Most material SEC filings — August 7, 2026

On August 3, 2026, NusaTrip received a Nasdaq delisting determination effective immediately. Nasdaq cited two grounds: (1) discretionary authority under IM-5101-4, and (2) company's failure to file Form 10-K (fiscal year ended Sept 30, 2025) and Form 10-Q (quarter ended March 31, 2026). Parent company Society Pass Incorporated (SOPA), which controls 78% of NusaTrip's voting securities, filed for Chapter 11 bankruptcy on May 14, 2026. NusaTrip will not appeal and will seek over-the-counter trading.

Dream Finders Homes, Inc. has entered into a merger agreement with Beazer Homes USA, Inc. dated August 6, 2026. Under the agreement, Beazer (via merger subsidiary Bulldogs Merger Sub) will acquire Dream Finders for $33.50 per share in cash. As of August 4, 2026, approximately 26.3 million shares were outstanding. The transaction requires stockholder approval and customary regulatory clearances, with Beazer providing financing commitments for the acquisition.

Beazer Homes agreed to be acquired by Dream Finders Homes, Inc. in an all-cash transaction at $33.50 per share, valuing the company at approximately $2.2 billion. The deal is subject to stockholder and regulatory approval. Concurrently, Q3 fiscal 2026 results showed declining performance: net loss of $4.2 million ($0.16 per diluted share) vs. $0.3 million loss prior year; adjusted EBITDA fell 51.3% to $15.6 million; homebuilding revenue down 8.3% to $490.9 million on 13.4% fewer closings (896 vs. 1,035 homes); gross margin (ex-impairments) compressed 150 bps to 16.9%; nine-month net loss of $37.7 million vs. $15.6 million income prior year.

On August 5, 2026, My Size Inc. (market cap ~$4.0M) entered an Equity Line of Credit (ELOC) agreement with Square Gate Capital Master Fund, LLC - Series 5, granting the right to sell up to $10,000,000 of common stock over 36 months. Square Gate received 269,229 Initial Commitment Shares immediately (valued at ~$100,000 at $0.3706/share) and may receive up to 750,000 True-Up Commitment Shares if the stock falls below that reference price by effectiveness. The company is registering 26,019,229 shares for resale by Square Gate, representing up to ~482% dilution relative to the 5,394,778 shares currently outstanding.

On August 6, 2026, Elutia Inc. received a notice regarding failure to satisfy continued listing standards or delisting proceedings (Item 3.01). The 8-K filing provides no specific details on the listing standard violation, remediation timeline, or exchange involved. This represents a critical governance event for the $65.1M market-cap company.

On August 7, 2026, Avalanche Treasury Corp (total assets ~$2.2M) filed an 8-K reporting Item 3.01: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. The filing indicates the company has failed to meet exchange listing requirements and faces transfer of listing or delisting. No specific financial metrics, remediation plan details, or timeline for resolution are disclosed in the accessible filing text.

First Guaranty Bank (Hammond, Louisiana) received a consent order from FDIC and Louisiana OFI effective August 7, 2026, stemming from a June 30, 2025 examination. The order mandates: capital ratios of 9% Tier 1 Leverage and 14% Total Risk-Based; elimination of Loss-classified assets and 50% of Doubtful assets within 120 days; submission of a Plan for Reduction addressing classified assets ≥$2M; enhanced loan policies, loan review programs, and CRE concentration monitoring within 90 days; and prohibition on dividends without prior regulatory approval. The Bank must submit quarterly progress reports.

On August 5, 2026, Eightco Holdings Inc. (market cap ~$3.8M) received notice of failure to satisfy continued listing rules or standards, triggering Item 3.01 disclosure. The filing does not specify which exchange, which listing standard was violated, or remediation timeline. This is a critical corporate development for a micro-cap company.

Nielsen Holdings will acquire DoubleVerify in an all-cash transaction at $13.60 per share in cash, representing a 30% premium to the 60-trading day VWAP as of August 5, 2026, valuing DoubleVerify at approximately $2.15 billion enterprise value. The transaction is expected to close by Q1 2027, subject to DoubleVerify shareholder approval and regulatory clearance. Providence Equity Partners, owning ~11.8% of DoubleVerify shares, has committed to vote in favor; the combined entity is expected to generate over $4 billion in pro forma revenue.

