You make some good points. Actually all forms of raising cash have one thing in common: you're forking over cash (so something of value than can be converted to cash) in the future for cash now.
And loans are just another form of dilution, as are deals, because the payment for them comes off the bottom line in the future whether it's cash or a share of royalties (which is just another form of cash.
But there are differences and those differences could be important in deciding which is the best method for KBLB. One of the most important differences is sharing of risks. Deals that involve royalties and/or ownership of shares (which include both secondaries and some kinds of deals) involve sharing of risks. And shared risk means a higher ultimate cost. But, as you noted, conventional loans are not a realistic option because of the collateral issue.
One very important consideration about secondaries is the question of who handles it. There can be a huge difference between how it's handled by different organizations. SGMO (the company that owns the zinc finger IP and licensed non-therapeutic applications to SIAL who sublicensed the silkworm ZFs to KBLB) had a bad experience with the first secondary it had, due to how it was handled, so it switched to a much better financial organization the second time and it went much better. So who handles it is very important.
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