They will definitely have to partner with someone at some point (since there is no way a company with 5 employees could ever distribute millions of doses to patients on its own), but I hope it does not happen this year.
Here's how I see it:
1. In about a year, positive results could send this stock soaring and create much better fundraising/partnership conditions
2. Neurotrope will need to raise more funds before the trial is completed to keep the business running
So how do we solve the problem of raising funds in a way that maximizes shareholder value?
You might say that a partnership is the best solution, that is, a different company agrees to fund Bryostatin-1 development until market entry and then receives some sort of compensation for distributing it.
The company could then receive new shares for their investment and/or a share of all revenues from any future Bryostatin-1 doses that it helps distribute to patients.
If done correctly, this type of deal would remove the need for any future fundraisers after the new shares for the partnership have been issued.
However, this would still leave the warrants intact which will further dilute shareholders. It would also give other companies leverage over Neurotrope, since they know it is running out cash soon and needs the money.
A different approach would be to just issue new shares to investors like they did before, but again, this would leave warrants intact and lead to even more dilution.
If they decide to give warrant holders some sort of discount in return for immediately exercising their warrants though, they not only prevent further dilution now, but also give themselves enough time to be able to negotiate better partnership terms after results have been announced.
At least that's what I believe.
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