Management can defer their salaries forever, but the market cap won't increase if IPIX is still preclinical. The first Aspire agreement was in 2012, so Leo could've diluted shareholders more if he and Dr. Menon decided to take salaries after the agreement. Instead they decided to continue to defer and transformed the company from preclinical to clinical. Investors bought because they saw the transition, but because of the salary deferment.
The dilutions were justified by the eight trials in nine years, so I don't think they were "brutal". Leo is trying to maximize shareholder value by taking the drugs as far as he can. The first PR which he mentioned partnership was in September 2016, less than one year ago.
"Our plan is to conduct a small trial that will provide the critical data necessary to forge a partnership with a large pharmaceutical company that could potentially fund development of Kevetrin through FDA approval."
If you know another biotech (similar market cap) with a 5 for 5 success rate and a history of salary deferment, please let me know because I would like to invest.
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