Triller Group Inc. (market cap ~$60.9M) filed an 8-K on August 7, 2026 reporting Item 3.01: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. The filing provides no specific details on delisting reason, timeline, remediation plan, or exchange involved. Only the notice of delisting event itself is disclosed.

HeartSciences Inc. (market cap ~$10.4M) filed an 8-K on August 7, 2026 disclosing Item 3.01: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. The filing indicates a transfer of listing is involved, but the specific details of which exchange rule was violated, remediation timeline, or any other particulars are not provided in this SEC filing header.

On August 3, 2026, Giftify, Inc. received notice of delisting or failure to satisfy continued listing standards. The company's public market value is approximately $28.0M. No specific financial metrics, remediation timeline, or details regarding which listing standards were violated are disclosed in this 8-K filing.

Neonode Inc. filed Form 8-K on August 7, 2026, reporting Item 3.01 (Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing). The filing does not specify which exchange, which listing rule was violated, the timeline for remediation, or any other details. The company's market value is approximately $334.4M.

Change Agents Corporation filed an S-1 on August 7, 2026 to register 35.6M shares for resale by selling stockholders, consisting of: 33.3M Put Shares to Hudson Global Ventures at $0.30/share under an Equity Purchase Agreement (July 22, 2026); 925,925 ELOC Warrant Shares to Hudson at $0.01 exercise price; 560,000 Agile Waiver Shares (360k + 200k) to Agile Capital Funding; 300,000 Vision Shares to Vision Capital NY Inc.; and 450,000 One-Eyed Jack Shares to One-Eyed Jack Enterprises. The company also secured an $825,000 business loan from Agile Capital Funding and Agile Lending (July 24, 2026), guaranteed by three subsidiaries.

Dream Finders Homes, Inc. (Parent) agreed to acquire Beazer Homes USA Inc. (Company) via merger with wholly-owned subsidiary Bulldogs Merger Sub, Inc. for $33.50 per share in cash (Merger Consideration). As of August 4, 2026 (Capitalization Date), 26,343,437 shares were outstanding. The transaction includes assumption of Company indebtedness, payment of Company Awards (RSAs, options, performance-based awards), and treatment of all equity interests. Company Board unanimously approved and recommends the merger to stockholders. Closing conditioned on regulatory approvals, financing availability, and stockholder approval.

On August 3, 2026, Barfresh received notice of failure to satisfy continued listing standards (Item 3.01) and experienced a departure of directors or officers with potential compensatory arrangements (Item 5.02). The filing provides no specific dollar amounts, share counts, counterparty names, dates of effectiveness, or details of the listing violation or officer changes. The actual substantive details are absent from this 8-K stub.

Entera Bio announced a $275 million oversubscribed private placement led by BVF Partners in July 2026, with participation from institutional investors including Longitude Capital, Vivo Capital, and others. Proceeds fund the Phase 3 registrational study of EB613 (oral PTH analog for postmenopausal osteoporosis) through NDA submission and extend cash runway into 2030. The FDA in June 2026 approved a 12-month Phase 3 design (~750 patients, primary endpoint: hip BMD change at month 12), with Phase 3 initiation planned late 2026 and topline data expected H2 2028.

On August 3, 2026, Aeries Technology agreed with Sea Otter Trading, LLC to restructure a $1,161,461 maturity payment obligation from a prior November 2023 forward transaction. The company will pay $100,000 on August 5, 2026, then $75,000 monthly starting September 15, 2026, with 7.5% annual interest. Aeries issued 145,183 shares as collateral (at fair market value, unrestricted post-registration), with the investor limited to selling at minimum $8.40/share and constrained by 20% daily volume limits; the company must maintain collateral coverage equal to outstanding liability at all times.

Eightco Holdings (market cap ~$3.8M) entered a Master Services Agreement with ARK Capital Markets LLC dated May 20, 2026. ARK will receive: (1) 2,200,000 warrants at $1.01/share exercise price vesting quarterly over 5 years; (2) Brett Winton as board advisor at $250,000/year cash plus 2,200,000 restricted shares vesting over 5 years; (3) undisclosed management fee on treasury AUM; and (4) milestone bonuses (amounts redacted) at $1B, $5B, and $10B capitalization thresholds. The agreement is non-exclusive, has a redacted initial term with auto-renewal, and grants full equity acceleration upon change of control.

