NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Warrants are nothing but an insurance policy for shorts.

Disagree. There are 5.7m shares shorted (per FINRA), and about 350m warrants outstanding, so there's only about 2% of warrants needed for hedging.

The rest is speculative appeal and can be valued. In fact, nwbo's balance sheet values outstanding warrants at $20.2m as of 12/31/2019. The footnotes state that they use Monte Carlo simulation and the Black-Scholes model.

The warrant liability value changes over time with stock price (down since year end, decrease), maturity extensions (increase), strike prices negotiated down (increase), and new issuance (increase). It can also change with assumptions about volatility.