Not buying that at all. If they were delayed they would be cash flow positive in 2020 earlier than if they were not delayed, they were already for 2 quarters in 2019 and would be 3 quarters if not for the FDA approval and launch prep, they would not have the big increase in spending for the launch so that argument makes no sense.
I know why they raised money, they followed the business school rule book and that's what it says to do. They did it to have money for the launch, simple as that. They made it bigger because they wanted to be 100% sure they had all the money they needed for any scenario and would not have to raise again.
Unfortunately, IMO, their analyses was flawed in terms of how much they needed to raise. Since management and the board gets basically free shares and cashes million regularly they were not that hurt by the over-dilution but also explains the lack of analysis on what was actually needed vs what they could actually raise. They decided to maximize a raise instead of shooting for lesser shares at a higher #.
Again, overall management has done well, they had guts to wait out the long years for RI instead of cashing out and selling at a low figure. Once that decision was made, however, they pretty much followed the business school 101 rule book. Look at the Steve Jobs, Elan Musks of the world that return huge shareholder value, they create the business books. Those people are rare and of course wish we had a visionary, outside the box, world beater CEO, but most companies don't.
All things considered, to date, they've been a successful team but if they ignore the obvious, by the book, next step of BO and they are going the more unconventional and risky route then we will see if they really are capable of going off script for bigger returns.
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