I tend to agree, that is why I would actually be in favor of more dilution if it meant the funds could be efficiently applied to an accelerated process.
So you are ok with what is written in the SA article between the license agreement and the Class A voting rights over shareholders (that's all rock solid?) as being safe for shareholders as a long term investment in those particular regards.
Or do greater shareholder protections need to be in place.
Such as NNVC funding research for MERS but their isn't a license for NNVC for that.
Your estimates have been realistic at the time made. But they always turn out to be optimistic. Fancy that - NoRetreat, the optimist. Any guesses how many more dilutions between now and the start of Phase one?