Many derivatives are involved. Not only the warrants but also options. Huge number of the latter and to confuse things, IIRC some were 'awarded' in 2018 but not actually given till later. The true measure of dilution has to be fully diluted share count to fully diluted share count. Dilution does increase as they pay expenses on an ongoing basis out of share sales, but even as the share price is halved, the fully diluted share counts are huge and the ongoing dilution to pay expenses is big but not massive. We can discuss that as it hurts longs over time especially when lots of time passes and NWBO fails to do enough to support the share price.
They don't either don't know or don't care that they need to focus their cc's on near term revenue, not focus on stuff like the Roswell IP which is still in ph II trial. We have no information about how much that will add value to DcVax or otherwise deliver, nor how soon it will have any effect on earnings. But the earnings they need to discuss a lot more are the very near term earnings from DcVax sales post MAA approval. IMO management lack of focus on the immediate revenue stream we assume is very near is hurting the share price very badly. Maybe they are actually laser-focused on that but you wouldn't know if from their CC.
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