KK2 - that is certainly a very plausible explanation.  Another might be that (if the 0.72 strike price is accurate) it would cost him over $100K to excercise and then find himself 'in the money' to the tune of maybe $60K, provided that he could sell them all if that was his intention....to make a quick buck.....which I doubt.  If the news in the coming weeks is indeed positive then Dr. Wong will ultimately do very well by RVX.  Therefore, he may think that converting these options just isn't worth the overall optics at this stage.  Also, he strikes me as more of a science guy than a financial opportunist.  Whatever the reasoning, if there actually was any reasoning being done, I don't think you can really read anything into his decision not to excercise in terms of what the full data might reveal.  Not every rock we may turn over will have something tangible underneath....IMO.