Theres, the basics of calculating a share price is that the stock has to have profits derived from revenues. And a stock without these two elements, revenues & profits, makes it just a speculative gamble. And yes dilution does matter, but when ACT has a negative eps(earnings per share), as it now does, then essentially it can't be valued, no matter how many shares outstanding it has. But if ACT proves efficacy, it's stock will fly higher, even before the FDA approves the RPE treatments for marketing.
Also I believe the EMS might approve RPE treatments for AMD &SMD, before the FDA does, which would be a good thing, too.