Notxnote

$IRD The timeline of the dilution begins on 21/03/2025 when the company issued 12.219.736 shares of common stock and 21.052.631 warrants with an exercise price of 0,95$, alongside 8.832.895 pre-funded warrants priced at 0,9499$. On that same date, Chief Executive Officer George Magrath and Chairman Cam Gallagher acquired 1.176.471 shares and 1.176.471 warrants with an initial exercise price of 1,15$. By 06/11/2025, the company sold another 7.177.033 pre-funded warrants at 2,0899$ each, exercisable at... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$ACCO We must look at the math to understand what the executives are doing with the money. On 09/03/2026, the company released the financial document showing net income of 41.300.000$ for 2025, which is the recovery from the 101.600.000$ loss in 2024. They generated 1.524.700.000$ in net sales and 92.300.000$ in operating income. However, they are holding 840.900.000$ in total debt, while the cash on hand is exactly 64.400.000$. Of that debt, 575.000.000$ is held in notes at 4,25% and 265.900.000$ is... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$ANGI Management reduced 505.900.000 shares down to 50.590.000 shares using a 1-for-10 reverse stock split on 24/03/2025. They did this to hide the dilution caused by giving themselves massive amounts of free stock. Imagine playing a game where the leaders print endless money for themselves, making your money less valuable. Former Chief Technology Officer Kulesh Shanmugasundaram quit on 31/03/2025, but the company agreed to pay his 500.000$ salary until 31/03/2026, while giving him 387.500 pre-split s... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$FF To understand the mechanics of this redistribution of money, you only have to look at the basic math starting in 2023. Back then, the company was profitable, producing a net income of 37.382.000$ and holding a cash balance of 219.444.000$. In 2024, the board authorized a cash giveaway of 119.911.000$ to shareholders, immediately reducing the cash reserves by more than 50%. That same year, net income dropped to 15.503.000$, but the executives made sure they extracted their share. Chief Executive... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$FRMM The sequence of events begins on 08/08/2025, when the company issued 156.250.000$ in convertible notes to 1 institutional investor, followed by an additional 360.000.000$ on 22/09/2025. To mitigate the mathematical dilution from these notes, management executed the 1-for-10 reverse stock split on 20/10/2025. On 09/12/2025, the company agreed to redeem the 516.148.000$ debt at 117% of the principal, paying 87.745.160$ in premium and 1.766.605$ in interest to the institutional investor. To afford... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$PPIH The accounting failures started in 2024 when the company admitted to material weaknesses in internal controls over financial reporting, failing to reliably track property, plant, equipment, accounts payable, and accounts receivable, which forced a restatement of the 07/2024 financials. Despite these internal control failures continuing into the period ending 31/10/2025, the company reported 151.576.000$ in current assets, 12.118.000$ in net income over 9 months, and 27.237.000$ in cash. Look at... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$KALV The Food and Drug Administration approved the drug EKTERLY on 03/07/2025, but the resulting financial structure reveals a company rapidly consuming capital. For the 9 months ending 30/09/2025, the business recorded a net loss of 158.914.000$ and used 126.985.000$ in operating activities, despite generating only 13.700.000$ in product revenue. To maintain these operations, they executed a royalty purchase agreement with DRI Healthcare Acquisitions LP, receiving 100.000.000$ upfront and a 22.000.0... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$TYGO The situation began in January 2023 when Tigo Energy borrowed 50.000.000,00$ by issuing 1 convertible promissory note to L1 Energy Capital Management. As the payment date approached, the company lacked the cash required to pay its debt, so it began selling new shares and its own technology. Between November 2024 and December 2025, the company used 1 agreement with Craig-Hallum Capital Group to sell 8.309.168 new shares, taking 14.200.000,00$ from investors. Because that was insufficient, on 16/1... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$BYRN On 01/01/2023, the company funded the joint venture called Byrna LATAM with the 1.634.485$ loan to partner Fusady, but on 19/08/2024, they sold their 51% equity stake back to Fusady for exactly 1$. The company reported net income of 9.687.000$ for the fiscal year ending 30/11/2025, but the actual cash flow is negative: operating activities burned 1.572.000$ because of the 12.700.000$ buildup in unsold inventory that reduced their cash reserves to 13.727.000$. Chief Marketing Officer Luan Pham sa... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$DIN On 17/06/2025, management printed 600.000.000$ in Fixed Rate Senior Secured Notes at a 6,720% interest rate to pay off 594.000.000$ of 2019 debt that carried a cheaper 4,723% rate. By 28/12/2025, the company accumulated 1.188.200.000$ in long-term debt, which includes another 500.000.000$ in 2023 notes at a 7,824% rate and 100.000.000$ in variable funding notes. Cash is the primary problem because the company operates with a negative stockholders deficit of 273.900.000$ and recorded a 29.000.000... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$ALT We review the timeline starting in 2025 when the leadership team consisting of Vipin Garg and Scott Harris began creating and selling massive amounts of new shares despite holding 273.500.000$ in cash and short term investments by 31/12/2025. During 2025, they printed and sold 173.300.000$ worth of new shares to the public. On 01/10/2025, Chief Medical Officer Scott Harris stepped down but secured contracts to keep receiving his salary and stock through 28/02/2026. On 30/11/2025, Chief Executive... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$BBBY The financial data reveals a system constructed by the management team to extract cash from the business. During 2024, the retail operation lost 174.304.000$ from its actual business, and during 2025, it lost an additional 56.701.000$, increasing the total historical losses to 842.711.000$ by 31/12/2025. Marcus A Lemonis possessed special contracts that would pay him only if the stock price reached 45$, 50$, and 60$. The market price failed to reach those levels, causing tranche 1 to expire with... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$CAN On 31/12/2023, the company had 96.154.000$ in cash, and by 31/12/2024, they held 96.488.000$, which looks fine until you see they burned 199.300.000$ in operating cash flow and lost 249.800.000$ in 2024. How do you keep the cash balance flat when you lose nearly 200.000.000$ in 12 months? You print and sell shares. Between November 2023 and September 2024, they sold 125.000.000$ in Series A Preferred Shares to an institutional investor, followed by another 30.000.000$ in Series A-1 Preferred Sha... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$RILY On 21/08/2023, the company amended a 200.506.000$ promissory note at a 12,00% interest rate with Vintage Capital Management, an entity controlled by Brian Kahn, securing the debt with Kahn's equity in Freedom VCM. On 22/01/2024, Brian Kahn resigned as CEO of Freedom VCM. On 03/07/2024, regulators served subpoenas to the company and its co-CEO Bryant Riley regarding their dealings with Brian Kahn. On 25/10/2024, the company began its liquidation phase by selling the bebe and Brookstone brands. On... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$SES The data from the end of 2025 shows this company is not running out of money, as they hold 29.541.000$ in cash and an additional 169.229.000$ parked in government treasury securities. They lost 58.362.000$ from their operations in 2025 and actually increased their revenue to 21.000.000$, meaning they have enough cash to operate for 3 to 4 years without taking on debt. The actual issue is how the chief executive officer, Qichao Hu, structured the company to give his group 57,6% of the voting powe... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$TRNS The structural failure of this aggregation strategy becomes apparent when tracking the transaction dates, capital depletion, and the volume of shares issued. The purchasing cycle began with John Cummins and Ross Lane over the NEXA deal on 31/08/2021, where earn-outs eventually had to be renegotiated down to 500.000,00$. They then bought Axiom for 38.700.000,00$, TIC-MS for 9.700.000,00$, and SteriQual for 4.300.000,00$, before committing up to 2.000.000,00$ in contingent consideration to Becnel... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$LAND The operation accelerated during 2021 when the business generated 75.318.000$ in revenue but paid 24.883.000$ in interest expenses, leaving a net income of only 3.495.000$. David Gladstone and the executive group use an external entity named Gladstone Management Corporation to extract a base management fee of 0,60% on gross tangible real estate plus an incentive fee when funds from operations exceed 7,0% annualized. To acquire more farmland and expand the gross real estate base on which they col... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$GAME The data shows the company created and sold a large quantity of new shares to get cash, which makes existing shares less valuable. On 08/07/2025, they issued 4.692.866 shares and 3.728.188 rights to buy more shares at 0,95$. On 17/07/2025, they issued 46.666.667 shares at 1,50$. Instead of using these funds to fix a 14.100.000$ shortage of money needed to run the daily business and total historical losses of 131.200.000$, the board approved a plan to buy up to 250.000.000$ in Ethereum. On 24/07/... Excerpted from the original publication. Read the full deep dive at notxnote.com.

