Biotechs dilute to some extent to exist and prosper. No one wants serial dilution but it's part of biotech. If small bios like this only made decisions to increase value in the short term for shareholders like you and JP then they would likely cease to exist. If JP needs money in the short term, I would suggest dividend stocks. You can get some in the 7% range that would pay quarterly and there can be less worry about the investment. Biotech is risky. It is very clear that both you and JP will sell on the first major pop with AMBS based your comment about needing a certain share price by Feb. If you do, you will miss out on major upside. Just my opinion.