$PULM This is going to rip so hard...
Yes management likely to issue a bit more additional stock options/etc. -- yet on a weighted average basis of available employee compensation, the vast majority of shares have already been issued & vested at much higher levels ($1.25-$1.35 level).
And don't discount Ted's 1.2million option position at a strike price of $1.35. $100 stock price implying a 10billion valuation = $100M payday for Ted Raad. I can all but guarantee you he is not interested in just being in the money at ~$3-$5, he's looking for a big big payout too for his effort.
Why am I throwing around $100 stock price with ease? Well remember - PUR1800 AECOPD US market alone is $2.4B Revenue in peak year (5-7 years out?). Implying a $5B market capitalization with 15% EBITDA and 15x Multiple on such. And this is just one indication, in one market...