Jul. 15 at 5:12 PM
$BVAXF $BIOV.CSE Platform validation thesis is solid, but the 21.4M share reserve against 44M outstanding is a 49% dilution overhang.
Once filings clear, if management immediately raises to fund SpayVac, oncology, biodefense, mRNA programs all at once, that eats into the reward.
Let's watch the dilution math carefully.