That is my feeling also. The exercise before PDUFA will bring in additional cash when it is needed; a 2016 exercise is way too late to benefit the company. Also, I don't see how anyone would get the benefit of a long term capital gain because you would have to sell the warrant just before its expiration to get the LT treatment. I believe that if you exercise a warrant, you have to hold the stock for one additional year for it to be considered LT. At least that is how a call option works, although I think some types of employee options do not get this treatment.