The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K.
Radar 58 (elevated attention) · dilution pressure elevated · listing risk low · governance risk low · runway 6.1 mo · strongest signal: Negative equity (Jun 30, 2026)
What would confirm: 424B5/8-K announcing an offering, ATM sales disclosed in next 10-Q, or Form 4 sales by insiders ahead of it.
What would prove it wrong: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).
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.
The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K. Cash need (negative equity, runway 6–12 months) coexists with live selling machinery (shelf effective, offering (424b)). Base case is a discounted raise; the question is when, not if.
Freenome Holdings completed its de-SPAC transaction with Perceptive Capital Solutions Corp on July 20, 2026, raising gross proceeds of approximately $310.3 million ($70.3M from trust, $240M PIPE), and began trading on Nasdaq under ticker FRNM following a reverse split. The complex 8-K filed July 24, 2026 disclosed simultaneous auditor change (Item 4.01), control change (Item 5.01), officer departure (Item 5.02), rights modification (Item 3.03), unregistered securities sales (Item 3.02), and reverse split (Item 5.03), all accepted after hours on a Friday evening. An S-1 shelf registration was filed August 18, 2026 and declared effective July 29, 2026 (an apparent chronological inconsistency in the filing system), while June 30, 2026 financials show cash of $437k, negative equity of -$6.3M, and estimated runway of 6.1 months based on annualized operating cash outflow.
Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 80 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 |
|---|---|---|---|
| Aug 27, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-27; 2 prior 424B filings in 12m filing | 27 |
| Aug 27, 2026 | ▼ Shelf effective | EFFECT notice 2026-08-27 filing | 21 |
| Jun 30, 2026 | ▼ Negative equity | Stockholders' equity $-6,296,833 as of 2026-06-30 filing | 31 |
| Jun 30, 2026 | ▼ Runway 6–12 months | ~6.1 months runway: liquidity $437,369 as of 2026-06-30, burn $867,204/yr (annualized 180-day YTD operating cash flow [companyfacts]) filing | 24 |
| Jun 30, 2026 | ▼ Cash < current liabilities | Liquidity $437,369 vs current liabilities $3,628,077 filing | 22 |
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