Upon further investigation:

http://ycharts.com/companies/ACTC/shares_outstanding

The outstanding shares were right about 1.4 billion in 2011. From there to March 2011 they ended up dilution 500 million shares (right about the mark BMSN has hit recently). So it makes sense we're seeing the end of dilution now. I think everything is probably paid for at this point. It's a matter of getting approval and if needed more dilution later in the future.

An even better chart (this will hopefully be what the BMSN chart looks like generally):

http://ycharts.com/companies/ACTC/chart#serie...p;endDate=