Ann: US Clinical Trial Results Published, page-69

Debt financing as this stage of the company makes no sense whatsoever. This is 1st semester Corp Financing 101 stuff.
Publicly trading.
Less than 100m shares on issue.
Previously over subscribed CRs.
You don’t even have to know what their WACC calcs look like to know that equity would be the preference here.
Easier to arrange.
Less costly.
No risk of defaulting on debt obligations if sales take longer that planned.
Worrying about dilution in a company at this stage is short sighted. A CR, even one only given to an insto, should be seen as a vote of confidence.