Feb. 13 at 3:06 PM
$GOVX this is what you get when you combine Roth, Armistice, Wainwright, sabby and maxim, live short interest 17.24%, CTB 107
OS: 2.13M
Float: 2.13M
Market Cap:
$4.0M
• Cash need is extreme (tracker shows ~0.4 months). This is a financing vehicle right now, not a “pipeline story.”
Toxic Warrant/Note/Instrument blocks
• February 2026 RDO Warrants (Series A-1 + Series A-2)
865,804 total warrants (432,902 + 432,902) @
$2.31
Underwriter: HC Wainwright
Investors: not listed in your data
Protection: undisclosed/unverified
Interpretation: new paper on a tiny cap table. Even if the strike looks “above,” these deals usually come with structural leverage elsewhere (and your tracker flags the protection as unknown). Assume overhang until proven otherwise.
• September 2025 RDO Warrant Stack
11,904,768 warrants (200% coverage) tied to the 9/30/2025 RDO @
$0.63
Underwriter: Roth
Investors (listed): Armistice, Alto, Hudson Bay, Intracoastal, L1, Sabby
Interpretation: this is the real anchor of dilution psychology. The warrant coverage is massive relative to today’s OS/float, and it sits on the books even if it’s way out-of-the-money post-splits. Traders will treat it like a ceiling.
• Legacy Armistice warrant set (mostly high strikes)
May 2024: 64,228 @
$42.00 (Roth; Armistice)
July 2024: 86,800 @
$71.50 (Roth; Armistice)
Aug 2024: 68,000 @
$125.00 (Roth; Armistice)
Aug 2024 (2): 39,024 @
$125.00 (Roth; Armistice)
Interpretation: economically irrelevant at this price unless corporate actions reset or reprice. But they still contribute to “overhead supply” optics.
ATM / Equity line / Shelf blocks
• September 2025 AGP ATM
Total/Remaining:
$3,116,227
Placement Agent: AGP
Baby shelf restricted: Yes
• March 2024 Shelf (active)
Capacity:
$100,000,000
Current raisable (IB6-limited):
$4,924,812
Last banker: Roth
Baby shelf restriction: Yes
Interpretation: shelf headline is meaningless; IB6 is what matters. They can keep tapping, just in small bites, and they’ve shown they will.
Completed dilutive events (with full banks/investors where provided)
• 2026-02-13 RDO (S-3)
432,902 shares @
$2.31
865,804 warrants
$1,000,000 raised
Underwriter: HC Wainwright
Investors: not listed in your data
• 2025-09-30 RDO (S-3)
3,968,256 shares @
$0.63
11,904,768 warrants
$2,500,001 raised
Underwriter: Roth
Investors: Armistice, Alto, Hudson Bay, Intracoastal, L1, Sabby
• 2025-09-18 Used ATM (S-3)
337,511 shares @
$0.63
$220,000 raised
Placement Agent: AGP
• 2025-07-01 Underwritten S-1
9,200,000 shares @
$0.65
18,500,000 warrants
$5,980,000 raised
Underwriter: Roth
Investors: not listed in your data
• 2025-03-25 RDO (S-3)
3,435,115 shares @
$1.31
3,435,115 warrants
$4,500,001 raised
Underwriter: AGP
• 2024-08-28 RDO (S-3)
975,610 shares @
$5.13
975,610 warrants
$5,000,001 raised
Underwriter: Roth
Investors: Armistice
• 2024-08-20 RDO (S-3)
1,700,000 shares @
$5.00
1,700,000 warrants
$8,500,000 raised
Underwriter: Roth
Investors: Armistice
• 2024-07-12 RDO (S-3)
1,085,000 shares @
$2.86
2,170,000 warrants
$3,103,100 raised
Underwriter: Roth
Investors: Armistice
• 2024-05-21 RDO (S-3)
802,844 shares
1,605,688 warrants
$1,348,777 raised
Underwriter: Roth
Investors: Armistice
• 2022-05-25 Private Placement
9,090,910 shares @
$1.65
9,090,910 warrants
$15,000,002 raised
Underwriter: HC Wainwright
Investors: Armistice
