Isn't it a bit early to be talking about dilution/cap raise? IMHO, there's plenty of time to get the share price up before we need to raise additional capital, and there's lots of upcoming news which has the potential to do the job - provided management execute to plan - which they must really do this year and I believe they're aware of that (hence the changes we're seeing in the management structure).
And is further dilution really inevitable? As you said earlier, the other option is offloading some IP in exchange for funding. Given the seemingly ever increasing potential size of the Zantrene pie I really hope is something management will pursue seriously. And not only to bring in funds, but to increase the likelihood of success and get Zantrene to patients faster.
In regards to shareholders, yes numbers of shareholders are dropping but interestingly the number of shares held in each division is surprisingly constant. This indicates that the average shareholding in all categories is increasing in size, perhaps reflecting the confidence of remaining shareholders, and that we're potentially still blowing off the 'reddit/COVID/hype' top of 2021 and failed YOLO'ers etc. are capitulating, exiting and going elsewhere. Long term this could be constructive for the share price.
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