Anavex does not have an ATM with LPC. They have an ELOC (Equity Line of Credit) with LPC. That form of capital acquisition can be relatively expensive and more dilutive because of the mechanics involved in how LPC generates a profit from the relationship.
The relationship with Cantor is indeed an ATM and generally speaking only costs Anavex a 3% fee to issue more shares directly into the market on Anavex’s behalf. ~3% commission is actually pretty low cost financing if you ask me. The dilutive effect is dependent on the stock price but if managed correctly as a small percentage of daily volume the dilutive effects can be minimized.
Almost every single form of raising capital,that I’m aware of, has some sort of fee attached to it. Even a partnership would be dilutive from the prospective that portions of potential future income are traded for the current capital to run the trials.