Dilution? 100% working capital. Frankly,
with all the options around, the total shares should be around 560M in 5 years, except if you think that a major catastroph will happen and options won't be exercised. So, if Thomvest exercise the options instead of being repaid, we will be talking about 3% dilution.
However, what will be the share price in 5 years? $ 3-4-5? Can't tell, but any dilution won't matter at this point from here.....
Now what we have, is a total of working capital for 5 years. If this can accelerate the time frame to put on the market one or many orphan drug by 1 year, how many $$$ that $ 10M will have generate. It's all about timing, and the sooner you deliver, the sooner the cash will come in the bank.
Ever heard about that old principle that you need money to make money?
And Thomvest didn't ask the total Intelectual Proprties of PLI in garantee of the loan like it happen in the past. So they must be very confident about their move, and PLI is now perceive as a solid growin company.
Just my opinion, but I like what I'm seeing.