Ann: Proposed grant of options to Directors, page-14

"I guess in fairness, they can't forsee where the stock price will go short term" - I agree you can't forsee when a SP will go in the short term. But you can foresee what will happen to the SP when you have to admit to the market you're burning through your cash a lot quicker than anticipated and it becomes clear that you're likely to run out of it before you get anywhere near break even.

When someone's raising cash, if they're desperate - the price is usually cheap. It pays to think ahead. Management get paid to do simple things like ensuring there is enough capital, and if needed, raising it at opportune times. You don't wait to go to the well and go "oh sh*t, we're out of water", then try negotiating with Mr Scrooge for some. He knows you're desperate and will shuck the life out of ya.