That is not what is stated in the letter. 'Evaluation' of a variety of funding options is ongoing. Dilution is NOT ruled out.
There is no assurance made by Gerald that reaching milestones WILL result in other funding options becoming availible. They need the funds to be able to operate "over the foreseeable future"....toward reaching major milestones.
Also, Gerald's 'belief' of what constitutes a 'major milestone' may not be shared by those from whom he is seeking funding.