It did not need 20-20 hindsight - most of the small or micro biotech raise money when they have good results - the logic is simple the price is increasing on good results - money is always needed so raise it - at higher price the dilution is lower
Well this is simple business logic that is employed by majority of firms - if Leo does not understand that logic then he does not have basic financial management skill.
Market Data 
Markets 
AI
