Please correct me if I'm wrong, but by my count we have 11M shares outstanding, 705K in options and 4.85M maximum in convertible notes (not sure the terms on those), giving a possible fully diluted share count of about 16.6M.
With $21M in cash and a $23M loss for the year, we are not in bad shape going forward. The question is how much more will the trials ramp up cost but even with a maximum $140M needed to commercialization (and I doubt it will be that much), that would only be less than 10M shares at a conservative offering price of $15 (if the price were to drop back down), giving us around 26M shares at the likely maximum when we get to commercialization.
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