So if I understand correctly poor man, you're analysis sees a $32 stock price with fairly conservative figures. This is what i'm talking about. Even with the dilution and even if poor man is off by a factor of 10, this is still a great investment, if the data plays out as it currently is...
Yes if they 6 for 1 on the RS then yes that's very possible.
It does require that the science continues to be good, margins are high (i.e. ability to manufacture isn't prohibitive, which it shouldn't be but we don't yet know positively one way or the other), and that they can actually raise to money effectively through secondaries (which as another poster pointed out wouldn't really work as cleanly or easily as this simple math implies)..
Regardless this stock does have a very good chance of delivering a 10x from here return by the end of 2015.
There are a lot of things that can still go wrong between now and then which could see value go to virtualy 0, so only invest what you're comfortable loosing.
But at this point I think the market has priced in way to much pessimism and the risk profile feels very attractive