As of Dendreon's 2012 end of year report, it had total liabilities of $686.51 million, current liabilities of $103.94 million, and a total accumulated deficit of $1,954.35 million! In other words, this company is in horrible financial shape with unimaginable debt and no money to pay off the debt. The only way to humanize the potential trouble that Dendreon is encountering is to think of an average American family with $50,000 in annual income and $120,000 in annual costs with debt obligations of another $150,000, with a near maxed credit line.
With Dendreon having a market cap of $650 million, I would not be surprised to see additional dilution in the coming months. The company is going to need cash to pay its debt, fund its operations, and then enough to create confidence among shareholders. A $150-$250 million offering would not be out of question, and if so, expect much greater loss in a company that may be near the end of its road.