Aug. 21 at 5:17 PM
$INBS 6,118,293 warrants outstanding as of 6/30/26, weighted avg strike
$5.56, vs only 3.03M shares currently outstanding. That's 2x the float in warrant overhang alone. K-1+K-2 from the Dec placement are 4.6M shares @
$4.10, so any push toward that level likely meets real supply.
Auditor's now formally flagged "substantial doubt" going concern in the 10-K, cash was
$3.99M at FYE with mgmt saying that's likely insufficient for the next 12mo. Net loss widened to
$12.4M this year. ATM shelf (
$3.97M capacity opened in March) means dilution isn't a one-time event, it's the funding model.
Not saying the story's dead, 510(k) submission is a real catalyst if it lands clean. But "dilution is bullish because it raises capital" doesn't hold up, every raise this year has diluted holders roughly 4x in 13 months while price is roughly flat to down. Size accordingly.
