Explain your calculation of market cap. Warrants not exercised belong on the cap table, where these represent potential dilution, but do not contribute to market cap current value. These may never be exercised.
From an industry perspective, spending $32M to date on a project for which the technology was developed elsewhere , for a topical wound dressing in a crowded space, is not a winning situation. Water under the bridge now, but ARTH history hints at more of the same unless something dramatic occurs. It is unlikely that comnmercialization of AC5 in the wound dressing space will be sufficiently profitable and throw off enough cash to carry clinical development of the "internal hemostat" device. What kind of dramatic event should one wait for?
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