Biotech Values

[DewDiligence]

From RVNC’s 2014 (latest) stock-option plan:

https://www.sec.gov/Archives/edgar/data/1479290/000119312514020967/d513724dex105.htm (page 15)

(f) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year…exceeds $100,000 (or such other limit established in the [IRS] Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit…or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

Emphasis added. This is a standard provision in corporate stock-option plans.