Ann: R&D Activities Update and Appendix 3B, page-18

I think people dont quite understand how ATM raises work. Its very standard for biotechs in the US.
https://en.wikipedia.org/wiki/At-the-market_offering

Those collateral shares are to facilitate the ATM. They arent free shares and they are utlimately bought back for nil consideration and are used to hedge during the evaluation period.

ATMs have price floors set by the company (RHT) and also maximum number of shares issued (chosen by RHT) who also chooses when the evaluation period is (RHT). This is completely the opposite to con notes.

The reason why ATMs are popular with biotechs is that the volatility allows for raises above VWAP. A few of cash burning resource stocks tried atms which isnt the ideal setup. As with any raise u still need the goods for it to work well, being cash flow positive helps a lot.