I don't see dilutive fundraising as toxic debt, it's money the company can use without paying anyone back.
That is literally the definition of toxic debt. When instead of paying back the debt in actual dollars, you're paying it back in equity, thereby toxically diluting shareholder value because every time you raise money this way it becomes exponentially more dilutive because you have a never ending cycle of issuing more shares for less dollars.
"Not paying back" the lenders (with actual money aka revenue) is the problem.
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