iconoclast - The Zacks report is their opinion, just like any other analyst report. They have left an enormous amount of room for adjustment. 1) They are using a 64%? chance of success for BETonMACE when as another poster on this board brought an analysis that showed P3 trials with bio markers had an 85% success rate. 2) they give no differential for 30, 35 or 40% + + + success rates. 3) They give no value to cognitive function increase or positive affect on CKD even though they do mention these to items in there report. They do give a current target price of $5 which will be adjusted up or down depending on the trial results. 

The $5.60 break even for the warrants(not options) you speak of should not be an issue if we have positive results, and there is reason for any of the 3 adjustments that I mentioned.

All IMO, DYODD

tada