Agreed. About the leverage provided by the mixed shelf financing, it seems to me that having the ability to raise cash and finance independently (in case of hardball tactics or delay on licensing, partnership, buyout, etc) is required and financially prudent.

This is clearly not my area of expertise, and please correct me if I'm wrong, but it doesn't look like there has been any offering to sell new shares on the market, just the ability to do so if needed.

If that is true, then this is a smart move. And they may need to use it.

The rest of the verbiage from the auditors regarding financing and continuing operations they are obligated to say. Most biotech clinical startups have financing challenges, and this has been the situation for the company for a long time. So, nothing has really changed except that

...Our strategic and clinical direction is far superior than before.

See Item 7. Management's Discussion on pages 37-39 on the 10K. Makes you realize we have smart people working for us on strategic direction, who are also smart enough to do what is required for financing.

Staying Long
Keeping on Keeping on