The bonus options are to (re)fund a P2 liquid tumour trial and to reinstate our diverse (and cheap) preclinical work after programs were axed in favour of an expensive consultancy review of our commercial strategy and pipeline.
The CPACS TAM of solid tumours is orders of magnitude larger than that of liquid tumours. Solid tumours P1a/b is fully funded. We don't need the AML trial or the bonus options (it's a nice to have and it further derisks the pipeline). I'd be more disappointed that prospective patients are missing out on the opportunity - I think the TAM upside for holders is minimal.
The real upside is the arbitrage opportunity on bonus options and the free upside on the piggyback options. Selfishly, you should hope that minimal bonus options are exercised.
Race options thread, page-730
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