Shares that hit the float will more readily affect

Shares that hit the float will more readily affect share price vs. outstanding shares. The exercise of warrants adds to the float. NP stated that he is ready to exercise more warrants as soon as he receives them (Bonus? Part of his compensation package? ). He also stated that other investors are exercising their warrants (adding to float).

NP said he does not want to dilute shareholders if possible, but he is keeping all options open (in talks with an investment bank, IB, to raise cash). I can't recall who, but did someone say that one of the requirements to uplist is to have enough cash to cover 18 months of operations?

If you're a long term investor, exercise of warrants is definitely preferred since each share will be worth more.
SP may take a hit short term if warrant-shares are sold and I expect some will be sold at least to cover the cost to exercise and to put aside for the associated tax liability. (Aside: the tax liability is the opportunity cost warrant exercisers sacrifice for the good of all other investors; they are not able to benefit from gains on the shares sold to cover tax)

If you're short term, then the IB route is preferred. IB shares will likely place shares in hands of investors who are looking to hold long term so shares will 'virtually' be locked up and NOT hit the float. While there may not be a short term hit to SP, long term the SP may not rise as high as it could have with a smaller number of outstanding shares.

Personally, unless the warrant-shares are absorbed during a period of high demand for shares (i.e., upon news of FDA approval), I would prefer the IB route. If ill-timed, the number of warrant-shares hitting the float could tank the SP, which would make many people including myself feel sick even though it would be very temporary.

I prefer the less emotionslly stressful route.