Current annual new dilution rate is about 5%. If that's breaking anybody's back their backs are very weak indeed. Personally, I anticipate appreciation based on filing the UK MAA and then marketing approval apps to 3 other non-UK RAs, followed by approval of the same will totally dwarf the 5% pa dilution rate, probably by several orders of magnitude eventually. Anybody who doesn't believe that is probable would be stupid to stay invested here, imo.
It's very true that LOTS of equity got crushed when NWBO sold hundreds of millions of shares at .25 with 100% warrant coverage. That damn well is not what is happening now. For one thing the rate of dilution is tiny compared to the prior disaster that happened 6-7 years ago, also there is no evidence that warrants are being issued at all let alone 100% coverage. Anybody with a brain can see that the current level of dilution is hardly 'breaking long's backs'. Investing in pre-market companies is not for the faint-hearted but at least one should accurately understand what the risk/reward math is and not whine constantly about constant very small dilution which is very obviously required on the road to getting the product to market and/or closing a partnership deal of one sort or the other.
BTW managing one's stock market investments in start-ups by 'sunk investment costs' (i.e. I bought at a higher price so I 'can't afford to sell here at a loss') is one of the worst investment ideas you can have, in case that is motivating anybody to hold on even though they don't see the very large gains coming that I do. If you lost money and don't see a strong likelihood of getting it back, it's usually very foolish not to move on and try to make back your losses with a more promising investment. Surely sophisticated investors like PM know that well.
