If $14m gives them 12 months of funding it means they are closer to efficacy or bust. Either way it is a moot point because if the science works, everyone wins and if it doesn't, everyone loses.
Your point on more SOI is flawed. If it was purely about that, the company could undertake a consolidation and reduce the SOI, which would benefit shareholders based on your theory, but in reality it is irrelevant as the EV hasn't changed.
If $14m gives them 12 months of funding it means they are closer...
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