Swing Traders driving away interest and capital is not mutually exclusive from a process that is constant for a pre-revenue company issuing shares as it does. Driving down the price, s/it posting helps accelerate the decline and pre-approval or pre-decision it is common for such persons to sell, and s/it post into the news so that they can get in cheaply. That’s just a reality that anyone can observe in many of these microcap bio stocks. It’s a regular pattern.
So yes, they are going to dilute in the lead up to going commercial but they’ve also been doing this in previous years as well, which is a necessity for pre-revenue companies like this, absent other means.
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