They mentioned in the Nov., 2010 10Q (under risk factors)that they believed that they had enough cash for operating expenses for the next 12 months. This was before the recently announced deals, so it is unclear whether it will be necessary to sell additional shares anytime soon. If they see orders coming, I would expect that they will wait and sell at a higher level, since increased revenues will predictably lead to a higher shaare price.
Would FFIV partner with a company that didn't have sufficient working capital?....That would be ridiculous. Raising cash as the price strengthens and their position solidifies is the right thing to do and would actually push the stock higher imo.
Dilution is the main reason why PKT's price performance has been fairly flat until recently. I think PKT is closer to the point where its CFFO can self-sustain its R&D spending. We might get an equity dilution but I do not think dilution will continue indefinitely.