Scored on supply mechanics only. The dominant driver is an actively-drawn $50M ATM with ~$43.6M remaining against a $44.9M market cap — at $6.89 that headline capacity equals ~6.3M shares, roughly 2.8x the entire 2.23M tradeable float (Rule 415/I.B.6 baby-shelf limits realistically throttle this to ~$5M / ~745K shares per rolling 12 months, still ~33% of float). Second is 375,000 pre-funded warrants at $0.0001 held by the Patel Family, exercisable now, cashless-capable, with an effective resale S-3 — 16.8% of float that can hit the tape without any further company action. Third is Series C preferred, a genuinely variable-rate instrument (30-day VWAP conversion) whose share count has accreted 145,127 → 219,765 in three months on a 7.5% compounding dividend; the $30.86 floor is currently binding and caps issuance at ~10% of float, which is the only thing keeping this from a death-spiral profile. Offsetting the score downward: the 359,500 legacy common warrants strike at $575, or 83x the market price, with no reset provisions — effectively zero risk; the $14M and Additional Amount Purchase Options price at a 30% discount to VWAP but are dormant behind a $500.00/share trigger and carried at $0 fair value; and the Loan Agreement interest/principal share settlement is fixed at $75.00 (or higher of $75 and VWAP), so it issues almost nothing at current prices. Not scored: cash position, going concern, Nasdaq listing status, business quality.