Biotech Values

[iwfal]

They don’t need to spend that much money at the outset, but they want a reasonable assurance up-front that they have access to enough cash to bring the FoB program(s) to fruition.

Ok, agree with this. But then the point still stands that this is about worry/protection against a upcoming (potential) binary. More worry than I think some on this board have. Or alternatively they don't care about diluting shareholders (e.g. 5 months of cash is worth a 17 percent dilution).

All this is another way to say that they have meaningful worry about a possible tL approval in the next few months (because if their worry was about an approval 5 months from now they would have already have as much cash as they would be getting from this offering).