On 2026-08-07, Battalion Oil repurchased 11,716.11 shares of preferred stock (Series A and A-1) from Gen IV Investment Opportunities, LLC for $19,000,000 total ($1,685.25/share for Series A; $1,572.06/share for Series A-1). Simultaneously, Gen IV converted 15,439.89 remaining preferred shares (Series A-1, A-2, A-3, A-4) into 3,494,258 common shares. Gen IV received a 12-month lock-up and voting agreement on the converted shares.

DataMeds AI (market cap ~$27.1M) filed an S-1 to register 34,462,058 shares for resale by existing shareholders and warrant/note holders. The securities consist of: 1.28M previously issued shares, 21.3M shares from May 2026 convertible notes ($21.1M principal at 20% discount, $16.9M cash raised), 8.3M shares from PIPE warrants ($7.50 exercise price), and 3.6M shares from placement agent warrants. At $1.00 conversion price, existing 2.85M shares would dilute 92.1%; at $3.12 (July 27 close), dilution is 70.4%. May 2026 notes bear 0% interest, mature May 2027, convert at lesser of $6.00 or market price (floor $1.00), with automatic conversion to Series A Preferred Stock on registration effectiveness. Series A Preferred accrues 10% annual dividends compounding the conversion amount. Company received net ~$16.9M in May 2026 financing after 20% discount and 3% placement fee to Dawson James Securities.

Nth Cycle Inc. (critical minerals refiner) and Kensington Capital Acquisition Corp. VI (SPAC, NYSE: KCAC.U) announced confidential submission of a draft Form S-4 registration statement to the SEC on August 7, 2026, for a proposed business combination valuing Nth Cycle at an implied enterprise value of ~$585 million. Financing consists of up to $230 million from Kensington's trust (subject to redemptions) and a PIPE of up to $100 million ($40 million committed to date). The combined company will trade as Nth Cycle Holdings Inc. under ticker 'NTH' on NYSE, contingent on SEC review completion, shareholder approval, and satisfaction of customary closing conditions.

10% owner DART KENNETH BRYAN (FLUT) bought 1.7M shares (~$157.7M) on the open market (7.6% of holdings). Open-market insider purchase — historically a bullish signal.

10% owner Redmile Group, LLC (ATTO) bought 1.4M shares (~$10.2M) on the open market (54% of holdings). Open-market insider purchase — historically a bullish signal.

CitroTech Inc. reported a net loss of $10.1M for the six months ended June 30, 2026, with cash declining from $6.3M (Dec 31, 2025) to $2.5M (June 30, 2026)—a 60% drop. Revenue fell 62% year-over-year to $625.6K (from $1.66M in H1 2025), primarily due to absence of major fire-driven deployments like Pacific Palisades/Eaton Canyon fires from early 2025. Management explicitly flagged substantial doubt about going-concern status, stating current cash is insufficient to fund commercial-scale operations for the next 12 months without additional financing.

On August 7, 2026, Battalion Oil Corporation executed a preferred stock repurchase and conversion agreement with Gen IV Investment Opportunities, LLC. Gen IV sold back 5,138 Series A and 6,578.11 Series A-1 preferred shares to Battalion for $19,000,000 (at prices of $1,685.25 and $1,572.06 per share respectively), which Battalion retired. Simultaneously, Gen IV converted 15,439.89 remaining preferred shares (Series A-1, A-2, A-3, A-4) into 3,494,258 common shares. Gen IV is now locked up from selling these common shares for 12 months and must vote them in favor of board-approved matters for 12 months.

Trulieve Cannabis completed NYSE listing on June 10, 2026 (ticker TRLV) after deconsolidating mixed-use Harvest operations on June 3, 2026 to a third-party investor (retaining 90% economic interest). Q2 2026 reported revenue $271M (medical-only: $222M) with 60% gross margin; GAAP net loss $406M (includes $403M Harvest deconsolidation charge); adjusted net income $20M; adjusted EBITDA $98M (36% margin); cash position $325M; operates 207 dispensaries and 3.5M sq ft production capacity in medical-only states post-restructuring.

