HIGHworst of 2 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGHS-3 on file 2025-04-04
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
NOT COMPUTEDno current share count to divide by
= warrant shares outstanding divided by current shares outstanding
not rated: the newest single-total cover-page count is as of 2023-11-08
Historical dilution
NOT COMPUTEDnewest single-total cover-page count is as of 2023-11-08
= share count now vs 3 years ago
not rated: the company has filed periodic reports since (newest: 10-Q filed 2026-08-12) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class
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
Newest single-total count on a cover page: 75.4M as of Nov 8, 2023 (10-Q). Not used as today’s count, because the company has filed periodic reports since (newest: 10-Q filed 2026-08-12) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class.⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2023-11-08
HowKept on the chart with its date. No estimate, rating or current-share figure on this page is built on it.
Common Stock Warrants Previously Series S Preferred Stock31 December2027 Expiry
121,455
$93.87
—
—
Common Stock Warrants November2024 Offering Underwriter Warrants21 November2029 Expiry
36,300
$18.29
—
—
Common Stock Warrants Previously Series M3 Preferred Stock31 December2027 Expiry
28,656
$200
—
—
Tranches exactly as the company dimensioned them in its 10-Q filed Aug 12, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.
Balance-sheet fair value of warrants: $6.0M as of Dec 31, 2023.
Convertible notes
No convertible-note facts tagged in the 10-Q filed Aug 12, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.
Registrations and offerings
S-3Apr 4, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
Last 12 months: 2 executed · 0 registered.
EXECUTEDSep 21, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDMar 3, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJul 18, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEApr 11, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDApr 4, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDMar 31, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDNov 22, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDNov 21, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDNov 14, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDOct 11, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDJun 7, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDApr 8, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
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.