Driven almost entirely by an active variable-priced issuance channel plus a relentless issuance cadence, not by the warrant book. (1) Convertibles/preferred: no notes and no outstanding preferred, but the Lincoln Park ELOC executed 2026-08-13 is a floating-discount facility — 97% of the lower of the day's lowest sale price and the average of the three lowest closes over 10 prior sessions (96% on accelerated purchases), Floor Price $0.15. At $1.09 the 3,195,881-share Exchange Cap (19.99%) binds absent stockholder approval, and that alone equals 43% of the estimated 7.48M float; the full S-1 registers 8,910,579 shares = 119% of float. (2) Warrants: 11,064,204 outstanding at a $12.09 weighted-average strike, and every tranche is out of the money versus $1.09 — nearest is 2,344,828 New Warrants at $1.73 (59% above market), then 1,851,854 Series A/B at $2.16 (98% above), then 6,784,989 dividend warrants at $18.48 (17x above). Low immediate risk, but the company already demonstrated it will reprice: the November 2025 warrants were cut from $3.50 to $1.73 in the May 2026 inducement, so these strikes should be treated as soft. (3) Recent activity: extreme — Nov 2025 RDO, Feb 2026 issuance of 8,268,495 shares for the Erigen assets, March 2026 PIPE, May 2026 warrant inducement, Aug 2026 ELOC plus 560,356 commitment shares. Shares outstanding went from 4,440,161 (2025-08-04) to 16,539,767 (2026-08-19), +272%. (4) History: three reverse splits (2018 1:15, 2021 1:15, 2025 1:13) and repeat counterparties on the aggressive microcap circuit (Sabby, H.C. Wainwright, Lincoln Park). Score held to 7 rather than 8-10 because the ELOC has not yet been drawn (registration not effective), there are zero convertible notes or preferred outstanding, and the entire warrant book is out of the money.