Well I agree the asking me where the money went . Having an open mind regarding their potential future and spreading my risks is what got me to where I am today. How much has been diluted ,when you say "fully diluted", I think you mean if all the warrants given in the recent financing are exercised. Of course, in a retail-focused thought piece, you can't do justice to advanced topics such as capital structure.  As such, I just focus on the sources of potential reward, acknowledge that many risks exist and my track record an accumulated picks aren't so bad. Getting back on topic, in this situation there are several possible scenarios. The valuation could take off, making future financing less dilutive. I consider them all in calculating risk/reward, but leave detailed discussions of each to discussion forums like this one.