From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Float is tiny (~1.1M shares) against an active $50M ATM with ~$43.9M remaining — roughly 4.6M potential at-market shares, ~4x the entire float — and the company is actively drawing it (278K shares sold recently at $22.07). Add 375K in-the-money pre-funded warrants (~34% of float) being registered for resale, a variable-rate Series C preferred converting at/below its $30.86 floor (~187K shares), and a recently closed PIPE. The deep-OTM public warrants ($575 vs $9.54) contribute almost nothing. The dominant, near-term supply driver is the ATM plus the Patel pre-funded warrant resale.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry. Adjusted based on SEC filing analysis.
Reported float + filing adjustments
MEDIUM 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-50·Mar 6, 2026~5 mo ago
- ▸$50M ATM program (~$43.9M / ~4.6M shares remaining capacity, actively used)
- ▸375,000 Patel pre-funded warrants ($0.0001 strike) + pending resale S-3
- ▸Series C Preferred variable-rate conversion at $30.86 floor (price below floor = max shares)
- ▸Loan Agreement interest/principal settleable in stock ($75/share)
Market Data
$4.49
$18.94M
4.22M
1.10M
14.2K