Jan. 30 at 8:43 PM
$BJDX live short interest 0.18%, CTB 99.48
OS: 1.01M
Float: 1.01M
Market Cap:
$3.6M
Toxic / Dilutive Instruments (Active)
• October 2025 Series F Warrants
• 1,125,000 outstanding
• Strike:
$7.00
• Holders: Armistice, Augustus Trading, Intracoastal
• No variable pricing
• Overhang only on major upside, not near-term pressure
• April 2025 Class E Warrants
• 271,276 outstanding
• Strike:
$13.68
• Holders: Anson, Armistice, Boothbay, CVI, Kingsbrook, L1, Meteora, Sabby
• Deep out-of-the-money
• June 2024 Series C Warrants
• 71,870 outstanding
• Strike:
$65.20
• Holder: L1
• Irrelevant at current prices
No active convertibles. No VWAP-based notes. No equity line.
Completed Dilutive Events (spaced)
• October 2025
• Private placement
• 2,250,000 shares @
$2.00
• 4,500,000 warrants attached
•
$4.5M raised
• Highly dilutive, but already absorbed
• April 2025
• Warrant exercise
• 1,085,106 shares @
$3.42
•
$3.71M raised
• Non-toxic, balance-sheet positive
• August 2024
• Warrant exercise (cashless)
• 6,600,000 shares
• Legacy overhang cleared
• June 2024
• Underwritten S-1
• 5,368,098 shares @
$1.63
• 300% warrant coverage
•
$8.75M raised
• Extremely dilutive structure
• December 2023
• Underwritten S-1
• 2,692,308 shares @
$1.30
• 100% warrant coverage
•
$3.5M raised
Shelf / Capital Access
• June 2023 Shelf
• Total:
$25M
• Remaining: ~
$1.69M
• Baby shelf restricted
• Price to exceed: ~
$73.84
BJDX is post-dilution but still fragile. The capital stack is clean today, no converts, no variable-rate instruments, but the company has a long history of hyper-dilutive S-1 financings with extreme warrant coverage. Cash position is adequate short term, but if execution stalls, management’s playbook is proven: sell equity aggressively. This is a float-driven trade, not a balance-sheet compounder. Any upside needs volume, momentum, and timing, not fundamentals, because dilution is always one filing away.
