Start from the 742,099 shares outstanding stated in the S-3.
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener overstates the float. Trade off 337.7K shares.
The float your screener shows is overstated 62%: 545.5K reported, 337.7K actual. 1 convertible note and 4 reverse splits can add another 1,959% of the float.
Warrant overhang with full ratchet. About 6.2M full-ratchet warrants (July, November, January and Inducement tranches) sit against 742K shares outstanding.
Oversized resale registration. The pending S-3 registers 12,999,253 shares, about 17.5x outstanding and 38x the tradeable float.
Rapid share count growth. Outstanding shares grew from 89,789 (2026-08-14, after the split) to 742,099 (2026-10-09), up 726% in about 8 weeks.
From today's float to the ceiling
sharesWhere the shares come from
each subtotal is a rung on the ladder above
Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.
See the full breakdown
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Market data as of Oct 20, 2026
Key dates
- Oct 31, 2026 · Section 4.20 deadline to resume Nasdaq trading. Purchasers can rescind 350K shares and 350K warrants.
- Dec 15, 2026 · The company's 90-day no-issuance lockup from the September private placement ends, opening a window for a new raise and ratchet resets.
- Mar 16, 2027 · Rule 144 six-month date for the September 2026 private placement and fee shares.
- Sep 14, 2027 · Dawson James exclusivity ends.