The “fully diluted is above the authorized share limit” argument doesn’t explain what NWBO just did. If this were only about administrative cleanup or blocked warrant exercises, they could have raised the A/S by 200–300M and been done with it.
Raising the authorized shares by nearly one billion tells you something completely different: NWBO expects to need additional financing before any MHRA catalyst, and the company itself does not see approval as imminent. If they were close to approval, they would not pre-emptively expand the A/S on this scale.
Blocking warrant exercises wasn’t a strategy; it was a symptom of having no room left under A/S while the share price was too low to absorb forced conversions. That’s a survival situation, not a reason for a 900M increase.
The only explanation that fits is that the company anticipates substantial ongoing costs while the CMC/Flaskworks work continues and the MHRA timeline remains uncertain. The huge A/S increase is runway protection, not housekeeping. Everything else is wishful thinking.
I expect longs will have to wait at least another 9 to 10 months but that's a gut feeling all because of the CMC expansion
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