Yes, I realize what you were saying, and I was agreeing with you. But, what I was pointing out is that in this case the net dilution is actually only about 15% using numbers that reflect a somewhat IMO depressed and not fully realized company valuation based on the start of a first clinical trial, almost no debt, and relatively low costs ahead of licensing deals. Lower SP may come in the next month or two, but eventually the biggest players in the market return from vacations.
Also, regarding criteria, I can't agree with you more. I do hope you get that outline as promised.