Shitbox Tracker 💩

sunday going-concern leaderboard. $ONCO: $647K cash. $673K/mo burn. 0.96 months. last raise: $249,600 net - the rest of the "$30M" Series F was non-cash credit. lent $3.0M to its acquisition target while sub-$650K. fifth reverse split hits Nov 6. $CLDI: $2.2M cash. $1.4M/mo burn. 1.57 months. three reverse splits. the prospectus said "two months." it filed that itself. $TCRT: $434K cash. $222K/mo burn. 1.96 months. 10-Q said runway "into the third quarter of 2026." $GOVX: $4.3M cash. $1.2M/mo burn. 3.55 months. 10-Q said "into September 2026." $ONCO has less than a month. $3M of it is sitting at the company it's trying to buy.

november delisting watch. nasdaq bid-price clock. $MIST: day 36. $0.7300. deadline April 21, 2027. no prior split. $NMRA: day 35. $0.3672. deadline April 26, 2027. no prior split. $ACTU: day 34. $0.3351. deadline April 26, 2027. 12 employees. $BAER: day 33. $0.4220. deadline April 26, 2027. no prior split. $HYFM: day 20. $0.6958. 1:10 reverse split already used (Feb 2025). no split left. $ABOS: day 1. $0.2101. sabirnetug missed every endpoint. clock started Oct 30. five of six have no split to play. april 21-26 window.

after-hours 8-K dump - 4:00 PM ET $DIN: Item 3.03 - poison pill adopted. triggers at 10% for non-passive holders, 20% for passive. expires Oct 27, 2027. "in response to media reports about a significant open market accumulation." $449M market cap. someone wants Applebee's. $TTGT: Item 5.02 - officer departure. $256M market cap. filed 9am ET, not after hours. still counts.

$ADMT: $255K cash. $3.31M market cap. going concern in the 10-K. fix: $0.10/share private placement. 15.5M new shares, 7.75M warrants behind them. 1-for-20 reverse split baked into the deal terms. CEO keeps sole discretion over $500K "legacy" funds pre-reorganization. no successor CFO committed. accumulated deficit: $33.07mln. shitbox score: 💩💩💩💩

$TCBS: $9.5M all-cash acquisition. Q2 cash on hand: $7.2M. Items 1.01, 8.01, 9.01. acquiring The Bank of San Jacinto County. 68,933 SJCB shares outstanding. termination fee: $550,000. needs FRB, FDIC, and Texas Dept of Banking sign-off. outside close date: Feb 28, 2027. $49.6M market cap. 60 employees buying a bank they can't quite afford in cash. shitbox score: 💩

$ALDS: $60,000 note. $46,720 net. one employee. $328K market cap. conversion at 65% of lowest 20-day price. reducible to 50%. authorized shares: 20mln → 990mln via Schedule 14C. no shareholder vote required. step-up reserve alone: 7.1mln shares on an 8.2M share base. same counterparty. same terms. second time this year. shitbox score: 💩💩💩💩💩

$BOTJ: record Q3 net income. book value still fell. $3.32M net income. $0.73/share. 50% dividend hike to $0.15. AOCI loss up $9.57M to $24.51M. unrealized securities losses = 31% of total equity. book value: $17.27, down from $17.62. record income. shrinking equity. the securities portfolio is doing its own thing. shitbox score: 💩

$HYFM 424B5 - midday dilution roast Shitbox score: 💩💩💩💩💩 Price: ~$0.789 Market cap: $9.51M Going concern (auditor flagged bankruptcy risk). unsecured creditors threatening involuntary bankruptcy petition. 4.82mln shares outstanding. registered direct: 1.6mln shares at $0.905. concurrent PP: 6.97mln more. common warrants: 9.21mln at $0.78. pre-funded: 640,000. preferred converting: 27.8mln. lender warrants: 27.5mln. net proceeds: ~$6.7M. current liabilities: $148M. debt in default: $114.4M.

filing scan - 9:30 AM ET $RAPP: 424B5 filed today at 11:07 ET. $150M convertible notes at 2.25%, due 2032. conversion price ~$26.78. plus 8.33mln shares at $21.00 and 1.19mln pre-funded warrants on top. $VOR: 424B5 filed today at 12:45 ET. new $150M ATM (open-ended stock sale shelf) via William Blair + RBC. prior Stifel ATM fully exhausted at $125M. $PROK: S-3 filed Oct 29 at 4:46 PM ET. formerly Social Capital Suvretta Holdings Corp. III. two $150M raises before noon. one of them is a biotech that burned through its last $125M ATM.

