hello kris,
I would say that this is not reflective of any lack of confidence whatsoever. the expansion of shares issuable is usually done long in advance of the actual issuing of shares, both for practical and procedural reasons. When we're through first quarter 2014 they might then need financing, and I imagine once we get what we all think will be stellar results, they will not have trouble securing a deal by way of a private institutional offering (which would have a neutral to positive effect on share price). The expansion of shares issuable is necessary for such a thing to occur; We know for a fact that there won't be any dilutive (or otherwise) stock financing this year as they have a great supply of cash currently. They probably will, however, issue small amounts of shares to staff as part of the Equity Incentive Plan specified in the prospectus. This is in turn reflective of an INCREASE in confidence by those working in IMUC. I imagine people like the newly hired renowned Gringeri (and even the CEO himself) are very eager to have an equity stake in the company (given high expectations/ possible undisclosed conviction that ICT-107 looks to be headed for accelerated approval).
my 2 cents
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