Re: damn - just announced a secondary....
"...am I being a conspiracy theorist here."
I often get side tracked by the whys and wherefores of strategy, timing, and perceptions of management error. Sometimes, I see daylight through the dusky tide of short-sighted guidance, and react with knee-jerk confusion, greediness, and overbearing arm-chair quarterbacking. But, here I consider that you might be right. A higher share count could not only be construed to be detrimentally dilutive, but - on the upside - might also be perceived to make CALA more "liquid" if another partnership attempt is their goal. Along with a higher share count is the potential for increased volume trading, strategic accumulation, and stealthy insider purchase. I see book value here at approx $2.80/share, institutional share count approx 66%, with at least 3 pipeline catalysts remaining in 2019. A 20% dilution gives Susan the capability of paying for a couple of trial initiations and producing another ~10% drug partner without severely impacting the existing float - the strategy of which may seem somewhat evasive at first - until you consider the possibility for insider options, insider buying, and using shares to lure new talent. We'll hafta see what spins going forward, but I've never felt more optimism for this company.