BLG chart, page-114

It is a long term investors job to help fund their company through development to cash flow and ultimately profitability. Do I think a CR would be negative at this point? Absolutely not, as there is a clear path to revenue in the near term that will likely see any raise well supported.
Investors are looking forward and see Jim Haden as the future of this company. The chart actually shows a change in sentiment after he came on board. I would not be surprised to see him appointed as CEO at some point this year. He is a very professional executive with high level contacts able to attract quality staff and customers.
When WBT raised at .28c it allowed a swift and violent advance as cash reserves were no longer a problem.
With customer sales due anytime the CR would likely be a significantly higher levels IMO. If that's the case uptake may be oversubscribed or worse for sophs and instos only.
Don't think the chart is showing your concerns. Looking ahead more it seems.
Should find out this week.