I had not heard about FCSC before but the OS is 656 MM and the company is still worth 100MM. Big difference on both accounts vs. TLON.
In my opinion, it is not convenient for TLON to dilute common shares any further because then the stock price would go below 0.35, which is the conversion price for the two main investors (or so I read).
I think FCSC is a different situation than TLON. However, someone who has actually followed the FCSC can probably provide more perspective.