I think it's more to do with the fact that ePAT requires MUTLIPLE apps as per their recent announcement to be approved by the FDA etc and therefore the costs to market are multiples of someone like RAP for example who requires just the one app. More apps means more required revenue. Meaning more raisings. Meaning further dilution.
Ann: Update on ePAT for Infant Apps-MNQ.AX, page-10
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