There is no way to raise money without something that is equivalent to dilution. (with one exception, noted below)
If you get the money from selling royalties, for example, then money comes out your future profits which will have about the same effects as dilution over the long term
It's just a matter of how you prefer to do it. One of the biggest differences is that when you get money by selling royalties, the buyer extracts a premium because he is sharing part of the risk (of course anyone buying stock in a secondary is also sharing the risk).
So the alternatives may not be nearly as different as you think.
The critical point is not how you get the money but how it is spent:
Is it spent in some way that increases the value of the company more than the cost of the money (which, IMHO, using it to complete Gen2 (pure spider silk producing worms) certainly would be) or is it wasted on useless things like executive bonuses etc.
The only exception I know of is grants from either private or government sources. (SGMO is quite good at that and it's one reason why their cash position is so remarkably good).
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