Assuming KOO is right about the 7.5M unit subscription, even half of that is a lot of shares that could be put on the market by subscribers trying to get all or most of their money back.  Even taking a small loss by leaking them off between $3.40-$4.00, well, they would still end up with some very cheap warrants as a result (I.e., $0-$0.60/warrant).  If topline results are positive then they will do very very well, with a relatively small downside risk should the trial fail. But, market demand would, IMO, have to be extremely robust for the SP to climb back to near or over $4 prior to topline if you have many of these folks scrambling to reduce their exposure over what would only be a few short weeks prior to the announcement.

Look, if you have the cash and believe the trial will be a success then you’ll do very well if you hang on to all or most of your subscribed shares and warrants.  However, if the trial fails then you’ll be as human as everyone else.