No convertible notes and no preferred stock exist (40% component = 0). All public/placement-agent warrants are struck at $7.50–$10.15, i.e. 2.1x–2.9x above the $3.49 price with no reset provisions, making warrant overhang near-zero risk despite ~7M underlying shares (warrant component low). The only deeply-in-the-money instruments are pre-funded warrants ($0.0001), which are economically shares and likely already exercised. The score is driven by very active serial financing — an IPO plus two registered offerings in roughly 60 days (Mar–May 2026) at steadily falling prices ($8.12 → $7.50 → $4.04) — signaling a willingness to keep issuing equity into a declining tape. No toxic convertibles, ELOC, or ATM are present, and there is no reverse-split history, which caps the score in the moderate band.