BP, there is a more than good possibility that GTC EXPECTS to have to fund operations for the foreseeable future through public financing. In other words, they are not busting their butts to achieve profitability and will simply ramp up spending as cash flows come in for various programs. This may not be a bad thing. I think they see the mission as raising roughly the same moneys as in the past into the future - say several years.
With this spending comes accelerated development and new development. To look at it another way, if they were to concentrate only on profit, the share price may go up but the real value would decline as competitors catch up and development stagnates.
Subsequent dillution may not be as severe, but the bottom line for me is that I have accepted the periodic money raising event as part and parcel to GTC for at least the next few years.