Ann: Updated guidance for PAT-DX1 phase 1 clinical study, page-51

joybell. Options have two "lives". One, as a pure trading stock before they must be exercised, when they then die.
The other is as a long term investment for those that will exercise them and continue on the story.
With the current low price, the PABOs have been "endangered": for the traders, they will need some very good news to make it worthwhile exercising @ .026. But, there are still 5 months to go and possibilities of some very interesting news. But, yes, as a trading stock, it is very risky coming in now, BUT, doesn't stop people still paying the .026 price to stay in the story with fully paid PABs.
Now, honest answers. Who bought the PABs and the both Options, thinking that the price of PAB shares would not be more than .026, or, more than .040?? Now, be honest!! I bet, not many!!
So, both Options do not have to go down the gurgler completely. Both can still be exercised before the closing date and people have not lost the initial cost and still going with the story at .026 and .040 until the end of the story with includes the possible Holy Grail of cancer treatment!!! And who knows what THAT will bring???