Licensing is dilutive as to particular indications/markets but it is preferable to diluting the whole enterprise at suppressed share prices. And apparently the market feels the same because this issue is most likely what forced Dan out. We've done enough enterprise dilution, and now we need to raise some money through licensing. We need a higher base share price from which to operate at this point. Also, I'm not sure where you get mid-2019 for the earliest possible EMA decision. It is more like mid-2018.
News 
Market Data 
Discover 
