I can't say that selling some warrants and using the cash to buy options is a bad thing. The main problem I have with the options is that with the warrants, you get one more year on the graph, it really could be significant. Also, I purchased the warrants with the thinking of how many shares did I want to own someday, so I'm more than satisfied with that number.
I feel a lot like Joe in that it seems like all or nothing - then again, why do I think my feeling is right this time? It's been wrong all along, ie, CRL #1, CRL #2, partnership way back when, less dilution than I thought, etc.
