re re as advertisedThis is not an institutional stock yet, and is unlikely to be for some time. It is too small by market cap and too illiquid. Many funds have minimum market cap restrictions and minimum liquidity requirements, this stock meets none of those. We all hate dilution, but the float here is so small even a decent retail broker cannot buy a position quickly, and certainly could not sell it once they had it.
If/as the price rises over the next few years, it would be sensible for management to issue some treasury stock and increase the free trading float. There are a few long term shareholders (Fidelity being one), but few institutions are as patient, and those shares may be in private or restricted funds.
Insiders here do not sell (as evidenced by the cross a few months ago within one family), and there are some private large holders who show no signs of wanting to exit. Liquidity is a big issue.
While I like the caution and frugality of management, it does restrict who can buy this. I am OK with that at this point, but as revenues rise, which we hope is 24 months out, the float will need to increase. I doubt Dr SN will consider an issue below $4.50, but if we get past that perhaps next year, it would make sense.
Best of luck