My thought is the previous warrant roll down was to ensure there is enough money in the kitty to last through any data delay due to the pandemic, not to reward any investors. The fact these recent ones are just expiring lends credence to the idea there is enough cash to cover the burn rate until the data is released. It also shows confidence in the end result. Wouldn't it make more sense to raise capital now at this price level to hedge a bet against a negative outcome, than to try to raise money after a failure with some Hail Mary "we still have Leaps in the pipeline" offering?
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