i don't know if these warrants have an initial hold period on them but it's important to remember that once the hold period expires, you can convert the warrants to shares at any time. You don't have to hold them for the full four year period. Therefore, you can get in for cheap by buying the warrants.  If the trial is successful and stock goes up you can convert the warrants to shares and take your profit regardless of what price the warrants are then trading at.   If the trial fails and the share price goes down you have limited your loss. And you have a full four years to see how all of this plays out.  JMO  DYODD