A "possible" scenario or reason for doing the warrents in advance of a pending deal potentially, would be for negotiating leverage (time). If there are multiple serious suitors (or even just one), in multiple discussions, having operations leverage for time to negotiate rather than being desperate for a deal? ... you always have to be willing and able to "walk away" ... or talk with someone else. Especially if there are multiple suitors to negotiate with and leverage, and/if some of them are getting "cute" and/or playing games themselves, the ups & downs of negotiating?

It would be good to be in a position to "be able" to cointinue forward for 6-12 months with or without a BP buyer, and while getting more info and direction for FDA options, and potentially filing and getting break-through status in 90-120 days?

The further we get down this path, showing certitude of a future and reducing risk, the higher the buyout price ascends, ideally with multiple BP's bidding and pushing up the price, and worried some other BP will beat them to the punch ...

Takes time and money to play out, especially if you can tell BP's that "you would love to partner with them but we think we are/will be worth more than what you are offering right now, actually a LOT more, once we file and receive break-through status for all/some of these indications."

All speculation on my part, and jmho.