The main problem I have here is that through the offering with the warrants, some get the opportunity of investing without risk, while smaller investors have to practically shoulder all the risk alone.

It would have been nice to find a way to have smaller investors and more loyal shareholders participate in these offerings. The current example of Galectin shows that this is possible.

Also, in hindsight, creating that much excitement and expectations over the start of the TNBC trial in February now seems like a way of luring in new investors, despite knowing that the first injection would be months away. There is no way that they didn't know that it would take much more time (be it because of additional tests, or the involvement of the trial centers in other trials or whatever.). That is why stating "any day now" was unethical and misleading. Since this guidance was reiterated several times, it is crucial that they start by end of April, or until the shareholder meeting at the latest.

That being said, I think that the plans for expanding the inducement program indicates that a deal is close, and that the additional 100M shares will only be used at much higher prices to advance the trials and to foster commercialisation. I'm highly optimistic long-term, but frustrated short-term.