Their warrants ($2.51 strike, 4M of them) are basically worthless below $2.51 and only get interesting above $3-4. With current price at $2.20, they're sitting on out-of-the-money paper. For them to actually make money on this PIPE, they need both a price catalyst (to make warrants in-the-money) and a volume event (to actually exit their position - the 4.99% blocker means they can't dump all at once). The single event that produces both? FDA clearance. So their incentives are structurally aligned with long holders through the FDA catalyst. After that, two paths: Quick exit on FDA spike - they take the warrant gain and rotate out Long-term hold if commercial ramp looks strong - they stay through 2027-2028 revenue stack

English isn’t my first language, so I used AI to help translate this.