so, there is no immediate need of raising fund. If FDA approves the p3, the stock will probably go up 10 fold from current price. So, now is wait and see game.
See one example: RPRX, it did reverse split 1:7, after reverse-splitting, its stock price dropped from 2.4 to 1.3 temporarily. However, when P2 was confirmed to continue by FDA, the stock price eventually went up to over 20 in about 2 years.