3 mo ago
- ▸1,817,542 pre-funded warrants at $0.0001, immediately exercisable, subject only to 4.99%/9.99% blockers
- ▸3,846,161 Series E warrants at $0.65 (at/near the money), immediately exercisable, five-year term
- ▸Moringa A&R Sponsor Note — variable-rate, 20-day VWAP or financing-price conversion, no floor, $200K principal remaining, repayable only in shares
- ▸$13.17M ATM with H.C. Wainwright, $10.9M remaining (>2x market cap), actively drawn every month since March 2026
- ▸Warrant-inducement treadmill: each repricing round issues 2x new warrants as consideration (May 2026 issued 399,020 new warrants for 199,510 exercised)
- ▸399,020 Series C/D warrants at $5.00 with resale registration effective and shareholder approval obtained July 20, 2026
- ▸S-3 shelf with 859,609 resale shares registered June 18, 2026 for 19 selling shareholders
- ▸Evergreen equity plan amended to 10% of fully diluted shares annually (from 5%), auto-replenishing
Market Data
$0.35
$2.45M
5.76M
5.58M
170.3K