Options or warrants are pure gamble - most leveraged form of speculation and nobody should feel bad for anybody who loses at that game - you played with fire. The shares are now like never expiring options and have been for a while, at least they never expire. I'm not being nasty, that's just what it is and to anybody whose lost $ on warrants, just act like a man not a boy - you have nobody but yourself to blame for losing with that kind of speculation.
Even if the shares are diluted another 100% the rewards from a $45M market cap will be tremendous if either treatment gets commercialized.