The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K.
Radar 88 (high attention) · dilution pressure high · listing risk low · governance risk high · runway 2.7 mo · strongest signal: Departure cluster (Sep 8, 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would prove it wrong: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).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 months) coexists with live selling machinery (shelf effective, shelf filed, offering (424b)). Base case is a discounted raise; the question is when, not if.
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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 |
|---|---|---|---|
| Sep 14, 2026 | ▼ Offering (424B) | 424B4 prospectus supplement 2026-09-14; 4 prior 424B filings in 12m filing | 49 |
| Sep 10, 2026 | ▼ Shelf effective | EFFECT notice 2026-09-10 filing | 21 |
| Sep 9, 2026 | ▼ Shelf filed | S-1/A filed 2026-09-09 filing | 30 |
| Sep 9, 2026 | ▼ Shelf filed | S-1/A filed 2026-09-09 filing | 30 |
| Sep 8, 2026 | ▼ Departure cluster | 4 Item 5.02 8-Ks in 90 days (latest 2026-09-08) filing | 64 |
| Sep 8, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-08 (accepted 12:34 ET) filing | 22 |
| Sep 4, 2026 | ▼ Shelf filed | S-1 filed 2026-09-04 filing | 30 |
| Aug 26, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-08-26 (accepted 17:00 ET) filing | 22 |
| Jun 30, 2026 | ▼ Runway < 6 months | ~2.7 months runway: liquidity $2,156,631 as of 2026-06-30, burn $9,602,858/yr (annualized 180-day YTD operating cash flow [companyfacts]) filing | 40 |
| Jun 30, 2026 | ▼ Share count +25% | Shares outstanding 38,319,788 (2026-05-14) -> 50,177,716 (2026-08-14), +31% filing | 34 |
| Jun 30, 2026 | ▼ Negative equity | Stockholders' equity $-911,553 as of 2026-06-30 filing | 31 |
| Jun 30, 2026 | ▼ Cash < current liabilities | Liquidity $2,156,631 vs current liabilities $7,708,679 filing | 22 |
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