I don't see much different between RVX.WT and Call Options.  I'd never bought warrants before today, but I have played options in the past.  The biggest (and only) difference I see is that Option Contracts are in blocks of 100 shares.  So if you buy 10 Option Contracts, that's 1000 shares.  But option contracts are a deriviative vehicle of actual shares...and provide the holders of those shares with an opportunity to make some cash by putting them in option contracts.

The RVX.WT warrants on the other hand....they trade the same as actual shares.  

I had never bought warrants befor today (Thursday) and have been reading up on them....and I think I have a fairly decent understanding of them now, enough that I was comfortable punting $500 to by 1,000 of them.  Here is my understanding...any thoughts, comments, suggestion or opposing opinions are welcome....just don't tell me to do something that's physically impossible....my body isn't that flexible.

Okay...I picked up 1,000 warrants today paying .50 cents each or $500 total for them.  Right now though, there is zero point in converting them obviously.  Why would I pay $2,050 to the company to convert my warrants into shares at $2.05 each when I can buy shares on the open market for just $1.30 or so....$1,300 total at that price....that would be stupid.

But like many here....I see RVX as having potential to be worth $5, $10....maybe even $20 per share.  Obviously there are risks, lots of risks.  The company needs to solve the financing issue, and then continue advancing the science....with a thumbs up on Futility being a huge near term potential catalyst.

So let's say that the financing gets done, and the FA is full steam ahead....and that by the end of the year RVX is trading at $10.05 per share.  This is a dream case obviously....but this is why one might purchase warrants instead of shares imo....and if this happens, then holders of warrants (like me now) would have a few options.  

Option #1 -  Convert the warrants into shares.  This is more complicated than just hitting buy or sell on a discount brokerage site however, and more expensive in terms of fees.  The discount brokerage I use, they don't have a "Convert Warrants" button on them.  But even with the higher fees associated, it still makes sense to buy shares for $2.05 if they're trading at $10.05....that's a $7,500 profit on those 1,000 warrants I bought less brokerage costs...

Option #2 - Simply sell the warrants.  If RVX goes to $10.05 then the warrants priced at $2.05....they're going to be trading at over $8 each.....Over because of something called "the time value of money".  The reason they're still trading in the 50 cent area when RVX is nowhere close to $2.05 is because there's almost 4 full years of lead time before they expire.

Option #3 - Do nothing....In this example its December 2017 and the shares are trading at $10.05...Maybe they'd keep climbing to $20? Mind you if we get to June of 2021 and the PPS is less than $2.05...then they'll expire out of the money and worthless. 

If I had bought 1,000 shares of RVX today it would have cost me about $1,300 give or take....if RVX then got to $10.00 at then end of the year I'd be able to sell them for $10,000 and a profit of $8,700 about a 670% profit.

The 1,000 warrants I bought cost me $500....if RVX gets to that same $10 then the warrants will be trading for at least $9 imo...($7.95 above excercise price + time value of money premium)....so I could sell them for $9,000 realizing an $8,500 profit 1,700% profit.....

The warrants make a lot of sense priced where they are right now imo....if you believe RVX is going to be worth more than $2.05 over the course of the next 3+ years.  I might just buy more....yeah, "might"....lol.