Even with 100% dilution the market cap would be $46 million,...

Even with 100% dilution the market cap would be $46 million, with most of that is cash in the bank. And that cash would be enough to get the GBM phase 2b (potential fast track approval trial) well and truely started. And get upcoming CarT trial off and started.

Retail investors have shown they arent willing or not in a position to throw more money at CHM when the hat has been passed around. So finding ways to keep the pipeline moving has to look elsewhere.

Yes this could be a good deal for a group of 708s or and institution, but when a biotech research company is pre revenue it has to grab money where it can.

So even with 100% dilution there is still little to no EV valuation in the share price. So retail holders will still be in for multi bags if/when the pipeline hits paydirt. We saw trading volume increase significantly after the last increase in shares, and that is a very positive thing. Having the coffers full so the pipeline is well funded is another very good thing.

I wonder if the algo trades we have seen of late have been to keep the Vwap low before it all happens?

Strangling the company's abilities to fund the pipeline can be self defeatist. Thos is a high risk investment. Its a company that is only a handful of years old, yet it has a pipeline that is far more mature than many other asx biotech companies that have been around for years. Three drugs to be hitting arms in four different trials this year. One of which should be eligible for a FDA fast track pathway if its past results keep on happening.