Cover-page shares outstanding, minus Celadon (a board-affiliated insider) and D&O common shares, minus the strategic and VC 5% holders NEA, Bayer and PharmaEssentia.
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener overstates the float. Trade off 8.04M shares.
The float your screener shows is overstated 3.9×: 31.15M reported, 8.04M actual. An active $6.0M ATM and 1 floorless convertible note can add another 873% of the float.
Full-ratchet convertible reset risk. The $16M of Notes carry full-ratchet anti-dilution that resets to the price of any issuance below $0.6261.
Newly effective resale registration. S-3 333-296917 went effective about 2026-09-24.
Additional convertible capacity. $24M of Notes on the same terms can still be sold under the Amended Purchase Agreement.
From today's float to the ceiling
sharesWhere the shares come from
each subtotal is a rung on the ladder above
ATM program active with $6.0M of registered capacity remaining. Sales are paced by the agent against daily volume; the headline figure is not the near-term supply.
Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continueThe facts
Market data as of Oct 27, 2026
Key dates
- Nov 23, 2026 · Note maturity, with $32M (200%) due in cash if not exchanged; holders can extend on default or change of control, and exchange becomes very likely
- Dec 31, 2026 · Merger outside date. Closing triggers forced exchange (25.56M shares), the ECL purchase (about 7.6M shares), and RSU vesting (647,725)
- Feb 23, 2027 · Nasdaq $1 bid-price compliance deadline