There's a lot of logic to what you're saying tada....raising $160 million would be overkill at this stage in my view as well, and it could absolutely be perceived as you suggest....filling the coffers ahead of top-line due to a lack of confidence or outright fear of trial failure.

The flip side would be that those buying, obviously there's would be a totally different viewpoint....no matter the size those paying $4 for a share and a warrant priced at $4.60, they must be thinking the PPS will be moving over $4.60 or why spend $4 when shares can be had right now for less than $3.50.....at any price under $4.60 the warrants might as well be bathroom tissue.

Not long to find out in any case.  Maybe there are some big buyers who wanted to establish large 1 million+ share positions who were unable to do it without driving the PPS up to $5+ and maybe even much higher than that.  Buyers need sellers after all, and it doesn't seem to me any of the insiders are letting go....nor many of the retail bleacher crowd either, although I think this financing news probably shook some free.