I'm in the same camp.
Asking for such a significant increase in authorized shares for cash needs 24 months + down the line can only be associated with some sort of trouble - which greatly diverges from every business trend or message Peregrine has been sharing. Of course, they could be planning to start multiple self-funded phase III trials and go for the shares/ATM faster - but that would be the wrong move as time is not on their side and a small company will heavily struggle managing multiple concurrent (and they need to be large to provide value) phase III trials.
Coupled with what appears as good progress on product/business development horizon - I read this as North, MD and many others - an entry point for a partner. May be contingent on 1st/2nd look outcomes to actually execute - but positioned for success once outcomes are proven.
If I'm looking at it from BP perspective - it could be the best balance point for risk/reward. Peregrine wants untold fortunes - and if they can prove it works, fortunes are deserved. Commit to paying big money and get in the driver seat - with a contingency that lets you out if the product doesn't deliver.
This can't go on for ever - combo of signs, strange activities and intense quiet may be telling.
Best,
MH
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