Here's another point that is easily overlooked about the ISRG deal. We raised $7.5M by licensing IP that we can still license out to others and still have full rights to for ourselves. In our current 15 cent range, that would have been around 50 million shares of dilution except with a typical discount, maybe closer to 75 million shares... and raises often go 1 to 1 with options, so for the nearly free money they just took in as revenue, they saved shareholders from more than doubling the outstanding share count!
Gotta look at all sides of the story!