We don't invest in stocks as depreciating assets that we have a...

We don't invest in stocks as depreciating assets that we have a (primary) benefit in using, such as cars.
We actually get nothing for them (aside from dividends if you're lucky).

We become 'business owners' (shareholders) but to have that value plummet over time is never shrewd.
If we haven't learnt hard investment lessons from FBR then more fool us.

Just compare your investment returns to other companies since 2017. It's humbling (and embarrassing actually).
The money that the BoD has taken from shareholders (we, the business owners) during that time is indefensible (as an aside).
By no means was it simply 'the smell of an oily rag'.

I take the point regarding dilutions possibly adding to the value of a company, but for FBR we're trying to get our first product (that brings home the bacon) right.

Investing in companies before profitability is very tricky.
Off course investing can still be done.