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. 2013 Nov 7;9:58. doi: 10.1186/1744-8603-9-58

Figure 3.

Figure 3

Timeline of drug approval with corresponding examples of call options pricing. A: Investment in early stage of development, the cost of the call option is low, but the risk is high. B: Investment in late stage of development, the cost of the call option is high, but the risk is low.