Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter.
Radar 85 (high attention) · dilution pressure high · listing risk elevated · governance risk elevated · runway 7.4 mo · strongest signal: Departure cluster (Sep 17, 2026)
What would confirm: Rising share count in 10-Q cover vs prior quarter; repeated 424B3 resales; another reverse split proposal.
What would prove it wrong: Notes repaid in cash / equity line terminated (8-K 1.02); share count flat quarter over quarter.
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.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter. Discount-priced or variable-priced securities are outstanding while the company is managing its listing with reverse splits/notices. Each conversion lowers the price, which lowers the next conversion price.
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Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 177 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 |
|---|---|---|---|
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-18; 58 prior 424B filings in 12m filing | 29 |
| Sep 18, 2026 | · Form 4 burst | 6 Form 4 filings in 30 days filing | 15 |
| Sep 17, 2026 | ▼ Departure cluster | 3 Item 5.02 8-Ks in 90 days (latest 2026-09-17) filing | 60 |
| Sep 17, 2026 | ▼ Reverse split | “reverse split” language in PRE 14A (PRE 14A) filed 2026-09-17 filing | 30 |
| Sep 17, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-17 (accepted 16:20 ET) filing | 22 |
| Sep 9, 2026 | · 13D amendment | Schedule 13D/A filed 2026-09-09 filing | 24 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-09-04; 51 prior 424B filings in 12m filing | 29 |
| Sep 3, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-99.2) filed 2026-09-03 filing | 48 |
| Sep 3, 2026 | ▼ PIPE | “pipe” language in 8-K (8-K) filed 2026-09-03 filing | 33 |
| Sep 3, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-09-03 (accepted 16:30 ET) filing | 32 |
| Sep 3, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-10.1) filed 2026-09-03 filing | 32 |
| Aug 28, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-08-28 (accepted 16:30 ET) filing | 35 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Aug 24, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-24; 44 prior 424B filings in 12m filing | 29 |
| Mar 29, 2026 | ▼ Negative equity | Stockholders' equity $-61,453,000 as of 2026-03-29 filing | 31 |
| Mar 29, 2026 | ▼ Cash < current liabilities | Liquidity $9,488,000 vs current liabilities $171,798,000 filing | 22 |
| Mar 29, 2026 | ▼ Runway 6–12 months | ~7.4 months runway: liquidity $9,488,000 as of 2026-03-29, burn $15,327,000/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 19 |
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