Outgoing123, There WILL be a loss if you do nothing and just hope "something" doesn't come up to increase the SP of the heads.
But, only if you do nothing.
The Options still can make a serious contribution in the overall end story, when, we all hope, the SP of the heads will reflect the value of the end result.
But, you will have to exercise some, if you can't afford all of them, by paying the .024 foreach of the PABOs, or the .040 for the PBOAs, when you will then have a fully paid PAB.
Depends on how much you believe in the end story.
Ann: Updated guidance for PAT-DX1 phase 1 clinical study, page-62
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