Both great questions.
Disclaimer, I've held since the beginning so I'll try and be as objective as possible.
1) The dilution. I think any prospective investor should look at that & yes there are quite a number around owing to the cap raises over the journey. In BOT's case I encourage you to look at how they've not only raised capital but how they've put it to use.
Clinical trials from concept to success are not cheap particularly as they develop through the different stages. ie more participants, more clinics, more clinicians etc etc.
BOT also has a wider development program than most BIO's you may find.
Consider though, if the product suite is larger than almost any Bio on the ASX and if they're successful the addressable markets expand & start to nullify the dilutive nature of the SOI. It's a given they need to be successful to unlock them but it's a hi risk investment at this end of the Market so........
In BOT's case the recent raise, which included mostly US investors along with past capital inflows, seems to have pretty much forward loaded the cost requirements for not only current phase 2 trials moving into stage 3 (maybe a hint of success) but also funded other possible treatments, rosacea for instance. Hence the amount of SOI. But it's also added targeted 'hires' into the Co. Vince Ippolito, Howie McKibbon, Ric Peterson et al. All come with impressive CV's and, to me, very interesting pasts and abilities. ( Maybe more hints). So a good use of equity/capital in my view.
Which brings us to question 2.
I agree that to a new prospective Investor the releases may seem a little upbeat but it's not unusual for BOT releases IMO.
I actually like confident announcements but that's me.
My personal view of history here is the BOD's actions actually speak louder than words in most cases. The people they hire is one example. Of the Co's I own (23) I concern myself the least with Botanix. So far barring 1 cap raise we thought they discounted a little too heavily they have had shareholders interests very much in mind. Why wouldn't they, they ARE shareholders.
Please DYOR, I could be anybody, but I encourage you to flick through past Video's, Preso's & Financials for conformation.
Best with your decision and investment journey.
& Hope you join us here on the register.
MR
Back to the shadows
Onward (with confidence)
(20min delay)