Biotech Values

[zipjet]

I would've given an answer very similar to Rocky's.

There obviously would be some costs administratively of exchanging stock for options. I would not have expected those to be so onerous that they could not be undertaken. I would think that in a buyout that the company being purchased would allow immediate exercise of options to stock which could then convert to stock in the buying company.

All of that would have administrative costs and tax implications itself.