On August 7, 2026, Yum China Holdings completed acquisition of Pizza Hut brand ownership in Mainland China from Yum! Brands for US$1.2 billion. The deal eliminates 3% annual royalty payments to Yum! Brands (expected to add 2.8% to Pizza Hut restaurant margins net of VAT), funded via ~$1.2B offshore RMB bridge loan at ~2% interest. Company expects slight EPS accretion in 2026 and mid-single-digit accretion in 2027-2028; plans to accelerate Pizza Hut openings to 800+ stores/year (vs. prior 600+ target) starting 2027.

ANI Pharmaceuticals reported Q2 2026 total net revenues of $266.0M (+25.9% YoY), with Cortrophin Gel net revenues reaching $117.1M (+43.5% YoY). The company expanded its Rare Disease sales force by ~50% (from ~120 to ~180 reps) to enter the acute gouty arthritis market, targeting ~285,000 addressable patients. ANI reaffirmed full-year 2026 guidance of $1,080–$1,140M total revenue and $285–$300M adjusted non-GAAP EBITDA, but modestly lowered Cortrophin Gel guidance to $520–$540M (from $540–$575M), reflecting 50–55% full-year growth. The company also authorized a $100M share repurchase program through May 2029 and generated $115M operating cash flow year-to-date.

On June 22, 2026, Boundless Bio entered into a merger agreement with Serapha Bio, Inc. (counterparty), with Serapha surviving as a subsidiary. The company executed severance and release agreements with three departing employees (Zachary Hornby, Robert Doebele, Christian Hassig) effective July 1, 2026, totaling cash severance of $1,025,000 ($660K + $390K + $375K) payable immediately, plus conditional 'CIC True-Up Severance' of $1,537,500 ($874.5K + $338K + $325K) payable only if the merger closes by March 15, 2027. Two executives (Jessica Oien and David Hinkle) were retained with amended employment letters effective July 1, 2026, featuring monthly retention payments ($50K and $25K respectively, capped at $500K and $250K), transaction bonuses accruing monthly, and automatic termination upon closing of Change in Control with lump-sum severance equal to 12 months' base salary plus 1.0x target bonus. All severance conditioned on executed general release of claims.

New CEO Bob Wright returned to lead a turnaround after Q2 2026 showed deteriorating fundamentals: global systemwide sales declined 6.5% YoY (US down 8.2%), same-restaurant sales fell 7.0% in US, and adjusted EBITDA dropped 15.4% to $124.1M. The company cut its annualized dividend from ~$0.36/share to $0.28/share, suspended share buybacks, and withdrew full-year 2026 guidance to 'fully assess business opportunities.' Net income fell 40.8% to $32.6M; restaurant count decreased 154 net locations.

E.W. Scripps Company reported Q2 2026 revenue of $490M (down 9.2% YoY) and a $1.2B net loss ($12.68/share), driven by a non-cash $1.1B goodwill/intangible asset impairment in Scripps Networks. The company laid off 268 employees (6% of workforce) and incurred $35.8M in restructuring costs. Management targets $125–$150M in EBITDA growth by 2028 through $100M in annual run-rate savings already on track; however, core advertising fell 8.7%, distribution revenue dropped 17% (partly due to temporary blackouts with Comcast/DirecTV), and Scripps Networks revenue declined 16%.

Array Digital Infrastructure closed spectrum sales totaling $1.162 billion ($74.8M on 700 MHz, $86.4M on 600 MHz, $1B cellular/other on June 1, 2026), paid special dividend of $11/share (~$950M total on ~86.5M shares), and raised 2026 Adjusted EBITDA guidance to $220–$235M from $200–$215M. Concurrently, parent TDS made non-binding acquisition proposal (May 7) to buy Array's remaining public shares; Array formed special committee to evaluate. Site rental revenue grew 95% YoY to $53.2M (Q2). DISH Wireless stopped paying (Q1 2026) and filed bankruptcy (June 2026). Company expects ~$30M more spectrum proceeds in 2026.

On May 4, 2026, Gyre Therapeutics completed an all-stock acquisition of Cullgen Inc. for approximately $300 million, with Cullgen becoming a wholly owned subsidiary. Cullgen's CEO Dr. Ying Luo became Gyre's President and CEO. In May 2026, China's NMPA accepted the NDA for F351 (hydronidone) for CHB-induced liver fibrosis. Q2 2026 revenue was $29.1 million (down 2% YoY); net loss was $14.3 million (vs. $2.2 million loss in Q2 2025). Full-year 2026 revenue guidance of $100.5–$111.0 million was affirmed.

