They are cheaper, but to fall in the money someone paying 30 cents each for them would need RVX's PPS to climb over $4.90 before June of 2023. 

The $2.05 warrants somone hitting the ask at $0.70 each (the ask right now is 69 cents, so I rounded up a penny) only needs to the PPS to get over $2.75....

As I say there are merits with both....if Resverlogix were to annouce (this is hypothetical, I'm not saying it will happen) some partnership or financing news that excited the market and sent the PPS to say $3.50 within the next say 12 months....then the $2.05 warrants would be in the money to the tune of $1.45....more than double the 70 cents paid, and depending on  how much time was left until expiry there would still be atime value of money premium.  

In this hypothical (but imo a very possible) scenario the $4.60 warrants would still be underwater and the only value would be the time value of money premium.