Token Cat Ltd (TC) AI Dilution Summary

Cash was $140,000 at the 2025-12-31 balance-sheet date, against estimated monthly burn of $2,101,667. Dilution here is driven primarily by the F-3 shelf registration 333-292192, which is registered to $500,000,000 and expires 2029-01-07. Its capacity is stated in dollars, so the number of shares any takedown could issue grows as the share price falls.