"And let me add again, if management is so confident of the cards they're holding, then why are the warrants trading at $1."-Poor Man
That is simple to answer. Even if you leave out the possibility of stock price manipulation, those who have big money and are not funding at higher levels either can't buy or won't fund because their current situation dictates that they can't or is not prudent to do so. Institutional investors are net buyers as of 3-31-2016, though, so some big players are accumulating shares at these reduced prices. The rest either don't have confidence in their understanding of time frames, the science, regulatory situation, business model or other reasons. Those who do have confidence or are satisfied with their short gains are buying which is why there is a mini stalemate going on right now.