Ann: SYNThesis BioVentures MoU for cellular immunotherapies, page-92

Yes the risk is no positive news comes and the options aren't in the money.

which is a similar risk to buying this stock and no deal is announced ever or negative news comes and the stock drops.

nothing is guaranteed

its the risk we play.

options have a time factor so it's an added risk.

But you have the the leveraged upside if it goes to plan.

if the options arent positive before expiry:
1. You let them expire and lose whatever you bought
2. You convert them at 3c

given the price is 2.8c and a deal should come, 3c doesn't seem too bad to me.