Yes i understand your point about dilution. That's why they should wait to execute the option until they see results from ISLA101 P2 study (if it ever gets under way). If that is successful then the SP should significantly re-rate and can raise at higher prices, minimising dilution.
A lot of 'ifs', 'buts' and 'maybes' with all this. Just have to see how it plays out.
Ann: Non-binding term sheet signed with BioCryst, page-23
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