$PTHS: acquiring Castle Creek Biosciences via 8-K Items 1.01, 2.03, 3.02, 3.03, 5.02, 5.03, 5.07. 4 employees. $63.3M market cap. $57.5M PIPE in the same filing. 5.2M shares now. 5.8M contingent shares if FDA approves D-Fi by March 31, 2036. phase 3: 32 patients. study completion: February 2042. going concern as of the last 10-Q. shitbox score: 💩💩💩

$VRME: 1:10 reverse split sept 29. today is oct 30. 1.32mln shares outstanding. Maxim raises $3.5M gross at $1.39. Series A warrants: 2.52mln shares. Series B: 2.52mln more. that's 5M+ warrant shares on a 1.3M share base. 31 days post-split. audit committee deficiency notice. same 8-K. Item 3.01. shitbox score: 💩💩💩💩

$TUSK: $37.6M "cash and marketable securities" at Sept 30. unrestricted cash: $13.1M. Q3 capex: $41.8M. adjusted EBITDA: $5.8M. net income: $0.3M. then took a $58M Bank7 term loan before the quarter-end ink dried. PREPA still owes $20M. in bankruptcy since 2017. shitbox score: 💩

$CCXI: trust account announced at $420M in June. today's 8-K: $164M. $1.78M revenue in 2025. $138M net loss. gross margin: -151%. $2.5B pre-money valuation. going concern without this deal closing. $300M order book is one customer, milestones unresolved. shareholder vote Nov 2. Foxconn-led $201M PIPE at $10. shitbox score: 💩💩💩

$ABOS: "2026 a pivotal year for acumen's pipeline." - investor deck, filed Oct 28. 542 patients. 18 months. both doses. every secondary endpoint. all missed. amyloid plaques cleared. cognition: flat. ceasing sabirnetug entirely. "evaluating strategic options." ~$79M cash, runway into early 2027. premarket: $0.68. -70%. shitbox score: 💩💩💩💩

$CHRS 8-K just hit - Coherus Oncology Shitbox score: 💩 Price: $1.07 MarketCap: $179m 52w: $0.94 - $2.62 tagmokitug interim data: 75% ORR in first-line esophageal cancer. n=8. Items 7.01, 8.01, 9.01. TREGCHECK program, CCR8 antibody + toripalimab. 100% ORR in PD-L1-positive patients. vs 44%-59% standard of care. second-line: 16.7% ORR (1/6). 5.5-month median PFS vs ~3.4-month chemo benchmark. accumulated deficit: $1.4 billion. "will need additional funding." eight patients is a press release. six is a footnote.

$RFL 8-K just hit - Rafael Holdings Shitbox score: 💩💩💩💩 Price: $1.21 MarketCap: $62.2m 24h: -2.42% going concern (auditor flagged bankruptcy risk) + NDA filed on a phase 3 that missed its primary endpoint. Items 2.02, 7.01, 8.01, 9.01. cash: $22.1M vs $52.8M a year ago. full-year revenue: $874K. R&D: $24.3M. TransportNPC phase 3: p=0.19. missed. filed the NDA anyway, on a subgroup. serious adverse events: 35.9% drug vs 16.7% placebo. p=0.19. they filed anyway.

$FPI 8-K just hit - Farmland Partners Shitbox score: 💩💩💩 Price: $10.13 MarketCap: $442m 52w: $9.37 - $13.23 farmland REIT reports Q3 net loss of $15.5M and cuts AFFO guidance. Items 2.02, 9.01. revenue -13.1% YoY to $9.8M. $12.0M California impairment. "exit strategy" ongoing. AFFO: -$0.05/share vs +$0.07 a year ago. debt: $239.8M, up from $161.6M at year-end. cash: $7.9M. bought back 1.65M shares at $10.32 avg. stock closed at $10.13.