Since ZCC owns the RPS's and not the shareholders, below is an illustration of what it means and how that has been diluted.

"Zenith owns all of the outstanding royalty preferred shares of Resverlogix." - from a Zenith MD&A.

On June 3rd, 2013,   75,202,620 RPS's were issued with the Spinout. That means that there were 75,202,620 RVX shares at that time hence 75,202,620 shares of Zenith were issued. Below was a dream that never happened but serves as an illustration. 

Had RVX paid Zenith a royalty worth $0.40/RPS, it would have been $30,081,048. If this had happened in 2013 and Zenith had paid it all out to shareholders as a dividend, it would have been $4000 to a holder of 10,000 Zenith shares. If that same amount was paid out in 2023 with the Jan. 31 total (139,761,886) ZCC shares, that holder of 10,000 shares would receive $2152. That is how the value of the RPS's is being diluted. The number of RPS's is a fixed number to earn royalties while the number of ZCC shares to divide any royalty among, if it ever happend, keeps growing with each financing. The RPS's are owned by ZCC so proceeds from them belong to all shares, not just spinout shares.