To my way of thinking...if one is expecting Resverlogix to just scuffle along for the next 17 months without doing anything to excite the market, but that they'll still manage to creep along....then in this case I would agree that the $4.60 warrants expiring in June 2023 make more sense. 

On the other hand if one is expecting a major financing or especially a buyout in the near to medium term (inside of 17 months)...then the $2.05 warrants expiring in June of 2021 are the better option in my opinion.

I think there are merits to both points of view.