NorthWest Biotherapeutics Inc (NWBO)

[eagle8]

Continued Tryn.

You do not have to buy and sell the shares, but you trade the option.
Suppose you buy an option today with expiration January 2024 (term 3 months) exercise price $15 (assuming the price is now $10), for example, you pay a $1 premium (so your price is $100).
For example, if the price suddenly rises to $16 next week, your option ($1 in the money) will rise along with it and yield, say, $3 ($300).
You can then trade it on the options market at around that price.
If you wait until the expiration date, the price must be above $15, otherwise you will lose your investment.
With multi-year options you pay a higher premium because you have more time before expiration and the price therefore has longer to rise (or not).

I hope it's a bit clearer for you now, but too much at once is confusing.
If you have any specific questions about this, just ask me.

GLTU