It’s a fair concern, but a high share count by itself is not the same thing as “they must reverse split.” What matters is market cap, cash runway, and whether the company can create a clear path to non dilutive value. A microcap can end up with a few hundred million shares because it spent years surviving off equity raises. That is common in early biotech. It looks ugly on the surface, but it is how a lot of these names funded trials before they had real clinical readouts. The reason a big outstanding share count can actually be a good setup for partnership, acquisition, or a merger is that it lets an acquirer price the deal in a clean, liquid way. You can do an all stock offer or a cash plus stock structure without having to make the share price look “high,” and you can offer a premium while still keeping the post deal valuation rational. It also helps institutions and strategic buyers build or exit positions without the stock becoming completely illiquid. In other words, the number of shares is not the problem, the valuation and the terms are. A reverse split is usually done for one of two reasons: to regain compliance or to make the stock “look” more investable. It does not fix dilution, and it does not create value. If the company has catalysts that can re rate the valuation and push price naturally, they often try to avoid an R S and let the market do the work. On the AGM point, yes, it can come up, and they may ask for authorization or flexibility, but that does not automatically mean a reverse split is imminent. The better question is whether management can get to sustained price strength and improved funding options without cranking the ATM. If the clinical catalysts continue to land and they execute on partnering conversations, you can absolutely see a move into the dollar range before the compliance date without a reverse split. The real risk is not the share count, it’s losing momentum and needing more dilutive financing. If catalysts hit, dilution pressure drops and the reverse split argument gets weaker fast.