Dilution on demand, usually at a discount to market — the classic overhang.
Radar 64 (elevated attention) · dilution pressure high · listing risk elevated · governance risk low · runway 20.5 mo · strongest signal: Equity line (Jul 22, 2026)
Direction is stated for existing shareholders (▼ more shares / survival or listing risk; ▲ insiders or holders buying). It is a characterization of the filings, not a forecast or a recommendation.
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Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 47 days old. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.
Last 30 days of filing signals plus current balance-sheet flags, newest first. ▼ pressure · ▲ support · hover a score for its components; every row links to the filing.
| Date | Signal | Evidence | Score |
|---|---|---|---|
| Jul 23, 2026 | ▼ Offering (424B) | 424B5 prospectus supplement 2026-07-23; 0 prior 424B filings in 12m filing | 50 |
| Jul 22, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-10.1) filed 2026-07-22 filing | 51 |
| Jul 22, 2026 | ▼ PIPE | “pipe” language in 8-K (EX-10.2) filed 2026-07-22 filing | 38 |
| Jul 22, 2026 | ▼ Registered direct | “rdo” language in 8-K (EX-99.1) filed 2026-07-22 filing | 36 |
| Jul 22, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-10.2) filed 2026-07-22 filing | 32 |
| Jun 30, 2026 | ▼ Near $5M MVLS floor | Public float $4,290,693 (as of 2025-06-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing | 27 |