the manufacturing is a key to the criteria of the FDA approval. The fact that they decided to farm it out to a vendor tells me that they are bias to sellout rather than go alone strategy. Legally I believe the manufacturing deal can be dissolved if a buyout happens. The wording describes number of ways the deal dissolves. No minimum requirements is one. I still believe a buyout comes before a Europe deal but maybe the buyer will be the one who does the Europe deal. Also why do a dilution before the fda approval when they could get a better price after. $30 or more share price after approval
To answer your question re. timing of offering, many small bios do it after the share price has risen a lot, but still before the fda approval, since they figure a bird in hand is worth 2 or 3 in the bush. By doing an offering before fda decision, they make sure their bank account is fully loaded,just in case the fda decision is unfavorable. Also, big pharma uses the same approach, though in reverse order, when buying small bios. They wait until after approval, and pay more, but in so doing, they make sure they get something for their money. By the way,I am long here, and hope it goes to the moon.
So if Trsx does an offering just to load up on cash then we have more shares and more equity in the company due to them holding more cash.
In theory this would seem to be a wash and should not affect share price, although i'm sure many would look to sell, seeing this as a negative.
I see an offering as a negative only if the company wastes the cash like in giving themselves a big bonus.