Valuing warrants in biotech isn’t as straightforward as it seems.

Black-Scholes might give you a clean number, but does it really capture the uncertainty, illiquidity, and tail risks we live with in early-stage biotech?

In this video, I explore a different way to think about warrants — not just by modeling risk, but by understanding how to own it.

This isn’t the final answer, but it might help you ask better questions the next time you’re structuring a deal.

Thanks for watching! 👋