4c is Fully diluted 4 x 3b approx =120m. 3c is FD only 3 x 2b approx = 60m, because 1b options are not in play.
What is the sale value ? what would they cut a deal for ? certainly any mates who get in at 1c, are winning if its close to the 100m play. ? but i only speculate? can others provide some thoughts on a sale value if that is something they think would be a way forward ? is it a viable path at this stage ? or within this cash runway ?
There are significant risk and reward, a heads play safer if there is doubt on the sale value. or cash burn that requires more dilution, and a limit on the sp projection.
So it comes down to, how much, and when. In the cash runway ? or beyond it. ?
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