Your math is correct, on the assumption that you will absolutely...

Your math is correct, on the assumption that you will absolutely exercise your options at 11.8c. By the exercise date you will in fact be $30k better off. This assumes that you have no intention of buying any more Imugene before the exercise date. The difference is that you nerd to stump up the 30k now rather than 60k in 2years.

However, you need to weigh up the advantage in the leverage the options possesses. With the price of the options currently half that of heads, this means that you can have twice as much exposure to Imugene for every dollar now. Yes, you still need to convert them, but once the price of the options is 23.6c or greater, you are in front every step of the way compared with buying heads.

Of course, you risk the option if the price is not high enough to convert, but for many the options are superb value compared to the heads.

This may not be a consideration as you have spoken about selling only not buying.