It is part of the May 2012 prospectus. Under that shelf registration process, they may from time to time sell any combination of the securities described in this prospectus in one or more offerings for an aggregate initial offering price of up to $250,000,000. I have not been around long enough to know how much they sold last time around.
Perhaps they are planning to launch additional clinical trials. I think a head-to-head efficacy trial against Votrient or Sutent would be crucial if they want to become the market leader in RCC. Alternatively, they could go after additional indications for tivozanib or decide to advance AV-203 on their own. I don't think they will pursue any additional trials with ficlatuzumab unless they manage to find a partner.
Looks like they have about 1.5 years of cash at the current burn rate, so hopefully they will not go crazy. If they do 10MM shares or less the consolidation period will be short. If they offer more, the stock price could be dead for a while. Selling puts is the best strategy after an offering price drop IMO. Since AVEO has critical info out before the Feb expiration, I may wait to take a look at that before doing anything. All IMO, not advice. I may miss the boat here.