Dilutive equity-issuance waterfall vs the immaterial insider sale Quarter-scale cash burn drains the balance, so the company must keep issuing equity to extend runway. The pending Boeing transaction adds consideration shares, warrants, and a contingent forward purchase; each step grows the share count and dilutes per-share value. The certification gate sets the price of future raises. The insider sale sits entirely outside this mechanism. Cash & investments funds the burn Quarter-scale cash burn 1 Equity issuance to extend runway 2 Boeing transaction adds shares Boeing consideration shares 3 Warrants claim on future shares 4 Contingent forward purchase if large raise 5 Share-count growth denominator expansion 6 per-share value holds per-share value erodes share count per-share value future raises Certification gate · FAA / eIPP 7 track: cheap dilution slip: costlier dilution Insider sale immaterial, outside ladder 8 not part of this mechanism