Pure speculation, but since the company seems well cashed up to fund their current R&D pipeline, not to mention the potential milestones associated with advancing any current or new candidates in the pipeline, I would have to believe the shelf offering is for if they want to exercise their US commercialisation rights for the AZ asthma drug.
Again, pure speculation, but it seems like the only big unfunded commitment they might have.
Thanks NoNameStocks for bringing thos one to my attention, this is fun, and potentiallyvworth a whole lot more if their pulmonary delivery platform receives more validation.