Capital raise scenario - Straight debt vs. Convertible debt vs. Follow-on offering

Question for anyone with experience raising capital..

If you are a small public pre-revenue company (think late stage biotech - $300 to $800m market cap), and must eventually raise additional capital, what are pros and cons of capital raise via straight debt (i.e. private market term loan), convertible debt or follow-on offering.

Here are a few of my thoughts:

Some pro's to lever up: If you are currently unlevered, theoretically this would drive your WACC lower and therefore increase value. Interest rates are still low, so debt is cheap and you won't dilute shareholders.

Likely to get a lower interest rate via convertible debt compared to a term loan. Convert's can be embedded with a call feature. I think you'd have to get rated to raise via convertibles, and transaction costs likely higher since you have to go through an investment bank, whereas no investment bank needed for term loan.. is that correct?

How would each scenario be viewed by market? I know there are many company specific factors to consider, but any relevant thoughts are much appreciated.

Thanks