That Squirrel analyzed this situation pretty well. They diluted substantially between notes and shares. Apparently it was obvious to him that they had no other choice since they were running out of cash due to the new focus on DED and whatever is happening with the neutralizing antibody test. I am guessing that they spent some of the SG&A marketing that test since they severed the relationship with Empowered in late March after a 30 day cure notification.
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