Why IMU is a multi multi bagger, page-20729

Imugene Options
Hi Everyone.
I have a lot of IMUOE's from the last cash raise, but a search under options just talks about puts and calls.
I am trying to establish a rule of thumb as to when a normal option like an IMUOE is good or great value.
I did a calculation today that if I bought $10,000 worth of IMU at 11c buying 90,910 shares, versus $10,000 worth of IMUOE at 6.2c buying 161,290 options while still requiring $19,302 to exercise at 11.8c.
Therefore real cost is 90,910 IMU shares is $10,000, while
real cost for 161,290 IMUOE converted shares is $29,032.
With a nominal terminal selling value at 50c, is $45,455 for 90,910 IMU shares, this gives a 354% return, and a profit of $35,000.
While the terminal value at 50c is $80,645 for 161,290 shares, a return only of 178% and more risk, BUT the profit would be approximately $51,000.
Unsure as to which way to go, any advice on my maths or understanding of options will be appreciated.