I think you are way too high in dilution terms. 

I am assuming a raise of $15 to $30 million.  $15 million minimum as that is what the Third Eye guys are due.  $7 million for accounts payable.  And another $8 million to tide them over for the next 4 months.  A $30 million raise is less than 4% dilution, assuming 200 million shares outstanding (I am not including all the warrants in the money already...but it won't materially change the dilution).

It also tells you that the market has needlessly driven the share price down.  I would assume that the share price goes right back up to $4 and beyond...once the deal is behind us and as we now inch towards top line data release.

And if the top line is what we all hope for, then the extra dilution from the $4.6 warrants is meaningless for valuation...but a huge win for the owners of those warrants.