"I think they're protecting shareholder value with this move, and I can afford to wait."
If I had my way, they would press on and burn the cash reserves until they get SORAYA or MIRASOL results. That would be in the shareholder's best interests. Assuming they have something approvable, then they could then do their secondary at a higher price per share that would be less dilutive. What they are doing is not unexpected, but let's call it what it is. They are buying future employment insurance against the possibility that the ongoing trial results are disappointing. They would then still have enough cash to continue motoring on paying the light bills and making payroll while the share price descends into penny stock purgatory.