What you describe holds true for any illiquid position whose value depreciates with time. Moreover, you wouldn't exercise the options unless economically rational to do so.
When something is priced at the lowest level of granuality, it says that no-one wants it. Hoping to flip at 0.002 can be dashed if your order expires and you go back to the back of the queue, or the underlying security undergoes a consolodation. Take a look at the list of sorry souls posting in the Sun Biomedical forum for an example of this.
Anyway, back to sitting, waiting, and keeping an eye on management to make sure they don't try to gouge out too many fees and sign partners too late for any toxicology or clinical trials to start. Snore.
PYC Price at posting:
4.0¢ Sentiment: None Disclosure: Held
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