Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.
Shares outstanding over time
Latest: 1.7M shares as of Dec 31, 2025 (20-F).⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2025-12-31
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Share count fell from 21.9M to 2.3M between Dec 31, 2023 and Mar 31, 2025, a pattern consistent with a reverse split (roughly 1-for-10); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.
Cash runway
Going-concern warning
auditor flagged substantial doubt
The company itself flagged going-concern doubt in a filing.
Rough fully diluted estimate: 1.8M = 1.7M O/S + 126,000 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.
Convertible notes
Note
Principal
Carrying
Conv. price
Rate
If converted
Twenty Twenty Three Convertible Note
$6.6M
—
not tagged
—
—
Notes exactly as the company dimensioned them in its 10-Q filed Aug 18, 2025 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.
Fully diluted build-up
Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.
Shares outstanding
1.7M
Dec 31, 2025
+ Warrants (aggregate, as tagged) (if exercised)
126,000
Nov 7, 2022
Fully diluted estimate
1.8M
+7.6% vs O/S
Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.
Registrations and offerings
Last 12 months: 0 executed · 0 registered.
EXECUTEDAug 12, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDMay 28, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDMay 9, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDApr 1, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDFeb 3, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJun 24, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDMay 23, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDOct 31, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVESep 26, 2022SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 15, 2022F-3 registration — capacity to sell shares, not a sale yetF-3 →
UPDATEAug 30, 2022Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVEAug 29, 2022SEC declared a registration effective — selling can beginEFFECT →
Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.