To be clear, as I understand, there are 2 trials in Ph3, so it's not as typically "binary" as one would suggest. One might be a fizzer and the other might be a bullseye.
Everyone here is not anticipating a DXB like outcome. They raised at ~8c, with a double option at the beginning of the ph3 trial. It was a heavy retail component. A couple of deals later and now look where the share price and option values are now. Investors are now pricing in the speculation that better deals will be made in other jurisdictions and that's all it takes!
To me, as far as optionality goes, now is the perfect time to be holding OPT (pending a successful CR). Sentiment is low, investors are weary. The deals that could happen in the next year even before the first top line readout alone would be a massive de risking event (share price wise) for participants of this CR.
(20min delay)