NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

As you note, speculative shorting doesn't make a lot of sense given the current price and borrow cost.

My guess is that most of the short interest is holders of warrants at very low strike prices. They can effectively lock in a profit while deferring any taxable gain. If the stock goes up, they can exercise warrants and deliver those shares to cover. If the stock goes down, forget the warrants and profit via the short.