Don't avoid the obvious.

Al certainly knew that the longer he waited to raise capital - and the existing cash position evaporated - the stock price would tumble; so why didn't he sell some more shares while the stock price was holding up? My personal opinion is that the kinds of offers to partner were escalating during negotiations. I experienced the same thing during my lifetime.

Secondly, if a partnership does not happen soon, look for a sizeable dilution; however, the unwinding of that situation would end in a reverse stock split.