NP’s philosophy based on first hand accounts is go cheap and minimal. Sometimes cheap works out, many times it does not, like in the case of Amerax and not having the BLA reviewed by a third party. His philosophy on raising money is a cousin to going cheap. Do small raises and only what you need. Perhaps this was based on confidence that trials would be successful and result in a higher SP.
YES, if when this stock was at $5 a share, he had raised some real money, say $200m, the dilution would have been an acceptable 10%, and all the bad decisions made due to lack of money could have been avoided. With $200m, you could have money for 4 years if expenses were paired back to 2019 levels of $50m.
(Expenses have gotten out of control also, why are expenses $100m for a no product biotech when many other operate at 1/4 the cost).
It's bad management that is sinking this company, period.
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