20/20 Biolabs

Management prioritized survival capital via a preferred stock facility with Streeterville and warrant packages. 2026 financing steps brought in cash and retired converts but at the cost of complex terms, MFN protections, dividend accrual, and potential dilution.

The company also registered large resale blocks (>10 million shares) that provide no primary proceeds. While incremental capex needs are modest and operating cash burn is focused on SG&A and R&D, the dilution profile and temporary standstill on conversions suggest a cautious view of capital discipline.