Ah, yes, the well-worn "biotech in clinical trial" excuse for...

Ah, yes, the well-worn "biotech in clinical trial" excuse for every single misstep by management. Let’s not pretend that raising capital at a steep discount is some noble act of generosity and that the raising of capital could not have been conducted with better timing at a number of occassions over the last couple of years.

No this is not generousity for shareholders, it's the last resort of management with no other clear path to funding any other way , scrambling to keep the lights on at the expense of their shareholders. Offering these discounted rounds to existing holders isn’t some great act of loyalty.

And as for raising capital at a premium, you’re absolutely right biotechs can't often do that when they're in the red. However we should be able to raise at fair price, it suggests a much deeper issue poor management, flawed strategy, or a lack of investor confidence. None of which are things to celebrate.

So, no, this isn’t a reward; it’s a slow bleed. The true "reward" would be management figuring out how to increase value for shareholders without devaluing the stock at every turn.