I think you've got the right idea, but you also have to consider, the odds of Top Line failure, and also the downside of shares and warrants in case of that failure. Clearly, the warrants go to zero. Where do the shares go? I'd say no more than 50 cents, probably in the 25-50 range.

I haven't looked into the 1.1 warrants yet, but the 2.05 warrants were a better deal than the shares, if you assume 20%+ chance of Top Line success, $7+ on that success, and also make the above assumtions in case of Top Line failure.