He is running out of money pledge so he's having to do dilution...

He is running out of money pledge so he's having to do dilution - because a cap raise would be brutal. That multiple shots at goal stuff - its become - oh dear we need to sell the bottom paddock (DFU too early - what about the results that were supposed to become available earlier - an early set and a later set of findings) to subsidise the late development of the crop in the other paddock (GVHD) that we raised funds and underwent dilitution to get.

Why does a CEO need to spend money on investor relations - because investors aren't relating to him (ie. believing and buying) - why aren't investors relating to him - because his vision and performance aren't causing them to.

Stand by for more using of Peter (existing shareholders seed capital) to pay Paul (future shareholders willing to overlook the past).

That's my in outline or quick take. The details of course are in the details. The DFU trial protocol got changed a good bit into the trial time. They added a condition - that wounds dressings not need to be changed every day. Why - I don't know - but I am concerned they didn't anticipate that someone in a hospital might change wound dressing like daily to look after a wound and that that might make results hard to interpret as the treatment arm and the control arm wouldn;t be consistent across time and sites - small samples - small changes - results that get confused and confounded. I could be wrong. But it looks to me like they added a site that produced no patients in the DFU trial.