I have a  feeling that the reason the warrant exercise incentive program was for non insiders only was that the Insiders are  privy to some information that might occur over the next few months that would be looked upon as Insider trading if they were allow to participate in the warrant exercise progarm.  I am pretty sure that if that data from the CTAD is really good we will  have some SP appreciation that would not look good if the insider exercised their warrants,  Could also be pending deals being negotiated rather than just discussions.  All speculation but seems worth enough  IMHO