I'd say don't exercise them if you're not prepared to lose all the money you put in. Calculate the expected gain in the best base to see if it's worth taking t

I'd say don't exercise them if you're not prepared to lose all the money you put in. Calculate the expected gain in the best base to see if it's worth taking the risk. If there's a chance you become a millionnaire if the company does well, then maybe it's worth the risk. If at best you can do a x2, maybe not. I've seen tons on company ending up on a low-ball exit (i.e. sold for less than what was invested) and see all common stocks nullified so the investors can recoup some of their loss.