I don't like the dilution either - but don't forget, last dilution happened at 1.80 - stock price more then doubled since then, in less then 1 year.
I believe that HB waits for the Rida data with partnering to see where and how much of Pona he has to give away, and at what price.
So, short-term negative for me, long-term neutral, maybe positive.
and as I'm always long in stocks - after the first anger - fine for me