Ann: Quarterly Activities Report, page-6

Yes a raising has been the overhang for this stock for several years but your estimates on $10m at 30% discount is overly bearish imo. If as you say they have $1m cash outflow per quarter during the worst of coronavirus why would they raise $10m, that's 3 years of liquidity at current run rate baring no improvement. I suspect any raise would be smaller and at much tighter discount. Last raise was done on far more attractive terms with support from large shareholders.