The stock is down because of the dilution, simple math. This is where it belongs for now compared to the price before dilution. Difference is that the company has a lot more cash now and a huge backing from WS when the time comes. Relax.
An acquaintence is a former WS trader with substantial assets. He has been following the stock and even passed on the information to others who are significant traders. While I explained the opportunity based on science, end market, etc., the main interest was (a) what do analysts think it's worth and (b) how do I use options to make money and protect my principle. His reactions to the dilution was "it's worth 20% less than what the analyst's previously thought" and "certain options have dropped enough in price that it's worth a gamble". Couldn't care less about BLA approval, Optina results or that big bankers are involved.
Just one viewpoint, but I found it interesting since it came from a professional trader (not investor). Likely, other, more long term major investors, are buying for the long term story. In either case, they do not panic or get elated.