$KLXE The financial decline began on 12/03/2025, when management, led by President and CEO Christopher J Baker and former CFO Keefer M Lehner, executed a new agreement with private investors. The company originally owed 143.600.000$ in debt for the year 2025, and to push the due date to 2030, they agreed to owe 232.200.000$ instead. The true cost of this deal was handing the debt holders 2.373.187 warrants, which are contracts allowing them to buy stock for exactly 0,01$ per share. While Piper Sandler... Excerpted from the original publication. Read the full deep dive at notxnote.com.

Alexander, even the best "marketing" or "science" can't fix a mathematical death spiral. As I explain in my full publication, the real issue isn't a PR problem; it's the financial architecture. Here is why patient counts and press releases are secondary to the math: Survival Triage: With an accumulated deficit of $515,900,000 and only $13,100,000 in cash at the end of 2025, management is running a financial operation just to keep the lights on. The Flood of Cheap Paper: Between the 34,794,540 shares issued via cashless warrants and the 39,473,684 shares from the January 2026 offering, the market is flooded with discounted supply that prevents any upward momentum. Infinite Selling Pressure: The $50,000,000 agreement with Lincoln Park Capital guarantees constant selling pressure on the market for the next 36 months, regardless of any "good news". The Compliance Clock: They have an extension until May 11, 2026, to fix the listing issue, and management has already confirmed they will execute a reverse stock split to artificially inflate the price. In this structure, retail isn't buying a "science" play; they are funding a $22.4 million net loss and the exit of private investors. No amount of PR can outrun those numbers.

@notxnote Gotcha. I wonder about these guys and their marketing. They don't really do a good job at it. I mean the science looks good but terrible with the press releases. I'd be telling about the upcoming prv. I wouldn't say we're only going to get 1250 patients per year with cn side.

$PSTV The core problem started in March 2025 when PLUS THERAPEUTICS, INC sold a massive package of shares and warrants to private investors. On 16/05/2025, the stock exchange warned the company that its stock price had fallen below 1,00$ for 30 consecutive days. On 17/06/2025, the company signed an agreement to alter the rules of the Series B warrants. Management changed the exchange ratio from 3:1 down to 1:1, which allowed the private investors to instantly acquire 34.794.540 new shares without payi... Excerpted from the original publication. Read the full deep dive at notxnote.com.