NAVB dilution has been a hot topic lately and seems to be based from the short side of the trades IMO. NAVB has had short attacks like many others. They have cash on hand until Q4, but not longer, and this to me makes for the only short thesis, since the LS NDA acceptance debate long gone.
After LS approval would seem prime time for an offering to raise new capital at higher SP and also wipe out the Hercules loan and it's restrictions(which was really a LS commercialization bridge loan IMO). Big blocks of the older warrants also set to expire in early 2013 I recall, all bringing analysts float estimates up a good 20% next 12 months. Regardless, very good trading opportunities in this one, now and down the road.