In each year's release it says "The number of shares of Common Stock of POLYMEDIX INC owned by the investment companies at December 31, 2012 included xxxxxxxxx shares of Common Stock resulting from the ASSUMED conversion of xxxxxxxxx shares of POLYMEDIX INC WT 4/10/16. From my excerpted data above: 2/13/12, 7,841,901 shares - 1,562,501 ASSUMED convertible from warrants = 6,279,400 actual shares. 2/13/13, 9,257,500 shares - 3,125,000 ASSUMED from warrants = 6,132,500 actual shares owned. They included POSSIBLE converted warrants in the totals even though they weren't actual shares ASSUMING they will be converted. That is a BIG ASSUMPTION.