Dauch reported Q2 2026 sales of $2.96 billion (vs. $1.54 billion in Q2 2025), driven by the Dowlais Group acquisition completed February 3, 2026. Net income fell to $1.0 million from $39.3 million due to integration costs; Adjusted EBITDA grew to $389.6 million (13.2% margin). The company raised full-year 2026 guidance: sales $10.6–$10.8B (from $10.3–$10.8B), Adjusted EBITDA $1.36–$1.425B (from $1.30–$1.425B), and now expects $60–$75M in synergies (vs. $50–$75M prior).

Tredegar executed separation agreements on May 4, 2026 with Dr. Arijit (Bapi) DasGupta (President and CEO) and Frasier W. Brickhouse II (VP, CFO, Treasurer), both effective January 1, 2026. The agreements provide for prorated equity/cash awards, 12 months COBRA coverage, and accrued rights upon qualifying termination. DasGupta's agreement does not specify a lump-sum severance amount (template form); Brickhouse's specifies annual base salary severance paid post-release signing. Both agreements require general releases of claims and contain standard restrictive covenants (confidentiality, non-disparagement, IP assignment).

bioAffinity Technologies reported Q2 2026 CyPath Lung test volume increased 216% year-over-year, with revenue of $1.51M (up 19% YoY). The company completed a June 2026 public offering generating $3.2M gross proceeds. However, cash declined from $6.4M (Dec 31, 2025) to $2.4M (June 30, 2026), and net loss was $3.4M in Q2 2026 versus $4.1M in Q2 2025.

Amendment No. 2, effective August 6, 2026, modifies the trust agreement to permit the Grayscale Avalanche Staking ETF to engage in staking of AVAX cryptocurrency, subject to satisfaction of a 'Staking Condition.' The amendment requires quarterly distribution of staking rewards to shareholders, establishes liquidity policies aligned with SEC guidance (May 29, 2025), and compliance with IRS Revenue Procedure 2025-31. No specific dollar amounts, share counts, or fee changes are disclosed.

Thomas O'Brien, newly appointed President/CEO (60 days in), disclosed major credit review underway targeting completion by Labor Day. Q2 results included $5.3M goodwill write-off, $19M loan loss provision (primarily $16.7M to C&I portfolio), and suspension of common and preferred dividends to retain liquidity and build capital. The bank charged off ~$13M in C&I loans (some 100% charge-offs) and identified weaknesses from 2020–early 2024 aggressive growth period. Material issues cited: criticized/classified loans remain elevated; commercial real estate portfolio largely unreviewed; cannabis loans (~$70M) also in CRE category. No regulatory order disclosed; holding company double-leverage identified as key constraint. CEO stated capital strategy undecided—modeling scenarios including potential debt-for-equity swap, asset sales, or capital raise, with final decisions expected by early September.

OSR Health retracted claims that Nasdaq approved its Shareholder Loyalty CVR Program. Nasdaq provided only a preliminary, verbal technical indication on whether the program would trigger a mechanical stock-price adjustment—not endorsement. The August 14, 2026 record date remains unchanged, but the company now faces uncertainty on regulatory approval, with outcome pending SEC no-action request and Nasdaq's ultimate position.

Peter Pitsiokos terminated employment effective October 2, 2026, receiving $100,000 lump-sum severance (six months' pay) within three business days of release execution. He is eligible for additional bonus payment under the Retention Bonus Plan if a property sale occurs within three years at ≥4% internal rate of return. All claims released; confidentiality and non-disparagement clauses apply. Counterparty: Gyrodyne, LLC; signed August 7, 2026.

Rocky Mountain Chocolate Factory amended its 2024 Omnibus Incentive Compensation Plan on August 3, 2026, increasing the share reserve from 600,000 to 1,130,000 shares available for future equity grants. This 530,000-share increase (88% expansion) provides additional capacity for employee stock awards and incentive compensation without specifying which employees or executives will receive grants.

