When determining 'fully diluted' values for say quarterly reports, they take existing common shares and also add options, warrants etc that can become common shares and use that number instead of only currently issued common shares (Correct me if I'm wrong). Thats why this is non-dillutive...
Hyper, the $3.57 warrants were already accounted for through fully diluted shares outstanding.. Those converted warrants are now common and part of the float, that is non dilutive .. If CYRX was to raise 4.8 million in equity and warrants were attached, that would be considered dilution..