One, who knows what the deal exactly is with warrants. Two, the unrestricted $10.5 is already probably shrinking. Third, normally a company would like to have at least 6 months cash on hand so dilution is what the company lives by. That means the company if loan was paid off tomorrow already at the point of wanting to build cash further.
Last, but not least, the company is not in good shape fundamentally if phase 3 is not complete by June 2019 and investors are not patient.
Really the bullish case is when the picture is cloudy, volatility at times can be nice and green.
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