I think there's been a little dilution but not enough to explain the drop in share price.
From yesterday's 10K, shares 12/12/2018 are 46,586,162 and shares EOY 9/30/2018 were 45,933,472.
From 8/9/2018 10Q, shares that day were 45,431,305 and shares EOQ 6/30/2018 were 45,212,074.
Cash and cash equivalents dropped 3M (25.8 to 22.9M) from 6/30 to 9/30
Of course at this point there are probably just a small number of patients in the two active studies so there have been very few payments to the sites. Expenses are about to increase.
Some studies have paid us monthly (with about a 30-60 day delay from actual visit/service) and others have paid us quarterly (so could be 30-120 days from date of visit). Payments are first made to the CRO and then to the sites (with of course a large cut kept by the CRO for their services/profit)
