Trading room is a very useful place for looking up company options data in large lists for sorting in a spreadsheet program. Is my starting point for all things to do with company options.
As for valuing options, the famous Black-Scholes (and Merton) formula puts a price on volatility for a theoretical valuation of options. However, it doesn't deal well with long term options, or options on underlying securities that have fat-tail volatility distributions. PYCOA has both of these characteristics.
The options have time value, but no intrinsic value at the moment. If PYC announces that they will go to clinical trials with one of the partner organisations, the share price will jump considerably - almost certainly past 9c. The options will then be in the money, and start to move around with a bit of correlation to the underlying PYCs.
At the moment, the options represent a "leveraged" exposure to this scenario. For valuing the options, this depends on supply & demand, and how likely you think anything will come of PYC's peptide library.
I have a little bit on options trading in my blog, but that's mainly for exchanged traded options, rather than company options.
PYC Price at posting:
3.9¢ Sentiment: None Disclosure: Held
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