Unfortunately, I have to agree with your assessment. The terms of that last funding really pissed me off. I have been trying to console myself that the most recent funding would be the last before results come in from the Parkinson's trial in Australia. But that news article says that those results will not be in for two years.
I am not so sure about that. I have been invested here for a long time and have endured extreme dilution. I am not sure I will ever get my original investment back. HOWEVER...... To me it looks more like the principle is buying just enough new stock to keep things funded on an as needed basis, in lieu of getting involved with too many costly stock offerings that usually bring the true significant dilution (which I have experienced here).
This company, while precariously operating on thin finances has done almost everything they said they would do over the many years I have been invested.