Based on all the trial results they should be highly confident of getting approval unless they know something they haven’t disclosed to the public. Why couldn’t they wait for the milestone payments to fund more research? What happened to all the funding they raised in December? Either there is a serious issue with cash flow or they are so incredibly greedy they just keep awarding themselves with more and more at the expense of shareholders.
It’s interesting. In December 2020 a common argument for the dilution was that they needed the money to get thru the postponement of fda inspections until April 2021. Yes it was more dilution but the good news was that they now had enough funding to get past fda approval and the milestone payments.
Now in February they are diluting yet again by millions of shares. So what happened? They have already doubled the number of shares since the reverse split. They have cut the shareholders equity in half. And even worse what’s to stop them from doing it over and over again?
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