The 26 million shares were registered, not issued, and it includes the shares that will be issued if the warrants are exercised too, which is not very likely at these prices.
The true amount of issued shares will depend on what preferred shareholders choose to do with their convertibles.
My guess is eventually it will end up in the 10-15 million share range on that registration. The only chance of cash distribution is if no one wants to move forward with the drug for any indication, which isn't likely to happen. I realize that's not what most of us want but that's the most likely route that the company has shown us they are willing to take in the past. That's what I base my judgment from. Going to be a long ride here unless management hints at a cash distribution or they package what they have with the cash and sell the whole thing. That would be more l likely than them ever buying back shares IMO. 80% chance this dwindles down and ends up being split again as they attempt to run additional trials. That's my odds anyway.
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