Each February warrant is for the purchase of .6 (six tenths) of a share at 2.40 a share. Currently the warrants go for .80. One hundred (100) warrants allow you to buy 60 shares of MNKD at 2.40 a share for a total of $144.00. MNKD is currently selling at 3.48, so 60 shares at market would cost 208.80. The difference between the warrant price and the market price is 64.8. Divide by 100 to get the intrinsic value of 1 warrant when MNKD is at 3.48 and you come up with .64. A February 2.50 call is going for 1.04. Clearly if you want to hedge your short position through February the warrant is the better deal.