Effective May 26, 2026, Ashraf Alkarmi was promoted to Co-Chief Executive Officer (alongside Drew Houston) with base salary of $825,000, target annual bonus of 100% of base, and RSU grant valued at $12,656,250. Separately, Mike Torres was hired as Chief Product Officer effective July 7, 2026, with $550,000 base salary, $500,000 sign-on bonus, and RSU grant valued at $29,100,000. Both appointments represent significant leadership restructuring and equity commitments totaling ~$41.8M in grant value.

On August 5, 2026, Firefly Neuroscience amended its Certificate of Incorporation to authorize 101M total shares (100M Common, 1M Preferred), each with $0.0001 par value. Concurrently, it amended its 2024 Long-Term Incentive Plan to increase the Plan Share Limit to 3,707,496 shares available for awards, with an automatic 4% annual increase (or Board-determined lesser amount) each January 1 from 2026–2035. No counterparties, dollar amounts, or prior authorization levels are disclosed in the filing.

Silexion Therapeutics Corp, a pre-revenue clinical-stage oncology company with $4.6M total assets, filed an S-1 registration statement on August 7, 2026 for a best-efforts public offering of up to undisclosed ordinary shares, pre-funded warrants, and ordinary warrants. The company received regulatory approvals in Q2 2026 from Israel's Ministry of Health and Germany's BfArM to initiate Phase 2/3 trials for lead candidate SIL204 in locally advanced pancreatic cancer, with first patient dosing commencing in July 2026. The offering includes no minimum proceeds requirement; gross amounts and offering prices are redacted in this preliminary prospectus.

On August 7, 2026, Universal Safety Products amended its Articles of Incorporation to increase authorized shares from 20 million to 525 million (all at $0.01 par value), a 26.25x expansion. The amendment also added Article ELEVENTH, allowing Board-declared actions to proceed with majority stockholder approval rather than supermajority votes. Both changes were approved by Board and shareholders.

Venu Holding Corp executed an exclusive ticketing agreement with Ticketmaster L.L.C. effective July 21, 2026, covering three Sunset Amphitheater venues (Broken Arrow OK, McKinney TX, El Paso TX) with anticipated openings 2026–2028. Ticketmaster becomes sole ticket seller via all channels; Venu retains box office, season ticket, and group sales rights. Venu receives a $450,000 hardware credit, annual sponsorship allowances (ranging $[redacted] per contract year based on ticket volume thresholds), and per-ticket inside charges ($[redacted], escalating annually). The agreement auto-renews for 5-year periods unless terminated 180–240 days before expiration.

Actinium Pharmaceuticals signed an exclusive worldwide license agreement dated June 25, 2024, with ISU Abxis Co., Ltd. (Korean biotech) to develop and commercialize radiopharmaceutical products based on a monoclonal antibody. The agreement includes upfront and milestone payments (specific amounts redacted), royalties of [redacted]% of net sales, and transfer of cell lines and technical materials. Actinium gains exclusive rights in radiotherapy and imaging fields; ISU Abxis is restricted from competing in these fields during the term.

Capital Southwest Corporation (BDC, market cap ~$1.2B) entered into an Equity Distribution Agreement dated August 7, 2026 with RBC Capital Markets, LLC, authorizing the sale of up to $2,000,000,000 in common stock (par value $0.25/share). RBC will act as sales agent at 1.5% commission for at-the-market offerings, with four additional distribution managers (Jefferies LLC, Raymond James & Associates, B. Riley Securities, Citizens JMP Securities) already in place under parallel agreements. The agreement permits flexible, opportunistic equity issuance over time, subject to board authorization and stockholder approval for sales below NAV.

AIxCrypto (market cap ~$5.6M) launched RoboShare, a robot-sharing marketplace, on June 22, 2026, targeting Los Angeles pilot operations by August 2026 with Q3 revenue anticipated. Operating expenses declined 32% sequentially to $2.96M (Q2 2026 vs. $4.33M Q1 2026); sales/marketing dropped 87% to $85.7K. Cash fell 97% from $19.3M (Dec 31, 2025) to $577K (June 30, 2026); total assets fell from $31.3M to $7.4M. The company completed a $12.0M investment in Faraday Future securities (held indirectly via fiduciary arrangement) in April 2026. No new shares issued Q2; 20.2M shares outstanding (up from 5.2M year-end 2025 due to Series B preferred conversion). Six-month net loss: $10.3M; cash burn rate: $7.9M in six months.