Duh, of course there will be dilution. All startups undergo dilution. You people act like it's the end of the world. IT'S NORMAL!!! Of course the question is how much. It's the same for every pre-revenue startup. InMed currently has roughly 172 million shares outstanding and Edison puts its valuation at $1.49/share. If they doubled their OS (very doubtful anytime in the next year + - that would bring in $43 million at the current share price) they would still be worth roughly three times their current pps. This company is severely undervalued.
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